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Registered number: 08580681
VERVE HOTELS LTD (FORMERLY POSHTELS LIMITED)
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
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VERVE HOTELS LTD
REGISTERED NUMBER: 08580681
ABBREVIATED BALANCE SHEET
AS AT 30 JUNE 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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VERVE HOTELS LTD
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 JUNE 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 17 March 2017.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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VERVE HOTELS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The company shows net liabilities at the balance sheet date of £136,372. In order to continue trading it is dependent on a loan from the director, who has confirmed his intention to continue to provide financial support to the company for the foreseeable future. On this basis, 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 in the withdrawal of the aforementioned support.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Freehold property improvements
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Depreciation is not provided on freehold properties as it is the company's policy to maintain them in a continual state of sound repair and accordingly, the director considers that the lives of these assets are so long and residual values so high that their depreciation would be insignificant.
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Page 3
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VERVE HOTELS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
2.INTANGIBLE FIXED ASSETS
Page 4
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VERVE HOTELS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
3.TANGIBLE FIXED ASSETS
Page 5
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VERVE HOTELS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
4.CREDITORS:
Amounts falling due within one year
The bank overdraft of £108,831 (2015: £47,137) is secured by a fixed and floating charge on the freehold properties.
5.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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Page 6
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