Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31falsetruetruetruetruetruefalse3592023-02-01false339true 04821347 2023-02-01 2024-01-31 04821347 2022-02-01 2023-01-31 04821347 2024-01-31 04821347 2023-01-31 04821347 2022-02-01 04821347 1 2023-02-01 2024-01-31 04821347 1 2022-02-01 2023-01-31 04821347 3 2023-02-01 2024-01-31 04821347 3 2022-02-01 2023-01-31 04821347 5 2023-02-01 2024-01-31 04821347 5 2022-02-01 2023-01-31 04821347 6 2023-02-01 2024-01-31 04821347 6 2022-02-01 2023-01-31 04821347 d:CompanySecretary1 2023-02-01 2024-01-31 04821347 d:Director1 2023-02-01 2024-01-31 04821347 d:Director2 2023-02-01 2024-01-31 04821347 d:Director4 2023-02-01 2024-01-31 04821347 d:Director5 2023-02-01 2024-01-31 04821347 d:Director5 2024-01-31 04821347 d:Director6 2023-02-01 2024-01-31 04821347 d:Director6 2024-01-31 04821347 d:RegisteredOffice 2023-02-01 2024-01-31 04821347 e:Buildings e:LongLeaseholdAssets 2023-02-01 2024-01-31 04821347 e:Buildings e:LongLeaseholdAssets 2024-01-31 04821347 e:Buildings e:LongLeaseholdAssets 2023-01-31 04821347 e:FurnitureFittings 2023-02-01 2024-01-31 04821347 e:FurnitureFittings 2024-01-31 04821347 e:FurnitureFittings 2023-01-31 04821347 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04821347 e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04821347 e:CurrentFinancialInstruments 2024-01-31 04821347 e:CurrentFinancialInstruments 2023-01-31 04821347 e:Non-currentFinancialInstruments 2024-01-31 04821347 e:Non-currentFinancialInstruments 2023-01-31 04821347 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 04821347 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 04821347 e:Non-currentFinancialInstruments e:AfterOneYear 2024-01-31 04821347 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 04821347 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-01-31 04821347 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-01-31 04821347 e:ReportableOperatingSegment1 2023-02-01 2024-01-31 04821347 e:ReportableOperatingSegment1 2022-02-01 2023-01-31 04821347 e:ReportableOperatingSegment2 2023-02-01 2024-01-31 04821347 e:ReportableOperatingSegment2 2022-02-01 2023-01-31 04821347 e:ReportableOperatingSegment3 2023-02-01 2024-01-31 04821347 e:ReportableOperatingSegment3 2022-02-01 2023-01-31 04821347 e:UKTax 2023-02-01 2024-01-31 04821347 e:UKTax 2022-02-01 2023-01-31 04821347 e:RevaluationReserve 2023-02-01 2024-01-31 04821347 e:RevaluationReserve 2024-01-31 04821347 e:RevaluationReserve 1 2023-02-01 2024-01-31 04821347 e:RevaluationReserve 6 2023-02-01 2024-01-31 04821347 e:RevaluationReserve 2022-02-01 2023-01-31 04821347 e:RevaluationReserve 2023-01-31 04821347 e:RevaluationReserve 2022-02-01 04821347 e:RevaluationReserve 6 2022-02-01 2023-01-31 04821347 e:RevaluationReserve 8 2022-02-01 2023-01-31 04821347 e:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 04821347 e:RetainedEarningsAccumulatedLosses 2024-01-31 04821347 e:RetainedEarningsAccumulatedLosses 1 2023-02-01 2024-01-31 04821347 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 04821347 e:RetainedEarningsAccumulatedLosses 2023-01-31 04821347 e:RetainedEarningsAccumulatedLosses 2022-02-01 04821347 e:RetainedEarningsAccumulatedLosses 1 2022-02-01 2023-01-31 04821347 e:AcceleratedTaxDepreciationDeferredTax 2024-01-31 04821347 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04821347 e:TaxLossesCarry-forwardsDeferredTax 2024-01-31 04821347 e:TaxLossesCarry-forwardsDeferredTax 2023-01-31 04821347 e:RetirementBenefitObligationsDeferredTax 2024-01-31 04821347 e:RetirementBenefitObligationsDeferredTax 2023-01-31 04821347 e:OtherDeferredTax 2024-01-31 04821347 e:OtherDeferredTax 2023-01-31 04821347 d:OrdinaryShareClass1 2023-02-01 2024-01-31 04821347 d:OrdinaryShareClass1 2024-01-31 04821347 d:OrdinaryShareClass1 2023-01-31 04821347 d:FRS102 2023-02-01 2024-01-31 04821347 d:Audited 2023-02-01 2024-01-31 04821347 d:FullAccounts 2023-02-01 2024-01-31 04821347 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04821347 e:WithinOneYear 2024-01-31 04821347 e:WithinOneYear 2023-01-31 04821347 e:BetweenOneFiveYears 2024-01-31 04821347 e:BetweenOneFiveYears 2023-01-31 04821347 e:MoreThanFiveYears 2024-01-31 04821347 e:MoreThanFiveYears 2023-01-31 04821347 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-01-31 04821347 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-01-31 04821347 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-01-31 04821347 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-01-31 04821347 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-01-31 04821347 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2023-01-31 04821347 5 2023-02-01 2024-01-31 04821347 7 2023-02-01 2024-01-31 04821347 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04821347










