| THE GATWICK GEORGE HOTEL LIMITED |
| Registered number: |
05247415 |
| Balance Sheet |
| as at 31 March 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,015,355 |
|
|
- |
|
| Current assets |
| Debtors |
4 |
|
622,440 |
|
|
1,233,107 |
| Cash at bank and in hand |
|
|
55,663 |
|
|
- |
|
|
|
678,103 |
|
|
1,233,107 |
|
| Creditors: amounts falling due within one year |
5 |
|
(1,167,885) |
|
|
(144,143) |
|
| Net current (liabilities)/assets |
|
|
|
(489,782) |
|
|
1,088,964 |
|
| Total assets less current liabilities |
|
|
|
2,525,573 |
|
|
1,088,964 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,609,775) |
|
|
(1,683,473) |
|
|
|
| Net assets/(liabilities) |
|
|
|
915,798 |
|
|
(594,509) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Revaluation reserve |
8 |
|
|
1,333,870 |
|
|
- |
| Profit and loss account |
|
|
|
(419,072) |
|
|
(595,509) |
|
| Shareholders' funds |
|
|
|
915,798 |
|
|
(594,509) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| 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. |
|
|
|
|
| N Patel |
| Director |
| Approved by the board on 11 December 2018 |
|
| THE GATWICK GEORGE HOTEL LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, as amended for the valuation of freehold property, 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 completion of the contract. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost or valuation 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 buildings |
over 25 years |
|
Fixtures,fittings and equipment |
20% Reducing Balance Basis |
|
Motor Vehicles |
25% Reducing Balance Basis |
|
|
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. 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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
18 |
|
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Freehold Property |
|
Fixtures, Fittings and Equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
Transferred from the Gatwick George Hotel Partnership on 1 April 2017 at net book value |
1,766,130 |
|
43,194 |
|
6,399 |
|
1,815,723 |
|
Revaluation |
1,333,870 |
|
- |
|
- |
|
1,333,870 |
|
At 31 March 2018 |
3,100,000 |
|
43,194 |
|
6,399 |
|
3,149,593 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the year |
124,000 |
|
8,639 |
|
1,599 |
|
134,238 |
|
At 31 March 2018 |
124,000 |
|
8,639 |
|
1,599 |
|
134,238 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2018 |
2,976,000 |
|
34,555 |
|
4,800 |
|
3,015,355 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
4,480,881 |
|
- |
|
Cumulative depreciation based on historical cost |
2,838,751 |
|
- |
|
|
|
|
|
|
1,642,130 |
|
- |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
The Gatwick George Hotel Partnership |
- |
|
1,233,107 |
|
Trade debtors |
|
94,333 |
|
- |
|
Other debtors |
528,107 |
|
- |
|
|
|
|
|
|
622,440 |
|
1,233,107 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
80,756 |
|
87,677 |
|
Value added tax and payroll taxes |
55,851 |
|
- |
|
Corporation tax |
78,717 |
|
55,716 |
|
Accruals and deferred income |
219,337 |
|
750 |
|
Other creditors |
733,224 |
|
- |
|
|
|
|
|
|
1,167,885 |
|
144,143 |
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
1,609,775 |
|
1,683,473 |
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2018 |
|
2017 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,683,775 |
|
1,771,150 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by way of a first legal charge over the freehold property, debenture and a directors guarantee. |
|
| 8 |
Revaluation reserve |
2018 |
|
2017 |
| £ |
£ |
|
|
Surplus on revaluation of land and buildings |
1,333,870 |
|
- |
|
|
At 31 March 2018 |
1,333,870 |
|
- |
|
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
|
|
As at 31 March 2018, the company had lent £339,100 to related parties and received loans from related parties totalling £704,690. |
|
| 10 |
Controlling party |
|
|
The ultimate controlling party is N D Patel. |
|
| 11 |
Other information |
|
|
THE GATWICK GEORGE HOTEL LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
28 Etchingham Park Road |
|
London |
|
N3 2DT |
