Download - Moran Hotel Group Accounts Jan 2011
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 1/37
C, . . o C OM PA NIE S R EG I~ T~A TIO N O FF IC ~ ; t 1 bI' A N O IF IG U M C HL A RU C UID EA CH TA I V J I 'roup accounts
Section 17 Companies (Amendment) Act 1986. as
amended by Regulation 45 European Communities
(Companies: Group Accounts) Regulations 1992 and
section 65 Company Law Enforcement Act 2001
Companies Act 1990 (Form and Content of Documents
Delivered to Registrar) Regulations 2002
l~96£Lv
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
This form must be completed when a number of
annual returns for companies, which are parent
or subsidiary undertakings of the same group, are
being filed together with only one set of the
consolidated group accounts
Parent company's
name
n om o ne
Country of
incorporation
Company number)
Returns made up to)
nom three
Group accounts
are annexed for
financial year
no", four
Subsidiary
undertakings
note !iV8
Company number
Subsidiary
undertaking's name
i n f ul l
Company number
Subsidiary
undertaking's name
In full
eRO receipt date stamp
Companies Acts 1963 to 2009
B1uPlease complete using black typescript or BOLD CAPITALS, referring to explanatory notes
r & STaverns
Limited
/Ireland
If an Irish-registered company, is the parent company's annual
return being filed now[{] Yes D No
note tw o
D ay
IiliJ
Month Year
~ 1 2 1 0 1 1 1 1 IDay
From @J!]Day
[]]Month
@ JUYear Month
[]]Year
1 2 1 0 1 1 1 0 I To
Number of annual returns being fi led including parent company If attached
IMorans Hotel Ireland
limited
jAvonview Taverns
Limited
Presenter details)
Name
Address
DX number
Telephone number
Byrne Curtin Kelly Limited
Verschovie House, 28/30 lower Mount Street, Dubl in 2.
OX exchange016765333 Fax number 01 676 5603
[email protected] Reference number
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 2/37
SubsIdiary
undertakings contd
note five
Company number
Subsidiary
undertaking's name
in fu N
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's namei n f ul l
Company number
Subsidiary
undertaking's name
In ful l
Company number
Subsidiary
undertaking's name
in ful l
Company number
Subsidiary
undertaking's name
in ful l
Company number
Subsidiary
undertaking's name
in ful l
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
in fuJI
Company number
Subsidiary
undertaking's name
in f~11
IMedcoveTavernslimited
IMorans Holdings Intemational
Limited
I Silver Springs Morans HotelLimited
I Riversdale Taverns
Limited
IBOnJa HoldingsLimited
IMatrix FoodsLimited
ISwintron
Limited
iThomas Pr ior Hotel
Limited
1 Thomas Prior Ballsbridge
Limited
INewlands Cross Hotel
Limited
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 3/37
Subsidiary
undertakings conrd
nate five
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
in ful l
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
Inlulf
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
in f uJ I
Company number
Subsidiary
undertaking's name
in full
Company number
Subsidiary
undertaking's name
in full
IMoransHelicopterslimited
limited
Limited
limited
I I
limited
Limited
limited
Limited
Limited
Limited
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 4/37
- : ' , \
Copy of Guarantee) The following guarantee Is in force in respect of all the of the companies l isted herein:
BY THIS GUARANTEE
T&S Taverns Limited, as the parent undertaking of the above companies and
for the purposes of the exemptions referred to in Section 17(1) of theCompanies (Amendment) Act, 1986, as amended, and not otherwise, hereby
irrevocably guarantees in respect of the whole of the financial year of the
above companies ending on the 31 January 2009, all of the liabilities of the
above companies, referred to in Section 5(c) of said Act; provided that this
guarantee shall not extend to any liability or commitment of the above, which
shall not have arisen otherwise than in respect of that financial year or which
shall not constitute a liability or loss within the meaning of Section 5(c)
aforesaid',
Copy of Notice) The fol lowing notice has been sent to aUof the shareholders of the companies listed herein
We hereby state that we have availed of Section 17 of the Companies
(Amendment) Act, 1986 as substituted by regulations 45 of the European
Communities (Companies: Group Accounts) Regulation, 1992.
Certification )-----
It is herby declared that the subsidiary undertakings listed herein have availed of the exemption under
section 17 (section 17(1)(d}).
It is herby declared that all the shareholders of the subsidiary undertakings listed herein have declared
their consent to the exemption in accordance with the requirements of section 17 (l)(a) of the Companies
Amendment Act 1986.
I hereby cert ify that the part iculars contained in this form are correct and have been given in accordance
with the Notes on Completion of Form B1u.
Signature 1 4 4I ~< •
Name in block l et te r s o r t ypesc ri p t
'-o Director I E J Secretary note si.
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 5/37
T&S Taverns Limited
Company Number 131157
We herby certify that the within Profit and Loss Account, Statement of Total Recognised
Gains and Losses, Balance Sheet, Report of Auditors and Report of Directors accompanying
this annual return are a true copy of the Consolidated Financial Statements laid before the
AGM of the Company.
Director: S.~~
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 6/37
Company Registration No. 131157 (Eire)
T & 5 TAVERNS LIMITED
DIRECTORS' REPORT AND CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2011
;- , ;.~
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 7/37
,.
