01 Hostels Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 08266648 (England and Wales)

01 Hostels Limited

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M G Lower

Miss R Lucraft

REGISTERED OFFICE:

The Old Factory

30-31 Devonshire Place

Brighton

East Sussex

BN2 1QB

REGISTERED NUMBER:

08266648 (England and Wales)

ACCOUNTANTS:

M Goddard & Co

Chartered Accountants

69 Tupwood Lane

Caterham

Surrey

CR3 6DD

FIXED ASSETS

Intangible assets

2

124,222

141,486

Tangible assets

3

1,017,208

537,668

1,141,430

679,154

CURRENT ASSETS

Debtors

126,027

26,632

Cash in hand

304

126,331

26,936

CREDITORS

Amounts falling due within one year

1,123,933

741,654

NET CURRENT LIABILITIES

(997,602

)

(714,718

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

143,828

(35,564

)

CREDITORS

Amounts falling due after more than one
year

(120,082

)

-

PROVISIONS FOR LIABILITIES

(25,405

)

(2,980

)

NET LIABILITIES

(1,659

)

(38,544

)

CAPITAL AND RESERVES

Called up share capital

4

Profit and loss account

(1,663

)

(38,548

)

SHAREHOLDERS' FUNDS

(1,659

)

(38,544

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10 March 2017 and were signed on its behalf by:

M G Lower - Director

1.	ACCOUNTING POLICIES

Accounting convention

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 represents net invoiced accommodation charges and related charges, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2013 and 2014, is being

amortised evenly over the estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

33% on cost and 20% on cost

Last year the company purchased a lease which expires in 2020. This lease was purchased to enable the company

to extend the lease for a 15 year term in 2020. As this was the case when the company made the purchase it is

writing off the lease over a 20 year period rather than a 5 year period.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

170,000

AMORTISATION

At 1 July 2015

28,514

Amortisation for year

17,264

At 30 June 2016

45,778

NET BOOK VALUE

At 30 June 2016

124,222

At 30 June 2015

141,486

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

601,032

Additions

559,764

At 30 June 2016

1,160,796

DEPRECIATION

At 1 July 2015

63,364

Charge for year

80,224

At 30 June 2016

143,588

NET BOOK VALUE

At 30 June 2016

1,017,208

At 30 June 2015

537,668

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

4

Ordinary

£1

4