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Registered number: 04821347










HAM YARD INVESTMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
HAM YARD INVESTMENT LIMITED
 
 
COMPANY INFORMATION


Directors
T J R Kemp 
J K Kemp 
C A Markham 




Company secretary
M T Soden



Registered number
04821347



Registered office
18 Thurloe Place
London

SW7 2SP




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
HAM YARD INVESTMENT LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14 - 15
Notes to the financial statements
16 - 31

 
HAM YARD INVESTMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The directors present their report and the audited financial statements for the year ended 31 January 2023.

Business review
 
The company has a long leasehold interest in the Ham Yard Hotel close to Piccadilly Circus between Great Windmill Street and Denman Street in London’s West End which opened to great critical acclaim on 1 June 2014. The hotel was constructed by Firmdale Hotels PLC, a fellow group company, which also manages the property.
The property comprises 91 bedrooms, 24 longer stay apartments and 13 retail units. As well as a restaurant and bar there are extensive events spaces which include meeting rooms, a theatre, a bowling alley, two bars and a rooftop terrace.
The hotel development received a New London Architecture Award, a Westminster Society award for Contribution to Urban Vitality and a Conde Nast Traveller Best Hotel Design award. Shortly thereafter it received a Mr & Mrs Smith Best Newcomer award and subsequently a Harden’s award for best afternoon tea, Catey award for best restaurant team, and a Tatler Travel "Most Fun Ever" award. In 2018 it won the Catey Hotel of the Year - Group award.

Principal risks and uncertainties
 
The principal financial risks faced by the company, and the company's objectives and policies in relation to those risks, are as follows:
Cash flow risk
The finance department closely manages the company's cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the directors to potential future risks. It is the company’s policy to ensure that forecast funding requirements can be met with available commited facilities.
Interest rate risk
The company’s interest rate policy has the twin objectives of minimising net interest expense whilst providing protection from material adverse movements in interest rates. The company has fixed its interest charge obligations through until November 2024.
Currency risk
The company faces minimal currency risk as it operates wholly in the UK.

Page 1

 
HAM YARD INVESTMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

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.

Financial key performance indicators
 
The company's hotel is managed by Firmdale Hotels Plc and recorded revenues of £41.7m (2022 - £23.9m) during the financial year, a 1.74 fold increase over prior year.
The accommodation operated at an average occupancy of 67.0% (2022 - 40.1%) and an average room rate of £867 (2022 - £703). This represented a doubling of rooms yield (RevPAR) over prior year.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors consider the successful running of the company in terms of achieving its long-term growth strategy which centres around building a sustainable, profitable business which has brand reputation at its heart. The success of the Group centres around positive and effective dealings with all the stakeholders of the group and the directors were mindful of the long-term consequences of key commercial decisions made during the year, and determined that these were in the interests of the company's employees, suppliers, customers and other stakeholders, as they were all aligned to the group’s growth strategy.
The company's and group’s success depends on the company maintaining a reputation for high standards of business conduct with customers and other stakeholders, whether in relation to specific community issues or with regards to environmental issues such as minimising the production of waste.
The principal decisions made by the directors, confirm that throughout the year they have acted in the way that they consider, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole.

Page 2

 
HAM YARD INVESTMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


This report was approved by the board and signed on its behalf.



T J R Kemp
Director

Date: 10 October 2023
Page 3

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 adequate accounting records that are sufficient to show and explain the Company's transactions and 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 Act 2006They 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.

Principal activity

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. 

Results and dividends

The profit for the year, after taxation, amounted to £2,022 thousand (2022 - loss £4,014 thousand).

The directors do not recommend the payment of a dividend (2022 - £Nil).

Directors

The directors who served during the year were:

T J R Kemp 
J K Kemp 
C A Markham 

Future developments

The company is seeking further development opportunities in London but at present there are no specific projects secured.

Page 4

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Financial instruments

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.
The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Further detail in respect of the company's exposure to risks such as cash flow and liquidity risk has been provided in the strategic report on page 1.

Engagement with employees

The company recognises that its employees are fundamental to the success of their service driven business. It is therefore committed to maximising workforce potential by supporting the learning and development needs of each individual member of staff. Good communication with employees is also considered essential. As a matter of principle the company actively promotes from within wherever possible and provides competitive rates of pay and benefits.