T & S TAVERNS LIMITED
COMPANY INFORMATION
Directors Sheila Moran
Thomas Moran
Thomas Moran Jnr
Karen Moran
Michael Moran
Tracey Moran
Patrick Power
Alf Smiddy
Tom Ward
Secretary Thomas Moran
Company number 131157
Registered office & Business Address Red Cow Inn Complex
Naas Road
Dublin 22
Auditors Byrne Curtin Kelly
Verschoyle House
28-30 Lower Mount Street
Dublin 2
Bankers Bank of Ireland
Lower Baggot Street
Dublin 2
Allied Irish Bank pic
Ballsbridge
Dublin 4
Bank of Scotland (Ireland)
124 - 127 St Stephens Green
Dublin 2
Ulster Bank
George's Quay
Dublin 2
Solicitors McCann FitzGerald
Riverside One
Sir John Rogerson's Quay
Dublin 2
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 8/37
. ( . - 1
T & 5 TAVERNS LIMITED
CONTENTS
Directors' report
Page
1 - 3
Independent auditors' report 4-5
Consolidated profit and loss account 6
~u : 0 . , • •
Consolidated statement of total recognised gains and losses 7
Consolidated balance sheet 8
Company balance sheet 9
Consolidated cash flow statement 10
Notes to the consolidated cash flow statement 11
Notes to the consolidated financial statements 12 - 29
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 9/37
T & 5 TAVERNS LIMITED
DIRECTORS' REPORTFOR THE YEAR ENDED 31JANUARY 2011
The directors present their report and consolidated financial statements for the year ended 31 January 2011 .
Principal activities and review of the business
The principal activity of T&S Taverns Limited is the operation of two hotel groups with a total of 2,596
bedrooms, and a large public house, in both Ireland and the United Kingdom. The Moran Group consists of
476 bedrooms and is a long established hotel group operating 4 four-star hotels in London, Dublin and Cork,
as well as a large public house in Dublin. The Bewley's Hotel Group consistsof 2,120 bedrooms across 6
three-star hotels in Dublin, Manchester and l.eeds.The Bewley's Hotel Group was acquired on 14th March
2008.
During the year management continued the process of strengthening the two hotel brands, together with
further integration of the two groups. The Group continued to stabilise the business during the year and has
formed the foundations to grow the business over the coming years. Despite the continuing difficult trading
environment for the hotel and hospitality sector this year, occupancy in the Group increased by 2.7% in the
year. The Group continued to trade both brands separately while sti ll achieving significant synergies and cost
savings in the cross-over of the two brands. Despite the economic challenges, each of the eleven properties in
the Group contributed a strong operating profit before depreciation and amortisation.
Analysis Based on Key Performance Indicators
The hotel sector in both Ireland and UK continued to come under severe pressure during"the year due to the
global financial crisis and the economic downturn, However the directors are satisfied that Group's trading
performance was robust relative to the market. The four UK properties now represent over 44% of the total
group business, and this continues to grow with the business recording growth in occupancy and rate in the
UK.
Results and dividends
The results for the year are set out on page 6,
Despite difficult trading conditions and the pressures on the hotel sector and the tourism industry as a whole,
Turnover and Gross Profit were maintained in line with the previous year, and the group achieved €24.3 million
in EBITDA (Earnings Before Interest, Taxation, Depreciation, and Amortisation).
Impairment review
The directors have carried out an impairment review of the buildings in accordance with FRS 11, and an
impairment write down of€3,9 million has been provided for in the financial statements,
Research and development
The company did not engage in any research activities during the year.
- 1 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 10/37
t "
T & S TAVERNS LIMITED
DIRECTORS' REPORT (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
Going concern
As further detailed in note 2, the financial statements have been prepared on a going concern basis. The
group has the continued support of i ts bankers.
The directors are of the opinion that the going concern basis is appropriate.
Business risks and uncertainties
The hotel industry performance is closely aligned to the general economic environment Therefore, a key risk
facing the group is adverse economic conditions in its Irish and UK markets.
The group reports its results in Euro and therefore is exposed to movements in the exchange rate with Sterling
for reporting purposes.
The group has negotiated a new 3 year loan agreement with its lenders.
Future developments
Although the Irish an d UK markets remain challenging, the directors are confident that benefit will continue to
be derived from the integration of both. businesses, together with the investment in strengthening the Moran
and Bewleys Hotel brands. The Group benefits from its scale, hotel urban locations, operational standards and
diversification in the Irish and UK markets. The Group continues to trade ahead of the market in Gross
Operating Profits and EBITDA. While the Irish market remains weak, with pressure on rate as a result of the
economic conditions and over-capacity in the sector, there are indications that the UK market is showing earlysigns of recovery, and the four UK hotels within the Group are showing improved occupancy and rate
recovery.
During the year planning permission was granted for a substantial development of an attached site in Chiswick
Moran Hotel owned by the company, and the company is currently reviewing options to further expand this
hotel. Planning permission was also obtained during the year for the development of 28 additional rooms at
the Crown Moran Hotel in London, within the current footprint of the hotel, and this development is currently
being progressed.
The directors continue to explore opportunities within the hotel sector, including the acquisition of hotel
management contracts.
Directors
The following directors have held office since 1 February 2010 and their beneficial interests in the shares of
the company are stated as follows:
Shelia Moran
Thomas Moran
Thomas Moran Jnr
Karen Moran
Michael Moran
Tracey Moran
Patrick Power
Alf Smiddy
Tom Ward
Ordinary Shares of €1.269738
31 January 2011 1 February 2010
52 50
52 50
- 2-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 11/37
T & S TAVERNS LIMITED
DIRECTORS' REPORT (CONTINUED)FOR THE YEAR ENDED 31JANUARY 2011
Books of account
The company's directors are aware of their responsibilities, under section 202 of the Companies Act 1990 to
keep proper book and records for the Company. To this we employ competent accounting personnel with
appropriate expertise and the provision of adequate resources to the finance function and all our books and
records are maintained centrally at the Red Cow Inn Complex, Naas Road, Dublin 22.
