Registered number: 01336147
THE LEADING HOTELS OF THE WORLD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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THE LEADING HOTELS OF THE WORLD LIMITED
Company Information
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THE LEADING HOTELS OF THE WORLD LIMITED
Registered number:
01336147
Balance sheet
As at
31 December 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the Profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
27 January 2021
.
The notes on pages 2 to 6 form part of these financial statements.
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THE LEADING HOTELS OF THE WORLD LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
The Leading Hotels of the World Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis despite the impact of COVID-19 on the company's activity. These circumstances, extraordinary in nature and impact, have had and will have significant direct and indirect repercussions on economic activity in general and on the company's activities. There has been a significant drop in income in 2020 compared to the previous year and the company is taking all possible measures to contain costs.
However, the directors consider the going concern basis to be appropriate as the immediate parent undertaking, The Leading Hotels of the World, Ltd., has confirmed that it will provide any necessary financial support and funding required in order to enable the company to meet its' liabilities and commitments as they fall due, and will not seek repayment of any amounts owed to it by the company, for at least the next twelve months from the date of approval of these financial statements.
Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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THE LEADING HOTELS OF THE WORLD LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Basic financial assets including trade and other debtors are recognised at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Basic financial liabilities including trade and other creditors are recognised at the transaction price.
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THE LEADING HOTELS OF THE WORLD LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
2.
Accounting policies (continued)
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Foreign currency translatio
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was
13
(2018 -
15
)
.
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THE LEADING HOTELS OF THE WORLD LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
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Amounts owed by group undertakings
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Prepayments and accrued income
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THE LEADING HOTELS OF THE WORLD LIMITED
Notes to the financial statements
For the Year Ended 31 December 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Commitments under operating leases
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At 31 December 2019, the Company had future minimum lease payments under non-cancellable operating leases amounting to £Nil (2018: £393)
The parent undertaking of the smallest group of which the company is a member and consolidated accounts are prepared is The Leading Hotels of the World, Ltd. Their registered office address is 485 Lexington Avenue, Suite 401, New York, NY 10017, USA.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on
27 January 2021
by
Andrew Burch
(Senior statutory auditor) on behalf of
Sayers Butterworth LLP
.
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