54 Queen's Gate Hotel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04501688 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

54 QUEEN'S GATE HOTEL LIMITED

PREVIOUSLY KNOWN AS

FIFTY FOUR BOUTIQUE HOTEL LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M M M Ismail

S Locke

SECRETARY:

S Locke

REGISTERED OFFICE:

54 Queen's Gate

London

SW7 5JW

REGISTERED NUMBER:

04501688 (England and Wales)

AUDITORS:

Sage & Co

Chartered Accountants

& Statutory Auditors

38A High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Intangible assets

4

13,521

16,271

Tangible assets

5

120,992

14,700

134,513

30,971

CURRENT ASSETS

Stocks

1,799

2,798

Debtors

6

442,455

438,133

Cash at bank and in hand

52,332

115,537

496,586

556,468

CREDITORS

Amounts falling due within one year

7

135,126

174,662

NET CURRENT ASSETS

361,460

381,806

TOTAL ASSETS LESS CURRENT LIABILITIES

495,973

412,777

PROVISIONS FOR LIABILITIES

5,141

5,141

NET ASSETS

490,832

407,636

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

490,830

407,634

SHAREHOLDERS' FUNDS

490,832

407,636

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 Board of Directors on 27 September 2018 and were signed on its behalf by:

S Locke - Director

1.	STATUTORY INFORMATION

54 Queen's Gate Hotel 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland',

not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% on cost

Equipment

-

20% on cost

No depreciation has been provided on payments made for improvements to the property,

totalling £89,441, during the year as the directors are of the view that the company will not

obtain the economic benefits of these additions until the next financial period.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the statement of financial position 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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of

ownership remain with the lessor are charged against profits on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

55,000

AMORTISATION

At 1 January 2017

38,729

Amortisation for year

2,750

At 31 December 2017

41,479

NET BOOK VALUE

At 31 December 2017

13,521

At 31 December 2016

16,271

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Equipment

Totals

£

£

£

£

COST

At 1 January 2017

-

919,676

53,565

973,241

Additions

89,441

6,740

16,304

112,485

At 31 December 2017

89,441

926,416

69,869

1,085,726

DEPRECIATION

At 1 January 2017

-

907,929

50,612

958,541

Charge for year

-

1,979

4,214

6,193

At 31 December 2017

-

909,908

54,826

964,734

NET BOOK VALUE

At 31 December 2017

89,441

16,508

15,043

120,992

At 31 December 2016

-

11,747

2,953

14,700

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,405

14,810

Amounts owed by group undertakings

414,536

403,338

Other debtors

4,166

6,562

Prepayments

16,348

13,423

442,455

438,133

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

10,139

5,646

Tax

14,562

37,195

VAT

14,478

34,524

Other creditors

50,255

-

Accruals and deferred income

45,692

97,297

135,126

174,662

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sunil Sangani FCA (Senior Statutory Auditor)

for and on behalf of Sage & Co

10.	CAPITAL COMMITMENTS

2017

2016

£

£

Contracted but not provided for in the

financial statements

730,260

-

11.	OTHER FINANCIAL COMMITMENTS

The company pays rent of £75,000 per annum on an ongoing basis to a group company.

12.	POST BALANCE SHEET EVENTS

Since the year end, the company obtained a bank loan totalling £980,000 for refurbishment of

its hotel.