Marble Arch Hotels Limited - Filleted accounts

Marble Arch Hotels Limited - Filleted accounts

MARBLE ARCH HOTELS LIMITED - Company Information

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Registered number
01859183
Marble Arch Hotels Limited
Filleted Accounts
31 December 2017
Marble Arch Hotels Limited
Registered number: 01859183
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 4 17,237 24,897
Tangible assets 5 1,404,612 1,441,330
1,421,849 1,466,227
Current assets
Debtors 6 830,308 834,693
Cash at bank and in hand 545,622 469,014
1,375,930 1,303,707
Creditors: amounts falling due within one year 7 (132,124) (189,893)
Net current assets 1,243,806 1,113,814
Total assets less current liabilities 2,665,655 2,580,041
Creditors: amounts falling due after more than one year 8 - (28,086)
Net assets 2,665,655 2,551,955
Capital and reserves
Called up share capital 200 200
Profit and loss account 2,665,455 2,551,755
Shareholder's funds 2,665,655 2,551,955
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P. Evans
Director
Approved by the board on 2 July 2018
Marble Arch Hotels Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold and long leasehold buildings over 50 years
Fixtures, fittings and equipment 25% on written down value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Colin Wain
Firm: Begbies
Date of audit report: 2 July 2018
3 Employees 2017 2016
Number Number
Average number of persons employed by the company 10 11
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 153,202
At 31 December 2017 153,202
Amortisation
At 1 January 2017 128,305
Provided during the year 7,660
At 31 December 2017 135,965
Net book value
At 31 December 2017 17,237
At 31 December 2016 24,897
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2017 1,763,941 112,194 1,876,135
At 31 December 2017 1,763,941 112,194 1,876,135
Depreciation
At 1 January 2017 328,371 106,434 434,805
Charge for the year 35,278 1,440 36,718
At 31 December 2017 363,649 107,874 471,523
Net book value
At 31 December 2017 1,400,292 4,320 1,404,612
At 31 December 2016 1,435,570 5,760 1,441,330
6 Debtors 2017 2016
£ £
Trade debtors 7,468 3,018
Other debtors 822,840 831,675
830,308 834,693
7 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans 26,554 71,000
Trade creditors - 4,139
Corporation tax 37,603 26,850
Other taxes and social security costs 25,433 24,758
Other creditors 42,534 63,146
132,124 189,893
8 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans - 28,086
9 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 26,554 99,086
The bank loan is secured by first legal charges over the company's properties, together with a mortgage debenture and general charge on the assets of the company in support of any borrowings.
10 Other information
Marble Arch Hotels Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Bonhill Street
London
EC2A 4DJ
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