Park Avenue Hotel Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: NI006459 (Northern Ireland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

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 2014 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 2014 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

29 October 2014

FIXED ASSETS

Tangible assets

2

2,860,218

2,914,708

Investments

3

34,000

34,000

Investment property

4

100,000

100,000

2,994,218

3,048,708

CURRENT ASSETS

Stocks

19,643

27,681

Debtors

53,688

12,213

Cash in hand

48,993

57,180

122,324

97,074

CREDITORS

Amounts falling due within one year

5

1,205,741

1,111,019

NET CURRENT LIABILITIES

(1,083,417

)

(1,013,945

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,910,801

2,034,763

CREDITORS

Amounts falling due after more than one year

5

2,081,927

2,241,780

NET LIABILITIES

(171,126

)

(207,017

)

CAPITAL AND RESERVES

Called up share capital

6

14,998

14,998

Capital redemption reserve

5,002

5,002

Other reserves

45,248

45,248

Profit and loss account

(236,374

)

(272,265

)

SHAREHOLDERS' FUNDS

(171,126

)

(207,017

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 29 October 2014 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 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 net invoiced sales of goods, excluding value added tax.

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in market value is transferred to a revaluation reserve.

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.

The directors consider that it is appropriate to prepare the accounts on the going concern basis based on

profit and loss and cash flow projections to 30 September 2015. The company's bank has provided ongoing

facilities until 30 April 2015 in line with the cash flow projections. The bank will review the facilities at

that stage again. To that extent it has only been possible for the directors to consider a period of 6 months

when considering going concern.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2013

5,592,893

Additions

51,420

At 31 March 2014

5,644,313

DEPRECIATION

At 1 April 2013

2,678,185

Charge for year

105,910

At 31 March 2014

2,784,095

NET BOOK VALUE

At 31 March 2014

2,860,218

At 31 March 2013

2,914,708

3.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.3.14

31.3.13

£

£

Paintings and Artwork

34,000

34,000

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2013

and 31 March 2014

100,000

NET BOOK VALUE

At 31 March 2014

100,000

At 31 March 2013

100,000

5.

CREDITORS

Creditors include an amount of £ 2,668,474 (31.3.13 - £ 2,840,128 ) for which security has been given.

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

31.3.14

31.3.13

£

£

Repayable otherwise than by instalments

601,174

601,174

Repayable by instalments

841,280

1,165,875

1,442,454

1,767,049

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

14,998

Ordinary

£1

14,998

14,998