The Castle Hotel (Taunton) Limited Company accounts

CASTLE HOTEL (TAUNTON) LIMITED(THE) - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2018 - FRS 14,272 33,316 xbrli:pure xbrli:shares iso4217:GBP 00634901 2016-10-01 2017-12-31 00634901 2017-12-31 00634901 2016-09-30 00634901 2015-10-01 2016-09-30 00634901 2016-09-30 00634901 core:LandBuildings core:OwnedOrFreeholdAssets 2016-10-01 2017-12-31 00634901 bus:RegisteredOffice 2016-10-01 2017-12-31 00634901 bus:Director2 2016-10-01 2017-12-31 00634901 bus:Director4 2016-10-01 2017-12-31 00634901 bus:Director7 2016-10-01 2017-12-31 00634901 bus:Director8 2016-10-01 2017-12-31 00634901 bus:Director9 2016-10-01 2017-12-31 00634901 bus:Director11 2016-10-01 2017-12-31 00634901 bus:Director12 2016-10-01 2017-12-31 00634901 bus:Director12 2017-12-31 00634901 core:WithinOneYear 2017-12-31 00634901 core:WithinOneYear 2016-09-30 00634901 core:RestatedAmount 2015-10-01 2016-09-30 00634901 core:AfterOneYear 2017-12-31 00634901 core:AfterOneYear 2016-09-30 00634901 core:RevaluationReserve 2015-10-01 2016-09-30 00634901 core:RetainedEarningsAccumulatedLosses 2015-10-01 2016-09-30 00634901 core:RevaluationReserve 2016-10-01 2017-12-31 00634901 core:RetainedEarningsAccumulatedLosses 2016-10-01 2017-12-31 00634901 core:ShareCapital 2017-12-31 00634901 core:ShareCapital 2016-09-30 00634901 core:RevaluationReserve 2017-12-31 00634901 core:RestatedAmount core:RevaluationReserve 2016-09-30 00634901 core:RetainedEarningsAccumulatedLosses 2017-12-31 00634901 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2016-09-30 00634901 core:RestatedAmount 2016-09-30 00634901 core:ShareCapital 2015-09-30 00634901 core:RevaluationReserve 2015-09-30 00634901 core:RetainedEarningsAccumulatedLosses 2015-09-30 00634901 core:RestatedAmount 2015-09-30 00634901 core:RevaluationReserve 2016-09-30 00634901 core:RetainedEarningsAccumulatedLosses 2016-09-30 00634901 core:MoreThanFiveYears 2017-12-31 00634901 core:MoreThanFiveYears 2016-09-30 00634901 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2015-10-01 2016-09-30 00634901 bus:SmallEntities 2016-10-01 2017-12-31 00634901 bus:AuditExempt-NoAccountantsReport 2016-10-01 2017-12-31 00634901 bus:AbridgedAccounts 2016-10-01 2017-12-31 00634901 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-12-31 00634901 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-12-31 00634901 core:PlantMachinery 2016-10-01 2017-12-31

COMPANY REGISTRATION NUMBER: 00634901

The Castle Hotel (Taunton) Limited

Unaudited Abridged Financial Statements

31 December 2017

The Castle Hotel (Taunton) Limited

Abridged Financial Statements

Period from 1 October 2016 to 31 December 2017

Contents	Pages

Directors' report	1 to 2

Abridged statement of comprehensive income	3

Abridged statement of financial position	4 to 5

Statement of changes in equity	6

Notes to the abridged financial statements	7 to 12

The Castle Hotel (Taunton) Limited

Directors' Report

Period from 1 October 2016 to 31 December 2017

The directors present their report and the unaudited abridged financial statements of the company for the period ended 31 December 2017 .

Directors

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

Mr C H G Chapman
Mrs M L A Chapman
Mr N M C Chapman
Mr D A P Chapman
Mr J R Peilow
Mr M Mac Closkey
Mrs S A Berry	(Resigned 31 December 2017)

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 25 June 2018 and signed on behalf of the board by:

Mr J R Peilow	Mr M Mac Closkey
Director	Director

Registered office:

The Castle Hotel

Castle Green

Taunton

Somerset

TA1 1NF

The Castle Hotel (Taunton) Limited

Abridged Statement of Comprehensive Income

Period from 1 October 2016 to 31 December 2017

	Period from
	1 Oct 16 to	Year to
	31 Dec 17	30 Sep 16
Note	£	£
Gross profit	1,423,734	1,166,937

Administrative expenses	1,450,370	1,108,752
	------------	------------
Operating (loss)/profit	( 26,636)	58,185

Other interest receivable and similar income		35	65
Interest payable and similar expenses		26,176	22,218
		------------	------------
(Loss)/profit before taxation	5	( 52,777)	36,032

Tax on (loss)/profit	( 38,505)	2,716
	--------	--------
(Loss)/profit for the financial period and total comprehensive income	( 14,272)	33,316
	--------	--------

All the activities of the company are from continuing operations.

