Residential & Hotels International Limited Filleted accounts for Companies House (small and micro)

RESIDENTIAL AND HOTELS INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03658022

Residential & Hotels International Limited

Filleted Unaudited Financial Statements

31 May 2018

Residential & Hotels International Limited

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Investments	5		611,288	611,288

Current assets

Debtors	6	38,545	37,542
Cash at bank and in hand		2,378	378
		--------	--------
		40,923	37,920

Creditors: amounts falling due within one year	7	518,798		518,658
		---------		---------
Net current liabilities			477,875	480,738
			---------	---------
Total assets less current liabilities			133,413	130,550
			---------	---------
Net assets			133,413	130,550
			---------	---------

Capital and reserves

Called up share capital	300,000	300,000
Profit and loss account	( 166,587)	( 169,450)
	---------	---------
Shareholder funds	133,413	130,550
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Residential & Hotels International Limited

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 28 February 2019 , and are signed on behalf of the board by:

E P Shave
Director

Company registration number: 03658022

Residential & Hotels International Limited

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Old Burlington Street, London, W1S 3AG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover, which excludes Value Added Tax, represents the invoiced value of services rendered. Commission on property transactions for clients are recognised as earned on completion of the transaction, except in the case of residential sales where 50% is recognised on exchange of contract and 50% is recognised on completion. Fees for other professional services are recognised when they become due and payable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 June 2017 and 31 May 2018	1,020	1,020
	-------	-------
Depreciation
At 1 June 2017 and 31 May 2018	1,020	1,020
	-------	-------
Carrying amount
At 31 May 2018	–	–
	-------	-------
At 31 May 2017	–	–
	-------	-------

5. Investments

	Other investments other than loans
	£
Cost
At 1 June 2017 and 31 May 2018	611,288
	---------
Impairment
At 1 June 2017 and 31 May 2018	–
	---------

Carrying amount
At 31 May 2018	611,288
	---------
At 31 May 2017	611,288
	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	23,693	22,674
Other debtors	14,852	14,868
	--------	--------
	38,545	37,542
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	214,399	214,786
Corporation tax	821	1,129
Other creditors	303,578	302,743
	---------	---------
	518,798	518,658
	---------	---------

8. Directors' advances, credit and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
A C Williams	( 202,127)	459,994	( 460,790)	( 202,923)
	---------	---------	---------	---------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
A C Williams	( 206,317)	1,283,389	( 1,279,199)	( 202,127)
	---------	------------	------------	---------

Interest does not currently accrue on outstanding balances whether owing to or from the company. All amounts are considered repayable on demand.

9. Related party transactions

The company was under the control of Mr AC Williams, a director throughout the current and previous year. During the year, Mr E P Shave invoiced the company £ 10,048 (2017 - £10,000) in respect of bookkeeping services provided. Mr E P Shave was a director throughout the current and previous year. A balance of £Nil (2017 - £Nil) was outstanding at the year end.