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Financial Statements for the Year Ended 31 March 2021 |
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Hampton Manor Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2021 |
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for |
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Hampton Manor Limited |
Hampton Manor Limited (Registered number: 03418061) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Hampton Manor Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Greville House |
10 Jury Street |
Warwick |
CV34 4EW |
Hampton Manor Limited (Registered number: 03418061) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Hampton Manor Limited (Registered number: 03418061) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Hampton Manor Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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All additions greater than £1,000 are capitalised and brought into account in accordance with normal accounting practice. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
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A grant that specifies performance conditions is recognises in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Hampton Manor Limited (Registered number: 03418061) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Fixtures | Motor |
property | property | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Hampton Manor Limited (Registered number: 03418061) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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6. | DEBTORS - continued |
2021 | 2020 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Other debtors include a deferred tax asset amounting to £200,000. This is a reflection on the successful recovery by the business since the year-end as referred to in the CORONAVIRUS - COVID-19 note to the accounts. The management are confident that this after date recovery by the business will be sustainable for the foreseeable future, but have also been very conservative with their recognition of the deferred tax asset. The above £200,000 is also reflected as a credit within the Tax charge on the face of the Income statement. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 1,552,941 | 1,564,708 |
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Bank Loans include: |
l) a 20-year loan of £1,900,000 with the first quarterly repayment commencing June 2022; and |
2) a Coronavirus Business Interruption Loan Scheme (CBILS) loan of £500,000 for a 6-year term, with an initial capital repayment holiday of 12 months - the first quarterly repayment commencing May 2022. |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Hampton Manor Limited (Registered number: 03418061) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Class A Ordinary Shares | 1 | 2,000,002 | 2,000,002 |
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Class B Ordinary Shares | 1 | 100 | 100 |
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Class C Ordinary Shares | 1 | 100 | 100 |
2,000,202 | 2,000,202 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | RELATED PARTY DISCLOSURES |
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At 31 March 2021 creditors due after more than one year included loans made to the company by D S T Hill and Mrs J L Hill (directors) amounting to £219,943 (2020: £240,018). The loans are interest free and with no fixed date for repayment. |
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At 31 March 2021 other debtors included loans made to Mr J Hill (director) of £1,343 (2020: £1,566). The loans have been subsequently repaid. |
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Consultancy services amounting to £nil (2020: £40,460) have been provided by Bequest Ltd, a company owned by a relative of one of the Directors. These were provided at arms-length and at market values. |
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13. | ULTIMATE CONTROLLING PARTY |
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The Ultimate controlling party is Hampton Manor Holdings Limited and its majority shareholders and directors, Mr D S T Hill and Mrs J L Hill. |
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14. | CORONAVIRUS- COVID-19 |
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The various lockdown measures introduced by the UK government since the outbreak of the Coronavirus pandemic in March 2020, had a detrimental effect on the results for the business in the twelve months to March 2021. The hotel itself was only open to the public for a very short four-month period from July 2020 to October 2020, and did not re open again until the middle of April 2021. This enforced closure resulted in numerous wedding bookings being postponed or cancelled altogether, the closure of the restaurant and bar areas, and a large portion of the staff having to be furloughed during this period. In common with similar establishments that were forced to close, the company's chefs devised a gourmet meals delivery service, which proved to be very popular with customers, and raised a much-needed new source of income. |
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Since the March 2021 year end the company's management have had to re-assess the business plan and come up with a number of trading initiatives to raise new income streams. These included concentrating on the development of curated experiences as part of two/ three day "staycations", and utilizing other parts of the 45-acre Manor estate. In addition to the Michelin starred Peels Restaurant, a new restaurant and kitchen development known as Smoke was opened with a third restaurant and an additional five-bedroom development due to be completed in March 2022. In the months following the March 2021the above initiatives have proved to be financially successful and the company has more than recovered from the difficult period caused by the enforced lockdown of the hotel. |