Palm Springs Hotel Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 04824711 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2015

for

Palm Springs Hotel Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

1,332,072

1,268,865

1,332,072

1,268,865

CURRENT ASSETS

Stocks

11,208

9,700

Debtors

4

117,252

73,890

Cash at bank and in hand

45,206

73,802

173,666

157,392

CREDITORS

Amounts falling due within one year

5

204,058

123,336

NET CURRENT (LIABILITIES)/ASSETS

(30,392

)

34,056

TOTAL ASSETS LESS CURRENT LIABILITIES

1,301,680

1,302,921

CREDITORS

Amounts falling due after more than one year

5

841,843

1,492,463

NET ASSETS/(LIABILITIES)

459,837

(189,542

)

CAPITAL AND RESERVES

Called up share capital

6

2

2

Profit and loss account

459,835

(189,544

)

SHAREHOLDERS' FUNDS

459,837

(189,542

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 18 February 2016 and were signed by:

Mr P S Bahia - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work

carried out in respect of services provided to customers.

Goodwill

Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings

acquired is capitalised in the balance sheet and is amortised by equal annual instalments over the expected useful

economic life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% straight line on property nil on land

Fixtures and fittings

-

20% straight line

Motor vehicles

-

25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from timing differences between the

recognition of items in the accounts and their recognition for tax purposes. Deferred tax balances are not

discounted.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Going concern

The company has net current liabilities, after deducting deferred tax assets, of £33,881 (2014 - net current assets

of £18,512).

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt

that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and

having regard to the company's anticipated future revenues and costs including repayment of debt where

appropriate, together with the expected availability of working capital, the director considers it appropriate to

prepare the financial statements on the going concern basis. The financial statements do not include any

adjustments that would result from an inability to meet obligations as they fall due.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

and 31 May 2015

50,000

AMORTISATION

At 1 June 2014

and 31 May 2015

50,000

NET BOOK VALUE

At 31 May 2015

-

At 31 May 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

1,583,016

Additions

113,052

Disposals

(4,310

)

At 31 May 2015

1,691,758

DEPRECIATION

At 1 June 2014

314,151

Charge for year

49,045

Eliminated on disposal

(3,510

)

At 31 May 2015

359,686

NET BOOK VALUE

At 31 May 2015

1,332,072

At 31 May 2014

1,268,865

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 3,489 (2014 - £ 15,544 )

5.

CREDITORS

Creditors include an amount of £ 872,866 (2014 - £ 902,460 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

£

Repayable otherwise than by instalments

-

619,590

Repayable by instalments

700,683

738,597

700,683

1,358,187

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2