Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
COMPANY INFORMATION
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SAUK OWNER LTD
CONTENTS
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SAUK OWNER LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors present their strategic report of the Group and Company for the period 1 November 2019 to 31 December 2020.
The Group’s principal activity is the operation of the Rusacks Hotel in St. Andrews, Scotland. The Company’s principal activity is the holding of debt and other financial instruments for the Group.
There was an acquisition of a subsidiary, SAUK Operator Limited (formerly Macdonald Rusacks Limited), in November 2019. In conjunction with the ownership change, the prior ownership group repaid its intercompany loans. Due to public health measures and restrictions imposed by the UK government in response to the COVID-19 pandemic, the hotel closed between March 2020 and July 2020. The hotel also closed in November 2020 for refurbishment and reopened in July 2021. The closures had a significant negative impact on the number of available and occupied rooms. The loss for the Period after taxation amounted to £5,569,231.
Some risks are excluded because management considers them not to be material to the Group. Additionally, there may be risks and uncertainties not presently known to the management team or which are deemed immaterial to the Group.
The Group’s operations and its results are subject to a number of factors which could affect the business, many of which are common to the hotel industry and beyond the Group’s control, such as a potential global economic downturn; changes in travel patterns in the structure of the travel industry; and the potential increase in acts of terrorism. The impact of any of these factors (or a combination of them) may adversely affect sustained levels of occupancy, room rates and/or hotel values.
Management recognises that Brexit and COVID-19 add an element of uncertainty to the outlook of both the U.K. hospitality industry and the greater U.K. economy which could impact future trade. Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the Group. The Group has recovery plans in place to enable it to respond to major incidents or crises and takes steps to minimise these exposures to the greatest extent possible.
As with all loan financing, there is a risk that the Group may be at risk of default under the financing arrangements.
To mitigate against this risk, the management team meet regularly to review the performance of the hotel. The covenant ratios within the financing agreement are applied to the hotel and monitored on an ongoing basis.
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SAUK OWNER LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The Group incurs operating expenses such as personnel costs, operating leases, information technology and telecommunications which are to a large extent fixed. As such, operating results may be vulnerable to short-term changes in revenues.
The Group has appropriate management systems in place such as staff outsourcing designed to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions.
The success of the Group is partially attributable to the efforts and abilities of its senior managers. Failure to retain its senior management teams or other key personnel may threaten the success of the Group’s operations. The Group has appropriate systems in place for recruitment, reward and compensation, and performance management. Development and maintenance of the Group’s culture also plays a leading role in minimising risk.
The key senior management in the hotels is provided by Schulte Hospitality Group UK Ltd and therefore there is a pool of staff available should key personnel leave.
Pricing is established using a bottom-up segmentation analysis of occupancy rates and average daily rates (“ADR”). Baseline assumptions are derived from a variety of third-party sources including Smith Travel Research (“STR”) reports, operating budgets provided by the Group’s third-party management platform, and historical performance. The Group utilizes this information in conjunction with trends observed at other properties with similar market dynamics.
The ability to generate cash flow to pay staff, vendors, debt service and all other third parties is crucial for the longevity of the Group. The Group closely monitors all available sources of capital via hotel revenue and reserves to ensure the ability to make payments when due.
Gross profit is the primary financial key performance indicator (“KPI”) utilized by the Group to monitor the operations of the hotel being defined as revenue less cost of sales. The Group views this metric as its most significant financial KPI as it reflects how effectively it is able to generate profit from hotel operations. This is noted as being a profit of £122,172 for the Period. Due to the effects of COVID-19 resulting in the closure of the hotel, the Group did not meet its expectations for the Period.
The three other KPIs relevant to the Group and overall hospitality industry are average daily rate (“ADR”), occupancy, and revenue per available room (“RevPAR”). ADR measures the average rental revenue per occupied room and is calculated as total room revenue divided by the number of rooms sold. Occupancy rate is measured by dividing the number of occupied rooms by the number of available rooms. RevPAR measures the amount of revenue generated by a single room and is calculated as room revenue divided by the total number of available rooms. These KPIs are used to monitor success in that the figures reflect the ability to generate guest stays and maximize the amount of associated revenue. As noted above, the Group did not meet its expectations for the year with respect to these performance measures.
