Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31true43truetruetruetrueLuxury hotel property owner2022-02-01false49truetrue 09262812 2022-02-01 2023-01-31 09262812 2021-02-01 2022-01-31 09262812 2023-01-31 09262812 2022-01-31 09262812 2021-02-01 09262812 c:RestatedAmount 2022-01-31 09262812 c:RestatedAmount 2021-02-01 09262812 1 2022-02-01 2023-01-31 09262812 1 2021-02-01 2022-01-31 09262812 6 2022-02-01 2023-01-31 09262812 6 2021-02-01 2022-01-31 09262812 e:Director1 2022-02-01 2023-01-31 09262812 c:Buildings c:LongLeaseholdAssets 2022-02-01 2023-01-31 09262812 c:Buildings c:LongLeaseholdAssets 2023-01-31 09262812 c:Buildings c:LongLeaseholdAssets 2022-01-31 09262812 c:FurnitureFittings 2022-02-01 2023-01-31 09262812 c:FurnitureFittings 2023-01-31 09262812 c:FurnitureFittings 2022-01-31 09262812 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 09262812 c:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 09262812 c:CurrentFinancialInstruments 2023-01-31 09262812 c:CurrentFinancialInstruments 2022-01-31 09262812 c:CurrentFinancialInstruments c:WithinOneYear 2023-01-31 09262812 c:CurrentFinancialInstruments c:WithinOneYear 2022-01-31 09262812 c:Non-currentFinancialInstruments c:AfterOneYear 2023-01-31 09262812 c:Non-currentFinancialInstruments c:AfterOneYear 2022-01-31 09262812 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-01-31 09262812 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-01-31 09262812 c:ShareCapital 2022-02-01 2023-01-31 09262812 c:ShareCapital 2023-01-31 09262812 c:ShareCapital 2021-02-01 2022-01-31 09262812 c:ShareCapital 2022-01-31 09262812 c:ShareCapital 2021-02-01 09262812 c:RevaluationReserve 2022-02-01 2023-01-31 09262812 c:RevaluationReserve 2023-01-31 09262812 c:RevaluationReserve 1 2022-02-01 2023-01-31 09262812 c:RevaluationReserve 6 2022-02-01 2023-01-31 09262812 c:RevaluationReserve 2021-02-01 2022-01-31 09262812 c:RevaluationReserve 2022-01-31 09262812 c:RevaluationReserve c:RestatedAmount 2022-01-31 09262812 c:RevaluationReserve 2021-02-01 09262812 c:RevaluationReserve c:RestatedAmount 2021-02-01 09262812 c:RevaluationReserve 6 2021-02-01 2022-01-31 09262812 c:RevaluationReserve 8 2021-02-01 2022-01-31 09262812 c:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 09262812 c:RetainedEarningsAccumulatedLosses 2023-01-31 09262812 c:RetainedEarningsAccumulatedLosses 1 2022-02-01 2023-01-31 09262812 c:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 09262812 c:RetainedEarningsAccumulatedLosses 2022-01-31 09262812 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-01-31 09262812 c:RetainedEarningsAccumulatedLosses 2021-02-01 09262812 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2021-02-01 09262812 c:RetainedEarningsAccumulatedLosses 1 2021-02-01 2022-01-31 09262812 c:AcceleratedTaxDepreciationDeferredTax 2023-01-31 09262812 c:AcceleratedTaxDepreciationDeferredTax 2022-01-31 09262812 c:TaxLossesCarry-forwardsDeferredTax 2023-01-31 09262812 c:TaxLossesCarry-forwardsDeferredTax 2022-01-31 09262812 c:RetirementBenefitObligationsDeferredTax 2023-01-31 09262812 c:RetirementBenefitObligationsDeferredTax 2022-01-31 09262812 e:OrdinaryShareClass1 2022-02-01 2023-01-31 09262812 e:OrdinaryShareClass1 2023-01-31 09262812 e:OrdinaryShareClass1 2022-01-31 09262812 e:FRS102 2022-02-01 2023-01-31 09262812 e:Audited 2022-02-01 2023-01-31 09262812 e:FullAccounts 2022-02-01 2023-01-31 09262812 e:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09262812 e:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 09262812 5 2022-02-01 2023-01-31 09262812 7 2022-02-01 2023-01-31 09262812 c:RevaluationReserve c:PriorPeriodErrorIncreaseDecrease 2022-02-01 2023-01-31 09262812 c:RevaluationReserve c:PriorPeriodErrorIncreaseDecrease 2021-02-01 2022-01-31 09262812 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2022-02-01 2023-01-31 09262812 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2021-02-01 2022-01-31 09262812 c:PriorPeriodErrorIncreaseDecrease 2022-02-01 2023-01-31 09262812 c:PriorPeriodErrorIncreaseDecrease 2021-02-01 2022-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09262812










NUMBER SIXTEEN HOTEL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
NUMBER SIXTEEN HOTEL LIMITED
REGISTERED NUMBER: 09262812

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
22,000,000
24,000,000

  
22,000,000
24,000,000

Current assets
  

Stocks
 6 
12,864
12,493

Debtors: amounts falling due within one year
 7 
261,546
77,083

Cash at bank and in hand
 8 
6,051
1,373,164

  
280,461
1,462,740

Creditors: amounts falling due within one year
  
(18,901,303)
(6,704,890)

Net current liabilities
  
 
 
(18,620,842)
 
 
(5,242,150)

Total assets less current liabilities
  
3,379,158
18,757,850

Creditors: amounts falling due after more than one year
  
-
(13,378,500)

Provisions for liabilities
  

Deferred tax
 10 
(1,560,188)
(2,005,990)

  
 
 
(1,560,188)
 
 
(2,005,990)

Net assets
  
1,818,970
3,373,360


Capital and reserves
  

Called up share capital 
 11 
1
1

Revaluation reserve
 12 
5,401,359
6,701,639

Profit and loss account
 12 
(3,582,390)
(3,328,280)

  
1,818,970
3,373,360


Page 1

 
NUMBER SIXTEEN HOTEL LIMITED
REGISTERED NUMBER: 09262812
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T J R Kemp
Director

Date: 10 October 2023

The notes on pages 5 to 16 form part of these financial statements.
Page 2

 
NUMBER SIXTEEN HOTEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 February 2022 (as previously stated)
1
6,862,475
(3,489,116)
3,373,360

Prior year adjustment - correction of error (see Note 16)
-
(160,836)
160,836
-

At 1 February 2022 (as restated)
1
6,701,639
(3,328,280)
3,373,360


Comprehensive income for the year

Loss for the year

-
-
(379,669)
(379,669)

Deficit on revaluation of leasehold property
-
(1,670,826)
-
(1,670,826)

Deferred tax credit on revalued leasehold property
-
496,105
-
496,105
Total comprehensive income for the year
-
(1,174,721)
(379,669)
(1,554,390)

Transfer (to)/from profit and loss account
-
(125,559)
125,559
-


At 31 January 2023
1
5,401,359
(3,582,390)
1,818,970


The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
NUMBER SIXTEEN HOTEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 February 2021 (as previously stated)
1
4,335,530
(2,548,484)
1,787,047

Prior year adjustment - correction of error (see Note 16)
-
(160,836)
160,836
-

At 1 February 2021 (as restated)
1
4,174,694
(2,387,648)
1,787,047


Comprehensive income for the year

Loss for the year

-
-
(1,014,934)
(1,014,934)

Surplus on revaluation of leasehold property
-
3,879,704
-
3,879,704

Deferred tax credit on revalued leasehold property
-
(1,278,457)
-
(1,278,457)
Total comprehensive income for the year
-
2,601,247
(1,014,934)
1,586,313

Transfer (to)/from profit and loss account
-
(74,302)
74,302
-


At 31 January 2022
1
6,701,639
(3,328,280)
3,373,360


The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Number Sixteen Hotel Limited is a private company, limited by shares, incorporated and registered in England and Wales under the Companies Act 2006. The company's registered office is 18 Thurloe Place, London, SW7 2SP. The principal place of business is 16 Sumner Place, South Kensington, London SW7 3EG.
The principal activity of the company is that of a luxury hotel property owner and operator. The hotel is managed by Firmdale Hotels Plc, a fellow group company. 

The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Firmdale Holdings Limited as at 31 January 2023 and these financial statements may be obtained from Registrar of Companies.

Page 5

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors view the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The outbreak of the global Covid-19 pandemic in early 2020 had a very significant impact on the operations of the group in common with the majority of businesses worldwide, and the hospitality sector in particular. Following the elimination of all material UK restrictions with effect from 19th July 2021, and the gradual restoration of international travel thereafter, trading demand recovered quickly and since March 2022 both Revenues and Earnings have exceeded those achieved in pre-Covid 2019, a significant milestone in recovery. The continuing growth led to record profitability for the Group in the financial year to January 2023. Furthermore, rising interest rates have not had a significant impact on the Group given that 67% of group debt is fixed and a further 31% has the benefit of an interest rate cap should LIBOR exceed 3.5%. 
The trading results for the first six months of the new financial year are slightly ahead of budget and the outlook for the remainder of the year and beyond remains positive. The lenders remained very supportive during the Covid period and the relationships remain strong with comfortable delivery of financial covenant hurdles now firmly re-established. 
The Board will continue to monitor developments closely and adjust their forecasting assumptions as required, but have a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts.
Despite generating a loss before tax in the year to 31 January 2023 of £329,366 and net current liabilities at the reporting date of £18,620,842, the directors consider the company to remain a going concern. Trading activity post year end has continued to improve and with the loan repaid, the removal of interest payable requirements has supported positive results. The net current liabilities position is largely driven by amounts due to fellow companies, who have confirmed this amount will not be recalled to the detriment of other creditors or the operations of the company. The directors therefore consider the going concern basis to remain appropriate. 

 
2.4

Revenue

Revenue represents amounts receivable for accommodation, food and beverage sales and ancillary hotel services provided in the normal course of business.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Deposits which have been received at the reporting date for which services have not yet been provided are included in accruals and deferred income within creditors.

