Caseware UK (AP4) 2023.0.135 2023.0.135 54462023-04-01falseHoteliersfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00602484 2023-04-01 2024-03-31 00602484 2022-04-01 2023-03-31 00602484 2024-03-31 00602484 2023-03-31 00602484 2022-04-01 00602484 1 2023-04-01 2024-03-31 00602484 1 2022-04-01 2023-03-31 00602484 6 2023-04-01 2024-03-31 00602484 6 2022-04-01 2023-03-31 00602484 8 2023-04-01 2024-03-31 00602484 8 2022-04-01 2023-03-31 00602484 d:Director2 2023-04-01 2024-03-31 00602484 e:Buildings 2023-04-01 2024-03-31 00602484 e:Buildings 2024-03-31 00602484 e:Buildings 2023-03-31 00602484 e:Buildings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00602484 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 00602484 e:Buildings e:LongLeaseholdAssets 2024-03-31 00602484 e:Buildings e:LongLeaseholdAssets 2023-03-31 00602484 e:Buildings e:ShortLeaseholdAssets 2023-04-01 2024-03-31 00602484 e:Buildings e:ShortLeaseholdAssets 2024-03-31 00602484 e:Buildings e:ShortLeaseholdAssets 2023-03-31 00602484 e:FurnitureFittings 2023-04-01 2024-03-31 00602484 e:FurnitureFittings 2024-03-31 00602484 e:FurnitureFittings 2023-03-31 00602484 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00602484 e:ComputerEquipment 2023-04-01 2024-03-31 00602484 e:ComputerEquipment 2024-03-31 00602484 e:ComputerEquipment 2023-03-31 00602484 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00602484 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00602484 e:CurrentFinancialInstruments 2024-03-31 00602484 e:CurrentFinancialInstruments 2023-03-31 00602484 e:Non-currentFinancialInstruments 2024-03-31 00602484 e:Non-currentFinancialInstruments 2023-03-31 00602484 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 00602484 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00602484 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 00602484 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00602484 e:ShareCapital 2023-04-01 2024-03-31 00602484 e:ShareCapital 2024-03-31 00602484 e:ShareCapital 2022-04-01 2023-03-31 00602484 e:ShareCapital 2023-03-31 00602484 e:ShareCapital 2022-04-01 00602484 e:RevaluationReserve 2023-04-01 2024-03-31 00602484 e:RevaluationReserve 2024-03-31 00602484 e:RevaluationReserve 1 2023-04-01 2024-03-31 00602484 e:RevaluationReserve 6 2023-04-01 2024-03-31 00602484 e:RevaluationReserve 8 2023-04-01 2024-03-31 00602484 e:RevaluationReserve 2022-04-01 2023-03-31 00602484 e:RevaluationReserve 2023-03-31 00602484 e:RevaluationReserve 2022-04-01 00602484 e:RevaluationReserve 6 2022-04-01 2023-03-31 00602484 e:RevaluationReserve 8 2022-04-01 2023-03-31 00602484 e:OtherMiscellaneousReserve 2023-04-01 2024-03-31 00602484 e:OtherMiscellaneousReserve 2024-03-31 00602484 e:OtherMiscellaneousReserve 1 2023-04-01 2024-03-31 00602484 e:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00602484 e:OtherMiscellaneousReserve 2023-03-31 00602484 e:OtherMiscellaneousReserve 2022-04-01 00602484 e:OtherMiscellaneousReserve 1 2022-04-01 2023-03-31 00602484 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00602484 e:RetainedEarningsAccumulatedLosses 2024-03-31 00602484 e:RetainedEarningsAccumulatedLosses 1 2023-04-01 2024-03-31 00602484 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00602484 e:RetainedEarningsAccumulatedLosses 2023-03-31 00602484 e:RetainedEarningsAccumulatedLosses 2022-04-01 00602484 e:RetainedEarningsAccumulatedLosses 1 2022-04-01 2023-03-31 00602484 d:FRS102 2023-04-01 2024-03-31 00602484 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00602484 d:FullAccounts 2023-04-01 2024-03-31 00602484 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00602484 e:WithinOneYear 2024-03-31 00602484 e:WithinOneYear 2023-03-31 00602484 e:BetweenOneFiveYears 2024-03-31 00602484 e:BetweenOneFiveYears 2023-03-31 00602484 e:MoreThanFiveYears 2024-03-31 00602484 e:MoreThanFiveYears 2023-03-31 00602484 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00602484 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00602484 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 00602484 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 00602484 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


















