Eclipse Hotels Management Limited Company Accounts

ECLIPSE HOTELS MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05977758

Eclipse Hotels Management Limited

Unaudited Financial Statements

31 March 2017

Eclipse Hotels Management Limited

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 income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Eclipse Hotels Management Limited

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 S S Damji
Mr Z 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 S Damji

Director

Registered office:

6 Coda Centre

189 Munster road

London

SW6 6AW

Eclipse Hotels Management Limited

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Eclipse Hotels Management Limited

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 income and retained earnings, statement of financial position 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 Management Limited

Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Turnover	723,443	792,310

	---------	---------
Gross profit	723,443	792,310

Administrative expenses	562,062	465,672
	---------	---------
Operating profit	161,381	326,638

Other interest receivable and similar income		44	18
Interest payable and similar expenses		18,614	–
		---------	---------
Profit before taxation	5	142,811	326,656

Tax on profit	27,874	38,070
	---------	---------
Profit for the financial year and total comprehensive income	114,937	288,586
	---------	---------

Retained earnings/(losses) at the start of the year	126,392	( 162,194)
	---------	---------
Retained earnings at the end of the year	241,329	126,392
	---------	---------

All the activities of the company are from continuing operations.

Eclipse Hotels Management Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		47,374	49,762

Current assets

Debtors	7	2,942,535	2,396,258
Cash at bank and in hand		22,096	123,096
		------------	------------
		2,964,631	2,519,354

Creditors: amounts falling due within one year	8	2,770,674		2,442,722
		------------		------------
Net current assets			193,957	76,632
			---------	---------
Total assets less current liabilities			241,331	126,394
			---------	---------
Net assets			241,331	126,394
			---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	241,329	126,392
	---------	---------
Members funds	241,331	126,394
	---------	---------

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 S Damji

Director

Company registration number: 05977758

Eclipse Hotels Management Limited

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Fixtures and Fittings	-	25% 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 10 (2016: 6 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	15,791	13,919
	--------	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	40,020	59,663	65,532	165,215
Additions	1,877	–	11,526	13,403
	--------	--------	--------	---------
At 31 March 2017	41,897	59,663	77,058	178,618
	--------	--------	--------	---------
Depreciation
At 1 April 2016	25,616	46,026	43,811	115,453
Charge for the year	4,070	3,409	8,312	15,791
	--------	--------	--------	---------
At 31 March 2017	29,686	49,435	52,123	131,244
	--------	--------	--------	---------
Carrying amount
At 31 March 2017	12,211	10,228	24,935	47,374
	--------	--------	--------	---------
At 31 March 2016	14,404	13,637	21,721	49,762
	--------	--------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	34,991	10,297
Other debtors	2,907,544	2,385,961
	------------	------------
	2,942,535	2,396,258
	------------	------------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	32,800	32,778
Corporation tax	66,438	38,070
Social security and other taxes	62,618	22,966
Other creditors	2,608,818	2,348,908
	------------	------------
	2,770,674	2,442,722
	------------	------------

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.