Kailas Hotel Finance Company Limited - Limited company accounts 18.2
Kailas Hotel Finance Company Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
FOR |
KAILAS HOTEL FINANCE COMPANY LIMITED |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Statement of Comprehensive Income | 5 |
Statement of Financial Position | 6 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
KAILAS HOTEL FINANCE COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
SOLICITORS: |
Paternoster House |
65 St Paul's Churchyard |
London |
EC4M 8AB |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2018 |
The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of providing loans to related companies. The |
company has signed an agreement with Longbow Investment No 3 S.A.R.L for a loan facility of £16m. The purpose was |
to lend-on to Kailas Hotel Vandon House LP and Kailas Hotel Gatwick LP to assist in acquiring and developing hotels. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KAILAS HOTEL FINANCE COMPANY LIMITED |
Opinion |
We have audited the financial statements of Kailas Hotel Finance Company Limited (the 'company') for the year ended |
31 March 2018 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of |
Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The |
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the |
UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KAILAS HOTEL FINANCE COMPANY LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2018 |
31/3/18 | 31/3/17 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(4,375 | ) | (4,000 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,319,135 | 1,316,573 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2018 |
31/3/18 | 31/3/17 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on by: |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2018 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2016 |
Changes in equity |
Balance at 31 March 2017 |
Changes in equity |
Balance at 31 March 2018 |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | STATUTORY INFORMATION |
Kailas Hotel Finance Company Limited is a |
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 |
FRS102 - Disclosure exemptions |
The company has not provided Statement of Cash Flow as permitted by Section 1A.7 and transactions with |
members of the group as defined in Section 1AC.35 of the standard. |
Interest payable and receivable |
Interest receivable and interest payable are recognised in statement of comprehensive income as they accrue, |
using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2017 - NIL). |
During the year directors' salaries were Nil (2017: Nil) |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/3/18 | 31/3/17 |
£ | £ |
Auditors' remuneration |
Accountancy |
5. | TAXATION |
The corporation tax charge in current year is Nil (2017: Nil). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Amounts owed by group undertakings |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Accrued expenses |
Interest payable | 267,441 | 267,442 |
KAILAS HOTEL FINANCE COMPANY LIMITED (REGISTERED NUMBER: 08297659) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Other loans - 1-2 years | 11,992,133 | 11,992,133 |
The above loan is from Longbow Investment No 3 S.A.R.L, bearing interest at 11% per annum and is repayable |
on 15 December 2019. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/3/18 | 31/3/17 |
£ | £ |
Loan | 11,992,133 | 11,992,133 |
Longbow Investment No.3 S.A.R.L (as Security Agent) has created a charge on all of the present and future |
right, title and interest in and to the assets of the company for loans taken by the group companies. |
10. | RELATED PARTY DISCLOSURES |
Included in debtors is £7,833,769 (2017: £7,830,821) due from Kailas Hotel Vandon House LP (a group |
company), £4,436,402 (2017: £4,437,451) due from Kailas Hotel Gatwick LP (a group company) and £1 |
(2017:£1) due from Kailas Hotel Holdings Limited.. |
11. | ULTIMATE CONTROLLING COMPANY |
The immediate parent company is Kailas Hotel Holdings Limited, a company registered in Jersey. The ultimate |
holding company is Abbey Care Homes Limited, a company registered in Jersey. The directors of Abbey Care |
Homes Limited are the ultimate controlling party. |