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Registered number: 09086923









DOMINUS OXFORD HOTEL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DOMINUS OXFORD HOTEL LIMITED
REGISTERED NUMBER: 09086923

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
24,112,032
24,701,946

Current assets
  

Stocks
  
8,290
9,188

Debtors: amounts falling due after more than one year
 5 
-
14,786

Debtors: amounts falling due within one year
 5 
19,386,801
417,534

Cash at bank and in hand
  
303,126
1,802,640

  
19,698,217
2,244,148

Creditors: amounts falling due within one year
 6 
(2,768,736)
(2,062,474)

Net current assets
  
 
 
16,929,481
 
 
181,674

Total assets less current liabilities
  
41,041,513
24,883,620

Creditors: amounts falling due after more than one year
 7 
(33,478,125)
(19,386,813)

Provisions for liabilities
  

Deferred tax
  
(37,536)
-

Net assets
  
7,525,852
5,496,807


Capital and reserves
  

Called up share capital 
  
2,586,002
2,586,002

Other reserves
  
-
5,265

Profit and loss account
  
4,939,850
2,905,540

  
7,525,852
5,496,807


Page 1

 
DOMINUS OXFORD HOTEL LIMITED
REGISTERED NUMBER: 09086923
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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

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

Page 2

 
DOMINUS OXFORD HOTEL LIMITED
 

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


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

£
£
£
£


At 1 January 2022
2,586,002
820,620
1,540,092
4,946,714


Comprehensive income for the year

Profit for the year
-
-
550,093
550,093


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
550,093
550,093


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(815,355)
815,355
-


Total transactions with owners
-
(815,355)
815,355
-



At 1 January 2023
2,586,002
5,265
2,905,540
5,496,807


Comprehensive income for the year

Profit for the year
-
-
2,029,045
2,029,045


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
2,029,045
2,029,045


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(5,265)
5,265
-


Total transactions with owners
-
(5,265)
5,265
-


At 31 December 2023
2,586,002
-
4,939,850
7,525,852


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

The other reserve represents capital investments made by the parent company through providing the company with non market rate loans. The reserve represents the amount by which the loans were discounted to their present value on recognition and is non distributable.
Transfers to the profit and loss account were £5,265 (2022: £815,355) in respect of the reversal of discounted group loans that are distributable at the year end.
Page 3

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

1.


General information

Dominus Oxford Hotel Limited is a private company limited by shares and incorporated in England & Wales. The address of its principal place of business is Unither House, 15 Paradise Street, Oxford, OX1 1LD.

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 OXFORD 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 service is used.
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.
Rental income
Properties are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Any rental income received relating to a future period is deferred.

 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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. Finance costs relating to group borrowings represent the difference between the effective and actual rate of interest. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

 
2.6

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

2.Accounting policies (continued)

 
2.7

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 statement of financial position 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 is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line basis
Long-term leasehold property
-
50 years straight line basis
Fixtures and fittings
-
5 to 10 years straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Page 6

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

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.
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 OXFORD 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 the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
62
46

Page 8

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

4.


Tangible fixed assets





Freehold property
Long-term leasehold property
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2023
25,579,906
345,613
1,212,426
27,137,945


Additions
72,739
16,942
-
89,681



At 31 December 2023

25,652,645
362,555
1,212,426
27,227,626



Depreciation


At 1 January 2023
1,856,796
6,807
572,396
2,435,999


Charge for the year on owned assets
508,461
7,229
163,905
679,595



At 31 December 2023

2,365,257
14,036
736,301
3,115,594



Net book value



At 31 December 2023
23,287,388
348,519
476,125
24,112,032



At 31 December 2022
23,723,110
338,806
640,030
24,701,946

Page 9

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

5.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
-
14,786

-
14,786


2023
2022
£
£

Due within one year

Trade debtors
142,603
121,863

Amounts owed by group undertakings
19,042,172
2

Other debtors
104,439
204,909

Prepayments
97,587
90,760

19,386,801
417,534



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
866,671
800,000

Trade creditors
457,719
313,420

Corporation tax
706,190
360,749

Other taxation and social security
239,046
41,106

Other creditors
165,889
170,566

Accruals and deferred income
333,221
376,633

2,768,736
2,062,474


Page 10

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

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
32,535,692
18,378,348

Amounts owed to group undertakings
-
27,565

Accruals and deferred income
942,433
980,900

33,478,125
19,386,813


Bank loans due within and after more than one year of £33,402,363 (2022: £19,178,348) are interest bearing at the Bank of England Base Rate + 2.85% per annum.
Secured loans
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
Amounts owed to group undertakings are secured on the assets of the company.


8.


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. There were no amounts payable to the fund at the reporting or prior reporting date.


9.


Related party transactions

Dominus Oxford Hotel Limited is a wholly owned subsidiary of Dominus Oxford 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 its parent company on the grounds that the company is wholly owned subsidiary.


10.


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