Year Ended
Registration number:
Crantock Bay Hotel Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Crantock Bay Hotel Limited
Company Information
Directors |
D G Eyles B Eyles N M Eyles A D G Eyles |
Company secretary |
A D G Eyles |
Registered office |
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Accountants |
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Crantock Bay Hotel Limited
Balance Sheet
31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
105 |
105 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Crantock Bay Hotel Limited
Balance Sheet
31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00710856
Crantock Bay Hotel Limited
Statement of Changes in Equity
Year Ended 31 December 2019
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2019 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
Transfers |
- |
(284) |
284 |
- |
At 31 December 2019 |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2018 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
Transfers |
- |
(284) |
284 |
- |
At 31 December 2018 |
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Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of leisure and hospitality services. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Straight line over 50 years |
Fixtures, fittings and equipment |
10% reducing balance |
Motor Vehicle |
25%, reducing balance |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
Straight line over 5 years |
Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Amortisation |
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At 1 January 2019 |
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Amortisation charge |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2019 |
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- |
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Additions |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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- |
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Charge for the year |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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- |
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Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 January 2019 |
105 |
105 |
At 31 December 2019 |
105 |
105 |
Impairment |
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Carrying amount |
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At 31 December 2019 |
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105 |
Stocks |
2019 |
2018 |
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Other inventories |
4,144 |
2,376 |
Debtors |
2019 |
2018 |
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Other debtors |
- |
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Prepayments |
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Crantock Bay Hotel Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans which are secured of £276,519 (2018 - £192,158). Security for this debt is held against all property owned by Crantock Bay Hotel Limited.
Loans and borrowings |
2019 |
2018 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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- |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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- |
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