LPI (Hotels) Limited - Abbreviated accounts

LPI (HOTELS) LIMITED - Company Information

Registered number

06250926

LPI (Hotels) Limited

Abbreviated Accounts

31 March 2014

LPI (Hotels) Limited
Registered number:		06250926
Abbreviated Balance Sheet
as at 31 March 2014

Notes			2014			2013
£				£
Fixed assets
Tangible assets	3		2,481,914			2,494,099

Current assets
Stocks		9,363			8,188
Debtors		123,974			107,037
Cash at bank and in hand		101,314			89,043
		234,651			204,268

Creditors: amounts falling due within one year		(841,438)			(698,717)

Net current liabilities			(606,787)			(494,449)

Total assets less current liabilities			1,875,127			1,999,650

Creditors: amounts falling due after more than one year			(12,173,124)			(15,932,259)



Net liabilities			(10,297,997)			(13,932,609)

Capital and reserves
Called up share capital	5		1			1
Profit and loss account			(10,297,998)			(13,932,610)

Shareholder's funds			(10,297,997)			(13,932,609)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



M. D. W. Slatter
Director
Approved by the board on 15 December 2014

LPI (Hotels) Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Long leasehold interest			Not depreciated (see below)
	Equipment, furniture and fittings			Between 5% and 10% straight line
	Small fixtures and fittings			20% straight line

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Going concern

	The company has been subject to a change in ownership during the year and it has negotiated a restructuring of its long term finance. The company has been seeking new property development opportunities. Accordingly, the company continues to adopt the going concern basis in the preparation of the financial statements during the year.


3	Tangible fixed assets					£

	Cost
	At 1 April 2013					13,731,821
	At 31 March 2014					13,731,821

	Depreciation
	At 1 April 2013					11,237,722
	Charge for the year					12,185
	At 31 March 2014					11,249,907

	Net book value
	At 31 March 2014					2,481,914
	At 31 March 2013					2,494,099


4	Loans					2014		2013
£							£
	Creditors include:
	Secured bank loans					11,208,487		10,934,310


5	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1		1		1