Engagement with suppliers, customers and others

The Company consciously looks for suppliers who echo the ethos of the Group, be it in environmental awareness or social consideration. The Group’s purchasing philosophy is to meet the demands and expectations of a global clientele by sourcing from quality, local and diverse suppliers. This is implemented by forming long term partnerships with suppliers, working closely in partnership with them.
The company's supplier relationships are based on lawful, efficient and fair practices. We expect our suppliers to demonstrate they treat workers fairly and provide a safe and healthy work environment, way beyond the basic statutory regulations concerning forced labour or human trafficking.
Customer relations are paramount in the company’s belief system. The company actively encourage customer comments and feedback and every form of correspondence, both positive and negative, is answered by a senior manager. A rigorous Mystery Guest programme is run across the Group with stringent guidelines on what service standards to test and what guests should expect. This has proven successful in highlighting areas that require improvement or indeed that are working well. Every employee of the company is encouraged to see service and experiences through the eyes of the customer. As a result of our long term pursuit of service excellence, more than 50% of the company’s business continues to be generated from returning guests.

Disabled employees

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

Qualifying third party indemnity provisions

Third party qualifying directors' and officers’ insurance has been maintained throughout the financial year and to the date of this report which extends to all subsidiaries within the wider group under Firmdale Holdings Limited.

Page 5

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company takes very seriously its responsibilities to improve its energy efficiency and reduce its carbon footprint. The wider group headed by Firmdale Holdings Limited meets the requirements of CEMARSTM certification having measured its greenhouse gas emissions in compliance with the requirements of ISO 14064-1:2006 and is committed to managing and reducing its emissions in respect of the operational activities of its organisation, which has been closely monitored since 2008. We have already made significant reductions in the level of energy consumed.
GHG emissions and energy use for period 01 February 2022 to 31 January 2023:



Annual Quantity of gross emissions by unit turnover/revenue (tCO2e/£M) in the year
30.75 tC02e

Annual Quantity of gross Scope 1, Scope 2 & Scope 3 emissions tCO2e in the year
1,282 tC02e

Annual Quantity of energy consumed
6,510,707 kWh

The following inventory has been prepared in accordance with the requirements of the measure-step of the Toitu carbon marks, which is based on the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and ISO 14064-1:2006 Specification with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals. Where relevant, the inventory is aligned with industry or sector best practice for emissions measurement and reporting.


Current reporting year 1 February 2022 to 31 January 2023

Energy consumption used to calculate emissions (kWh)

6,510,707

- Gas (kWh)

3,339,492

- Electricity (kWh)

3,171,215

- Transport fuels (kWh)

N/A

Emissions from combustion of gas tCO2e (Scope 1)

610

Emissions from combustion of fuel for transport purposes tCO2e (Scope 1)

N/A

Emissions from business travel in rental cars or employee-owned vehicles where company is
responsible for purchasing of the fuel tCO2e (Scope 3)

N/A

Emissions from purchased electricity tCO2e (Scope 2, location-based)

613

Total gross emissions tCO2e based on the above

1,223


The above information was prepared in accordance with ISO14064 Part 1 2018 and Carbon Reduce and verified to ISO14064 Part 1 2018 and Carbon Reduce.

Matters covered in the Strategic report

As permitted by paragraph 1A of schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation  2008, certain matters which are required  to be disclosed in the directors’ report have been omitted as they are included in the strategic report on pages 1-2.

Page 6

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

This report was approved by the board and signed on its behalf.
 





T J R Kemp
Director

Date: 10 October 2023
Page 7

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED
 

Opinion


We have audited the financial statements of Ham Yard Investment Limited (the 'Company') for the year ended 31 January 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiry of management, those charged with governance and Company legal advisors around actual and potential litigation and claims;
 
performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
 
reviewing minutes of meetings of those charged with governance; and
 
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 10

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Rajeev Shaunak FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

19 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 11

 
HAM YARD INVESTMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
41,693
23,908

Cost of sales
  
(21,689)
(14,276)

Gross profit
  
20,004
9,632

Administrative expenses
  
(12,281)
(8,812)

Other operating income
 5 
-
1,494

Operating profit
 6 
7,723
2,314

Interest payable and similar expenses
 9 
(5,081)
(4,883)

Profit/(loss) before tax
  
2,642
(2,569)

Tax on profit/(loss)
 10 
(620)
(1,445)

Profit/(loss) for the financial year
  
2,022
(4,014)

Other comprehensive income for the year
  

Unrealised surplus on revaluation of long term leasehold property
  
792
34,577

Deferred tax credit/(charge) on revalued long term leasehold property
  
333
(17,176)

Other comprehensive income for the year
  
1,125
17,401

Total comprehensive income for the year
  
3,147
13,387

The notes on pages 16 to 31 form part of these financial statements.
Page 12

 
HAM YARD INVESTMENT LIMITED
REGISTERED NUMBER: 04821347

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

As restated
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
237,000
238,000