Taxation status
The company was a close company as defined by Section 430 Taxes Consolidation Act 1997 and this position
has not changed since the end of the financial year.
Auditors
In accordance with the Companies Act 1963, section 160(2), Byrne Curtin Kelly continue in office as auditors
of the company.
Statement of directors' responsibilities
The directors are responsible for preparing the financial statements in accordance with applicable law and
Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the
Accounting Standards Board and promulgated by the Institute of Certified Public Accountants in Ireland.
Company law requires the directors to prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In
preparing those financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy
at any time the financial position of the company and to enable them to ensure that the financial statements
comply with the Companies Acts 1963 to 2009. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
By order of the board
~!f~~Director
- 3-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 12/37
T & S TAVERNS LIMITED
INDEPENDENT AUDITORS' REPORTTO THE SHAREHOLDERS OF T & S TAVERNS LIMITED
We have audited the financial statements of T & S Taverns Limited for the year ended 31 January 2011 set out
on pages 6 to 29 which comprise the Consolidated Profit and Loss Account, the Consolidated and Company
Balance Sheets, the Consolidated Statement of Total Recognised Gains and Losses, the Consolidated Cash
Flow Statement and related notes. These financial statements have been prepared under the historical cost
convention and in accordance with the accounting policies set out therein.
Respective responsibil ities of the directors and auditors
As described in the Statement of Directors' Responsibilities on page 3 the company's directors are responsible
for the preparation of the financial statements in accordance with applicable law and the accounting standards
issued by the Accounting Standards Board and published by the Institute of Certified Public Accountants inIreland (Generally Accepted Accounting Practice in lreland).
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (UK and Ireland).
This report is made solely to the company's members, as a body, in accordance with Section 193 of the
Companies Act, 1990. Our audit work has been undertaken so that we might state to the company's members
those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the
company's members as a body, for our audit work, for this report, or for the opinions we have formed.
We report to you our opinion as to whether the financial statements give a true and fair view, in accordance with
Generally Accepted Accounting Practice in Ireland, .ano are properly prepared in accordance with the
Companies Acts, 1963 to 2009 and the European Communities (Companies: Group Accounts) Regulations,
1992. We also report to you whether in our opinion: proper books of account have been kept by the company;
whether, at the balance sheet date, there exists a financial si tuation requiring the convening of an extraordinary
general meeting of the company; and whether the information given in the directors' report is consistent with the
financial statements. In addition, we state whether we have obtained all the information and explanations
necessary for the purposes of our audit, and whether the company's balance sheet and its profit and loss
account are in agreement with the books of account"
We also report to you if, in our opinion, any information specified by law regarding the directors' remuneration
and transactions is not disclosed and, where practicable, include such information in our report.
We read the other information contained in the Annual Report and consider whether it is consistent with the
audited financial statements. This information comprises only the Directors' Report. We consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with
the financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements. It also includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the financial statements, and of whether the accounting
policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or other irregulari ty or error. In forming
our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
- 4-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 13/37
"
T & S TAVERNS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)TO THE SHAREHOLDERS OF T & S TAVERNS LIMITED
Opinion
In our opinion the financial statements:
give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, of the
state of the company's affairs as at 31 January 2011 and of its loss for the year then ended; and
have been properly prepared in accordance with the requirements of the Companies Acts, 1963 to 2009
and the European Communities (Companies: Group Accounts) Regulations, 1992.
We have obtained all the information and explanations we consider necessary for the purposes of our audit In
our opinion, proper books of account have been kept by the company. The financial statements are in
agreement with the books of account.
In our opinion, the information given in the directors' report is consistent with the financial statements.
The net assets of the company, as stated in the balance sheet, are more than half of the amount of its called up
share capital and, in our opinion, on that basis there did not exist at 31 January 2011 a financial situation which,
under section 40(1) of the Companies (Amendment) Act 1983, would require the convening of an extraordinary
general meeting of the company.
Emph~sis of matter - going concern
In forming our opinion, which is not qualified, we have considered the adequacy of the disclosures made in Note
2 to the financial statements concerning the group and company's ability to continue as a going concern, The
group achieved ESITOA of €24.3 million however after interest, depreciation and amortisation incurred losses
after taxation of €48,597,939 in the year to 31 January 2011. These results, along with other matters explainedin Note 2 to the financial statements, indicate the existence of a material uncertainty which may cast doubt about
the group and company's ability to continue as a going concern. The financial statements do not include the
adjustments that would result if the group and company were unable to continue as going concerns.
Registered Auditor
Verschoyle House
28-30 Lower Mount Street
Dubl in 2
~5 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 14/37
T & 5 TAVERNS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 31 JANUARY 2011
2011 2010
Notes € €
Turnover 3 80,538,351 80,084,990
Cost of sales (10,430,287) (10,270,991)
Gross profit 70,108,064 69,813,999
Administrative expenses (46,043,534) (45,377,246)Other operating income 278,932 379,347
Operating profit 4 24,343,462 24,816,100
Depreciation of tangible fixed assets (10,278,050) (10,812,903)
Amortisation of intangible fixed asset (26,030,333) (26,030,333 )
Interest payable and similar charges 5 (37,460,648) (34,697,203)
Loss on disposal of fixed asset (7,157) (30,000)
_----
Loss on ordinary activities before
taxation (49,432,726) (46,754,339)
Tax on loss on ordinary activi ties 6 834,787 1,935,144
Loss on ordinary activities after
taxation (48,597,939) (44,819,195)
Dividends 7 (92,595) (21,768)
Minority interest 24 6,815,226 5,948,379
Retained loss for the year 24 (41,875,308) (38,892,584)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 - 29 form an integral part of these financial stateme ts.