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SAUK OWNER LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors expect the business to continue operating for the foreseeable future. The property has since reopened under the Marine and Lawn Hotels and Resorts brand, and the gradual withdrawal of lockdown restrictions has led to improved trade on the results for this reporting period.
This report was approved by the board and signed on its behalf.
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SAUK OWNER LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the Period ended 31 December 2020.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the Period, after taxation, amounted to £5,569,231.
The dividends voted for the Period amounted to £NIL.
The directors who served during the Period were:
Future developments of the Group are discussed in the strategic report.
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SAUK OWNER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
Post balance sheet events of the Group have been discussed in the notes to the financial statements.
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.
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SAUK OWNER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAUK OWNER LTD
We have audited the financial statements of SAUK Owner Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the Period ended 31 December 2020, which comprise the Group Profit and Loss Account, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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 Group 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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SAUK OWNER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAUK OWNER LTD (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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SAUK OWNER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAUK OWNER LTD (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. we desgin 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 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 and meetings of those charged with governance; • reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
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 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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SAUK OWNER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAUK OWNER LTD (CONTINUED)
for and on behalf of
Statutory Auditor
2 London Wall Place London, England EC2Y 5AU
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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SAUK OWNER LTD
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
REGISTERED NUMBER: 12293956
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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SAUK OWNER LTD
REGISTERED NUMBER: 12293956
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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SAUK OWNER LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
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SAUK OWNER LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
SAUK Owner Limited, company number 12293956, is a private company limited by shares, registered and incorporated in the United Kingdom. The registered office address is 54 Portland Place, London, England, W1B 1DY. The principal activity of the Company is to act as a holding entity for a hotel and hospitality company.
The Group's functional and presentational currency is GBP rounded to the nearest £1.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors confirm that, having reviewed the Group’s and Company’s cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Group and Company have reasonable expectations that adequate resources will be available to continue operations for the foreseeable future. The Group has also received confirmation of support from its parent, for at least 12 months after the signing of the audit report, which provides additional security on the resources available to continue as a going concern. Therefore, these financial statements have been prepared on the going concern basis. In forming this judgement, the directors have reviewed forecasts for 2023-24, cash flow projections from the date of the approval of these financial statements, contingency planning and the sufficiency of banking facilities. The directors are comfortable that the Group will generate sufficient value to continue to settle liabilities as they fall due.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation 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:
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.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The property is held at fair value based on the directors' conclusions having assessed the valuations completed by independent valuers who hold recognised and relevant professional qualifications. Where an external valuation cannot be obtained, a director's valuation will be used instead. The exception to this is when purchases are part of a recognised refurbishment period; these are held at cost until they reach a stage of operation.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
10.Taxation (continued)
The Chancellor confirmed that the main corporation tax rate would increase to 25% as enacted on 11 March in the Finance Act 2021. This has now come into effect from April 2023.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The other loan is provided by Starfin Lux S.a.r.l and is secured on the Rusacks Hotel. This has been split into Facility A (with a drawdown limit of £27,150,000) and Facility B (with a drawdown limit of £15,450,000). Interest is charged at 4.25% per annum plus LIBOR. The loan is due for repayment on 15 November 2024.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
On incorporation, the Company issued 2,400,100 Ordinary £0.01 shares. The proceeds were for £240,001, with share capital of the same amount being recognised.
Ordinary shareholders have the right to receive notice of, and to attend, speak and vote at all general meetings of the Company, with the right to cast a vote for each Ordinary share of which he is the holder.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
20.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £20,190. Contributions totalling £8,532 were payable to the fund at the balance sheet date.
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SAUK OWNER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
The Group has incurred approximately £18.9m in refurbishment costs since the balance sheet date. The variable rate of the loan has transitioned from LIBOR to SONIA effective in February 2022. The events noted above are considered non-adjusting post-balance sheet events.
The directors consider that the ultimate controlling party and ultimate parent undertaking of the Company is
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