Year Ended
Registration number:
St Moritz Hotel & Garden Villas Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
St Moritz Hotel & Garden Villas Limited
Balance Sheet
31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 05653512
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office, which is the same as its place of trade, is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Going concern
In preparing and approving these financial statements the directors have given due consideration to going concern risks. Whilst recognising that there can be no certainty, the directors are satisfied that the going concern basis of preparation remains appropriate. In reaching this conclusion the directors, having made all necessary enquiries, have considered the following matters:
i) The company continues to have support from its fellow subsidiaries, directors and lenders.
ii) Detailed projections have been prepared by the wider-group, including the company, which demonstrate the ability of the group to continue to manage its cash flows and meets its obligations as and when they fall due.
iii) The company has sought and obtained support from the bank to finance the winter trading period, which is in line with projections.
After due consideration of these factors the directors are satisfied that the company will be able to continue as a going concern for the foreseeable future - being a period no less than 12 months from the date of approval of these financial statements.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers.
Accommodation revenue is recognised at the point that the customer stays in a room.
Food, beverage and spa income are all recognised at the point of sale.
Commissions and other recharges due from villa and apartment owners are earned at the point of sale of a room. Service charges are billed on a quarterly basis.
All revenue relates to activities wholly undertaken in the UK.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% reducing balance |
Fixtures and fittings |
10% reducing balance |
Motor vehicles |
20% straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Financial instruments
Classification
All financial instruments are classified as basic.
Recognition and measurement
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Where the arrangement constitutes a financing transaction the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 April 2022 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
( |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Depreciation |
||||
At 1 April 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
( |
At 31 March 2023 |
|
|
|
|
Carrying amount |
||||
At 31 March 2023 |
|
|
|
|
At 31 March 2022 |
|
|
|
|
Included in fixed assets above are £27,787 (2022 - £20,037) of assets held under hire purchase agreements.
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Corporation tax |
- |
42,671 |
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
- |
Finance lease liabilities |
|
|
Other borrowings |
|
|
|
|
2023 |
2022 |
|
Loans and borrowings due after one year |
||
Bank borrowings |
|
|
Finance lease liabilities |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Other related party transactions
During the year the company made the following related party transactions:
The Directors
During the year the Directors have had loans outstanding from the company. The loans are interest free, unsecured and repayable upon demand.
Withdrawals of £995 (2022 - £8,103) and repayments of £25,000 (2022 - £nil) were made by the Directors against their loan accounts in the year.
Amounts due to directors of £149,909 were transferred from this company to director loan accounts in the connected company St Moritz Developments Limited
At the balance sheet date the amounts due to the Directors was £nil (2022 - £125,903).
Related Limited Liability Partnership
At the balance sheet date the company owed £50,000 (2022 - £50,000) to a related Limited Liability Partnership. The loan is interest free, unsecured and repayable upon demand.
Close family member
At the balance sheet date the company owed a close family member £10,000 (2022 - £10,000). The loan is interest free, unsecured and repayable upon demand.
The company has taken advantage of the exemption in FRS102 Section 33.1A from disclosing transactions with other members of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The registered office for St Moritz (Holdings) Limited is Lowin House, Tregolls Road, Truro, TR1 2NA.
The most senior parent entity producing publicly available financial statements is
St Moritz Hotel & Garden Villas Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Audit report |