Current assets
  

Stocks
 12 
264
214

Debtors: amounts falling due within one year
 13 
73,261
68,117

Cash at bank and in hand
 14 
872
891

  
74,397
69,222

Creditors: amounts falling due within one year
 15 
(2,177)
(19,224)

Net current assets
  
 
 
72,220
 
 
49,998

Total assets less current liabilities
  
309,220
287,998

Creditors: amounts falling due after more than one year
 16 
(137,077)
(119,154)

Provisions for liabilities
  

Deferred tax
 18 
(50,727)
(50,575)

  
 
 
(50,727)
 
 
(50,575)

Net assets
  
121,416
118,269


Capital and reserves
  

Revaluation reserve
 20 
111,743
112,050

Profit and loss account
 20 
9,673
6,219

  
121,416
118,269


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 16 to 31 form part of these financial statements.
Page 13

 
HAM YARD INVESTMENT LIMITED
 

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


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2022 (as previously stated)
112,624
5,645
118,269

Prior year adjustment - correction of error (see Note 21)
(574)
574
-

At 1 February 2022 (as restated)
112,050
6,219
118,269


Comprehensive income for the year

Profit for the year

-
2,022
2,022

Deficit on revaluation of leasehold property
792
-
792

Deferred tax credit on revalued leasehold property
333
-
333


Other comprehensive income for the year
1,125
-
1,125


Total comprehensive income for the year
1,125
2,022
3,147

Transfer to/from profit and loss account
(1,432)
1,432
-


At 31 January 2023
111,743
9,673
121,416


The notes on pages 16 to 31 form part of these financial statements.
Page 14

 
HAM YARD INVESTMENT LIMITED
 

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


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2021 (as previously stated)
96,327
8,555
104,882

Prior year adjustment - correction of error (see Note 21)
(574)
574
-

At 1 February 2021 (as restated)
95,753
9,129
104,882


Comprehensive income for the year

Loss for the year

-
(4,014)
(4,014)

Surplus on revaluation of leasehold property
34,577
-
34,577

Deferred tax charge on revalued leasehold property
(17,176)
-
(17,176)


Other comprehensive income for the year
17,401
-
17,401


Total comprehensive income for the year
17,401
(4,014)
13,387

Transfer to/from profit and loss account
(1,104)
1,104
-


At 31 January 2022
112,050
6,219
118,269


The notes on pages 16 to 31 form part of these financial statements.
Page 15

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Ham Yard Investment Limited is a private company, limited by shares, registered and incorporated in England and Wales under the Companies Act. 
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 £1,000.

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 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 the Registrar of Companies.

Page 16

 
HAM YARD INVESTMENT 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.

 
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. 

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to the profit or loss account on a straight-line basis over the lease term.

Page 17

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

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 profit or loss.

 
2.7

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 profit or loss.

 
2.8

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 18

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.10

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

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.

 
2.14

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.

Page 19

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
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 profit or loss 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.

  
2.18

Government subsidies and grant income

Government subsidies and grant income are recognised when there is reasonable assurance that the conditions  attached  to the income  will be mat 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   induded  income   from   the  Government’s Coronavirus Job Retention Scheme within other income.

Page 20

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.20

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 21

 
HAM YARD INVESTMENT 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.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Rooms and apartments
25,014
12,428

Food and beverage
15,902
11,061

Other
776
420

41,692
23,909


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£000
£000

Government grants receivable
-
1,494



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of the tangible fixed assets
2,280
1,980

Other operating lease rentals
3,207
3,224

During the year, no director received any emolument (2022 - £Nil).

Page 22

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
18
17

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs were as follows:


2023
2022
£000
£000

Wages and salaries
11,072
8,126

Social security costs
829
599

Cost of defined contribution scheme
143
116

12,044
8,841


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3



Hotel staff
336
312

339
315


9.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
5,081
4,883

Page 23

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
135
-


135
-


Total current tax
135
-

Deferred tax


Origination and reversal of timing differences
779
(8,774)

Adjustments in respect of prior periods
(294)
98

Effect of tax rate change on opening balance
-
10,121

Total deferred tax
485
1,445


Tax on profit/(loss)
620
1,445
Page 24

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit/(loss) on ordinary activities before tax
2,642
(2,569)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
502
(488)

Effects of:


Expenses not deductible for tax purposes
355
876

Capital allowances for year in excess of depreciation
-
168

Adjustments to tax charge in respect of prior periods
-
98

Deferred tax recognised at a higher rate
187
791

Adjustments to tax charge in respect of prior periods
(294)
-

Super-deduction expenditure adjustment
(24)
-

Capital gains
37
-

Group relief claimed
(143)
-

Total tax charge for the year
620
1,445


Factors that may affect future tax charges

The standard rate of corporation tax in the UK has increased on a sliding scale based on profits from 19% to 25%, effective from 1 April 2023.

