Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue42023-01-01No description of principal activity31true 07900263 2023-01-01 2023-12-31 07900263 2022-01-01 2022-12-31 07900263 2023-12-31 07900263 2022-12-31 07900263 2022-01-01 07900263 1 2023-01-01 2023-12-31 07900263 1 2022-01-01 2022-12-31 07900263 5 2023-01-01 2023-12-31 07900263 d:Director1 2023-01-01 2023-12-31 07900263 e:Buildings 2023-01-01 2023-12-31 07900263 e:Buildings 2023-12-31 07900263 e:Buildings 2022-12-31 07900263 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07900263 e:FurnitureFittings 2023-01-01 2023-12-31 07900263 e:FurnitureFittings 2023-12-31 07900263 e:FurnitureFittings 2022-12-31 07900263 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07900263 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07900263 e:OtherPropertyPlantEquipment 2023-12-31 07900263 e:OtherPropertyPlantEquipment 2022-12-31 07900263 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07900263 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07900263 e:CurrentFinancialInstruments 2023-12-31 07900263 e:CurrentFinancialInstruments 2022-12-31 07900263 e:Non-currentFinancialInstruments 2023-12-31 07900263 e:Non-currentFinancialInstruments 2022-12-31 07900263 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 07900263 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 07900263 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 07900263 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 07900263 e:ShareCapital 2023-01-01 2023-12-31 07900263 e:ShareCapital 2023-12-31 07900263 e:ShareCapital 2022-01-01 2022-12-31 07900263 e:ShareCapital 2022-12-31 07900263 e:ShareCapital 2022-01-01 07900263 e:SharePremium 2023-01-01 2023-12-31 07900263 e:SharePremium 2023-12-31 07900263 e:SharePremium 1 2023-01-01 2023-12-31 07900263 e:SharePremium 2022-01-01 2022-12-31 07900263 e:SharePremium 2022-12-31 07900263 e:SharePremium 2022-01-01 07900263 e:SharePremium 1 2022-01-01 2022-12-31 07900263 e:RevaluationReserve 2023-01-01 2023-12-31 07900263 e:RevaluationReserve 2023-12-31 07900263 e:RevaluationReserve 1 2023-01-01 2023-12-31 07900263 e:RevaluationReserve 5 2023-01-01 2023-12-31 07900263 e:RevaluationReserve 2022-01-01 2022-12-31 07900263 e:RevaluationReserve 2022-12-31 07900263 e:RevaluationReserve 2022-01-01 07900263 e:RevaluationReserve 8 2022-01-01 2022-12-31 07900263 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07900263 e:RetainedEarningsAccumulatedLosses 2023-12-31 07900263 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 07900263 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07900263 e:RetainedEarningsAccumulatedLosses 2022-12-31 07900263 e:RetainedEarningsAccumulatedLosses 2022-01-01 07900263 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 07900263 e:OtherDeferredTax 2023-12-31 07900263 e:OtherDeferredTax 2022-12-31 07900263 d:FRS102 2023-01-01 2023-12-31 07900263 d:Audited 2023-01-01 2023-12-31 07900263 d:FullAccounts 2023-01-01 2023-12-31 07900263 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07900263 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07900263 2 2023-01-01 2023-12-31 07900263 5 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07900263









DOMINUS ALDGATE HOTEL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DOMINUS ALDGATE HOTEL LIMITED
REGISTERED NUMBER: 07900263

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
130,526,730
66,541,338

Current assets
  

Stocks
  
23,807
-

Debtors: amounts falling due within one year
 5 
11,364,804
9,733,069

Cash at bank and in hand
  
1,929,439
94,476

  
13,318,050
9,827,545

Creditors: amounts falling due within one year
 6 
(2,263,077)
(48,067,006)

Net current assets/(liabilities)
  
 
 
11,054,973
 
 
(38,239,461)

Total assets less current liabilities
  
141,581,703
28,301,877

Creditors: amounts falling due after more than one year
 7 
(66,315,681)
-

Provisions for liabilities
  

Deferred tax
 8 
(14,116,253)
(3,638,651)

Net assets
  
61,149,769
24,663,226


Capital and reserves
  

Called up share capital 
  
11
11

Share premium account
  
5,961,342
5,961,342

Revaluation reserve
  
55,973,128
21,726,048

Profit and loss account
  
(784,712)
(3,024,175)

  
61,149,769
24,663,226


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 statement of comprehensive income 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 16 September 2024.