Patrick Power
igned on its behalf by:he financial statements were approved by the board on:l ,,~.~\,
- 6-
Director
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 15/37
,"
T & S TAVERNS LIMITED
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFOR THE YEAR ENDED 31 JANUARY 2011
Notes
2011
€
2010
€
Loss for the financial year (48,597,939) (44,819,195)
Unrealised deficit on revaluation of properties
Currency translation differences on foreign
currency net investments
12
24
(3,936,365)
2,864,076
(15,767,411)
480,987
Total recognised gains and losses relating to the year (49,670,228) (60,105,619)
The financial statements were approved by the board on .~.~\ ..
~~
Director
- 7 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 16/37
T & S TAVERNS LIMITED
CONSOLIDATED BALANCE SHEETAS AT 31 JANUARY 2011
2011 2010
Notes € € € €
Fixed assets
Intangible assets 11 182,212,337 208,242,670
Tangible assets 12 481,654,279 492,734,054
663,866,616 700,976,724
Current assets
Stocks 16 468,364 451,720
Debtors 17 4,125,313 3,201,905
Cash at bank and in hand 7,316,315 2,584,759
11,909,992 6,238,384
Creditors: amounts falling due within
one year 18 (14,503,329) (9,802,035)
Net current liabilities (2,593,337) (3,563,651)
Total assets less current liabilities 661,273,279 697,413,073
Creditors: amounts falling due after
more than one year 19 (692,716,325) (678,258,514)
Provisions for liabilit ies 22 (4,586,059) (5,420,846)
(36,029,105) 13,733,713
Capital and reserves
Called up share capital 23 132 127
Revaluation reserve 24 84,776,837 88,566,634
Minority interest 24 (24,279,274) (17,464,048)
Profit and loss account 24 (96,526,800) (57,369,000)
Shareholders' funds 26 (36,029,105) 13,733,713
The notes on pages 12 - 29 form an integral part of these fina cial statements.
Patrick Power
Director
- 8 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 17/37
T & S TAVERNS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2011
Fixed assets
Tangible assets
Investments
13
14
2011 2010
€ € € €
23,181,610 23,338,180
1,313 1,313
23,182,923 23,339,493
33,345 46,336
603,338,855 584,456,961
2,999,820 122,297
606,372,020 584,625,594
(142,998,712) (31,636,286)
463,373,308 552,989,308
486,556,231 576,328,801
(460,356,127) (548,058,762)
Notes
Current assets
Stocks
Debtors
Cash at bank and in hand
16
17
Creditors: amounts falling due within 18
one year
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after 20
more than one year
26,200,104 28,270,039
Capital and reserves
Called up share capital 23 132 127
Revaluation reserve 25 10,979,411 10,979,411
Profit and loss account 25 15,220,561 17,290,501
Shareholders' funds 26,200,104 28,270,039
The notes on pages 12 - 29 form an integral part of these fina ial statements.
The financial statements were approved by the board ~\.~\\and signed on its behalf by:
~~-=~~atrick Power -
Director
- 9 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 18/37
T & S TAVERNS LIMITED
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2011
2011 2010
€ € € €
Net cash inflow from operating activities 29,271,854 15,323,486
Returns on investments and servicing of
finance
Interest paid (37,460,648} (34,697,203)
Net cash outflow for returns on investments (37,460,648) (34,697,203)
and servicing of finance
Taxation (17,783) (66,778)
Capital expenditure and financial investment
Payments to acquire tangible assets (2,191,822) (1,333,658)
Receipts from sales of tangible assets 8,084 93,700
Receipts from sales of investments 9,522
Net cash inflow/(outflow) for capital (2,183,738) (1,230,436}expenditure
Equity dividends paid (92,595) (~1,'l68}
-----~
Net cash outflow before management of liquid (10,482,910) (20,692,699)
resources and flnancing
Financing
Issue of ordinary share capital 5
New long term bank loan 14,516,630 24,325,843
Capital element of finance lease contracts (156,852) (181,826)
Net cash inflow/(outflow) from financing 14,359,783 24,144,017
Increase/(decrease) in cash in the year 3,876,873 3,451,318
- 10 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 19/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2011
Reconciliation of operating loss to net cash outflow from
operating activities
Operating profit
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors within one year
Net effect of foreign exchange differences
Net cash inflow from operating activities
2 Analysis of net debt
Net cash:
Cash at bank and in hand
Bank overdrafts
Debt:
Finance leases
Debts falling due after one year
Net debt
3 Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash in the year
Cash inflow from increase in debt and lease financing
New finance lease
Movement in net debt in the year
Opening net debt
Closing net debt
2011 2010
€ €
24,343,462 24,816,100
(16,644) 62,521
(886,594) 1,968,497
3,852,556 (7,154,463)
1,979,074 (4,369,169)
29,271,854 15,323,486
1 February 2010 Cash flow 31 January
2011
€ € €
2,584,759 4,731,556 7,316,315
(482,392) (854,683) (1,337,075)
2,102,367 3,876,873 5,979,240
(242,662) 83,795 (158,867)
(678,154,516) (14,516,630) (692,671,146)
(678,397,178) (14,432,835) (692,830,013)
(676,294,811 ) (10,555,962) (686,850,773)
2011
€
2010
€
3,876,873 3,451,318
(14,359,778) (24,144,017)
(73,057)
(10,555,962) (20,692,699)
(676,294,811) (655,602,112)
(686,850,773) (676,294,811)
- 11 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 20/37
.'