The Castle Hotel (Taunton) Limited

Abridged Statement of Financial Position

31 December 2017

	31 Dec 17	30 Sep 16
Note	£	£

Fixed assets

Tangible assets	6	3,505,906	3,466,859

Current assets

Stocks	38,638	27,305
Debtors	101,593	95,963
Cash at bank and in hand	406,788	354,603
	---------	---------
	547,019	477,871

Creditors: amounts falling due within one year	7	526,047	439,500
		---------	---------
Net current assets		20,972	38,371
		------------	------------
Total assets less current liabilities		3,526,878	3,505,230

Creditors: amounts falling due after more than one year	8	518,570	444,145

Provisions

Taxation including deferred tax	74,006	112,511
	------------	------------
Net assets	2,934,302	2,948,574
	------------	------------

Capital and reserves

Called up share capital	24,574	24,574
Revaluation reserve	2,256,825	2,257,484
Profit and loss account	652,903	666,516
	------------	------------
Shareholders funds	2,934,302	2,948,574
	------------	------------

These abridged 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 period ending 31 December 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 abridged financial statements for the period 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

The Castle Hotel (Taunton) Limited

Abridged Statement of Financial Position (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 25 June 2018 , and are signed on behalf of the board by:

Mr J R Peilow	Mr M Mac Closkey
Director	Director

Company registration number: 00634901

The Castle Hotel (Taunton) Limited

Statement of Changes in Equity

Period from 1 October 2016 to 31 December 2017

		Called up share capital	Revaluation reserve	Profit and loss account	Total
		£	£	£	£
At 1 October 2015		24,574	2,271,999	618,685	2,915,258

Profit for the period				33,316	33,316
Other comprehensive income for the period:
	Reclassification from revaluation reserve to profit and loss account	–	( 14,515)	14,515	–
		--------	------------	---------	------------
Total comprehensive income for the period		–	( 14,515)	47,831	33,316

At 30 September 2016		24,574	2,257,484	666,516	2,948,574

Loss for the period				( 14,272)	( 14,272)
Other comprehensive income for the period:
	Reclassification from revaluation reserve to profit and loss account	–	( 659)	659	–
		--------	------------	---------	------------
Total comprehensive income for the period		–	( 659)	( 13,613)	( 14,272)

		--------	------------	---------	------------
At 31 December 2017		24,574	2,256,825	652,903	2,934,302
		--------	------------	---------	------------

The Castle Hotel (Taunton) Limited

Notes to the Abridged Financial Statements

Period from 1 October 2016 to 31 December 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 The Castle Hotel, Castle Green, Taunton, Somerset, TA1 1NF. The financial statements are presented in sterling, which is the functional currency of the company.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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 inclusion of revaluation of certain financial assets as deemed cost on the adoption of FRS102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Freehold property	-	2% straight line
Plant, Machinery and Improvements	-	over between 4 and 20 years

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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. 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 are either assessed individually or grouped on the basis of similar credit risk characteristics.

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 period amounted to 103 (2016: 89 ).

5. Profit before taxation

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

	Period from
	1 Oct 16 to	Year to
	31 Dec 17	30 Sep 16
	£	£
Depreciation of tangible assets	125,291	60,023
	---------	--------

6. Tangible assets

	£
Cost
At 1 October 2016	4,302,544
Additions	164,338
	------------
At 31 December 2017	4,466,882
	------------
Depreciation
At 1 October 2016	835,685
Charge for the period	125,291
	------------
At 31 December 2017	960,976
	------------
Carrying amount
At 31 December 2017	3,505,906
	------------
At 30 September 2016	3,466,859
	------------

Tangible assets held at valuation

The land and buildings were revalued by the directors on 1 October 2014 at £3,200,000 in their existing use and present condition as a fully operational entity.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	£
At 31 December 2017
Aggregate cost	2,030,037
Aggregate depreciation	(738,612)
	------------
Carrying value	1,291,425
	------------

At 30 September 2016
Aggregate cost	1,846,297
Aggregate depreciation	(641,310)
	------------
Carrying value	1,204,987
	------------

7. Creditors: amounts falling due within one year

	31 Dec 17	30 Sep 16
	£	£
Bank loans and overdrafts	59,081	32,319
Payments received on account	105,840	75,240
Trade creditors	116,853	120,882
Accruals and deferred income	50,931	35,349
Corporation tax	–	13
Social security and other taxes	164,616	136,083
Obligations under finance leases and hire purchase contracts	4,624	4,383
Director loan accounts	5,000	5,000
Brewery loan	–	4,500
Loans	7,077	7,077
Other creditors	12,025	18,654
	---------	---------
	526,047	439,500
	---------	---------

The bank loans and overdrafts are secured by a debenture as a fixed and floating charge over company and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

The obligations under finance leases and hire purchase contracts are secured on the assets being purchased.

8. Creditors: amounts falling due after more than one year

	31 Dec 17	30 Sep 16
	£	£
Bank loans and overdrafts	518,170	438,301
Obligations under finance leases and hire purchase contracts	400	5,844
	---------	---------
	518,570	444,145
	---------	---------

The obligations under finance leases and hire purchase contracts are secured on the assets being purchased.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Dec 17	30 Sep 16
	£	£
Later than 5 years	8,700	8,700
	-------	-------

10. Directors' advances, credits and guarantees

At 1 October 2016 an amount of £5,000 was owed to C H G Chapman, and at the period end £5,000 was owed to C H G Chapman.

No interest is payable and the amount is repayable on demand.

11. Related party transactions

The company is under the control of C H G Chapman. The following sales were made by the company to it's directors during the period: C H G Chapman £22,046 Mrs M L A Chapman £3,760 M Mac Closkey £1,723 Three of the directors are included in the company's defined contributions pension scheme. Mrs A Chapman, who is the wife of N M C Chapman, and Mrs H Chapman, who is the wife of D A P Chapman, are both included in the company's private medical insurance scheme Mrs A Chapman, who is the wife of N M C Chapman, is employed within the company and received a salary of £4,000. Ms H Stuiver, the partner of M Mac Closkey, is employed within the company and received a salary and bonus of £25,035. During the period the company paid £6,240 to JRP Accountancy Ltd, a business owed by the director J R Peilow, for book-keeping, training and software services provided. The company also paid £1,800 to J R Peilow for the use of storage facilities. No other transactions with related parties were undertaken such as required to be disclosed under FRS 102.