S S Ahluwalia
Director
Page 1

 
DOMINUS ALDGATE HOTEL LIMITED
REGISTERED NUMBER: 07900263
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
DOMINUS ALDGATE HOTEL LIMITED
 

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


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
11
5,961,342
22,268,265
(2,980,229)
25,249,389


Comprehensive income for the year

Loss for the year

-
-
-
(43,946)
(43,946)

Deferred tax on property revaluation
-
-
(542,217)
-
(542,217)


Other comprehensive income for the year
-
-
(542,217)
-
(542,217)


Total comprehensive income for the year
-
-
(542,217)
(43,946)
(586,163)


Total transactions with owners
-
-
-
-
-



At 1 January 2023
11
5,961,342
21,726,048
(3,024,175)
24,663,226


Comprehensive income for the year

Profit for the year
-
-
-
2,239,463
2,239,463

Surplus on revaluation of freehold property
-
-
44,724,682
-
44,724,682

Deferred tax on property revaluation
-
-
(10,477,602)
-
(10,477,602)


Other comprehensive income for the year
-
-
34,247,080
-
34,247,080


Total comprehensive income for the year
-
-
34,247,080
2,239,463
36,486,543


Total transactions with owners
-
-
-
-
-


At 31 December 2023
11
5,961,342
55,973,128
(784,712)
61,149,769


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dominus Aldgate Hotel Limited is a private company limited by shares and registered in England & Wales. The address of its principal place of business is 12-20 Osborn Street, London, E1 6TE.

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 the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.




 
Page 4

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.2
Revenue (continued)

Revenue within the company comprises the following:
Income from rooms
Revenue consists of charges made for occupancy of hotel rooms and is recognised when rooms are occupied and services have been rendered. Any room income received relating to a future period is deferred to the period in which the room is occupied.
Income from bars and restaurants
Revenue comprises sales of food and drink, including mini bar facilities at the hotel and is recognised as income at the point of sale.
Income from hires
Revenues from hiring of meeting rooms, conference facilities and provision of catering services for events are recognised at the point of event date.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset have been capitalised.
Capitalisation of borrowing costs ceases when substantially all of the activities necessary to prepare the asset for its intended use or sale are complete.

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

 
2.5

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

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.


Freehold property
-
50 years
Fixtures and fittings
-
10% SL

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.

Page 6

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Assets under construction are carried 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 the other of 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.

 
2.9

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.
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.

 
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. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 7

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2022 - 4).

Page 8

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Fixtures fittings and equipment
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
44,485
66,496,853
66,541,338


Additions
-
4,488,362
14,778,465
19,266,827


Transfers between classes
81,275,318
-
(81,275,318)
-


Revaluations
44,724,682
-
-
44,724,682



At 31 December 2023

126,000,000
4,532,847
-
130,532,847



Depreciation


Charge for the year on owned assets
-
6,117
-
6,117



At 31 December 2023

-
6,117
-
6,117



Net book value



At 31 December 2023
126,000,000
4,526,730
-
130,526,730



At 31 December 2022
-
44,485
66,496,853
66,541,338

Capitalised borrowing costs of £2,979,909 are included in assets under construction additions during the year.
Freehold property
Land and buildings were professionally valued on 21 November 2023 as a hotel imminently undergoing redevelopment, inclusive of the trade furniture, furnishings and equipment. The valuation was prepared by Savills in accordance with the requirements of The Royal Institution of Chartered Surveyors Valuation - Professional Standards January 2014 (the 'Red Book'). The directors considered the fair value of the property at 31 December 2023 taking into consideration the condition of the property due to the redevelopment work in progress at the reporting date and consider the fair value to be equal to the carrying value.
Freehold property includes revalued assets of £28,119,699 (2022: £28,119,699). If these assets had not been included at valuation they would have been included under the historical cost convention at a net book value of £16,317,185 (2022: £16,500,458).

Page 9

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
206,785
-

Amounts owed by group undertakings
10,998,455
9,238,455

Other debtors
115,277
494,614

Prepayments
44,287
-

11,364,804
9,733,069



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
30,871,992

Trade creditors
567,999
1,140,195

Amounts owed to group undertakings
-
15,295,000

Other taxation and social security
27,713
-

Other creditors
690,778
743,200

Accruals and deferred income
976,587
16,619

2,263,077
48,067,006



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
66,315,681
-


Secured liabilities
Bank loans of £67,000,000 due after more than one year (2022: £30,871,992 due within one year) are interest bearing at the Bank of England base rate +2.85% per annum.
The bank loan is secured by way of a fixed and floating charge over the assets of the company.

Page 10

 
DOMINUS ALDGATE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
3,638,651


Charged to other comprehensive income
10,477,602



At end of year
14,116,253

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of tangible assets
14,116,253
3,638,651


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £6,178 (2022: £NIL) were payable to the fund at the reporting date and are included in creditors due within one year.


10.


Related party transactions

Dominus Aldgate Hotel Limited is a wholly owned subsidiary of Dominus Aldgate Holdings Limited, a company incorporated in Jersey. The registered office address is 28 Esplanade, St Helier, Jersey, JE2 3QA.
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned group companies.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 11