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31JANUARY 2011
Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historical cost convention and comply with the
requirements of Irish statue comprising the Companies Acts, 1963 to 2009 and the European
Communities (Companies: Group Accounts) Regulations, 1992 and with accounting standards generally
accepted in Ireland.
1.2 Basis of consolidation
The consolidated profit and loss account and consolidated balance sheet include the financial statements
of the company and each of its subsidiaries for the year ended 31 January 2011. The results of
subsidiaries are included from the their effective date of acquisition. In the holding company's balance
sheet, shares in subsidiary companies are stated at cost less any provision for permanent diminution in
value.
1.3 Turnover
Turnover represents net sales to customers exclusive of value added tax. No analysis of turnover by
class of activity or by market is disclosed as, in the opinion of the directors, such disclosure would be
'contrary to the interest of the group.
1.4 Goodwill
Purchased goodwill arising on the acquisition of a subsidiary represents the excess of the acquisition
cost over the fair value of the identifiable net assets when they were acquired. Purchased goodwill is
capitalised in the balance sheet and amortised to the profit and loss account over ten years, which the
directors estimate to be the period during which the benefits arising from such goodwill will accrue.
Impairment reviews are carried out when events or circumstances indicate that the carrying amount of
the goodwill may not be recoverable. If required. accelerated amortisation is charged to reduce the
carryinq amount to its recoverable value.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value
of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
2% Straight line
12.5 - 15% Straight line
12.5 - 15% Straight line & 12.5 - 20% Reducing balance
20% Straight line
Depreciation is not charged on buildings recognised as assets. In accordance with FRS 15 an
impairment review under FRS 11 is performed on these properties. In addition, impairment reviews are
carried out when events or circumstances indicate that the carrying amount of the fixed asset may not be
recoverable. If required accelerated depreciation is charged to reduce the carrying amount to its
recoverable value.
1.6 Leasing
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements
are included in creditors net of the finance charge allocated to future periods. The finance element of the
rental payment is charged to the profit and loss account so as to produce a constant periodic rate of
charge on the net obligation outstanding in each period.
- 12 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 21/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2011
1 Accounting policies (continued)
1.7 Stock
Stock is valued at the lower of cost and net realisable value.
Cost comprises of invoice cost exclusive of value added tax, together with freight and carriage cost
incurred. Net realisable value comprises of the actual selling price (net of trade discounts) less all further
cost to completion or to be incurred in marketing, sell ing and distribution.
Provision is made, where necessary, for obsolete, slow moving and defective stocks.
1.8 Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions
payable are charged to the profit and loss account in the year they are payable.
1.9 Deferred taxation
The charge for taxation is based on the profit for the year.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at the balance sheet date that result in
an obligation to pay more, or a right to pay less, tax in the future, with the following exceptions
-provision is made for the tax that would arise on remittance of the retained earnings of subsidiaries onlyto the extent that, at the balance sheet date, dividends have been accrued as received;
-deferred tax assets are recognised only to the extent that the directors consider that it is more likely than
not that there will be suitable profits from which the future reversal of the underlying timing differences
can be deducted.
Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the
periods in which timing differences reverse, based on tax rates and laws enacted or substantively
enacted at the balance sheet date.
1.10 Foreign currency translation
The financial statements are expressed in Euro (€). Monetary assets and liabilities denominated in
foreign currencies are translated at the exchange rates ruling at the balance sheet date and revenues,
cost and non monetary assets at the exchange rates ruling at the transaction date. Realised profits and
losses arising from foreign currency translations are dealt with through the profit and loss
account.Unrealised profits and losses arising from foreign currency translations are dealt with through the
statement of total recognised gains and losses.
- 13-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 22/37
T & 5 TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (COr-.lTINUED)FOR THE YEAR ENDED 31JANUARY 2011
2 Basis of financial statements - going concern
(a) The financial statements have been prepared on the going concern basis. This assumes the group
and company will continue in operational existence for the foreseeable future having adequate resources
(including financial resources) to meet its obligations when they fall due. The validity of the going concern
basis is primarily dependant upon:
- the continuing support of if i ts bankers
- a return to profitability
(b) Due to the current fundamental uncertainties in relation to the matters set out in (a) above and in the
event that these uncertainties are not resolved satisfactorily and should the group and the company be
unable to continue in operational existence for the foreseeable future, adjustments would have to be
made to reduce the balance sheet value of assets (including amounts due from group companies) to
their recoverable amounts and to provide for further liabilities that might arise and to reclassify fixed
assets and long term liabilities as current assets and liabilities
The group's bankers will continue to support the group and the directors are confident that the financial
projections will be achieved. In light of this, and having considered the matters noted in (a) and (b)
above, the directors believe that it is appropriate for the financial statements of the group and the
company to be prepared on a going concern basis.
3 Turnover
The total turnover of the company for the year has been derived from its principal activity wholly
undertaken in the Republic of Ireland and United Kingdom
4 Operating toss 2011
€
2010
€
Operating loss is stated after charging:
Auditors' remuneration
Exchange differences
170,000
7,516
185,000
3,318
5 Interest payable 2011 2010
€ €
37,441,902 34,668,286
18,746 28,917
37,460,648 34,697,203
On bank loans and overdrafts
Lease finance charges
- 14-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 23/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
6 Taxation 2011 2010
€ €
Domestic current year tax
Corporation tax (9,989)
Adjustment for prior years (46,848)
Current tax charge (56,837)
Deferred taxOrigination and reversal of timing differences (834,787) (1,878,307)
(834,787) (1,935,144)
Factors affecting the tax charge for the year
Loss on ordinary activities before taxation (49,432,726) (46,754,339)
.. .} . . . .
(6,179,091) (5,844,292)
6,015 50
(645,428) (1,889,997)
(371,598)
3~575,860 4,736,300
3,251,791 3,253,792
'U (9,147) 58,908
6,179,091 5,787,455
(56,837)
2011 2010
€ €
92,595 21,768
Loss on ordinary activi ties before taxation multipl ied by standard rate of
Irish corporation tax of 12.50% (2010: 12.50%)
Effects of:
Non deductible expenses
Difference between depreciation and capital allowances
Foreign tax adjustments
Increase in losses forward
Goodwill adjustment on consolidation
Other tax adjustments
Current tax charge
7 Dividends
Ordinary final paid
- 15-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 24/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
8 Employees
Number of employees
The average monthly number of employees (including directors) during the
year was:
Bar, restaurant & hotel staff
Administration
Directors
2011 2010
Number Number
1,008 1,003
110 82
7 7
1,125 1,092
2011 2010
€ €
21,629,381 21,503,533
2,005,422 2,037,142
53,604 32,511
23,688,407 23,573,186
Employment costs
Wages and salaries
Social welfare costs
Other pension costs
9 Directors' emoluments 2011 2010
. '.~ € €
Remuneration including pension contributions 875,389 1,023,512
10 Pension and other post-retirement benefit commitments
Defined contribution
2011 2010
€ €
Contributions payable by the company for the year 53,604 32,511
- 16-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 25/37
. '
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31JANUARY 2011
11 Intangible fixed assets· Group
Goodwill
€
Cost
At 1 February 2010 260,361,036
Exchange movement 379
At 31 January 2011 260,361,415
Amortisation
At 1 February 2010 52,118,366
Exchange movement 379
Charge for the year 26,030,333
At 31 January 2011 78,149,078
Net book value
At 31 January 2011 182:2'i2,337
= - - = . . : : : : = : : : : : : : =
At 31 January 2010 208,242,670
The goodwill arose on the acquisition of a 50,8% stake in Borua Holdings Limited on the 6 March'200B.
- 17 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 26/37
"
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
12 Tangible fixed assets - Group
land and Plant and Fixtures, Motor Total
buildings machinery fittings & vehicles
Freehold equipment
€ € € € €
Cost or valuation
At 1 February 2010 496,479,683 22,528,682 37,805,120 561,632 557,375,117
Exchange movement 1,005,717 104,360 73,479 614 1,184,170
Additions 796,669 36,735 1,335,832 95,643 2,264,879
Revaluation (3,936,365) - (3,936,365)
Disposals (83,396) (83,396)
At 31 January 2011 494,345,704 22,669,777 39,214,431 574,493 556,804,405
Depreciation
At 1 February 2010 25,219,139 11,523,974 27,501,594 396,356 64,641,063
Exchange movement 199,616 38,360 60,691 501 299,168
On disposals (68,155) (68,155)
Charge for the year 5,568,581 1,232,555 3,372,876 104,038 10,278,050
----
At 31 January 2011 30,987,336 12,794,889 30,935,161 432,740 75,150,126
Net book value
At 31 January 2011 463,358,368 9,874,888 8,279,270 141,753481,654,279
At 31 January 2010 471,260,544 11,004,708 10,303,526 165,276 492,734,054
In accordance with FRS 15 an impairment review under FRS 11 was carried out by the Directors of T&S
Taverns Limited for the year ended 31 January 2011. The review was undertaken due to the current
economic climate in which the group currently operates in, and the general fall in global property values.
Future cashflows from all income generating units were assessed and a discount factor of 5.38% was
applied. An impairment write down of €3.9 million has been provided for in the group financial statements.
Impairment provision - land & buildings 2011
€
2010
€
Opening balance (48,469,736) (32,702,325)
Provision for year (3,936,365) (15,767,411)
Closing balance (52,406,101) (48,469,736)
- 18-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 27/37
T & 5 TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
13 Tangible Fixed Assets - Company
Land and Plant and Fixtures, Total
buildings machinery fittings &
Freehold equipment
€ € € €
Cost or valuation
At 1 February 2010 22,152,191 1,460,261 2,175,160 25,787,612
Additions (13,649) 1,450 21,857 9,658
At 31 January 2011 22,138,542 1,461,711 2,197,017 25,797,270
Depreciation
At 1 February 2010 1,260,830 1,188,602 2,449,432
Charge for the year 40,176 126,052 166,228
At 31 January 2011 1,301,006 1,314,654 2,615,660
~Net Book Value
At 31-January 2011 22,138,542 160,705 882,363 23,181,610
At 31 January 2010 22,152,191 199,431 986,558 23,338,180
No depreciation has been charged on buildings on the grounds that the estimated useful economic life
exceeds 50 years and the company maintains a pol icy of regular maintenance
In accordance with FRS 15 an impairment review under FRS 11 was carried out by the Directors of T&S
Taverns Limited for the year ended 31 January 2011. The review was undertaken due to the current
economic climate in which the company currently operates in, and the general fall in global property
values. Future cashflows were assessed and a discount factor of 5.38% was applied. Based on this
review no impairment is necessary in the current year.
