Company registration number 07505979 (England and Wales)
SEQUOIA HOTELS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SEQUOIA HOTELS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SEQUOIA HOTELS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment property
4
16,500,000
16,500,000
Current assets
Trade and other receivables
5
731,750
803,924
Cash and cash equivalents
340,312
551,697
1,072,062
1,355,621
Current liabilities
6
(362,074)
(425,382)
Net current assets
709,988
930,239
Total assets less current liabilities
17,209,988
17,430,239
Non-current liabilities
7
(5,591,837)
(5,606,087)
Provisions for liabilities
(2,063,162)
(2,063,162)
Net assets
9,554,989
9,760,990
Equity
Called up share capital
100
100
Non-distributable profits reserve
8
7,493,265
7,493,265
Distributable retained earnings
2,061,624
2,267,625
Total equity
9,554,989
9,760,990

The notes on pages 3 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SEQUOIA HOTELS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 2024 and are signed on its behalf by:
Miss E M Stubbs
Director
Company registration number 07505979 (England and Wales)
SEQUOIA HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Sequoia Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Redwood Mews, Hannington Road, Clapham, London, SW4 0LJ.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a wholly owned subsidiary of Hornbeam Properties Limited, a company incorporated in England and Wales, with registered office as above.

1.2
Revenue

Revenue represents rental income for the letting of investment property under the terms of the operating leases, together with amounts receivable for goods and services provided, net of VAT and trade discounts. Rents are included in the profit and loss account on a receivable basis.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

1.5
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 statement of financial position 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 trade and other receivables 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.

SEQUOIA HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

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.

1.9

Lease incentives

Where lease incentives such as rent-free and reduced-rent periods are offered when granting a new lease, in accordance with FRS 102 1A these costs are spread over the lease term on a straight line basis. Similarly, legal and professional costs incurred in relation to granting a new short lease are charged to the profit and loss account equally over the lease term.

SEQUOIA HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees

There were no employees under contracts of service during the year.

3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
48,269
61,802
Deferred tax
Changes in tax rates
-
0
495,159
Total tax charge
48,269
556,961
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
16,500,000

Investment property comprises of a hotel and cafe. The fair value of the investment property has been assessed by the directors at the balance sheet date and is thought to not be materially different to the independent valuation ascertained in April 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
-
0
9,000
Other receivables
35,000
45,000
Prepayments and accrued income
696,750
749,924
731,750
803,924

Prepayments and accrued income include £638,516 of amounts due > 1 year (2023 - £691,693).

SEQUOIA HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Current liabilities
2024
2023
£
£
Bank loans
14,250
57,000
Trade payables
-
0
1,350
Corporation tax
48,269
61,802
Other taxation and social security
42,979
41,207
Other payables
256,576
264,023
362,074
425,382
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
5,571,750
5,586,000
Other payables
20,087
20,087
5,591,837
5,606,087

A fixed and floating charge dated 30th May 2022 is registered in favour of QIB (UK) plc and secured on the freehold property known as Woburn House, 155-157 Falcon Road, London SW11 2PD.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
5,571,750
5,358,000
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
7,493,265
7,988,424
Non distributable fair value adjustments re. investment properties
-
(495,159)
At the end of the year
7,493,265
7,493,265

 

SEQUOIA HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
35,000
45,000
2024-06-302023-07-01false24 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityStephen StubbsTimothy GlassPaula FitzgeraldEmma StubbsMiss E M Stubbsfalsefalse02024-11-24075059792023-07-012024-06-30075059792024-06-30075059792023-06-3007505979core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3007505979core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3007505979core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3007505979core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3007505979core:CurrentFinancialInstruments2024-06-3007505979core:CurrentFinancialInstruments2023-06-3007505979core:Non-currentFinancialInstruments2024-06-3007505979core:Non-currentFinancialInstruments2023-06-3007505979core:ShareCapital2024-06-3007505979core:ShareCapital2023-06-3007505979core:FurtherSpecificReserve1ComponentTotalEquity2024-06-3007505979core:FurtherSpecificReserve1ComponentTotalEquity2023-06-3007505979core:RetainedEarningsAccumulatedLosses2024-06-3007505979core:RetainedEarningsAccumulatedLosses2023-06-3007505979bus:Director42023-07-012024-06-3007505979core:UKTax2023-07-012024-06-3007505979core:UKTax2022-07-012023-06-30075059792022-07-012023-06-30075059792023-06-3007505979bus:PrivateLimitedCompanyLtd2023-07-012024-06-3007505979bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3007505979bus:FRS1022023-07-012024-06-3007505979bus:AuditExemptWithAccountantsReport2023-07-012024-06-3007505979bus:Director12023-07-012024-06-3007505979bus:Director22023-07-012024-06-3007505979bus:Director32023-07-012024-06-3007505979bus:CompanySecretary12023-07-012024-06-3007505979bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP