Donnington Castle Conferences Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01899157 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Donnington Castle Conferences Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W G B Hungerford

Mrs C G S Hungerford

C C F Fuller

D B B Bromilow

SECRETARY:

Mrs C G S Hungerford

REGISTERED OFFICE:

Guyers House

Pickwick

Corsham

Wiltshire

SN13 0PS

REGISTERED NUMBER:

01899157 (England and Wales)

FIXED ASSETS

Tangible assets

5

5,466,265

5,559,837

CURRENT ASSETS

Stocks

9,908

6,015

Debtors

6

10,037

-

Cash in hand

3,185

2,183

23,130

8,198

CREDITORS

Amounts falling due within one year

7

850,237

716,880

NET CURRENT LIABILITIES

(827,107

)

(708,682

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,639,158

4,851,155

CREDITORS

Amounts falling due after more than one year

8

(2,101,423

)

(2,164,653

)

PROVISIONS FOR LIABILITIES

(16,550

)

-

NET ASSETS

2,521,185

2,686,502

CAPITAL AND RESERVES

Called up share capital

5,500

5,500

Non distributable reserve

10

4,272,724

4,272,724

Retained earnings

(1,757,039

)

(1,591,722

)

SHAREHOLDERS' FUNDS

2,521,185

2,686,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 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 Board of Directors on 7 December 2017 and were signed on its behalf by:

W G B Hungerford - Director

1.	STATUTORY INFORMATION

Donnington Castle Conferences 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements are prepared on a going concern basis, under the historical cost convention, as

modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair

value through profit or loss.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount

receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the

company and value added taxes.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a

financing transactions, the fair value of the consideration is measured as the present value of all future receipts

using the inputted rate of interest.

The Company recognises revenue when the following conditions are satisfied:

i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

ii. the Company retains neither continuing managerial involvement to the degree associated with ownership nor

effective control over the goods sold;

iii. the amount of revenue can be measured reliably;

iv. it is probable that the economic benefits associated with the transaction can be measured reliably.

Sale of goods and services

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Turnover from the supply of services represents the value of services provided under contracts to the extent that

there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Employee benefits

The company provides a range of benefits to employees, including defined contribution pension plans.

Defined contribution pension plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the company pays fixed contributions into a separate entity. Once the contributions have been

paid the company has no further payment obligations. The obligations are recognised as an expense when they

are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held

separately from the company in independently administered funds.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is

recognised in the profit and loss account, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or

directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is

calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable

tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount

expected to be paid to the tax authorities.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive

income as stated in the financial statements. These timing differences arise from the inclusion of income and

expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.

Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the

period end and that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

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

Freehold property

-

in accordance with the property

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

5% on a straight line basis

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each

reporting period. The effect of any changes is accounted for prospectively.

It is the policy of the directors to revalue property on a regular basis, the most recent formal external valuation

having been undertaken in 2009. Property is depreciated over its estimated useful economic life, which is

reviewed by the directors on a regular basis. The company's property is currently assessed as having a useful

economic life lasting until 31st March 2075.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is

recognised as an expense in the period in which the related revenue is recognised.

Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on

normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the

identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in

the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed,

up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Cash and cash equivalent

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly

liquid investments with original maturities of three months or less.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured

at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the assets original effective interest

rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell

the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow

group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future receipts discounted at a

market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary

shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2016 - 44 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 April 2016

5,500,000

56,686

371,482

Additions

-

6,546

9,922

At 31 March 2017

5,500,000

63,232

381,404

DEPRECIATION

At 1 April 2016

-

45,380

330,599

Charge for year

93,225

3,571

10,157

At 31 March 2017

93,225

48,951

340,756

NET BOOK VALUE

At 31 March 2017

5,406,775

14,281

40,648

At 31 March 2016

5,500,000

11,306

40,883

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2016

8,000

19,985

5,956,153

Additions

-

-

16,468

At 31 March 2017

8,000

19,985

5,972,621

DEPRECIATION

At 1 April 2016

4,625

15,712

396,316

Charge for year

844

2,243

110,040

At 31 March 2017

5,469

17,955

506,356

NET BOOK VALUE

At 31 March 2017

2,531

2,030

5,466,265

At 31 March 2016

3,375

4,273

5,559,837

Cost or valuation at 31 March 2017 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 1991

92,549

-

-

Valuation in 1996

897,643

-

-

Valuation in 1999

465,637

-

-

Valuation in 2012

760,830

-

-

Valuation in 2016

1,500,000

-

-

Cost

1,783,341

63,232

381,404

5,500,000

63,232

381,404

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 1991

-

-

92,549

Valuation in 1996

-

-

897,643

Valuation in 1999

-

-

465,637

Valuation in 2012

-

-

760,830

Valuation in 2016

-

-

1,500,000

Cost

8,000

19,985

2,255,962

8,000

19,985

5,972,621

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2017

2016

£

£

Cost

1,783,341

1,783,341

Aggregate depreciation

607,525

387,695

Freehold land and buildings were valued on an open market basis on 31 March 2016 by the directors. .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

10,037

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

220,115

193,065

Hire purchase contracts

-

395

Trade creditors

110,165

108,987

Social security and other taxes

36,122

8,301

VAT

51,455

36,804

Other creditors

8,689

10,964

Directors' current accounts

6,758

6,414

Directors' loan accounts

383,063

297,876

Accrued expenses

33,870

54,074

850,237

716,880

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

83,333

80,000

Bank loans - 2-5 years

232,222

230,000

Bank loans more 5 yr by instal

1,075,468

1,144,253

Pension scheme loan

15,400

15,400

Other loans more 5yrs non-inst

200,000

200,000

Preference shares

495,000

495,000

2,101,423

2,164,653

2017

2016

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

200,000

200,000

Preference shares

495,000

495,000

695,000

695,000

Repayable by instalments

Bank loans more 5 yr by instal

1,075,468

1,144,253

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

135,558

111,841

Bank loans

1,475,580

1,535,477

1,611,138

1,647,318

All borrowings are secured on the freehold land and property owned by the Company.

10.

RESERVES

Non

distributable

reserve

£

At 1 April 2016

and 31 March 2017

4,272,724

11.	ULTIMATE CONTROLLING PARTY

The company is not under the control of any one person or entity.