Impairment provision - Land & buildings 2011
€
2010
€
Opening balance (3,668,908)
Provision for year - (3,668,908)
Closing balance (3,668,908) (3,668,908)
- 19-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 28/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
14 Fixed asset investments - Company
Unlisted
investments
€
Cost or valuation
At 31 January 2011 1,313
Net book value
At 31 January 2011 1,313
- 20-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 29/37
"
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
15 Holdings of 20% or more
The company holds 20% or more of the share capital of the following companies:
Proportion Proportion
Name and registered Country of Details of held by held by Principal
office incorporation investments Company Subsidiary Activity
Morans Hotel (Ireland) Limited Ireland 2 ordinary 100% Operation of
Red Cow Inn Complex shares "Red Cow
Naas Road of €1.27 each Morans Hotel"
Dublin 22
Avonview Taverns Limited Ireland 100 ordinary 100% Operation of
Red Cow Inn Complex shares Non Trading
Naas Road of €1.27 Company
Dublin 22
Silvers Springs-Moran Hotel Limited Ireland 90 ordinary 90% Operation of
Red Cow Inn Complex shares "Silver Springs
Naas Road of €1.27 each Morans Hotel"
Dublin 22
Segal Trading Limited England 2 ordinary 100% Operation of
152 Cricklewoord Broadway shares "Crown Hotel
london NW2 :~ED of £1.00 each & Public.
House
Medcove Taverns limited Ireland 1 A ordinary 100% Operation of
Red Cow Inn Complex share Non Trading
Naas Road of €1.27 Company
Dublin 22
Riversdale Taverns Limited Ireland 12 ordinary 100% Operation of
Red Cow Inn Complex shares Non TradingNaas Road of €1 .27 each Company
Dublin 22
Chiswick Morans Hotel Limited England 90 ordinary 90% Operation of
152 Cricklewood Broadway shares "Chiswick
london NW2 3ED of £1.00 each Moran Hotel"
Moran Holdings International Limited Ireland 124 ordinary 100% Operation of
Red Cow Inn Complex shares Non Trading
Naas Road of €1.27 each Company
Dublin 22
- 21 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 30/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
Proportion Proportion
Name and registered Country of Details of held by held by Principal
office incorporation investments Company Subsidiary Activity
Morans Helicopters Limited Ireland 1,000 ordinary 100% Operation of
Red Cow Inn Complex shares Non Trading
Naas Road of €1_00 each Company
Dublin 22
Borua Holdings Limited Ireland 508 ordinary 51% Operation of
Red Cow Inn Complex shares hotel
Naas Road of €0_01 each management
Dublin 22 company
Matrix Foods Limited Ireland 127 ordinary 100% Operation of
Red Cow Inn Complex shares Non Trading
Naas Road of €1.27 each Company
Dublin 22.-
.' v » ""
SMG 2003 L.:imited England 1,000 ordinary 100% Operation of
152 Cricklewood Broadway shares Non Trading
London NW2 3ED of £100 each Company
Ringway Hotels (Holdings) limited England 1 ordinary 100% Operation of
152 Cricklewood Broadway share,
Non Trading
London NW2 3ED of £1.00 Company
Ringway Hotels Limited England 10,000 100% Operation of
152 Cricklewood Broadway ordinary shares "Bewleys Hotel
London NW2 3ED of £1.00 each Manchester"
Swintron Limited Ireland 77,469,154 100% Operation of
Red Cow Inn Complex ordinary shares Holding
Naas Road of €1.27 each Company
Dublin 22
Thomas Prior Hotel Unlimited Ireland 1,001 ordinary 100% Operation of
Red Cow Inn Complex shares "Bewleys Hotel
Naas Road of €1 _00 each Leopardstown"
Dublin 22
Thomas Prior Ballsbridge Limited Ireland 18,437,132 100% Operation of
Red Cow Inn Complex ordinary shares "Bewleys Hotel
Naas Road of €1.0o each Ballsbridge"
Dublin 22
. 22·
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 31/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
Name and registered
office
Proportion Proportion
Country of Details of held by held by Principal
incorporation investments Company Subsidiary Activity
Ireland 1,001 ordinary 100% Operation of
shares "Dublin Airport
of €1.27 each & Newlands
Cross Hotels"
England 2 ordinary 100% Operation of
shares "Bewleys Hotel
of £1.00 each Leeds"
Group Company
2011 2010 2011 2010
€ € € €
468,364 451,720 33,345 46,336
Newlands Cross Hotel Unlimited
Red Cow Inn Complex
Naas Road
Dublin 22
Sweet St Hotel Limited
152 Cricklewood Broadway
London NW2 3ED
16 Stocks
Finished goods and goods for resale
In the opinion of the directors, the replacement cost of the above categories of stock does not differ
significantly from the figures shown.
