Lincoln Hotels Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03425926 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

Lincoln Hotels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

A L Cattermole

REGISTERED OFFICE:

Merchant House

33 Fore Street

Ipswich

Suffolk

IP4 1JL

REGISTERED NUMBER:

03425926 (England and Wales)

ACCOUNTANTS:

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Investment property

4

170,000

160,000

CURRENT ASSETS

Debtors

5

1,240

1,240

Cash at bank

82,192

75,090

83,432

76,330

CREDITORS

Amounts falling due within one year

6

186,135

199,539

NET CURRENT LIABILITIES

(102,703

)

(123,209

)

TOTAL ASSETS LESS CURRENT LIABILITIES

67,297

36,791

PROVISIONS FOR LIABILITIES

9,665

10,504

NET ASSETS

57,632

26,287

CAPITAL AND RESERVES

Called up share capital

7

4

4

Share premium

1,998

1,998

Fair value reserve

8

63,055

53,916

Retained earnings

(7,425

)

(29,631

)

SHAREHOLDERS' FUNDS

57,632

26,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 10 July 2018 and were signed by:

A L Cattermole - Director

1.	STATUTORY INFORMATION

Lincoln Hotels Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents the fair value of rents receivable during the year,

exclusive of Value Added Tax.

Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

160,000

Revaluations

10,000

At 31 October 2017

170,000

NET BOOK VALUE

At 31 October 2017

170,000

At 31 October 2016

160,000

The freehold investment property was revalued on an open market value basis at 31 October 2017 by A L

Cattermole, a company director.

Fair value at 31 October 2017 is represented by:

£

Valuation in 2017

170,000

If the investment property had not been revalued, they would have been on the historical cost basis at a cost and

net book value of £95,580 (2016: £95,580).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

-

750

Other debtors

1,240

490

1,240

1,240

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Taxation and social security

1,746

1,589

Other creditors

184,389

197,950

186,135

199,539

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.17

31.10.16

value:

£

£

4

Ordinary

£1

4

4

8.

RESERVES

Fair

value

reserve

£

At 1 November 2016

53,916

Transfer

9,139

At 31 October 2017

63,055

9.	FIRST YEAR ADOPTION

At the date of transition, the company held an investment property and revaluations made to this property were

held in an investment property revaluation reserve. Under FRS 102, deferred tax should be recognised on

investment property revaluations. At transition, the investment property revaluation reserve of £44,420 was

transferred to a fair value reserve and deferred tax of £8,750 was provided.

In the comparative period, the company revalued its investment property. Under FRS 102, revaluations of

investment properties should go through profit and loss. In the comparative period, £20,000 of revaluations was

transferred to profit and loss with further £1,753 of deferred tax provided. The adjustments increased the fair

value reserve by £18,247.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lincoln Hotels Limited for the year ended 31 October 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Lincoln Hotels Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lincoln Hotels Limited and state those matters that we have agreed to state to the director of Lincoln Hotels Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lincoln Hotels Limited and its director for our work or for this report.

It is your duty to ensure that Lincoln Hotels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lincoln Hotels Limited. You consider that Lincoln Hotels Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lincoln Hotels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

10 July 2018