01 Hotels & Hostels Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08266648 (England and Wales)

01 Hotels & Hostels Ltd

Previously known as

01 Hostels Limited

Unaudited Financial Statements

for the Year Ended 30 June 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

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

4

107,222

124,222

Tangible assets

5

886,080

1,017,208

993,302

1,141,430

CURRENT ASSETS

Stocks

200

-

Debtors

29,088

126,027

Cash at bank and in hand

15,244

304

44,532

126,331

CREDITORS

Amounts falling due within one year

882,394

1,123,933

NET CURRENT LIABILITIES

(837,862

)

(997,602

)

TOTAL ASSETS LESS CURRENT LIABILITIES

155,440

143,828

CREDITORS

Amounts falling due after more than one year

(120,592

)

(120,082

)

PROVISIONS FOR LIABILITIES

(24,976

)

(25,405

)

NET ASSETS/(LIABILITIES)

9,872

(1,659

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

9,868

(1,663

)

SHAREHOLDERS' FUNDS

9,872

(1,659

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 March 2018 and were signed on its behalf by:

M G Lower - Director

1.	STATUTORY INFORMATION

01 Hotels & Hostels Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

and 30 June 2017

170,000

AMORTISATION

At 1 July 2016

45,778

Amortisation for year

17,000

At 30 June 2017

62,778

NET BOOK VALUE

At 30 June 2017

107,222

At 30 June 2016

124,222

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2016

1,160,796

Additions

(3,932

)

At 30 June 2017

1,156,864

DEPRECIATION

At 1 July 2016

143,588

Charge for year

127,196

At 30 June 2017

270,784

NET BOOK VALUE

At 30 June 2017

886,080

At 30 June 2016

1,017,208

6.	RELATED PARTY DISCLOSURES

The directors of the company were owed the following amounts at the year end: M Lower £Nil (2016:£7,468)

and Miss R Lucraft £703,495 (2016;£703,212). M Lower owed the company £4,066 at the year end.