Durrants Hotel Limited























Unaudited

Financial statements



For the year ended 31 March 2024



Registered number: 00602484

 
Durrants Hotel Limited - Registered number:00602484


Statement of financial position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,963,218
21,546,967

  
20,963,218
21,546,967

Current assets
  

Stocks
  
18,352
14,357

Debtors: amounts falling due within one year
 5 
206,180
220,199

Cash at bank and in hand
  
4,183
388,760

  
228,715
623,316

Creditors: amounts falling due within one year
 6 
(1,126,403)
(668,332)

Net current liabilities
  
 
 
(897,688)
 
 
(45,016)

Total assets less current liabilities
  
20,065,530
21,501,951

Creditors: amounts falling due after more than one year
 7 
(2,571,448)
(2,828,584)

Provisions for liabilities
  

Deferred tax
 8 
(3,601,453)
(3,612,749)

  
 
 
(3,601,453)
 
 
(3,612,749)

Net assets
  
13,892,629
15,060,618


Capital and reserves
  

Called up share capital 
  
15,116
15,116

Revaluation reserve
  
15,655,822
16,383,676

Other reserves
  
12,384
12,384

Profit and loss account
  
(1,790,693)
(1,350,558)

  
13,892,629
15,060,618


Page 1

 
Durrants Hotel Limited - Registered number:00602484


Statement of financial position (continued)
As at 31 March 2024

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 on 25 July 2024.




Mr C J B Miller
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
Durrants Hotel Limited
 


Statement of changes in equity
For the year ended 31 March 2024


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

£
£
£
£
£

At 1 April 2023
15,116
16,383,676
12,384
(1,350,558)
15,060,618


Comprehensive income for the year

Loss for the year

-
-
-
(440,135)
(440,135)

Deficit on revaluation of leasehold property
-
(67,198)
-
-
(67,198)

Depreciation adjustment - leasehold property
-
(541,964)
-
-
(541,964)

Deferred tax arising from revaluation of land and buildings
-
(118,692)
-
-
(118,692)


Other comprehensive income for the year
-
(727,854)
-
-
(727,854)


Total comprehensive income for the year
-
(727,854)
-
(440,135)
(1,167,989)


At 31 March 2024
15,116
15,655,822
12,384
(1,790,693)
13,892,629


The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
Durrants Hotel Limited
 


Statement of changes in equity
For the year ended 31 March 2023


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

£
£
£
£
£

At 1 April 2022
15,116
16,815,697
12,384
(1,844,895)
14,998,302


Comprehensive income for the year

Profit for the year

-
-
-
494,337
494,337

Deficit on revaluation of leasehold property
-
(34,064)
-
-
(34,064)

Depreciation adjustment - leasehold property
-
(541,964)
-
-
(541,964)

Deferred tax arising from revaluation of land and buildings
-
144,007
-
-
144,007


Other comprehensive income for the year
-
(432,021)
-
-
(432,021)


Total comprehensive income for the year
-
(432,021)
-
494,337
62,316


At 31 March 2023
15,116
16,383,676
12,384
(1,350,558)
15,060,618


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
Durrants Hotel Limited
 
 

Notes to the financial statements
For the year ended 31 March 2024

1.


General information

Durrants Hotel Limited is a private company limited by shares and incorporated in England and Wales. Its company registration number is 00602484 and the registered office and principal place of business is Durrants Hotel, George Street, Manchester Square, London, W1H 5BJ.

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 Republic of Ireland ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover represents sales of hotel services, whether invoiced, accrued or deferred, net of allowances and value added tax, in respect of services provided during the year.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 
Durrants Hotel Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

  
2.5

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 reporting date.
 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

  
2.6

Repairs and renewals

The original cost of all furniture, fixtures and fittings is included within the cost of the property. All renewals are charged to revenue.