Page 25

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 1 February 2022
237,739
2,212
239,951


Additions
193
294
487


Revaluations
(1,334)
-
(1,334)



At 31 January 2023

236,598
2,506
239,104



Depreciation


At 1 February 2022
-
1,951
1,951


Charge for the year on owned assets
2,127
153
2,280


On revalued assets
(2,127)
-
(2,127)



At 31 January 2023

-
2,104
2,104



Net book value



At 31 January 2023
236,598
402
237,000



At 31 January 2022
237,739
261
238,000

Hermes  Real Estate Senior Debt Fund  S.â.r.l. holds a security agreement  over the leasehold  property, and fixed and floating charges over other assets, held by the company. These charges form security for a loan facility provided to the company.

The long term 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.

Page 26

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           11.Tangible fixed assets (continued)

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

As restated
2023
£'000
2022
£'000
£000
£000



Cost
83,814
83,621

Accumulated depreciation
(5,906)
(5,211)

Net book value
77,908
78,410


12.


Stocks

2023
2022
£000
£000

Finished goods and goods for resale
264
214


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


13.


Debtors

2023
2022
£000
£000


Trade debtors
479
288

Amounts owed by group undertakings
72,121
66,851

Other debtors
661
978

73,261
68,117


All amounts shown under debtors fall due for payment within one year.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


14.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
872
891


Page 27

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Bank loans (see Note 17)
-
17,500

Corporation tax
135
-

Other creditors
942
331

Accruals and deferred income
1,100
1,393

2,177
19,224



16.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Bank loans (see Note 17)
137,500
120,000

Deferred financing charges
(423)
(846)

137,077
119,154


Page 28

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£000
£000

Amounts falling due within one year

Bank loans
-
17,500

Amounts falling due 1-2 years

Bank loans
137,500
120,000

Deferred financing charges
(423)
(846)



137,077
136,654


On  14  November  2017,  the  company  entered  into  a  £120m  non-amortising  loan  with  Hermes  Real Estate  Senior  Debt Fund S.à.r.l. The term of the loan is seven years to 19 November  2024 when the capital amount is to be repaid in full. Interest is charged at a fixed rate of 3.0%.
An addítional non-amortising loan of £17.5m from Hermes Real Estate Senior Debt Fund S.à.r.l. was secured on 26th August 2020 with a term of two years to 28 August 2022. Interest is charged at a fixed rate of 5.5%. The option to extend this loan was undertaken so that this is now coterminous with the £120m loan noted above. 
The bank loans are secured by legal charges over the leasehold property of the company, and other freehold properties of fellow subsidiaries. In addition they are secured by fixed and floating charges over the book debts and other assets in the company and fellow subsidiaries.


18.


Deferred taxation




2023
2022


£000

£000






At beginning of year
(50,575)
(31,954)


Charged to profit or loss
(485)
(1,445)


Credited/(charged) to other comprehensive income
333
(17,176)



At end of year
(50,727)
(50,575)

Page 29

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Short term timing differences
27
21

Accelerated capital allowances
(5,244)
(4,692)

Temporary difference on the revaluation of leasehold property
(46,996)
(47,280)

Losses and other deductions
1,486
1,376

(50,727)
(50,575)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2

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.



20.


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.


21.


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 £574,000 was processed between the opening Revaluation reserve and Profit and loss account in the Statement of changes in equity. 

Page 30

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

22.


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 £143,000  (2022  - £116,000).  Contributions  totalling  £NiI (2022  - £Nil)  were  payable  to the  fund  at the reporting date.


23.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
3,146
3,146

Later than 1 year and not later than 5 years
12,586
12,586

Later than 5 years
336,105
339,252

351,837
354,984

At 31 January 2023 the Company had future minimum rentals receivable under non-cancellable operating leases as follows:

2023
2022

£000
£000


Not later than 1 year
175
239

Later than 1 year and not later than 5 years
104
271

279
510


24.


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.

25.


Controlling party

The immediate parent undertaking is HY Hotels Limited, a company registered in England and Wales.
The ultimate parent is Firmdale Holdings Limited, head of this group and a company registered in England and Wales. The consolidated accounts of this group, which is the smallest and largest group to include the company, are available from the Registrar of Companies.
In the opinion of the directors, the Trustee of Kemp Family Foundation  is the ultimate controlling party of the group and therefore of this entity.
 
Page 31