HAM YARD INVESTMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
HAM YARD INVESTMENT LIMITED
 
 
COMPANY INFORMATION


Directors
T J R Kemp 
J K Kemp 
C A Markham 
C C Ring (appointed 12 January 2024)
M T Soden (appointed 12 January 2024)




Company secretary
M T Soden



Registered number
04821347



Registered office
18 Thurloe Place
London

SW7 2SP




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
HAM YARD INVESTMENT LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13 - 14
Notes to the financial statements
15 - 30

 
HAM YARD INVESTMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their report and the audited financial statements for the year ended 31 January 2024.

Business review
 
The company has a long leasehold interest in the Ham Yard Hotel close to Piccadilly Circus between Great Windmill Street and Denman Street in London’s West End which opened to great critical acclaim on 1 June 2014. The hotel was constructed by Firmdale Hotels PLC, a fellow group company, which also manages the property.
The property comprises 91 bedrooms, 24 longer stay apartments and 13 retail units. As well as a restaurant and bar there are extensive events spaces which include meeting rooms, a theatre, a bowling alley, two bars and a rooftop terrace.
The hotel development received a New London Architecture Award, a Westminster Society award for Contribution to Urban Vitality and a Conde Nast Traveller Best Hotel Design award. Shortly thereafter it received a Mr & Mrs Smith Best Newcomer award and subsequently a Harden’s award for best afternoon tea, Catey award for best restaurant team, and a Tatler Travel "Most Fun Ever" award. In 2018 it won the Catey Hotel of the Year - Group award.

Principal risks and uncertainties
 
The principal financial risks faced by the company, and the company's objectives and policies in relation to those risks, are as follows:
Cash flow risk
The finance department closely manages the company's cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the directors to potential future risks. It is the company’s policy to ensure that forecast funding requirements can be met with available commited facilities.
Interest rate risk
The company’s interest rate policy has the twin objectives of minimising net interest expense whilst providing protection from material adverse movements in interest rates. The company has fixed its interest charge obligations through until November 2024.
Currency risk
The company faces minimal currency risk as it operates wholly in the UK.

Page 1

 
HAM YARD INVESTMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Going concern

The directors view the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
Following the elimination of all material Covid related travel restrictions in mid 2021, international and domestic demand for both accommodation and food & beverage including events recovered very quickly. By March 2022 both Revenues and Earnings started to exceed those achieved in pre-Covid financial year 2020, and continuing growth led to record profitability for the Group in the financial year to January 2023. The financial year to January 2024 delivered further growth in profitability, and the current financial year is expected to do likewise. Excellent room rate growth, whilst maintaining substantial occupancies, has helped offset the effects of high cost base inflation. 
Rising interest rates have not had a significant impact on the Group given that in excess of 90% of group debt is either fixed or has the benefit of an interest rate cap.
The net current liabilities of £62,314 thousand at January 2024 are driven by the maturation of the Hermes loan in November 2024. Heads of Terms for the maturing UK loans across the Group have been agreed with two major high street banks.
In light of the cash reserves, positive trading projections, supportive banks and well progressed plans for the loan refinancing in November, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required. 

