CLIFTON_HOTEL_(MANSFIELD) - Accounts


Company Registration No. 04752876 (England and Wales)
CLIFTON HOTEL (MANSFIELD) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 2 MAY 2017
PAGES FOR FILING WITH REGISTRAR
CLIFTON HOTEL (MANSFIELD) LTD
COMPANY INFORMATION
Directors
Mr D Sewell
Mrs Maria Taylor
Company number
04752876
Registered office
9 Terrace Road
Mansfield
NG18 2BP
Accountants
Smith Cooper Limited
St.Helens House
King Street
Derby
DE1 3EE
CLIFTON HOTEL (MANSFIELD) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CLIFTON HOTEL (MANSFIELD) LTD
BALANCE SHEET
AS AT
2 MAY 2017
02 May 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
381,729
381,956
Current assets
Debtors
155,697
104,300
Cash at bank and in hand
7,210
14,061
162,907
118,361
Creditors: amounts falling due within one year
(20,021)
(17,260)
Net current assets
142,886
101,101
Total assets less current liabilities
524,615
483,057
Provisions for liabilities
(112)
(71)
Net assets
524,503
482,986
Capital and reserves
Called up share capital
4
1,750
1,750
Share premium account
149,250
149,250
Profit and loss reserves
373,503
331,986
Total equity
524,503
482,986

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 2 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

CLIFTON HOTEL (MANSFIELD) LTD
BALANCE SHEET (CONTINUED)
AS AT
2 MAY 2017
02 May 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 January 2018 and are signed on its behalf by:
Mr D Sewell
Director
Company Registration No. 04752876
CLIFTON HOTEL (MANSFIELD) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 2 MAY 2017
- 3 -
1
Accounting policies
Company information

Clifton Hotel (Mansfield) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9 Terrace Road, Mansfield, NG18 2BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Not provided
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CLIFTON HOTEL (MANSFIELD) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 2 MAY 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).

3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 3 May 2016 and 2 May 2017
380,825
17,430
500
398,755
Depreciation and impairment
At 3 May 2016
-
16,312
487
16,799
Depreciation charged in the year
-
224
3
227
At 2 May 2017
-
16,536
490
17,026
Carrying amount
At 2 May 2017
380,825
894
10
381,729
At 2 May 2016
380,825
1,118
13
381,956
CLIFTON HOTEL (MANSFIELD) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 2 MAY 2017
- 5 -
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,750 Ordinary of £1 each
1,750
1,750
1,750
1,750
5
Ultimate controlling party

The ultimate controlling party is Mr D Sewell by virtue of his majority shareholding in the company.

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