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Registered Number: 10093051
England

 

 

 

ST OLAVE'S LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,992   
1,992   
Current assets      
Stocks 28,516    37,831 
Debtors 266,369    148,368 
Cash at bank and in hand 454,229    585,531 
749,114    771,730 
Creditors: amount falling due within one year (1,406,572)   (1,307,652)
Net current assets (657,458)   (535,922)
 
Total assets less current liabilities (655,466)   (535,922)
Creditors: amount falling due after more than one year (140,950)   (950,950)
Net assets (796,416)   (1,486,872)
 

Capital and reserves
     
Called up share capital 4 4,772,414    4,772,414 
Profit and loss account (5,568,830)   (6,259,286)
Shareholders' funds (796,416)   (1,486,872)
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 07 October 2024 and were signed on its behalf by:


-------------------------------
James Andrew Ramsden
Director
1
General Information
ST OLAVE'S LIMITED is a private company, limited by shares, registered in England, registration number 10093051, registration address 181 Tooley Street, London, SE1 2JR. The principal place of business is The Lalit London Hotel, 181 Tooley Street, London SE1 2JR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
Since the closure of the hotel on 26 March 2020 as a result of the Covid-19 pandemic, St Olave's Limited has implemented appropriate measures to reduce the impact on the business. These include cost reductions, accessing Government support including the Coronavirus Job Retention Scheme, business rates reliefs and HMRC deferment of indirect taxes. In August 2020, the Company secured a £50,000 bounce back loan via the government scheme to support the business during the ongoing Covid-19 pandemic. The directors have prepared cash flow forecasts for a period to March 2025 which take account of these measures and the directors best estimates of levels of future trading.  Based on the above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Turnover
Revenue is generated from the sale of accommodation within the hotel along with the sale of food and beverage.

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.

Revenue from accommodation, food and beverages and other ancillary services is recognised on the date of delivery, as this is the date on which risk and reward transfers from the Company to the customer. Any amounts received before the end of the reporting period in respect to the provision of accommodation and services after the reporting period are treated accordingly as deferred revenues.
Operating lease rentals
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 3 years
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


At each balance sheet 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.

Average number of employees

Average number of employees during the year was 61 (2023 : 52).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 April 2023 5,150    5,150 
Additions 2,241    2,241 
Disposals  
At 31 March 2024 7,391    7,391 
Depreciation
At 01 April 2023 5,150    5,150 
Charge for year 249    249 
On disposals  
At 31 March 2024 5,399    5,399 
Net book values
Closing balance as at 31 March 2024 1,992    1,992 
Opening balance as at 01 April 2023  


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
4,772,414 Ordinary shares of £1.00 each 4,772,414    4,772,414 
4,772,414    4,772,414 

5.

Related party transactions

At the end of the year the Company owed £126,783 (2023 : £926,783) to Grand Hotel and Investments Limited, connected companies in which Mr J Nanda has indirect interest. The amount due was interest free, unsecured and repayable on demand. The company accrued rental charges of £174,000 (2023 : -£174,000)  owed to Grand Hotel and Investments Limited, a connected company in which Mr J Nanda has an indirect interest during the year.
2