Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-07-01falseNo description of principal activity2619truetrue 10499366 2022-07-01 2023-06-30 10499366 2021-07-01 2022-06-30 10499366 2023-06-30 10499366 2022-06-30 10499366 2021-07-01 10499366 5 2021-07-01 2022-06-30 10499366 9 2022-07-01 2023-06-30 10499366 9 2021-07-01 2022-06-30 10499366 d:Director1 2022-07-01 2023-06-30 10499366 d:Director2 2022-07-01 2023-06-30 10499366 d:Director3 2022-07-01 2023-06-30 10499366 d:Director4 2022-07-01 2023-06-30 10499366 d:RegisteredOffice 2022-07-01 2023-06-30 10499366 e:Buildings 2022-07-01 2023-06-30 10499366 e:Buildings 2023-06-30 10499366 e:Buildings 2022-06-30 10499366 e:Buildings e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10499366 e:FurnitureFittings 2022-07-01 2023-06-30 10499366 e:FurnitureFittings 2023-06-30 10499366 e:FurnitureFittings 2022-06-30 10499366 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10499366 e:OfficeEquipment 2022-07-01 2023-06-30 10499366 e:OfficeEquipment 2023-06-30 10499366 e:OfficeEquipment 2022-06-30 10499366 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10499366 e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10499366 e:CurrentFinancialInstruments 2023-06-30 10499366 e:CurrentFinancialInstruments 2022-06-30 10499366 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 10499366 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 10499366 e:ShareCapital 2023-06-30 10499366 e:ShareCapital 2022-06-30 10499366 e:ShareCapital 2021-07-01 10499366 e:RevaluationReserve 2023-06-30 10499366 e:RevaluationReserve 9 2022-07-01 2023-06-30 10499366 e:RevaluationReserve 2022-06-30 10499366 e:RevaluationReserve 2021-07-01 10499366 e:RevaluationReserve 5 2021-07-01 2022-06-30 10499366 e:RevaluationReserve 9 2021-07-01 2022-06-30 10499366 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10499366 e:RetainedEarningsAccumulatedLosses 2023-06-30 10499366 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 10499366 e:RetainedEarningsAccumulatedLosses 2022-06-30 10499366 e:RetainedEarningsAccumulatedLosses 2021-07-01 10499366 d:OrdinaryShareClass1 2022-07-01 2023-06-30 10499366 d:OrdinaryShareClass1 2023-06-30 10499366 d:OrdinaryShareClass1 2022-06-30 10499366 d:FRS102 2022-07-01 2023-06-30 10499366 d:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 10499366 d:FullAccounts 2022-07-01 2023-06-30 10499366 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10499366 4 2022-07-01 2023-06-30 10499366 5 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 10499366












SBH PARK HOLDING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

 

SBH PARK HOLDING LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 11


 

SBH PARK HOLDING LIMITED
 
COMPANY INFORMATION


Directors
P A Callingham 
A D Curtis 
M Rahamim 
F G Callingham 




Registered number
10499366



Registered office
Park House
10 Penn Road

Beaconsfield

Buckinghamshire

HP9 2LH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10499366
SBH PARK HOLDING LIMITED

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,389,251
34,000,000

Current assets
  

Stocks
  
5,006
6,786

Debtors: amounts falling due within one year
 5 
351,498
422,314

Cash at bank and in hand
  
573,147
307,652

  
929,651
736,752

Creditors: amounts falling due within one year
 6 
(33,821,587)
(33,061,214)

Net current liabilities
  
 
 
(32,891,936)
 
 
(32,324,462)

Total assets less current liabilities
  
497,315
1,675,538

Provisions for liabilities
  

Deferred tax
  
(1,177,000)
(1,201,000)

  
 
 
(1,177,000)
 
 
(1,201,000)

Net (liabilities)/assets
  
(679,685)
474,538


Capital and reserves
  

Called up share capital 
  
1,500
1,500

Revaluation reserve
  
3,628,820
3,604,820

Profit and loss account
  
(4,310,005)
(3,131,782)

Total (deficit)/ equity
  
(679,685)
474,538


Page 2


 
REGISTERED NUMBER:10499366
SBH PARK HOLDING LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