Page 6

 
Durrants Hotel Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

  
2.7

Tangible fixed assets and depreciation

Land and buildings held and used in the company's own activities are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment loss subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.
Any revaluation increase or decrease on land and buildings is credited to the revaluation reserve.
Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, on the following basis:
Freehold property:                                         nil
Long-term leasehold property:                    Over the period of the lease
Short-term leasehold property:                   Over the period of the lease
Fixtures and fittings:                                     10 years straight line
Once a revalued property is sold or retired, any attributable surplus that is remaining in the revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.
Computer equipment under the cost model is 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 on computer equipment is charged to profit or loss so as to write of their value, at a rate of 33% using the straight-line method.
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.

  
2.8

Leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

  
2.9

Stock

The company's stock, comprising wines, spirits and sundry items for resale, is valued at the lower of cost
(including carriage and shipping charges) and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.

Page 7

 
Durrants Hotel Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

  
2.10

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of
exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss
account.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Creditors

Short term creditors are measured at the transaction price.

  
2.13

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.

  
2.14

Functional and presentational currency

The company's functional and presentational currency is GBP.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties. Long term debtors and creditors are measured at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 54 (2023 - 46).

Page 8

 
Durrants Hotel Limited
 
 

Notes to the financial statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
3,700,000
3,000,000
15,200,000
214,136
129,791
22,243,927


Additions
-
30,000
37,198
-
-
67,198


Revaluations
-
(30,000)
(37,198)
-
-
(67,198)



At 31 March 2024

3,700,000
3,000,000
15,200,000
214,136
129,791
22,243,927



Depreciation


At 1 April 2023
-
71,429
490,323
7,516
127,692
696,960


Charge for the year
-
71,429
490,323
21,414
583
583,749



At 31 March 2024

-
142,858
980,646
28,930
128,275
1,280,709



Net book value



At 31 March 2024
3,700,000
2,857,142
14,219,354
185,206
1,516
20,963,218



At 31 March 2023
3,700,000
2,928,571
14,709,677
206,620
2,099
21,546,967

 
 
Cost or valuation of freehold property, long-term leasehold property and short-term leasehold property at 31 March 2024 is as follows:

Land and buildings
£


At cost
1,744,584
At valuation:

31 March 2022 valuation
20,155,416



21,900,000

Page 9

 
Durrants Hotel Limited
 
 

Notes to the financial statements
For the year ended 31 March 2024

           4.Tangible fixed assets (continued)

Land and buildings were revalued at 31 March 2022 to their fair value of £21,900,000 by the company's property
advisors who are independent of the company and have experience valuing similar properties.

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

2024
2023
£
£



Cost
1,811,782
1,744,584

Accumulated depreciation
(842,081)
(822,375)

Net book value
969,701
922,209


5.


Debtors

2024
2023
£
£


Trade debtors
115,819
155,973

Prepayments and accrued income
90,361
64,226

206,180
220,199



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
390,786
-

Bank loans
257,136
257,136

Trade creditors
180,276
185,399

Other taxation and social security
160,271
180,312

Other creditors
85,997
12,959

Accruals and deferred income
51,937
32,526

1,126,403
668,332


Page 10

 
Durrants Hotel Limited
 
 

Notes to the financial statements
For the year ended 31 March 2024

7.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,571,448
2,828,584

2,571,448
2,828,584



8.


Deferred taxation




2024


£






At beginning of year
(3,612,750)


Charged to profit or loss
129,988


Charged to other comprehensive income
(118,692)



At end of year
(3,601,454)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,151,055)
(4,032,365)

Tax losses carried forward
549,601
419,616

(3,601,454)
(3,612,749)


9.


Contingent liabilities

There were no contingent liabilities at 31 March 2024 or 31 March 2023.


10.


Capital commitments

The company had no capital commitments at 31 March 2024 or 31 March 2023.



11.


Pension commitments

The company operates a defined contribution pension scheme on behalf of its directors and certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,383 (2023: £33,928). Contributions payable at the year end were £2,415 (2023: £1,797).

Page 11

 
Durrants Hotel Limited
 
 

Notes to the financial statements
For the year ended 31 March 2024

12.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
246,000
246,000

Later than 1 year and not later than 5 years
988,000
987,000

Later than 5 years
6,416,750
6,663,750

7,650,750
7,896,750

Page 12