Page 6

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the lease term
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the statement of comprehensive income.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 7

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Government grants

Government subsidies and grant income are recognised when there is reasonable assurance that the conditions attached to the income will be met and that the income will be received. The income is recognised in the statement of comprehensive income over the periods in which the company incurs expenses for which the subsidies or grants are intended to compensate. In the prior financial year, under FRS102 reporting standards, the company has included its income from the Government's Coronavirus Job Retention Scheme within other income.

Page 8

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

To the extent that the holiday pay adjustment gives rise to an asset balance at the reporting date the amount is reported in prepayments.

 
2.16

Borrowing costs

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.


 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 9

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. 
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 10

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (including the key areas of estimation uncertainty) have had the most significant effect on amounts recognised in the financial statements:
Revaluation of tangible fixed assets
The long term leasehold property is held under the revaluation model based on the directors' conclusions, having consulted and reviewed the previous valuations completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on discounted cash flow models which include judgements surrounding future performance and market factors.



4.


Employees

2023
2022
£
£

Wages and salaries
1,424,070
933,438

Social security costs
114,957
70,736

Cost of defined contribution scheme
18,384
12,095

1,557,411
1,016,269


The average monthly number of employees, including directors, during the year was 49 (2022 - 43).

Page 11

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 February 2022
23,965,830
1,691,011
25,656,841


Additions
-
3,700
3,700


Revaluations
(1,984,418)
-
(1,984,418)



At 31 January 2023

21,981,412
1,694,711
23,676,123



Depreciation


At 1 February 2022
-
1,656,841
1,656,841


Charge for the year on owned assets
313,700
19,282
332,982


On revalued assets
(313,700)
-
(313,700)



At 31 January 2023

-
1,676,123
1,676,123



Net book value



At 31 January 2023
21,981,412
18,588
22,000,000



At 31 January 2022
23,965,830
34,170
24,000,000

The leasehold property was valued by the directors, with support of Cushman & Wakefield, Chartered Surveyors, an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the property being valued. A formal valuation was carried out at the previous reporting date, 31 January 2022 and since then an assessment has been carried out by the directors with guidance from Cushman & Wakefield as at 31 January 2023, on the basis of fair value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.

If the long-term leasehold property had not been included at valuation it would have been included under the historical cost convention as follows:

As restated
2023
2022
£
£



Cost
15,907,858
15,907,858

Accumulated depreciation
(1,535,026)
(1,346,885)

Net book value
14,372,832
14,560,973

Page 12

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Stocks

2023
2022
£
£

Food and beverage
12,864
12,493


The replacement cost of stock was not materially different to the amount stated above.


7.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
-
9,887

Other debtors
79,663
67,196

Prepayments and accrued income
181,883
-

261,546
77,083




8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,051
1,373,164


Page 13

 
NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
-
13,500,000

Deferred financial charges
-
(121,500)



-
13,378,500


During the year, a £13.5m loan that was held with Phonenix CRE S.a.r.l was fully repaid. In the previous year, the loan was fully drawn, bearing interest at a margin of 6.50% over SONIA.

The loan was secured by fixed and floating charges over property of the company. Upon repayment, a Deed of Release was agreed to discharge all obligations of the company related with this security. 

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NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,005,990)
(1,133,799)


(Charged)/credited to profit or loss
(50,303)
406,266


Credited/(charged) to other comprehensive income
496,105
(1,278,457)



At end of year
(1,560,188)
(2,005,990)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
100,334
122,079

Temporary difference on the revaluation of leasehold property
(2,207,114)
(2,703,217)

Losses and other deductions
546,592
575,148

(1,560,188)
(2,005,990)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share share of £1.00
1
1


The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.


12.


Reserves

Revaluation reserve

This reserve records the amount above the historic cost of tangible fixed assets. The amount of depreciation provided on book value which represents a surplus on valuation is transferred as a reserves movement to the profit and loss account.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

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NUMBER SIXTEEN HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


Prior year adjustment

A prior year adjustment has been processed in relation to the revaluation of long term leasehold property and associated movements to correct the position between the Revaluation reserve and Profit and loss account.
For the year ended 31 January 2022, which is the earliest prior period correction presented, a reclassification of £160,836 was processed between the Revaluation reserve and Profit and loss account in the Statement of changes in equity. 


14.


Pension commitments

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge for the year represents contributions payable by the company to the funds and amounted to £18,384 (2022 - £12,095). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date.


15.


Related party transactions

The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.


16.


Controlling party

The immediate parent and controlling company is Firmdale Holdings Limited, a company registered in England and Wales.
The company is included within the consolidation of the Firmdale Holdings Limited group and this is the parent of the smallest and largest group which draws up consolidated financial statements. Firmdale Holdings Limited registered office address is 18 Thurloe Place, London, SW7 2SP. The consolidated accounts of this group are publicly available from the Registrar of Companies.
 

17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 19 October 2023 by Rajeev Shaunak FCA (Senior statutory auditor) on behalf of MHA.

 
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