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Monk Fryston Hall Hotel Ltd
08281340
2016-03-31
-538789
-522119
-538787
-522117
2
2
-538787
-522117
89042
94657
2427210
2477352
1977465
2049892
-313885
-283860
459957
450463
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166603
125999
149231
18751
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1322
976
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585004
1738842
1748748
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover is derived from hotel operations, including the rental of rooms, conferences, food and beverages. Turnover is recognised when rooms are occupied and when food and beverages are sold. Turnover represents sales to external customers at invoice amounts less value added tax or local taxes on sales.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the
Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-5% Straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards
of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the
balance sheet as a tangible fixed asset and is depreciated in accordance with the above
depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Going concern
The company meets its working capital requirements through the loan facility dated 10 December 2012.
Having discussed the position with their bankers, the directors expect that adequate funds will be available to meet the requirements such that the business will continue in operational existence for the foreseeable future. As such, the directors have continued to adopt the going concern basis in preparing the financial statements.
Land & Buildings
Straight line
0.0200
Plant & Machinery
Straight line
0.1000
Fixtures & Fittings
Straight line
0.1000
Equipment
Straight line
0.3300
650000
650000
97492
64996
32496
2042296
1946270
96026
303454
197522
105932
2692296
2596270
96026
400946
262518
138428
The bank loan of £1,000,000 is repayable in 167 monthly installments commencing May 2014 and carries a fixed rate for 5 years of 4.2% per annum.
The bank loan of £560,000 is repayable in 167 monthly instalments commencing May 2014 and carries a variable interest rate of 3% plus base rate per annum.
The bank loans totalling £1,471,897 are secured by a guarantee from Mr G Davies and Ms S Mason and a legal charge over the freehold property, Monk Fryston Hall Hotel, Monk Fryston, North Yorkshire.
Ordinary
2
1
2
2
Ordinary
1
2
2
2
2016-09-30
Ms S Mason
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Monk Fryston Hall Hotel Ltd
2015-04-01
2016-03-31
Monk Fryston Hall Hotel Ltd
2014-04-01
2015-03-31
Monk Fryston Hall Hotel Ltd
2014-03-31
Monk Fryston Hall Hotel Ltd
2015-03-31
Monk Fryston Hall Hotel Ltd
2015-03-31
Monk Fryston Hall Hotel Ltd
2016-03-31
2016-10-06