Park Avenue Hotel Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: NI006459 (Northern Ireland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Park Avenue Hotel Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

to

4

Notes to the Abbreviated Accounts

5

to

7

DIRECTORS:

Amanda Patrick

William Stephens

SECRETARY:

Paul Frame

REGISTERED OFFICE:

158 Holywood Road

Belfast

Co. Antrim

BT4 1PB

REGISTERED NUMBER:

NI006459 (Northern Ireland)

ACCOUNTANTS:

Lynn, Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to seven) have been prepared.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our

engagement. Our work has been undertaken so that we might compile the financial statements that we have

been engaged to compile, report to the company's Board of Directors that we have done so, and state those

matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the

company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered

Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to

members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2016 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Lynn, Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

21 October 2016

FIXED ASSETS

Intangible assets

2

45,000

-

Tangible assets

3

2,696,436

2,770,883

Investments

4

34,000

2,775,436

2,804,883

CURRENT ASSETS

Stocks

31,072

19,296

Debtors

51,121

85,363

Cash in hand

41,479

10,252

123,672

114,911

CREDITORS

Amounts falling due within one year

5

1,385,700

1,140,590

NET CURRENT LIABILITIES

(1,262,028

)

(1,025,679

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,513,408

1,779,204

CREDITORS

Amounts falling due after more than one
year

5

1,808,540

1,909,688

NET LIABILITIES

(295,132

)

(130,484

)

CAPITAL AND RESERVES

Called up share capital

6

14,998

Capital redemption reserve

5,002

Other reserves

45,248

Profit and loss account

(360,380

)

(195,732

)

SHAREHOLDERS' FUNDS

(295,132

)

(130,484

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 21 October 2016 and were signed on
its behalf by:

Amanda Patrick - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective January 2015).

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 net invoiced sales of goods, excluding value added tax.

Franchise fee

The Company entered into a Franchise Agreement with Marco Pierre White. The franchise term is for

5 years and the initial franchise fee is being amortised over this 5 year period.

Tangible fixed assets

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

Hotel property

-

2% on cost and not provided

Fixtures and fittings

-

25% on Reducing Balance

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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 accounts have been prepared on a going concern basis, despite the fact that liabilities exceed

assets.

Since the date to which the accounts are prepared (31 March 2016) the directors have sought advice in

respect of its trading position to establish if it could trade out of the financial difficulties;

It was agreed that a Company Voluntary Arrangement (CVA) would be the optimum solution for the

creditors and the Company;

The CVA is based on a restructuring of the Company's cost base together with a re-profiling of

secured debt;

In preparing the CVA the Directors considered future financial projections and cash-flow

requirements and are confident that the Company will continue trading for the foreseeable future.

The financial statements do not reflect the potential reduction in the liabilities of the Company as a

result of the CVA.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

50,000

At 31 March 2016

50,000

AMORTISATION

Amortisation for year

5,000

At 31 March 2016

5,000

NET BOOK VALUE

At 31 March 2016

45,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2015

5,649,943

Additions

14,535

At 31 March 2016

5,664,478

DEPRECIATION

At 1 April 2015

2,879,060

Charge for year

88,982

At 31 March 2016

2,968,042

NET BOOK VALUE

At 31 March 2016

2,696,436

At 31 March 2015

2,770,883

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.3.16

31.3.15

£

Paintings and Artwork

34,000

5.

CREDITORS

Creditors include an amount of £ 2,343,797 (31.3.15 - £ 2,428,585 ) for which security has been

given.

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

31.3.16

31.3.15

£

Repayable otherwise than by instalments

601,173

Repayable by instalments

493,661

665,887

1,094,834

1,267,060

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

14,998

Ordinary

£1

14,998