Financial key performance indicators
 
The company's hotel is managed by Firmdale Hotels Plc and recorded revenues of £42.3m (2023 - £41.7m) during the financial year, a 1.014 fold increase over prior year.
The accommodation operated at an average occupancy of 69.1% (2023 - 67.0%) and an average room rate of £834  (2023 - £867). Giving a rooms yield (RevPAR) within 0.8% of prior year. Food & Beverage Revenues increased by 4.6% year on year.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors consider the successful running of the company in terms of achieving its long-term growth strategy which centres around building a sustainable, profitable business which has brand reputation at its heart. The success of the Group centres around positive and effective dealings with all the stakeholders of the group and the directors were mindful of the long-term consequences of key commercial decisions made during the year, and determined that these were in the interests of the company's employees, suppliers, customers and other stakeholders, as they were all aligned to the group’s growth strategy.
The company's and group’s success depends on the company maintaining a reputation for high standards of business conduct with customers and other stakeholders, whether in relation to specific community issues or with regards to environmental issues such as minimising the production of waste.
The principal decisions made by the directors, confirm that throughout the year they have acted in the way that they consider, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole.

Page 2

 
HAM YARD INVESTMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


This report was approved by the board and signed on its behalf.



T J R Kemp
Director

Date: 25 July 2024
Page 3

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of a luxury hotel property owner and operator. The hotel is managed by Firmdale Hotels Plc, a fellow group company. 

Results and dividends

The profit for the year, after taxation, amounted to £598 thousand (2023 - £2,022 thousand).

The directors do not recommend the payment of a dividend (2023 - £Nil).

Directors

The directors who served during the year were:

T J R Kemp 
J K Kemp 
C A Markham 
C C Ring (appointed 12 January 2024)
M T Soden (appointed 12 January 2024)

Page 4

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Future developments

The company is seeking further development opportunities in London but at present there are no specific projects secured.

Financial instruments

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.
The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Further detail in respect of the company's exposure to risks such as cash flow and liquidity risk has been provided in the strategic report on page 1.

Engagement with employees

The company recognises that its employees are fundamental to the success of their service driven business. It is therefore committed to maximising workforce potential by supporting the learning and development needs of each individual member of staff. Good communication with employees is also considered essential. As a matter of principle the company actively promotes from within wherever possible and provides competitive rates of pay and benefits.

Engagement with suppliers, customers and others

The Company consciously looks for suppliers who echo the ethos of the Group, be it in environmental awareness or social consideration. The Group’s purchasing philosophy is to meet the demands and expectations of a global clientele by sourcing from quality, local and diverse suppliers. This is implemented by forming long term partnerships with suppliers, working closely in partnership with them.
The company's supplier relationships are based on lawful, efficient and fair practices. We expect our suppliers to demonstrate they treat workers fairly and provide a safe and healthy work environment, way beyond the basic statutory regulations concerning forced labour or human trafficking.
Customer relations are paramount in the company’s belief system. The company actively encourage customer comments and feedback and every form of correspondence, both positive and negative, is answered by a senior manager. A rigorous Mystery Guest programme is run across the Group with stringent guidelines on what service standards to test and what guests should expect. This has proven successful in highlighting areas that require improvement or indeed that are working well. Every employee of the company is encouraged to see service and experiences through the eyes of the customer. As a result of our long term pursuit of service excellence, more than 50% of the company’s business continues to be generated from returning guests.

Disabled employees

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

Page 5

 
HAM YARD INVESTMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Qualifying third party indemnity provisions

Third party qualifying directors' and officers’ insurance has been maintained throughout the financial year and to the date of this report which extends to all subsidiaries within the wider group under Firmdale Holdings Limited.

Greenhouse gas emissions, energy consumption and energy efficiency action

Under Section 415(2) of the Companies Act 2006, the company have opted to include their streamlined energy and carbon reporting disclosure in Firmdale Holding Limited Annual Report 2024, the parent company.

Matters covered in the Strategic report

As permitted by paragraph 1A of schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation  2008, certain matters which are required  to be disclosed in the directors’ report have been omitted as they are included in the strategic report on pages 1-2.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T J R Kemp
Director

Date: 25 July 2024
Page 6

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED
 

Opinion


We have audited the financial statements of Ham Yard Investment Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiry of management, those charged with governance and Company legal advisors around actual and potential litigation and claims;

performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

reviewing minutes of meetings of those charges with governance; and

reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 9

 
HAM YARD INVESTMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAM YARD INVESTMENT LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Rajeev Shaunak BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom


31 July 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 10

 
HAM YARD INVESTMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
42,325
41,693

Cost of sales
  
(24,617)
(21,689)

Gross profit
  
17,708
20,004

Administrative expenses
  
(12,202)
(12,281)

Operating profit
 5 
5,506
7,723

Interest receivable and similar income
 8 
27
-

Interest payable and similar expenses
 9 
(4,986)
(5,081)

Profit before tax
  
547
2,642

Tax on profit
 10 
51
(620)

Profit for the financial year
  
598
2,022

Other comprehensive income for the year
  

Unrealised (deficit)/surplus on revaluation of long term leasehold property
  
(1,461)
792

Deferred tax credit on revalued long term leasehold property
  
365
333

Other comprehensive income for the year
  
(1,096)
1,125

Total comprehensive income for the year
  
(498)
3,147

The notes on pages 15 to 30 form part of these financial statements.

Page 11

 
HAM YARD INVESTMENT LIMITED
REGISTERED NUMBER: 04821347

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
233,543
237,000

Current assets
  

Stocks
 12 
230
264

Debtors: amounts falling due within one year
 13 
75,665
73,261

Cash at bank and in hand
 14 
1,166
872

  
77,061
74,397

Creditors: amounts falling due within one year
 15 
(139,375)
(2,177)

Net current (liabilities)/assets
  
 
 
(62,314)
 
 
72,220

Total assets less current liabilities
  
171,229
309,220

Creditors: amounts falling due after more than one year
 16 
-
(137,077)

Provisions for liabilities
  

Deferred tax
 18 
(50,311)
(50,727)

Net assets
  
 
 
120,918
 
 
121,416


Capital and reserves
  

Revaluation reserve
 20 
109,206
111,743

Profit and loss account
 20 
11,712
9,673

  
120,918
121,416


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T J R Kemp
Director

Date: 25 July 2024

The notes on pages 15 to 30 form part of these financial statements.
Page 12

 
HAM YARD INVESTMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2023
111,743
9,673
121,416


Comprehensive income for the year

Profit for the year
-
598
598

Deficit on revaluation of leasehold property
(1,461)
-
(1,461)

Deferred tax credit on revalued leasehold property
365
-
365
Total comprehensive income for the year
(1,096)
598
(498)

Transfer to/from profit and loss account
(1,441)
1,441
-


At 31 January 2024
109,206
11,712
120,918


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
HAM YARD INVESTMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2022
112,050
6,219
118,269


Comprehensive income for the year

Profit for the year

-
2,022
2,022

Deficit on revaluation of leasehold property
792
-
792

Deferred tax charge on revalued leasehold property
333
-
333


Other comprehensive income for the year
1,125
-
1,125


Total comprehensive income for the year
1,125
2,022
3,147

Transfer to/from profit and loss account
(1,432)
1,432
-


At 31 January 2023
111,743
9,673
121,416


The notes on pages 15 to 30 form part of these financial statements.

Page 14

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Ham Yard Investment Limited is a private company, limited by shares, registered and incorporated in England and Wales under the Companies Act. 
The principal activity of the company is that of a luxury hotel property owner and operator. The hotel is managed by Firmdale Hotels Plc, a fellow group company. 
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1,000.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Firmdale Holdings Limited as at 31 January 2024 and these financial statements may be obtained from the Registrar of Companies.

Page 15

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors view the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
Following the elimination of all material Covid related travel restrictions in mid 2021, international and domestic demand for both accommodation and food & beverage including events recovered very quickly. By March 2022 both Revenues and Earnings started to exceed those achieved in pre-Covid financial year 2020, and continuing growth led to record profitability for the Group in the financial year to January 2023. The financial year to January 2024 delivered further growth in profitability, and the current financial year is expected to do likewise. Excellent room rate growth, whilst maintaining substantial occupancies, has helped offset the effects of high cost base inflation. 
Rising interest rates have not had a significant impact on the Group given that in excess of 90% of group debt is either fixed or has the benefit of an interest rate cap.
The net current liabilities of £62,314 thousand at January 2024 are driven by the maturation of the Hermes loan in November 2024. Heads of Terms for the maturing UK loans across the Group have been agreed with two major high street banks.
In light of the cash reserves, positive trading projections, supportive banks and well progressed plans for the loan refinancing in November, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required. 

 
2.4

Revenue

Revenue represents amounts receivable for accommodation, food and beverage sales and ancillary hotel services provided in the normal course of business. 
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. 

Deposits which have been received at the reporting date for which services have not yet been provided are included in accruals and deferred income within creditors. 

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to the profit or loss account on a straight-line basis over the lease term.

Page 16

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets 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:

Long-term leasehold property improvements
-
Over the lease term
Fixtures and fittings
-
20% straight line

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 reporting 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 17

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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.

 
2.14

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.

Page 18

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

To the extent that the holiday pay adjustment gives rise to an asset balance at the reporting date the amount is reported in prepayments. 

 
2.16

Borrowing costs

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

 
2.17

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 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 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 the 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.

 
2.18

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.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 19

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
Page 20

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (including the key areas of estimation uncertainty) have had the most significant effect on amounts recognised in the financial statements:
Revaluation of tangible fixed assets
The long term leasehold property is held under the revaluation model and is based on detailed valuation reports completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on discounted cash flow models which include judgements surrounding future performance and market factors. 

Page 21

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Rooms and apartments
24,850
25,014

Food and beverage
16,631
15,902

Other
844
776

42,325
41,692


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of the tangible fixed assets
2,270
2,280

Other operating lease rentals
3,143
3,207

During the year, no director received any emolument (2023 - £Nil).


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
19
18

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 22

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Employees

Staff costs were as follows:


2024
2023
£000
£000

Wages and salaries
12,548
11,072

Social security costs
958
829

Cost of defined contribution scheme
178
143

13,684
12,044


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
5
3



Hotel staff
354
336

359
339


8.


Interest receivable

2024
2023
£000
£000


Other interest receivable
27
-


9.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
4,986
5,081

Page 23

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
-
135


-
135


Total current tax
-
135

Deferred tax


Origination and reversal of timing differences
(51)
779

Adjustments in respect of previous period
-
(294)

Total deferred tax
(51)
485


Tax on profit
(51)
620

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
547
2,642


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
131
502

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
449
355

Deferred tax recognised at a higher rate
5
187

Adjustments to tax charge in respect of prior periods
(13)
(294)

Super deduction expenditure adjustment
-
(24)

Capital gains
(492)
37

Corporate interest restriction
(131)
-

Group relief
-
(143)

Total tax charge for the year
(51)
620

Page 24

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Tangible fixed assets





Long-term leasehold property improvements
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 1 February 2023
236,598
2,507
239,105


Additions
-
293
293


Revaluations
(3,598)
-
(3,598)



At 31 January 2024

233,000
2,800
235,800



Depreciation


At 1 February 2023
-
2,104
2,104


Charge for the year on owned assets
2,136
153
2,289


On revalued assets
(2,136)
-
(2,136)



At 31 January 2024

-
2,257
2,257



Net book value



At 31 January 2024
233,000
543
233,543



At 31 January 2023
236,598
402
237,000

Hermes  Real Estate Senior Debt Fund  S.â.r.l. holds a security agreement  over the leasehold  property, and fixed and floating charges over other assets, held by the company. These charges form security for a loan facility provided to the company.

The long term leasehold property is held under the revaluation model and is based on detailed valuation reports completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on discounted cash flow models which include judgements surrounding future performance and market factors.

Page 25

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           11.Tangible fixed assets (continued)

If the long term leasehold property had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£000
£000



Cost
83,814
83,814

Accumulated depreciation
(6,602)
(5,906)

Net book value
77,212
77,908


12.


Stocks

2024
2023
£000
£000

Finished goods and goods for resale
230
264


The replacement cost of stock was not materially different to the amount stated above.


13.


Debtors

2024
2023
£000
£000


Trade debtors
285
479

Amounts owed by group undertakings
74,800
72,121

Other debtors
580
661

75,665
73,261


All amounts shown under debtors fall due for payment within one year.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


14.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
1,166
872


Page 26

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Bank loans
137,500
-

Corporation tax
-
135

Other creditors
982
942

Accruals and deferred income
893
1,100

139,375
2,177



16.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Bank loans
-
137,500

Deferred financing charges
-
(423)

-
137,077


Page 27

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

Amounts falling due within one year

Bank loans
137,500
-

Amounts falling due 1-2 years

Bank loans
-
137,500

Deferred financing charges
-
(423)



137,500
137,077


On  14  November  2017,  the  company  entered  into  a  £120m  non-amortising  loan  with  Hermes  Real Estate  Senior  Debt Fund S.à.r.l. The term of the loan is seven years to 19 November  2024 when the capital amount is to be repaid in full. Interest is charged at a fixed rate of 3.0%.
An addítional non-amortising loan of £17.5m from Hermes Real Estate Senior Debt Fund S.à.r.l. was secured on 26th August 2020 with a term of two years to 28 August 2022. Interest is charged at a fixed rate of 5.5%. The option to extend this loan was undertaken so that this is now coterminous with the £120m loan noted above. 
The bank loans are secured by legal charges over the leasehold property of the company, and other freehold properties of fellow subsidiaries. In addition they are secured by fixed and floating charges over the book debts and other assets in the company and fellow subsidiaries.


18.


Deferred taxation




2024
2023


£000

£000






At beginning of year
(50,727)
(50,575)


(Credited)/charged to profit or loss
51
(485)


Credited to other comprehensive income
365
333



At end of year
(50,311)
(50,727)

Page 28

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Short term timing differences
27
27

Accelerated capital allowances
(5,713)
(5,244)

Temporary difference on the revaluation of leasehold property
(46,119)
(46,996)

Losses and other deductions
1,494
1,486

(50,311)
(50,727)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.



20.


Reserves

Revaluation reserve

This  reserve  records  the  amount  above  the  historic  cost  of  tangible  fixed  assets.  The  amount  of depreciation provided on book value which represents  a surplus on valuation is transferred as a reserves movement to the profit and loss account.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


21.


Pension commitments

The company operates a defined contribution pension scheme  for employees. The assets of the scheme are held separately  from those  of the  company  in independently administered  funds. The pension  cost charge  for  the  year  represents  contributions  payable  by  the  company  to  the  funds  and  amounted  to £178,000  (2023  - £143,000).  Contributions  totalling  £NiI (2023  - £Nil)  were  payable  to the  fund  at the reporting date.

Page 29

 
HAM YARD INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Commitments under operating leases

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

2024
2023
£000
£000


Not later than 1 year
3,146
3,146

Later than 1 year and not later than 5 years
12,586
12,586

Later than 5 years
332,959
336,105

348,691
351,837

At 31 January 2024 the Company had future minimum rentals receivable under non-cancellable operating leases as follows:

2024
2023

£000
£000


Not later than 1 year
172
175

Later than 1 year and not later than 5 years
109
104

281
279


23.


Related party transactions

The  company  has  taken advantage  of the exemption  available  under paragraph  33.1A  of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.

24.


Controlling party

The immediate parent undertaking is HY Hotels Limited, a company registered in England and Wales.
The ultimate parent is Firmdale Holdings Limited, head of this group and a company registered in England and Wales. The consolidated accounts of this group, which is the smallest and largest group to include the company, are available from the Registrar of Companies.
In the opinion of the directors, the Trustee of Kemp Family Foundation  is the ultimate controlling party of the group and therefore of this entity.
 
Page 30