Exclusive Bedrooms North East Ltd 30/04/2021 iXBRL

Exclusive Bedrooms North East Ltd 30/04/2021 iXBRL

EXCLUSIVE BEDROOMS NORTH EAST LIMITED - Company Information

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Company registration number: 03713938
Exclusive Bedrooms North East Ltd
Unaudited filleted financial statements
30 April 2021
Exclusive Bedrooms North East Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Exclusive Bedrooms North East Ltd
Directors and other information
Director Raymond Gregory Carlisle
Secretary Ayca Carlisle
Company number 03713938
Registered office 246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Business address Unit M79, Kingsway
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0JT
Accountants Harrison Hutchinson Ltd
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Exclusive Bedrooms North East Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Exclusive Bedrooms North East Ltd
Year ended 30th April 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Exclusive Bedrooms North East Ltd for the year ended 30th April 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Exclusive Bedrooms North East Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Exclusive Bedrooms North East Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Exclusive Bedrooms North East Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Exclusive Bedrooms North East Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Exclusive Bedrooms North East Ltd. You consider that Exclusive Bedrooms North East Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Exclusive Bedrooms North East Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Hutchinson Ltd
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Exclusive Bedrooms North East Ltd
Statement of financial position
30th April 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 68,729 53,052
Investments 6 527,625 527,625
_______ _______
596,354 580,677
Current assets
Stocks 39,294 14,789
Debtors 7 1,749,969 1,895,445
Investments 8 3,271,281 3,249,233
Cash at bank and in hand 1,403,825 190,867
_________ _________
6,464,369 5,350,334
Creditors: amounts falling due
within one year 9 ( 1,142,009) ( 422,570)
_________ _______
Net current assets 5,322,360 4,927,764
_________ _________
Total assets less current liabilities 5,918,714 5,508,441
Creditors: amounts falling due
after more than one year 10 ( 6,305) ( 4,203)
_________ _________
Net assets 5,912,409 5,504,238
_________ _________
Capital and reserves
Called up share capital 120 120
Revaluation reserve 226,944 226,944
Profit and loss account 5,685,345 5,277,174
_________ _________
Shareholders funds 5,912,409 5,504,238
_________ _________
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2021 , and are signed on behalf of the board by:
Raymond Gregory Carlisle
Director
Company registration number: 03713938
Exclusive Bedrooms North East Ltd
Statement of changes in equity
Year ended 30th April 2021
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1st May 2019 120 226,944 4,755,433 4,982,497
Profit for the year 632,741 632,741
_______ _______ _______ _______
Total comprehensive income for the year - - 632,741 632,741
Dividends paid and payable ( 111,000) ( 111,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 111,000) ( 111,000)
_______ _______ _________ _________
At 30th April 2020 and 1st May 2020 120 226,944 5,277,174 5,504,238
Profit for the year 505,171 505,171
_______ _______ _______ _______
Total comprehensive income for the year - - 505,171 505,171
Dividends paid and payable ( 97,000) ( 97,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 97,000) ( 97,000)
_______ _______ _________ _________
At 30th April 2021 120 226,944 5,685,345 5,912,409
_______ _______ _________ _________
Exclusive Bedrooms North East Ltd
Notes to the financial statements
Year ended 30th April 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 246 Park View, Whitley Bay, Tyne and Wear, NE26 3QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2020: 19 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st May 2020 75,842 18,779 121,004 215,625
Additions - 3,385 34,928 38,313
_______ _______ _______ _______
At 30th April 2021 75,842 22,164 155,932 253,938
_______ _______ _______ _______
Depreciation
At 1st May 2020 59,958 16,826 85,789 162,573
Charge for the year 4,206 947 17,483 22,636
_______ _______ _______ _______
At 30th April 2021 64,164 17,773 103,272 185,209
_______ _______ _______ _______
Carrying amount
At 30th April 2021 11,678 4,391 52,660 68,729
_______ _______ _______ _______
At 30th April 2020 15,884 1,953 35,215 53,052
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st May 2020 and 30th April 2021 527,625 527,625
_______ _______
Impairment
At 1st May 2020 and 30th April 2021 - -
_______ _______
Carrying amount
At 30th April 2021 527,625 527,625
_______ _______
At 30th April 2020 527,625 527,625
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 11,704 39,721
Amounts owed by group undertakings and undertakings in which the company has a participating interest 847,380 1,007,633
Other debtors 890,885 848,091
_________ _________
1,749,969 1,895,445
_________ _________
8. Investments
2021 2020
£ £
Other investments 3,271,281 3,249,233
_________ _________
9. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 679,907 119,804
Corporation tax 120,426 126,103
Social security and other taxes 230,713 78,649
Other creditors 110,963 98,014
_________ _______
1,142,009 422,570
_________ _______
10. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 6,305 4,203
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Raymond Gregory Carlisle 592,793 140,691 ( 97,000) 636,484
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Raymond Gregory Carlisle 560,550 137,666 ( 105,423) 592,793
_______ _______ _______ _______