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Registration number: 00767681

The Great House At Sonning Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Great House At Sonning Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

The Great House At Sonning Limited

(Registration number: 00767681)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

12,500,000

12,500,000

Current assets

 

Debtors

6

341,901

218,159

Other financial assets

5

793,651

1,015,873

Cash at bank and in hand

 

384,184

363,261

 

1,519,736

1,597,293

Creditors: Amounts falling due within one year

7

(13,012,336)

(10,873,804)

Net current liabilities

 

(11,492,600)

(9,276,511)

Total assets less current liabilities

 

1,007,400

3,223,489

Creditors: Amounts falling due after more than one year

7

-

(2,318,448)

Net assets

 

1,007,400

905,041

Capital and reserves

 

Called up share capital

9

500,000

500,000

Investment property revaluation reserve

1,992,130

1,992,130

Profit and loss account

(1,484,730)

(1,587,089)

Shareholders' funds

 

1,007,400

905,041

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
A P Bradshaw
Director

 

The Great House At Sonning Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Beaumont Mews
First Floor
London
W1G 6EN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency of the company is the pound sterling rounded to the nearest pound.

Going concern

As at 31 December 2023, the Company had net assets of £1,007,400 (2022: £905,041) and a profit after taxation of £102,359 (2022: £168,458). The company is currently making operating profits and the Directors have prepared forecasts that anticipate that the business will continue to be profitable and cash generative going forward.

The parent company, Mudlark Hotels Limited, has confirmed, in writing, that it will not call in its intercompany loan within 12 months from the date of approval of the financial statements unless there are sufficient funds to be able to do so.

In addition, loans and borrowings within current liabilities of £2,326,368 were renegotiated after the balance sheet date such that a signficant proportion of this balance has been converted to a long term liability.

On this basis, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and for at least 12 months from the date of approval of the financial statements and continue to adopt the going concern basis in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Revenue is recognised at the point at which accommodation and related services are provided and when the amount of revenue can be measured reliably and it is probable that the Company will receive the consideration due under the contract. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

 

The Great House At Sonning Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

The Great House At Sonning Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

At 1 January

12,500,000

At 31 December

12,500,000

There has been no valuation of investment property by an independent valuer. The valuation has been made by the director at the year end based on predicted rental yields.

5

Other financial assets (current and non-current)

2023
£

2022
£

Listed investments

Valuation as at 1 January 2023

1,015,873

2,174,603

Fair value adjustment

(222,222)

(1,158,730)

Valuation as at 31 December 2023

793,651

1,015,873

At the date of approval of these financial statements, these investments had a market value of approximately £0.56 million.

 

The Great House At Sonning Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

10

17,812

17,812

Prepayments

 

-

26,838

Other debtors

 

324,089

173,509

 

341,901

218,159

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

2,326,368

222,000

Amounts owed to group undertakings

10

10,608,281

10,586,281

Taxation and social security

 

54,465

48,156

Other creditors

 

23,222

17,367

 

13,012,336

10,873,804

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

2,318,448

In April 2024, the company's loan and borrowings were renegotiated into a new five year bank loan.

 

The Great House At Sonning Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

2,326,368

222,000

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

2,318,448

Bank borrowings are secured against the investment property.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

450,000

450,000

450,000

450,000

Preference share of £1 each

50,000

50,000

50,000

50,000

500,000

500,000

500,000

500,000

10

Related party transactions

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed related party transactions with wholly owned members of the group.

Summary of transactions with other related parties

The company paid professional fees of £18,000 (2022: £18,000) to Osmond Capital Limited, a related party through common control and directors in common.

11

Parent and ultimate parent undertaking

The company's immediate parent is Mudlark Hotels Limited, incorporated in England and Wales.

 The ultimate parent is Xercise 2 Limited, incorporated in England and Wales.

 The ultimate controlling party is H E Osmond.