Registration number:
Southern Hospitality UK Limited
for the Year Ended 30 June 2017
Chartered Accountants
51A Station Road
Cheadle Hulme
Stockport
Cheshire
SK8 7AA
Southern Hospitality UK Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Southern Hospitality UK Limited
Company Information
Director |
Mr J Gilchrist |
Company secretary |
Mr J Gilchrist |
Registered office |
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Accountants |
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Page 1 |
Southern Hospitality UK Limited
(Registration number: 05277425)
Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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- |
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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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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Share premium reserve |
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- |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Southern Hospitality UK Limited
(Registration number: 05277425)
Balance Sheet as at 30 June 2017
Approved and authorised by the
.........................................
Mr J Gilchrist
Company secretary and director
Page 3 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
United Kingdom
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Plant and machinery |
6.67% straight line |
Property improvements |
20% straight line |
Fixtures and fittings |
25% reducing balance |
Office equipment |
33% straight line |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill, being the amount paid on the acquisition of a business in 2014, was amortised evenly over its estimated useful life of three years, and is now fully amortised.
Page 4 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Intangible assets
Website costs are capitalised and amortised over a period of three years on a stright line basis. Such costs are reviewed each year for impairment, and if found to be impaired are written down accordingly.
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 costs |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Intangible assets |
Goodwill |
Website costs |
Total |
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Cost or valuation |
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At 1 July 2016 |
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- |
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Additions |
- |
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At 30 June 2017 |
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Amortisation |
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At 1 July 2016 |
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- |
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Amortisation charge |
- |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
- |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
- |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
- |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Page 7 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
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Disposals |
( |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Page 8 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by associated undertakings |
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- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Directors current accounts |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Page 9 |
Southern Hospitality UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Dividends |
Interim dividends paid
2017 |
2016 |
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Interim dividend of £20 per each |
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Related party transactions |
Summary of transactions with associates
During the year the company made payments totalling £70,000 (2016: £Nil) to Rebirth Capital Limited, and received payments totalling £55,000 (2016: £Nil) from Rebirth Capital Limited. The director of Southern Hospitality UK Limited, Mr J Gilchrist, is the director of Rebirth Capital Limited.
At 30 June 2017 a sum of £15,000 (2016: £Nil) was owing to Southern Hospitality UK Limited by Rebirth Capital Limited.
Transition to FRS 102 |
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