Year Ended
Registration number:
St Moritz Developments Limited
Balance Sheet
31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
......................................... |
Company Registration Number: 04162215
St Moritz Developments 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 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.
As disclosed in the fixed asset note the company has taken advantage of the exemption conferred under FRS102 to recognise a previous valuation pre transition as deemed cost on its freehold property.
St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Going concern
At the balance sheet date the company had net current liabilities of £1,995,577 (2022 - £2,051,256).
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 subsidiary St Moritz Hotel and Garden Villas Limited. At the balance sheet date the amount due to St Moritz Hotel and Garden Villas was £2,142,741 (2022 - £2,384,668).
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 in the year relates to income from furniture pack sales. This is recognised when it is invoiced.
Other operating income represents rental income chargeable for the use of the asset of the company, being the hotel complex and associated plant.
St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
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.
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 |
Freehold land and buildings |
Not depreciated |
Plant and machinery |
10% reducing balance |
Stocks
Work in progress, which represents apartments for sale, is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date work in progress is assessed for impairment. If work in progress 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.
St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
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.
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.
Basic financial liabilities, including trade and other payables and loans from fellow group companies 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 item constitutes a financing transaction the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Critical judgement and estimation uncertainty |
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
- |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Included within the net book value of land and buildings above is £2,872,480 (2022 - £2,837,858) in respect of freehold land and buildings.
The assets of the company are pledged as security in respect of certain loan balances due to the company bankers.
St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Revaluation
The fair value of the company's freehold land and buildings was revalued on 16 September 2011 by an independent valuer. The independent valuer, being Savills Commercial, undertook this valuation on the basis of open market value.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £2,302,991 (2022 - £2,268,369).
The company has applied the transitional arrangements of Section 35 of FRS102 and used a previous valuation as the deemed cost for its freehold property.
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
2023 |
2022 |
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Trade debtors |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Amounts due to group undertakings |
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Corporation tax |
119,727 |
214,410 |
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Other creditors |
- |
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Accrued expenses |
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St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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The amounts shown as bank borrowings are secured in favour of Lloyds Bank PLC.
This security comprises:
- A first legal charge from St Moritz Developments Limited over the freehold land and buildings of the company.
- An unlimited debenture from St Moritz Developments Limited.
- An omnibus guarantee and set off agreement among the bank, St Moritz Developments Limited and St Moritz Hotel and Garden Villas Limited together with such other security that the bank may from time to time hold in respect of the debts and liabilities of any guarantor of the bank.
St Moritz Developments Limited
Notes to the Financial Statements
Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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 on demand.
Repayments of £nil (2022 - £500,000) have been made on the Directors' loan balances in the year. Drawdowns of £nil (2022 - £875,148) have also been made.
Amounts due to directors of £149,909 were transferred from director loan accounts with the connected company St Moritz Hotel & Garden Villas Limited.
At the balance sheet date the net amount due from Directors to the company was £417,051 (2022 - £566,960).
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
Audit report |