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Registration number: 00197328

Golf Hotel (Woodhall Spa) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

 

Golf Hotel (Woodhall Spa) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Golf Hotel (Woodhall Spa) Limited

Company Information

Directors

S Hotchkin

S N Bailey King

R Bell

Company secretary

R Bell

Registered office

Old Bank Chambers
Horncastle
Lincolnshire
LN9 5HY

 

Golf Hotel (Woodhall Spa) Limited

(Registration number: 00197328)
Balance Sheet as at 31 December 2016

Note

2016
£

(As restated)

2015
£

Fixed assets

 

Investment property

3

680,000

680,000

Current assets

 

Debtors

4

4,506

4,638

Investments

5

322,342

302,970

Cash at bank and in hand

 

19,309

15,606

 

346,157

323,214

Creditors: Amounts falling due within one year

6

(5,670)

(6,141)

Net current assets

 

340,487

317,073

Total assets less current liabilities

 

1,020,487

997,073

Provisions for liabilities

(87,620)

(85,138)

Net assets

 

932,867

911,935

Capital and reserves

 

Called up share capital

8,000

8,000

Other reserves

491,505

480,746

Profit and loss account

433,362

423,189

Total equity

 

932,867

911,935

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 5 September 2017 and signed on its behalf by:
 

.........................................

S Hotchkin

Director

 

Golf Hotel (Woodhall Spa) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 00197328.

The address of its registered office is:
Old Bank Chambers
Horncastle
Lincolnshire
LN9 5HY

These financial statements were authorised for issue by the Board on 5 September 2017.

2

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.

The financial statements are prepared in Sterling which is the functional currency of the Company and have been expressed rounded to the nearest pound.

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.

 

Golf Hotel (Woodhall Spa) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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

Land and buildings

No depreciation charged

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

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 at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Investment properties

2016
£

At 1 January

680,000

At 31 December

680,000

In the opinion of the director, Robert Bell, who is a professional valuer there has been no change in the fair value of the investment properties.

 

Golf Hotel (Woodhall Spa) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Debtors

2016
£

2015
£

Prepayments and accrued income

4,506

4,638

Total current trade and other debtors

4,506

4,638

5

Current asset investments

2016
£

(As restated)

2015
£

Other investments

322,342

302,970

Listed investments

Investments having a net book value of £322,342 (31 December 2015 - £302,970) are listed on a recognised stock exchange and had a market value of £322,342 at the end of the year (31 December 2015 - £302,970).

6

Creditors

Note

2016
£

2015
£

Due within one year

 

Trade creditors

 

3,946

3,884

Other creditors

 

1,724

2,257

 

5,670

6,141

 

Golf Hotel (Woodhall Spa) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Dividends

Interim dividends paid

 

2016
£

2015
£

Interim dividend of £1 per each Ordinary share

7,000

7,000

Interim dividend of £1 per each 4.2% Preference share

1,000

1,000

 

8,000

8,000

8

Transition to FRS 102

This is the first year that the company has presented its results under FRS 102 1A. The last financial statements under UK GAAP were for the year ended 31st December 2015. The date of transition to FRS 102 1A was 1st January 2015. Set out below are the changes in accounting policies which reconcile profit for the financial year ended 31st December 2015 and the total equity as at 1st January 2015 and 31st December 2015 between UK GAAP as previously reported and FRS 102 1A.

 

Golf Hotel (Woodhall Spa) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 1 January 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Investment property

 

159,665

-

520,335

680,000

Current assets

 

Debtors

 

4,200

-

-

4,200

Current investments

 

252,930

-

41,712

294,642

Cash at bank and in hand

 

13,813

-

-

13,813

 

270,943

-

41,712

312,655

Creditors: Amounts falling due within one year

 

(7,879)

-

-

(7,879)

Net current assets

 

263,064

-

41,712

304,776

Total assets less current liabilities

 

422,729

-

562,047

984,776

Provisions for liabilities

 

-

-

(83,905)

(83,905)

Net assets

 

422,729

-

478,142

900,871

Capital and reserves

 

Called up share capital

 

8,000

-

-

8,000

Other reserves

 

-

-

478,142

478,142

Profit and loss account

 

414,729

-

-

414,729

Total equity

 

422,729

-

478,142

900,871

 

Golf Hotel (Woodhall Spa) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Investment property

 

159,665

-

520,335

680,000

Current assets

 

Debtors

 

4,638

-

-

4,638

Current investments

 

257,421

-

45,549

302,970

Cash at bank and in hand

 

15,606

-

-

15,606

 

277,665

-

45,549

323,214

Creditors: Amounts falling due within one year

 

(6,141)

-

-

(6,141)

Net current assets

 

271,524

-

45,549

317,073

Total assets less current liabilities

 

431,189

-

565,884

997,073

Provisions for liabilities

 

-

-

(85,138)

(85,138)

Net assets

 

431,189

-

480,746

911,935

Capital and reserves

 

Called up share capital

 

8,000

-

-

8,000

Other reserves

 

-

-

480,746

480,746

Profit and loss account

 

423,189

-

-

423,189

Total equity

 

431,189

-

480,746

911,935

 

8.1

Revaluations

Under previous UK GAAP, any revaluation gains went through the revaluation reserve. Under FRS102, investment property and current asset investment revaluations are required to go through the profit and loss account. At 31st December, 2014, the investment properties were revalued by £520,335 and the current asset investments by £41,712 this has been transferred to the profit and loss account and classed as non-distributable reserves.

The fair value of the investment properties have not changed in 2016. Current asset investments comprising shares listed on the stock exchange continue to be revalued to fair value, with movement taken to the profit and loss account in the year.

 

8.2

Deferred taxation

Under previous UK GAAP the company was not required to provide for taxation on revaluations, unless the company had entered into a binding sale agreement and recognised the gain or loss expected to arise. Under FRS 102, deferred taxation is provided on the temporary timing difference arising from the revaluation. A deferred tax charge of £83,905 arose on transition to FRS 102 which was transferred to the profit and loss account and classed as non-distributable reserves. In the year ending 31st December, 2016, there was a tax charge arising of £87,620 on the change in the timing difference in the year.