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St Moritz Hotel & Garden Villas Limited

Annual Report and Financial Statements
Year Ended 31 March 2023

Registration number: 05653512

 

St Moritz Hotel & Garden Villas Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 10

 

St Moritz Hotel & Garden Villas Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

434,139

473,467

Current assets

 

Stocks

5

57,185

34,630

Debtors

6

2,314,026

2,563,131

Cash at bank and in hand

 

1,689

205,994

 

2,372,900

2,803,755

Creditors: Amounts falling due within one year

7

(605,521)

(691,624)

Net current assets

 

1,767,379

2,112,131

Total assets less current liabilities

 

2,201,518

2,585,598

Creditors: Amounts falling due after more than one year

7

(332,963)

(450,938)

Provisions for liabilities

(87,921)

(92,127)

Net assets

 

1,780,634

2,042,533

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

1,780,632

2,042,531

Shareholders' funds

 

1,780,634

2,042,533

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 Board on 12 March 2024 and signed on its behalf by:
 

.........................................
H Ridgway
Director

Company Registration Number: 05653512

 

St Moritz Hotel & Garden Villas Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1

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:
St Moritz Hotel
Trebetherick
Near Wadebridge
Cornwall
PL27 6SD

These financial statements were authorised for issue by the Board on 12 March 2024.

2

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
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.

All financial instruments are classified as basic.

 Recognition and measurement
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 61 (2022 - 70).

 

St Moritz Hotel & Garden Villas Limited

Notes to the Financial Statements

Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2022

506,700

49,615

409,215

965,530

Additions

3,657

-

22,065

25,722

Disposals

(11,727)

-

(18,790)

(30,517)

At 31 March 2023

498,630

49,615

412,490

960,735

Depreciation

At 1 April 2022

274,697

26,579

190,787

492,063

Charge for the year

22,975

7,279

19,577

49,831

Eliminated on disposal

(5,495)

-

(9,803)

(15,298)

At 31 March 2023

292,177

33,858

200,561

526,596

Carrying amount

At 31 March 2023

206,453

15,757

211,929

434,139

At 31 March 2022

232,003

23,036

218,428

473,467

Included in fixed assets above are £27,787 (2022 - £20,037) of assets held under hire purchase agreements.

5

Stocks

2023
£

2022
£

Other inventories

57,185

34,630

6

Debtors

2023
 £

2022
 £

Trade debtors

51,307

20,283

Amounts due from group undertakings

2,142,741

2,384,668

Other debtors

39,245

22,574

Prepayments

80,733

135,606

2,314,026

2,563,131

 

St Moritz Hotel & Garden Villas Limited

Notes to the Financial Statements

Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

296,399

186,579

Trade creditors

 

174,952

154,554

Amounts owed to group undertakings

 

28,244

28,244

Corporation tax

 

-

42,671

Taxation and social security

 

27,856

21,239

Other creditors

 

8,651

147,303

Accruals and deferred income

 

69,419

111,034

 

605,521

691,624


 

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

332,963

450,938

 

St Moritz Hotel & Garden Villas Limited

Notes to the Financial Statements

Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

120,000

120,000

Bank overdrafts

104,804

-

Finance lease liabilities

11,595

6,579

Other borrowings

60,000

60,000

296,399

186,579

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

320,000

440,000

Finance lease liabilities

12,963

10,938

332,963

450,938

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

St Moritz Hotel & Garden Villas Limited

Notes to the Financial Statements

Year Ended 31 March 2023

10

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 £3,445 (2022 - £4,505).


 

11

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.

12

Parent and ultimate parent undertaking

The company's immediate parent is St Moritz (Holdings) Limited, incorporated in England and Wales.

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 (Holdings) Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

St Moritz Hotel & Garden Villas Limited

Notes to the Financial Statements

Year Ended 31 March 2023

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Thomas Roach BSc FCA, who signed for and on behalf of PKF Francis Clark on 13 March 2024.