Kavendish Court Hotels Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01979813 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Kavendish Court Hotels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Leventis

Mr Y Leventis

SECRETARY:

Mr Y Leventis

REGISTERED OFFICE:

1 Sussex Place

Paddington

London

W2 2SX

REGISTERED NUMBER:

01979813 (England and Wales)

ACCOUNTANTS:

Sander Chartered Certified Accountants

26 Station Road

New Barnet

Hertfordshire

EN5 1QW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,518,029

12,670,296

Investments

6

300,000

300,000

12,818,029

12,970,296

CURRENT ASSETS

Stocks

14,379

1,046

Debtors

7

482,103

498,188

Cash at bank and in hand

276,770

225,068

773,252

724,302

CREDITORS

Amounts falling due within one year

8

1,742,461

1,743,474

NET CURRENT LIABILITIES

(969,209

)

(1,019,172

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,848,820

11,951,124

CREDITORS

Amounts falling due after more than one year

9

(1,820,978

)

(2,037,034

)

PROVISIONS FOR LIABILITIES

13

(70,944

)

(60,301

)

NET ASSETS

9,956,898

9,853,789

CAPITAL AND RESERVES

Called up share capital

14

102,000

102,000

Revaluation reserve

15

7,543,330

7,543,330

Retained earnings

15

2,311,568

2,208,459

SHAREHOLDERS' FUNDS

9,956,898

9,853,789

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 10 November 2017 and were signed on its behalf by:

Mr M Leventis - Director

1.	STATUTORY INFORMATION

Kavendish Court Hotels 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.	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 as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis, which assumes that the company will

continue in operational existence for the foreseeable future. This is on the basis of the continued support the

company receives from its directors and bankers.

Taking this into account the directors believe that it is appropriate for the financial statements to be prepared on

the going concern basis.

Turnover

Turnover represents the total invoice value, excluding value added tax, of amounts charged to guests.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2016 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

136,351

AMORTISATION

At 1 April 2016

and 31 March 2017

136,351

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Improvement

Freehold

Long

to

property

leasehold

property

£

£

£

COST OR VALUATION

At 1 April 2016

8,513,711

5,000,000

143,092

At 31 March 2017

8,513,711

5,000,000

143,092

DEPRECIATION

At 1 April 2016

892,094

607,524

3,653

Charge for year

85,137

40,000

2,862

At 31 March 2017

977,231

647,524

6,515

NET BOOK VALUE

At 31 March 2017

7,536,480

4,352,476

136,577

At 31 March 2016

7,621,617

4,392,476

139,439

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2016

215,666

1,714,370

37,383

15,624,222

Additions

4,174

135,723

-

139,897

At 31 March 2017

219,840

1,850,093

37,383

15,764,119

DEPRECIATION

At 1 April 2016

136,161

1,286,892

27,602

2,953,926

Charge for year

20,919

140,801

2,445

292,164

At 31 March 2017

157,080

1,427,693

30,047

3,246,090

NET BOOK VALUE

At 31 March 2017

62,760

422,400

7,336

12,518,029

At 31 March 2016

79,505

427,478

9,781

12,670,296

Cost or valuation at 31 March 2017 is represented by:

Improvement

Freehold

Long

to

property

leasehold

property

£

£

£

Valuation in 1993

(972,983

)

735,232

-

Valuation in 1997

158,959

-

-

Valuation in 1998

655,000

-

-

Valuation in 2005

2,650,000

2,605,000

-

Valuation in 2011

448,262

-

-

Valuation in 2012

6,835

-

-

Cost

5,567,638

1,659,768

143,092

8,513,711

5,000,000

143,092

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Valuation in 1993

-

-

-

(237,751

)

Valuation in 1997

-

-

-

158,959

Valuation in 1998

-

-

-

655,000

Valuation in 2005

-

-

-

5,255,000

Valuation in 2011

-

-

-

448,262

Valuation in 2012

-

-

-

6,835

Cost

219,840

1,850,093

37,383

9,477,814

219,840

1,850,093

37,383

15,764,119

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

cost:

31.3.17

31.3.16

£

£

Cost

5,567,638

5,567,638

Aggregate depreciation

606,055

556,506

Value of land in freehold land and buildings

2,477,439

2,477,439

Freehold land & buildings were valued on an open market basis on 31 March 2017 by the directors .

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

300,000

NET BOOK VALUE

At 31 March 2017

300,000

At 31 March 2016

300,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Musterplan Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

31.3.17

31.3.16

£

£

Aggregate capital and reserves

300,000

300,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

77,099

93,083

Other debtors

173,313

147,756

Inter company balance with associate

140,580

139,308

Tax

60,222

60,222

Prepayments

30,889

57,819

482,103

498,188

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts (see note 10)

208,482

211,808

Trade creditors

55,785

64,600

Tax

62,604

113,210

Social security and other taxes

28,564

21,274

VAT

69,944

38,035

Other creditors

353,076

372,690

Amount due to connected company

300,000

300,000

Net wages

(2,504

)

(2,076

)

Directors' current accounts

237,474

258,005

Accrued expenses

429,036

365,928

1,742,461

1,743,474

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans (see note 10)

1,820,978

2,037,034

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by

instalments

1,820,978

2,037,034

1,820,978

2,037,034

10.

LOANS

An analysis of the maturity of loans is given below:

31.3.17

31.3.16

£

£

Amounts falling due within one year or on demand:

Bank loans

208,482

211,808

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by

instalments

1,820,978

2,037,034

1,820,978

2,037,034

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.17

31.3.16

£

£

Within one year

134,248

134,248

Between one and five years

671,240

671,240

In more than five years

-

134,248

805,488

939,736

12.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

2,029,460

2,248,842

The company bankers have first legal charge over the company freehold property.

13.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

70,944

60,301

Deferred

tax

£

Balance at 1 April 2016

60,301

Charge for the year

10,643

Balance at 31 March 2017

70,944

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

101,000

Ordinary A Shares

£1

101,000

101,000

400

Ordinary B Shares

£1

400

400

200

Ordinary C Shares

£1

200

200

400

Ordinary D Shares

£1

400

400

102,000

102,000

The original 101,000 ordinary shares have been reclassified as fully voting A shares.

Additionally a further 1,000 shares are designated as follows: 400 fully voting B shares, 200 fully voting C

shares and 400 fully voting D shares.

15.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2016

2,208,459

7,543,330

9,751,789

Profit for the year

103,109

103,109

At 31 March 2017

2,311,568

7,543,330

9,854,898

16.	RELATED PARTY DISCLOSURES

17.	ULTIMATE CONTROLLING PARTY