Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich Company Accounts

ECLIPSE HOTELS (NORWICH) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05508443

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Unaudited Financial Statements

31 March 2017

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Financial Statements

Year ended 31 March 2017

Contents	Page

Directors' report	1

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of comprehensive income	3

Statement of financial position	4

Statement of changes in equity	6

Notes to the financial statements	7

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Directors' Report

Year ended 31 March 2017

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2017 .

Directors

The directors who served the company during the year were as follows:

Mr Z.H. Damji
Mr S Damji

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 January 2018 and signed on behalf of the board by:

Mr S Damji

Director

Registered office:

6 Coda Centre

189 Munster Road

London

SW6 6AW

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

PENROSE & CO Chartered Certified Accountants

Suite1 Excelsior House 3 - 5 Balfour Road Ilford Essex IG1 4HP

31 January 2018

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Statement of Comprehensive Income

Year ended 31 March 2017

	2017	2016
Note	£	£
Turnover	1,655,546	1,653,523

Cost of sales	557,895	563,234
	------------	------------
Gross profit	1,097,651	1,090,289

Distribution costs	257,463	251,723
Administrative expenses	899,572	621,697
	------------	------------
Operating (loss)/profit	( 59,384)	216,869

Other interest receivable and similar income		9	41
Interest payable and similar expenses		616	823
		------------	------------
(Loss)/profit before taxation	5	( 59,991)	216,087

Tax on (loss)/profit	–	–
	--------	---------
(Loss)/profit for the financial year and total comprehensive income	( 59,991)	216,087
	--------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		127,996	127,854

Current assets

Stocks		3,053	5,145
Debtors	7	451,864	272,887
Cash at bank and in hand		79,090	127,959
		---------	---------
		534,007	405,991

Creditors: amounts falling due within one year	8	757,376		569,227
		---------		---------
Net current liabilities			223,369	163,236
			---------	---------
Total assets less current liabilities			( 95,373)	( 35,382)
			--------	--------
Net liabilities			( 95,373)	( 35,382)
			--------	--------

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	4	4
Profit and loss account	( 95,377)	( 35,386)
	--------	--------
Members deficit	( 95,373)	( 35,382)
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 January 2018 , and are signed on behalf of the board by:

Mr S Damji

Director

Company registration number: 05508443

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	2	( 251,473)	( 251,471)

Profit for the year		216,087	216,087
	----	---------	---------
Total comprehensive income for the year	–	216,087	216,087

Issue of shares	2	–	2
	----	---------	---------
Total investments by and distributions to owners	2	–	2

At 31 March 2016	4	( 35,386)	( 35,382)

Loss for the year		( 59,991)	( 59,991)
	----	---------	---------
Total comprehensive income for the year	–	( 59,991)	( 59,991)

	----	---------	---------
At 31 March 2017	4	( 95,377)	( 95,373)
	----	---------	---------

Eclipse Hotels (Norwich) Limited T/A Express by Holiday Inn Norwich

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Coda Centre, 189 Munster Road, London, SW6 6AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	100% straight line
Fixtures and fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 21 (2016: 24 ).

5. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	23,597	23,533
	--------	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	4,604	311,259	9,741	45,299	370,903
Additions	–	21,341	–	2,398	23,739
	-------	---------	-------	--------	---------
At 31 March 2017	4,604	332,600	9,741	47,697	394,642
	-------	---------	-------	--------	---------
Depreciation
At 1 April 2016	4,604	189,590	8,928	39,927	243,049
Charge for the year	–	21,451	203	1,943	23,597
	-------	---------	-------	--------	---------
At 31 March 2017	4,604	211,041	9,131	41,870	266,646
	-------	---------	-------	--------	---------
Carrying amount
At 31 March 2017	–	121,559	610	5,827	127,996
	-------	---------	-------	--------	---------
At 31 March 2016	–	121,669	813	5,372	127,854
	-------	---------	-------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	33,624	26,125
Other debtors	418,240	246,762
	---------	---------
	451,864	272,887
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	6,527	125
Trade creditors	458,626	233,410
Social security and other taxes	80,404	113,720
Other creditors	211,819	221,972
	---------	---------
	757,376	569,227
	---------	---------

9. Financial instruments at fair value

The basic financial instruments are measured at cost or fair value. These consist of bank balances, debtors and creditors. Debtors and creditors are measured at the undiscounted amount of cash value expected to be received or paid.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.