FOR THE YEAR ENDED 31 OCTOBER 2019
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EDWARD BENCE HOTELS LIMITED
COMPANY INFORMATION
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EDWARD BENCE HOTELS LIMITED
CONTENTS
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EDWARD BENCE HOTELS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
The company has two outlets:
The Berry Head Hotel in Brixham Devon AA 4 star 32 bedroom hotel with extensive non resident food and beverage business and Function/event Business The Hannafore Point Hotel Looe Cornwall AA 3 star 37 bedroom Hotel and Spa facility with some non resident Food and Beverage and Function business 2018/2019 represented a successful year of trading in both hotels and particularly at the Berry Head with consolidated net turnover of £3,844,540 achieving an increase of £194,059 over the previous year being an increase of 5.31%. Cost of sales at £852,808 produced a Gross Profit of 78% being an improvement on prior year of 1% achieved with the introduction toward the end of the year of a part time purchasing manager. Administrative expenses increased by £111,542 mainly due to the impact of the increased minimum wage and the step up of pension contributions. This increase was further exacerbated by the difficulty in recruiting skilled staff especially in the kitchen area. Net Profit before Tax was £309,141 representing a profit return on sales of 8.04% being greater than the industry current norm. At the end of October 2019 work began on the development of 5 one bedroom apartments at the Berry Head Hotel being a projected investment of £1,200,000 and due for completion at the end of June 2020. This development was delayed by the Covid Pandemic and is now due for completion at the end of September. The development is funded separately with a new development loan from Nat West Bank.
The directors have assessed the impact of the COVID-19 pandemic on the Group's ability to continue as a going concern. The directors have prepared cash flow forecasts covering the next 12 months which indicate that the group will continue as a going concern. The Group has a business continuity plan in place and the directors believe there are sufficient financial resources available to reduce the impact of any unforeseen events. The directors believe that the impact of the COVID-19 pandemic, although uncertain, will be mitigated as a result.
The directors recognise however that there is a high level of unpredictability and uncertainty regarding the future impact of the COVID-19 pandemic and are therefore continuing to monitor developments in a rapidly changing business environment and will endeavour to take further steps as required to ensure the Group is able to function for the foreseeable future. The directors are optimistic that, once the above situation is resolved or under control, the Group will continue to operate profitably. A number of 2020 weddings have been postponed until 2021 which together with weddings already booked for that year should increase the function business level that year. This also applies to room bookings which are postponed until 2021. In addition an increase in enquiries for future bookings is already being seen and the Board consider that an upturn in UK leisure business is likely as customers remain nervous regarding overseas travel. The business in normal circumstances continues to grow and there is no reason to suppose that it will not continue to do so in the long term once some security and normality returns. The shorter term however is more difficult if not impossible to predict however our initial reopening trade levels coupled with the funding held in reserve is believed to provide us with a fair measure of security for sustainability during the current period of unprecedented challenge.
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EDWARD BENCE HOTELS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
Management regularly review a wide range of financial and operational performance indicators against standard benchmarks used in the hospitality industry and are satisfied with current performance against these indicators.
This report was approved by the board
and signed on its behalf.
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EDWARD BENCE HOTELS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2019
The directors present their report and the financial statements for the year ended 31 October 2019.
The directors are responsible for preparing the Group strategic report, the Directors' report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
235,431
(2018:
£
176,071
)
.
Dividends were paid in the year amounting to £12,500 (2018: £12,500).
The directors who served during the year were:
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
There were no post balance sheet events.
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EDWARD BENCE HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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EDWARD BENCE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EDWARD BENCE HOTELS LIMITED
We have audited the financial statements of Edward Bence Hotels Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2019, which comprise the Group Statement of income and retained earnings, the Group and Company Statements of financial position, the Group Statement of cash flows
and the related notes, 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:
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 2.3 in the financial statements, which refers to the significant challenges and uncertainties caused by the current Coronavirus (COVID-19) pandemic. The company is reliant on the business being able to operate reasonably in line with the Directors’ forecasts. As stated in note 2.3, the significant challenges and uncertainties caused by this pandemic may result in circumstances which are not forecast and therefore indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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EDWARD BENCE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EDWARD BENCE HOTELS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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 an Auditors' report 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 Auditors' report.
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EDWARD BENCE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EDWARD BENCE HOTELS LIMITED (CONTINUED)
This report is made solely to the Company's members
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 an Auditors' report 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
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EDWARD BENCE HOTELS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2019
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EDWARD BENCE HOTELS LIMITED
REGISTERED NUMBER:
04899624
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 12 to 26 form part of these financial statements.
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EDWARD BENCE HOTELS LIMITED
REGISTERED NUMBER:
04899624
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 12 to 26 form part of these financial statements.
Page 10
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EDWARD BENCE HOTELS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2019
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Edward Bence Hotels Limited is a private company limited by shares and incorporated in England and Wales, its registered office is C/O Bishop Fleming, Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP. The company's principal activity during the year was that of hotel ownership and management.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2017.
The directors have assessed the impact of the COVID-19 pandemic on the Group's ability to continue as a going concern. The directors have prepared cash flow forecasts covering the next 12 months which indicate that the group will continue as a going concern. The Group has a business continuity plan in place and the directors believe there are sufficient financial resources available to reduce the impact of any unforeseen events. The directors believe that the impact of the COVID-19 pandemic, although uncertain, will be mitigated as a result. The directors recognise however that there is a high level of unpredictability and uncertainty regarding the future impact of the COVID-19 pandemic which indicates the existence of a material uncertainty which would cast doubt over the Group’s ability to continue as a going concern.
The financial impact of COVID-19 has been assessed by the directors and they believe there are sufficient financial resources available to address the expected financial impact. On this basis, and having considered the current situation on COVID-19 as noted in the directors' report, the directors have concluded it is appropriate that the financial statements have been prepared on a going concern basis.
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.
ACCOUNTING POLICIES (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.
ACCOUNTING POLICIES (continued)
DEFINED CONTRIBUTION PENSION PLAN
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.
ACCOUNTING POLICIES (continued)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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 and the reducing balance basis.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.
ACCOUNTING POLICIES (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Page 17
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Page 18
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
There were no factors that may affect future tax charges.
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Page 20
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Page 21
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Page 22
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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EDWARD BENCE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Profit and loss account
This reserve represents the accumulation of prior and current period profits and losses.
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £17,856 (2018: £10,532).
The controlling party is Mr Edward John Bence by virtue of his shareholding.
The company and its subsidiary undertakings have total bank loans amounting to £1,257,962 (2018: £1,304,482) which are secured on the assets of the group as a whole.
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