Shepherd Cox Hotels (Cheltenham) Ltd 31/07/2017 iXBRL

Shepherd Cox Hotels (Cheltenham) Ltd 31/07/2017 iXBRL

SHEPHERD COX HOTELS (CHELTENHAM) LIMITED - Company Information

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Company registration number: 09678811
Shepherd Cox Hotels (Cheltenham) Ltd
Unaudited filleted financial statements
31 July 2017
Shepherd Cox Hotels (Cheltenham) Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Shepherd Cox Hotels (Cheltenham) Ltd
Directors and other information
Directors Mr Lee Bramzell
Mr Nicholas Carlile
Company number 09678811
Registered office 32-33 Gosfield Street
Fitzrovia
London
W1W 6HL
Shepherd Cox Hotels (Cheltenham) Ltd
Statement of financial position
31 July 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 1,605,807 1,501,609
_______ _______
1,605,807 1,501,609
Current assets
Stocks 1,200 -
Debtors 6 219,463 3,667
Cash at bank and in hand 3,019 ( 706)
_______ _______
223,682 2,961
Creditors: amounts falling due
within one year 7 ( 646,174) ( 598,785)
_______ _______
Net current liabilities ( 422,492) ( 595,824)
_______ _______
Total assets less current liabilities 1,183,315 905,785
Creditors: amounts falling due
after more than one year 8 ( 911,451) ( 543,643)
_______ _______
Net assets 271,864 362,142
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 483,053 483,053
Profit and loss account ( 211,289) ( 121,011)
_______ _______
Shareholders funds 271,864 362,142
_______ _______
For the year ending 31 July 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 have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 April 2018 , and are signed on behalf of the board by:
Mr Lee Bramzell
Director
Company registration number: 09678811
Shepherd Cox Hotels (Cheltenham) Ltd
Statement of changes in equity
Year ended 31 July 2017
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 August 2015 - - - -
Loss for the year ( 121,011) ( 121,011)
Other comprehensive income for the year:
Revaluation of tangible assets 483,053 483,053
_______ _______ _______ _______
Total comprehensive income for the year - 483,053 ( 121,011) 362,042
Issue of shares 100 100
_______ _______ _______ _______
Total investments by and distributions to owners 100 - - 100
_______ _______ _______ _______
At 31 July 2016 and 1 August 2016 100 483,053 ( 121,011) 362,142
Loss for the year ( 90,278) ( 90,278)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 90,278) ( 90,278)
_______ _______ _______ _______
At 31 July 2017 100 483,053 ( 211,289) 271,864
_______ _______ _______ _______
Shepherd Cox Hotels (Cheltenham) Ltd
Notes to the financial statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 32-33 Gosfield Street, Fitzrovia, London, W1W 6HL.
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 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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 14 (2016: - ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2016 1,500,000 2,145 1,502,145
Additions - 113,764 113,764
_______ _______ _______
At 31 July 2017 1,500,000 115,909 1,615,909
_______ _______ _______
Depreciation
At 1 August 2016 - 536 536
Charge for the year - 9,566 9,566
_______ _______ _______
At 31 July 2017 - 10,102 10,102
_______ _______ _______
Carrying amount
At 31 July 2017 1,500,000 105,807 1,605,807
_______ _______ _______
At 31 July 2016 1,500,000 1,609 1,501,609
_______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 11,556 1,605
Other debtors 207,907 2,062
_______ _______
219,463 3,667
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 407,193 106,240
Trade creditors 26,449 16,700
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 461,157
Social security and other taxes 1,796 1,987
Other creditors 210,736 12,701
_______ _______
646,174 598,785
_______ _______
8. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts 511,451 543,643
Other creditors 400,000 -
_______ _______
911,451 543,643
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2017 2016 2017 2016
£ £ £ £
Shepherd Cox (Felixstowe) Ltd 12,000 - 12,000 -
Shepherd Cox (Darlington) Ltd ( 20,819) - ( 20,819) -
Shepherd Cox Durham 2,500 ( 2,500) 2,500 (2,500)
Shepherd Cox (Hartlepool) ltd ( 166,722) ( 208,722) ( 166,722) ( 208,722)
Shepherd Cox (Lymm) Ltd ( 1,620) (1,620) ( 1,620) ( 1,620)
Shepherd Cox Ltd 179,018 (248,315) 179,018 ( 248,315)
_______ _______ _______ _______
The directors of this company are also directors of these companies.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.