Kavendish Court Hotels Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01979813 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

KAVENDISH COURT HOTELS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Leventis

Mr Y Leventis

SECRETARY:

Mr Y Leventis

REGISTERED OFFICE:

1 Sussex Place

London

W2 2SX

REGISTERED NUMBER:

01979813 (England and Wales)

ACCOUNTANTS:

Sander Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,303,339

12,518,029

Investments

6

300,000

300,000

12,603,339

12,818,029

CURRENT ASSETS

Stocks

2,439

14,379

Debtors

7

459,396

482,103

Cash at bank and in hand

250,081

276,770

711,916

773,252

CREDITORS

Amounts falling due within one year

8

1,557,568

1,742,460

NET CURRENT LIABILITIES

(845,652

)

(969,208

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,757,687

11,848,821

CREDITORS

Amounts falling due after more than one year

9

(1,578,794

)

(1,820,979

)

PROVISIONS FOR LIABILITIES

12

(1,497,200

)

(70,944

)

NET ASSETS

8,681,693

9,956,898

CAPITAL AND RESERVES

Called up share capital

102,000

102,000

Revaluation reserve

6,110,130

7,543,330

Retained earnings

2,469,563

2,311,568

SHAREHOLDERS' FUNDS

8,681,693

9,956,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 18 December 2018 and were signed on its behalf by:

Mr M Leventis - Director

1.	STATUTORY INFORMATION

Kavendish Court 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on the going concern basis, which assumes that the company will

continue in operational existence for the foreseeable future. This is on the basis of the continued support the

company receives from its directors and bankers.

Taking this into account the directors believe that it is appropriate for the financial statements to be prepared on

the going concern basis.

Turnover

Turnover represents the total invoice value, excluding value added tax, of amounts charged to guests.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance.

Fixtures and fittings

-

25% on reducing balance.

Motor vehicles

-

25% on reducing balance.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2017 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

136,351

AMORTISATION

At 1 April 2017

and 31 March 2018

136,351

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

property

leasehold

property

£

£

£

COST OR VALUATION

At 1 April 2017

8,513,711

5,000,000

143,092

At 31 March 2018

8,513,711

5,000,000

143,092

DEPRECIATION

At 1 April 2017

977,231

647,524

6,515

Charge for year

85,137

40,000

2,862

At 31 March 2018

1,062,368

687,524

9,377

NET BOOK VALUE

At 31 March 2018

7,451,343

4,312,476

133,715

At 31 March 2017

7,536,480

4,352,476

136,577

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2017

219,840

1,850,093

37,383

15,764,119

Additions

1,583

46,996

-

48,579

At 31 March 2018

221,423

1,897,089

37,383

15,812,698

DEPRECIATION

At 1 April 2017

157,080

1,427,693

30,047

3,246,090

Charge for year

16,086

117,350

1,834

263,269

At 31 March 2018

173,166

1,545,043

31,881

3,509,359

NET BOOK VALUE

At 31 March 2018

48,257

352,046

5,502

12,303,339

At 31 March 2017

62,760

422,400

7,336

12,518,029

Cost or valuation at 31 March 2018 is represented by:

Improvements

Freehold

Long

to

property

leasehold

property

£

£

£

Valuation in 1993

(972,983

)

735,232

-

Valuation in 1997

158,959

-

-

Valuation in 1998

655,000

-

-

Valuation in 2005

2,650,000

2,605,000

-

Valuation in 2011

448,262

-

-

Valuation in 2012

6,835

-

-

Cost

5,567,638

1,659,768

143,092

8,513,711

5,000,000

143,092

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Valuation in 1993

-

-

-

(237,751

)

Valuation in 1997

-

-

-

158,959

Valuation in 1998

-

-

-

655,000

Valuation in 2005

-

-

-

5,255,000

Valuation in 2011

-

-

-

448,262

Valuation in 2012

-

-

-

6,835

Cost

221,423

1,897,089

37,383

9,526,393

221,423

1,897,089

37,383

15,812,698

If freehold land & buildings had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

5,567,638

5,567,638

Aggregate depreciation

661,731

606,055

Value of land in freehold land and buildings

2,477,439

2,477,439

Freehold land & buildings were valued on an open market basis on 31 March 2018 by the directors .

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2017

and 31 March 2018

300,000

NET BOOK VALUE

At 31 March 2018

300,000

At 31 March 2017

300,000

The company's investments at the Statement of Financial Position date in the share capital of companies

include the following:

Musterplan Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

31.3.18

31.3.17

£

£

Aggregate capital and reserves

300,000

300,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

47,974

77,099

Amounts owed by participating interests

72,341

140,580

Other debtors

205,871

173,313

Tax

60,222

60,222

Prepayments

72,988

30,889

459,396

482,103

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

225,333

208,482

Trade creditors

48,452

55,784

Tax

82,762

62,604

Social security and other taxes

24,429

28,564

VAT

76,700

69,944

Other creditors

290,670

353,076

Amount due to connected company

300,000

300,000

Net wages

-

(2,504

)

Directors' current accounts

471,854

237,474

Accrued expenses

37,368

429,036

1,557,568

1,742,460

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

225,333

416,964

Bank loans - 2-5 years

572,733

1,250,891

Bank loans more 5 yr by

instalments

780,728

153,124

1,578,794

1,820,979

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by

instalments

780,728

153,124

780,728

153,124

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

52,500

134,248

Between one and five years

840,000

671,240

892,500

805,488

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

1,804,127

2,029,461

The company bankers have first legal charge over the company freehold property.

12.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

1,497,200

70,944

Deferred

tax

£

Balance at 1 April 2017

70,944

Provided during year

(6,944

)

Charge/(credit) to reserves

1,433,200

Balance at 31 March 2018

1,497,200

13.	RELATED PARTY DISCLOSURES