P A Callingham
Director

Date: 3 February 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 

SBH PARK HOLDING LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


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

£
£
£
£


At 1 July 2021
1,500
-
(2,208,352)
(2,206,852)


Comprehensive income for the year

Loss for the year
-
-
(923,430)
(923,430)

Surplus on revaluation of freehold property
-
4,805,820
-
4,805,820

Deferred tax movement
-
(1,201,000)
-
(1,201,000)



At 30 June 2022 and 1 July 2022
1,500
3,604,820
(3,131,782)
474,538


Comprehensive income for the year

Loss for the year
-
-
(1,178,223)
(1,178,223)

Deferred tax movement
-
24,000
-
24,000


At 30 June 2023
1,500
3,628,820
(4,310,005)
(679,685)


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

SBH Park Holding Limited is a private company limited by shares incorporated in England and Wales. Its registered office address is Park House, 10 Penn Road, Beaconsfield, Buckinghamshire, HP9 2LH. The address of its principal place of business is Western Avenue, Park Royal, London, W3 3BQ.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors consider this basis to be appropriate as the company has received a letter of financial support.
The company has net current liabilities of £32,981,936 and net liabilities of £679,685.
The company meets its day-to-day working capital requirements from related party and bank loans.
The directors have prepared cash flow forecasts for the next 12 months which show that the company will continue to be reliant on the bank to support its working capital needs. These forecasts include key assumptions specifically over the company's future trading activity and acknowledge that variations in the trading assumptions would impact the timing and quantum of cash flows.

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from the rendering of services (such as the accommodation and use of facilities) is recognised when services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time when the goods are delivered to customers.

 
2.4

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.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 5

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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.

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:

Freehold property
-
2%
Fixtures and fittings
-
14%
Office equipment
-
14%

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 balance sheet 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

Stocks

Stocks are stated at the lower of cost and net realisable value.

 
2.9

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.

 
2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
 
Page 6

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Basic financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. 
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Impairment of financial assets
Financial assets 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 profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. 
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 
 
Page 7

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

  
2.11

Share capital

Ordinary shares are classified as equity.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All foreign exchange gains and losses are presented within administrative expenses.

Page 8

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

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 balance sheet 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 balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 -19).

Page 9

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
33,674,994
162,867
265,631
34,103,492



At 30 June 2023

33,674,994
162,867
265,631
34,103,492



Depreciation


At 1 July 2022
-
38,606
64,886
103,492


Charge for the year
550,760
22,801
37,188
610,749



At 30 June 2023

550,760
61,407
102,074
714,241



Net book value



At 30 June 2023
33,124,234
101,460
163,557
33,389,251



At 30 June 2022
33,674,994
124,261
200,745
34,000,000

The directors have obtained a valuation as at 22 September 2022, undertaken by Colliers Chartered Surveyors which shows a valuation on an open market basis of £34,000,000 for the freehold property (including other fixed assets) on the basis of the existing management agreement with Starboard Hotels Limited. The valuation has been adjusted for depreciation. 
Included in the valuation of freehold property is freehold land of £6,137,000 (2022: £6,137,000) which is not depreciated.
Included within the cost of hotel buildings is interest and finance fees capitalised of £3,365,051 (2022: £3,365,051).

Cost or valuation at 30 June 2023 is as follows:

Land and buildings
£


At cost
28,869,174
At valuation:

Revaluations
4,805,820



33,674,994

Page 10

 

SBH PARK HOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
28,869,174
28,869,174

Accumulated depreciation
(1,732,150)
(1,154,767)

Net book value
27,137,024
27,714,407


5.


Debtors

2023
2022
£
£


Trade debtors
327,036
150,115

Other debtors
-
134,537

Prepayments and accrued income
24,462
137,662

351,498
422,314



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
24,122,989
24,417,187

Trade creditors
83,379
205,018

Other taxation and social security
11,369
9,916

Other creditors
8,406,092
7,431,816

Accruals and deferred income
1,197,758
997,277

33,821,587
33,061,214


The bank loan is secured by a fixed and floating charge over the assets of the company.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,500 (2022 -1,500) ordinary shares of £1.00 each
1,500
1,500


 
Page 11