Hotel Asset Management Services Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 05487767 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

HOTEL ASSET MANAGEMENT SERVICES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

M F Osborne

REGISTERED OFFICE:

22 Bedford Row

London

WC1R 4JS

REGISTERED NUMBER:

05487767 (England and Wales)

ACCOUNTANTS:

Bishops

Chartered Accountants

1 Croft Court

Plumpton Close

Whitehills Business Park

Blackpool

Lancashire

FY4 5PR

The following reproduces the text of the report prepared for the director and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Director are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Hotel Asset Management Services Limited for the year ended 31 December 2016

which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Hotel Asset Management Services Limited in accordance with the terms of our engagement letter dated 5 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Hotel Asset Management Services Limited and state those matters that we have agreed to state to the director of Hotel Asset Management Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hotel Asset Management Services Limited director for our work or for this report.

It is your duty to ensure that Hotel Asset Management Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hotel Asset Management Services Limited. You consider that Hotel Asset Management Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hotel Asset Management Services Limited. 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 statutory financial statements.

Bishops

Chartered Accountants

1 Croft Court

Plumpton Close

Whitehills Business Park

Blackpool

Lancashire

FY4 5PR

27 February 2017

CURRENT ASSETS

Debtors

4

-

3

Cash at bank

1,104

332

1,104

335

CREDITORS

Amounts falling due within one year

5

3,370

2,460

NET CURRENT LIABILITIES

(2,266

)

(2,125

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,266

)

(2,125

)

CAPITAL AND RESERVES

Called up share capital

6

30,256

30,256

Retained earnings

7

(32,522

)

(32,381

)

SHAREHOLDERS' FUNDS

(2,266

)

(2,125

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 24 February 2017 and were signed by:

M F Osborne - Director

1.	STATUTORY INFORMATION

Hotel Asset Management Services Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£'000

£'000

Other debtors

-

3

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£'000

£'000

Trade creditors

-

1

Amounts owed to group undertakings

2,613

2,265

Other creditors

757

194

3,370

2,460

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£'000

£'000

30,256,301

Ordinary

1

30,256

30,256

7.

RESERVES

Retained

earnings

£'000

At 1 January 2016

(32,381

)

Deficit for the year

(141

)

At 31 December 2016

(32,522

)

8.	CONTINGENT LIABILITIES

Zoe Acquisition Company Limited

The Company has received notice of a potential claim from Zoe Acquisition Company 1 Limited (in

Liquidation) ("ZAC1") arising from a contingent and prospective claim having been lodged in the

liquidation of ZAC1 (the "Claim").

A back to back guarantee (the "Guarantee") and separate indemnity (the "Indemnity") has been given

by a third party (unrelated to the Company and ZAC1) and the claimant respectively in relation to the

subject matter of the claim.

The claimant in the ZAC1 liquidation is alleging that ZAC1 also provided an indemnity (The "ZAC1

Indemnity") in relation to any amounts that the claimant is required to pay under the Indemnity. The

ZAC1 liquidator has asserted that if the Claim is admitted in the ZAC1's liquidation then the company

may be called upon to contribute towards settling the Claim.

The claim is progressing and included in legal costs for the year are fees incurred during the period

together with a provision for estimated costs to conclusion. It is anticipated that the claim will be finally

settled in the forthcoming financial year.

Starman Park Hotel Limited

The company has been advised that a claim may be made under an indemnity provided by the

company to the liquidators of Starman Park Hotel Limited. The maximum liability under the indemnity

is £189,361 but the director has been advised that the maximum amount will be less than £50,000. No

provision has been made in these accounts for the liability as it cannot currently be quantified with

sufficient accuracy.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M F Osborne.