REGISTERED NUMBER: SC132950 (Scotland)

Financial Statements

for the Year Ended 31 December 2017

for

Key Reservations (Hotels) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C W Perkins

Mr I C Nisbet

SECRETARY:

Mr C W Perkins

REGISTERED OFFICE:

Victoria Chambers

142 West Nile Street

Glasgow

G1 2RQ

REGISTERED NUMBER:

SC132950 (Scotland)

ACCOUNTANTS:

Armstrongs Accounting Services Limited

Victoria Chambers

142 West Nile Street

Glasgow

G1 2RQ

BANKERS:

The Royal Bank of Scotland plc

Glasgow Service Centre

Service & Operations

5th Floor, Tay House

300 Bath Street

Glasgow

G2 4RS

FIXED ASSETS

Intangible assets

4

2

2

Tangible assets

5

17,923

27,580

Investments

6

200

-

18,125

27,582

CURRENT ASSETS

Debtors

7

431,716

371,668

Cash at bank

34,351

19,437

466,067

391,105

CREDITORS

Amounts falling due within one year

8

391,346

360,507

NET CURRENT ASSETS

74,721

30,598

TOTAL ASSETS LESS CURRENT LIABILITIES

92,846

58,180

CREDITORS

Amounts falling due after more than one year

9

(8,006

)

(14,347

)

PROVISIONS FOR LIABILITIES

-

(854

)

NET ASSETS

84,840

42,979

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

84,740

42,879

SHAREHOLDERS' FUNDS

84,840

42,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 26 September 2018 and were signed on its behalf by:

Mr C W Perkins - Director

1.	STATUTORY INFORMATION

Key Reservations (Hotels) Limited is a private company, limited by shares , registered in Scotland. 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 the amount derived from the provision of goods and services falling within the company's

activities after deduction of trade discounts and value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 15% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

2

NET BOOK VALUE

At 31 December 2017

2

At 31 December 2016

2

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

and 31 December 2017

84,824

DEPRECIATION

At 1 January 2017

57,244

Charge for year

9,657

At 31 December 2017

66,901

NET BOOK VALUE

At 31 December 2017

17,923

At 31 December 2016

27,580

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2017

and 31 December 2017

30,314

DEPRECIATION

At 1 January 2017

10,638

Charge for year

4,919

At 31 December 2017

15,557

NET BOOK VALUE

At 31 December 2017

14,757

At 31 December 2016

19,676

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

200

At 31 December 2017

200

NET BOOK VALUE

At 31 December 2017

200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

78,220

59,283

Other debtors

353,496

312,385

431,716

371,668

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

316,445

290,309

Hire purchase contracts

9,914

12,744

Trade creditors

2,974

5,438

Taxation and social security

32,409

22,966

Other creditors

29,604

29,050

391,346

360,507

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

8,006

14,347

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director, Mr Craig Perkins, has advanced loan funds to the company on an interest free basis and without

formal repayment terms. The amount owed at 31 December 2017 is £1,049 (2016 £5,583)

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY