Company Registration No. 04177534 (England and Wales)
ELVETHAM HALL (PROPERTY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ELVETHAM HALL (PROPERTY) LIMITED
COMPANY INFORMATION
Directors
Mr R S Matharu
Mr J S Matharu
Mr T S Matharu
Miss S Matharu
(Appointed 22 September 2022)
Secretary
Mr J S Matharu
Company number
04177534
Registered office
The Elvetham Hotel
Fleet Road
Hartley Wintney
Hook
RG27 8AS
Auditor
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ELVETHAM HALL (PROPERTY) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ELVETHAM HALL (PROPERTY) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,025,278
15,143,965
Current assets
Debtors
4
351,630
169,253
Cash at bank and in hand
12,977
108,351
364,607
277,604
Creditors: amounts falling due within one year
5
(13,460,500)
(12,963,985)
Net current liabilities
(13,095,893)
(12,686,381)
Total assets less current liabilities
1,929,385
2,457,584
Provisions for liabilities
6
(443,552)
(475,196)
Net assets
1,485,833
1,982,388
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
9
4,445,838
4,445,838
Profit and loss reserves
(2,960,006)
(2,463,451)
Total equity
1,485,833
1,982,388
The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr R S Matharu
Director
Company Registration No. 04177534
ELVETHAM HALL (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Elvetham Hall (Property) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Elvetham Hotel, Fleet Road, Hartley Wintney, Hook, RG27 8AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are included in the consolidated financial statements of New Gem Holdings Limited which are available from Lion House, 72-75 Red Lion Street London WC1R 4NA.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company incurred a loss for the year ended 31 March 2023 and had net current liabilities at that date. The company is a wholly owned subsidiary of Richmond & Hampshire Limited and an ultimate subsidiary undertaking of New Gem Holdings Limited. Jastar Capital Limited, an intermediate parent undertaking, has agreed to provide ongoing financial support to the company for at least 12 months from the date of signing these financial statements. Hence, the company has chosen to continue to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Turnover
Turnover represents rental income excluding value added tax, and is recognised in the period to which it relates.
ELVETHAM HALL (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% per annum on a straight line basis
Fixtures and fittings
20% per annum on a straight line basis
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
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.
Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
ELVETHAM HALL (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
17,377,615
126,575
17,504,190
Additions
1,194
48,405
49,599
At 31 March 2023
17,378,809
174,980
17,553,789
Depreciation and impairment
At 1 April 2022
2,360,225
2,360,225
Depreciation charged in the year
139,673
28,613
168,286
At 31 March 2023
2,499,898
28,613
2,528,511
Carrying amount
At 31 March 2023
14,878,911
146,367
15,025,278
At 31 March 2022
15,017,390
126,575
15,143,965
ELVETHAM HALL (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
307,163
104,924
Other debtors
44,467
64,329
351,630
169,253
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
361,095
43,592
Amounts owed to group undertakings
11,974,563
11,758,390
Other creditors
1,124,842
1,162,003
13,460,500
12,963,985
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7
443,552
475,196
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
-
31,644
Revaluation reserve
443,552
443,552
443,552
475,196
2023
Movements in the year:
£
Liability at 1 April 2022
475,196
Credit to profit or loss
(31,644)
Liability at 31 March 2023
443,552
ELVETHAM HALL (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1
1
1
1
Ordinary share capital of £1 is issued but not fully paid.
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
4,445,838
4,552,291
Deferred tax on revaluation of tangible assets
-
(106,453)
At the end of the year
4,445,838
4,445,838
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Balvantkumar B Patel and the auditor was John Cumming Ross Limited.
11
Related party transactions
The company has taken advantage of the exemption provided in FRS102 from disclosing transactions with members of the same group that are wholly owned.
12
Parent company
The immediate parent undertaking is Richmond & Hampshire Limited, a company incorporated in England and Wales.
The ultimate parent undertaking is New Gem Holdings Limited, a company incorporated in England and Wales. New Gem Holdings Limited also heads the smallest and largest group for which consolidated financial statements are prepared. The consolidated financial statements of New Gem Holdings Limited are available from its registered office Lion House, 72-75 Red Lion Street, London SW1P 1JU, United Kingdom.