17 Debtors Group Company
2011 2010 2011 2010
€ € € €
1,534,631 1,155,332 3,248 3,059
- 602,912,848 584,302,763
83,737 113,547
448,005 256,332 41 742
515,406 478,592 99,991 104,991
1,543,534 1,198,102 322,727 45,406
4,125,313 3,201,905 603,338,855 584,456,961
Trade debtors
Amounts owed by group undertakings
Section 239 tax recoverable
Other debtors
Directors current account (see note 28)
Prepayments and accrued income
- 23-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 32/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
18 Creditors: amounts falling due Group Company
within one year 2011 2010 2011 2010
€ € € €
Bank loans and overdrafts 1,337,075 482,392 1,075,274 481,941
Payments received on account 636,453 870,595 49,356 49,827
Lease obligations 113,688 138,664 103,998 138,664
Trade creditors 4,896,777 4,592,011 506,789 597,534
Amounts owed to group undertakings - 137,531,136 30,144,743
Directors current account (see note 28) 605,380 708,350
Other creditors 2,217,757 1,621,888 95,204 83,720
Accruals and deferred income 4,696,199 1,388,135 3,636,955 139,857
14,503,329 9,802,035 142,998,712 31,636,286
Included in other creditors are amounts relating to taxation, as follows:
. -Corporation tax 23,813 41,596
VAT. control account 1,155,211 638,590 22,906 22,219
P.A.Y.E. control account 531,165 472,887 34,640 ._ ·32,015
1,710,189 1,153,073 57,546 54,234
- 24 ~
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 33/37
T & 5 TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
19 Group creditors: amounts falling due after more than one year
Bank loans
Net obligations under finance leases and hire purchase agreements
Analysis of loans
Wholly repayable within five years
Included in current liabilities
Net obligations under finance leases and htre purchase contracts
Repayable within one year
Repayable between one and five years
Included in liabilities falling due within one year
2011 2010
€ €
692,671,146 678,154,516
45,179 103,998
692,716,325 678,258,514
692,671,146 678,154,516
692,671,146 678,154,516
113,688 138,664
45,179 103,998
158,867 242,662
158,867 242,662
(113,688) (138,664)
45,179 103,998
- 25-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 34/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
20 Company creditors: amounts falling due after more than one year
Bank loans
Net obligations under finance leases and hire purchase agreements
Analysis of loans
Wholly repayable within five years
Included in current liabilities
Net obligations under finance leases and hire purchase agreements
Repayable within one year
Repayable between one and five years
Included in liabili ties fall ing due within one year
21 Security
The group's bankers hold fixed and floating charges over al l the group's assets.
2011
€
2010
€
460,356,127 547,954,764
103,998
460,356,127 548,058,762
460,356,127 547,954,764
460,356,127 547,954,764
103,998 138,664
103,998
103,998 242,662
103,998 242,662
(103,998) (138,664)
103,998
- 26-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 35/37
Deferred tax
liability
€
.,'.'
T & 5 TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31JANUARY 2011
22 Provisions for liabilities and charges
Balance at 1 February 2010
Profit and loss account
5,420,846
(834,787)
Balance at 31 Jan uary 2011 4,586,059
The deferred tax liability is made up as follows:
2011 2010
€ €
Accelerated capital allowances 4,586,059 5,420,846
23 Share capital 2011
€
2010
€
Authorised
100,000 Ordinary Shares of €1.269738 each 126,974 126,974
Allotted, called up and fully paid
104 Ordinary Shares of €1.269738 each 132 127
24 Statement of movements on group reserves
Revaluation
reserve
€
Minority Profit and
interest loss account
Total
€ € €
Balance at 1 February 2010 88,566,634 (17,464,048) (57,369,000) 13,733,586
Loss for the year (41,782,713) (41,782,713)
Foreign currency translation movement 146,568 2,717,508 2,864,076
Minority interest (6,815,226) (6,815,226)
Dividends paid (92,595) (92,595)
Impairment (3,936,365) (3,936,365)
Balance at 31 January 2011 84,776,837 (24,279,274) (96,526,800) (36,029,237)
- 27 -
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 36/37
T & S TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
25 Statement of movements on company reserves
Revaluation Profit Total
reserve and loss
account
€ € €
Balance at 1 February 2010 10,979,411 17,290,501 28,269,912
Loss for the year (1,977,345) (1,977,345)
Dividends paid (92,595) (92,595)
Balance at 31 January 2011 10,979,411 15,220,561 26,199,972
26 Group: reconciliation of movements shareholders' funds 2011 2010
€ €
(48,597,939) (44,819,195)
(92,595) (21,768)
6,815,226 5,948,379
(41,875,308) (38,892,584)
(1,072,289) (15,286,424)
5
(6,815,226) (5,948,379)
(49,762,818) (60,127,387)
13,733,713 73,861,100
(36,029,105) 13,733,713
2011 2010
€ €
590,000
1,100,000
1,690,000
Loss for the financial year
Dividends
Minority interest
Other recognised gains and losses
Proceeds from issue of shares
Minority interest
Net deplet ion in shareholders' funds
Opening shareholders' funds
Closing shareholders' funds
27 Capital commitments
At 31 January 2011 the company had capital commitments as follows:
Approved and contracted
Approved but not contracted
- 28-
5/13/2018 Moran Hotel Group Accounts Jan 2011 - slidepdf.com
http://slidepdf.com/reader/full/moran-hotel-group-accounts-jan-2011 37/37
T & 5 TAVERNS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 JANUARY 2011
28 Transactions with directors
Group
Name of director Thomas Michael Thomas Patrick
Moran Moran Moran Jnr. Power
Rate of interest 0% 0% 0% 0%
Amou nt owed by/(to) director as at 1 February 2010 453,905 24,687 (65,939) (642,411)
Advanced to director in year 66,501 102,970
Repaid by director in the year (5,000)(24,687)
Amounts owed by/(to) director as at 31 January 2011 515,406 (65,939) (539,441)
Company
Name of director Thomas Michael
Moran Moran
Rate of interest 0% 0%
Amount owed by/(to) director as at 1 February 2010 94,991 10,000
Advanced to director in year 10,000
Repaid by director in the year (5,000) (10,000)
Amounts owed by/(to) director as at 31 January 2011 99,991
29 Related party transactions
The group's bankers hold a fixed charge over lands owned by Thomas and SheHa Moran
located at Sandyford, Co. Dublin.
30 Approval of financial statements
The directors approved the financial statements on .~:&.. ~.\L .4>" \
- 29-