Seymour Hotels Limited - Filleted accounts

Seymour Hotels Limited - Filleted accounts

SEYMOUR HOTELS LIMITED - Company Information

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Seymour Hotels Limited
Registered number: 02864856
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 1,949,535 1,930,614
Current assets
Stocks 13,703 11,379
Debtors 4 121,284 118,124
Cash at bank and in hand 126,320 182,123
261,307 311,626
Creditors: amounts falling due within one year 5 (325,196) (318,973)
Net current liabilities (63,889) (7,347)
Total assets less current liabilities 1,885,646 1,923,267
Creditors: amounts falling due after more than one year 6 (215,862) (319,796)
Provisions for liabilities (44,583) (65,000)
Net assets 1,625,201 1,538,471
Capital and reserves
Called up share capital 60,060 60,060
Capital redemption reserve 40,040 40,040
Profit and loss account 1,525,101 1,438,371
Shareholder's funds 1,625,201 1,538,471
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J Seymour
Director
Approved by the board on 2 August 2017
Seymour Hotels Limited
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when the service is provided.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 100 years
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 4 or 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 57 51
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2016 1,778,715 830,682 9,500 2,618,897
Additions 31,918 58,895 - 90,813
Disposals - (914) - (914)
At 31 January 2017 1,810,633 888,663 9,500 2,708,796
Depreciation
At 1 February 2016 4,970 679,157 4,156 688,283
Charge for the year 25,183 44,914 1,336 71,433
On disposals - (455) - (455)
At 31 January 2017 30,153 723,616 5,492 759,261
Net book value
At 31 January 2017 1,780,480 165,047 4,008 1,949,535
At 31 January 2016 1,773,745 151,525 5,344 1,930,614
4 Debtors 2017 2016
£ £
Trade debtors 14,322 9,827
Other debtors 106,962 108,297
121,284 118,124
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 86,000 76,800
Trade creditors 82,916 92,841
Corporation tax 30,218 46,232
Other taxes and social security costs 45,692 42,669
Other creditors 80,370 60,431
325,196 318,973
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 215,862 316,462
Other creditors - 3,334
215,862 319,796
7 Loans 2017 2016
£ £
Creditors include:
Instalments falling due for payment after more than five years 23,586 39,256
Secured bank loans 301,862 393,262
The bank loans are secured by a fixed and floating charge over all the assets of the company present and future.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs J Seymour
Interest-free current account - 36,337 (36,337) -
- 36,337 (36,337) -
9 Controlling party
The company is controlled by Mrs J Seymour.
10 Other information
Seymour Hotels Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Diglis Hotel
Severn Street
Worcester
WR1 2NF
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