Old Quay House Hotel Limited - Period Ending 2017-03-31

Old Quay House Hotel Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 09559024

Old Quay House Hotel Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Old Quay House Hotel Limited

Company Information

Directors

J J Bester A Malan J A Nel

Registered office

Lowin House Tregolls Road Truro Cornwall TR1 2NA

Bankers

HSBC Bank plc Plymouth City Centre 29 Fore Street Tiverton Devon EX16 6NA

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Old Quay House Hotel Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	1,418,020	1,447,256
Investments	4	1,521,760	552,588
		2,939,780	1,999,844
Current assets
Debtors	5	4,601,448	-
Cash at bank and in hand		9,703	9,332
		4,611,151	9,332
Creditors: Amounts falling due within one year	6	(4,592,792)	(811,925)
Net current assets/(liabilities)		18,359	(802,593)
Total assets less current liabilities		2,958,139	1,197,251
Creditors: Amounts falling due after more than one year	6	(3,157,765)	(1,235,000)
Net liabilities		(199,626)	(37,749)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(199,726)	(37,849)
Total equity		(199,626)	(37,749)

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Old Quay House Hotel Limited

Balance Sheet

31 March 2017

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 March 2018 and signed on its behalf by:
 

.........................................

J J Bester

Director

Company Registration Number: 09559024

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Old Quay House Hotel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in UK.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

These financial statements were authorised for issue by the Board on 29 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 24 April 2015. There is no material impact on the reported financial position and financial performance.

Group accounts not prepared

The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Old Quay House Hotel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land & buildings	2% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 5

Old Quay House Hotel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Long term loans from investors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 6

Old Quay House Hotel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

3	Tangible assets

	Freehold land and buildings £	Total £
Cost or valuation
At 1 April 2016	1,461,876	1,461,876
At 31 March 2017	1,461,876	1,461,876
Depreciation
At 1 April 2016	14,619	14,619
Charge for the period	29,237	29,237
At 31 March 2017	43,856	43,856
Carrying amount
At 31 March 2017	1,418,020	1,418,020
At 31 March 2016	1,447,256	1,447,256

4	Investments

	2017 £	2016 £
Investments in subsidiaries	1,521,760	552,588

Subsidiaries	£
Cost or valuation
At 1 April 2016	552,588
Additions	969,172
At 31 March 2017	1,521,760
Provision
Carrying amount
At 31 March 2017	1,521,760
At 31 March 2016	552,588

Page 7

Old Quay House Hotel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Hotels with a view Limited	Lowin House Tregolls Road Truro	Ordinary	100%	100%
	UK
The Rosevine Limited	Lowin House Tregolls Road Truro	Ordinary	100%	100%
	UK

The principal activity of Hotels with a view Limited is Hotelier

The principal activity of The Rosevine Limited is Hotelier

5

Debtors

	Note	31 March 2017  £
Amounts due from group undertakings		1,954,828
Other debtors		2,646,620
		4,601,448

Page 8

Old Quay House Hotel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6

Creditors

	Note	31 March 2017  £	31 March 2016  £
Due within one year
Loans and borrowings	7	308,098	-
Amounts due to group undertakings		4,087,745	610,975
Other creditors		194,949	199,950
Accrued expenses		2,000	1,000
		4,592,792	811,925
Due after one year
Loans and borrowings	7	3,157,765	1,235,000

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	3,157,765	1,235,000

	2017 £	2016 £
Current loans and borrowings
Other borrowings	308,098	-

Page 9