3
3 December 2024
false
false
false
false
false
false
false
false
false
true
false
false
true
false
true
true
true
true
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2021
6,150,000
97,000
6,053,000
6,053,000
6,150,000
201,000
201,000
201,000
xbrli:pure
xbrli:shares
iso4217:GBP
08326896
2023-04-01
2024-03-31
08326896
2024-03-31
08326896
2023-03-31
08326896
2022-04-01
2023-03-31
08326896
2023-03-31
08326896
2022-03-31
08326896
bus:RegisteredOffice
2023-04-01
2024-03-31
08326896
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
08326896
bus:Director1
2023-04-01
2024-03-31
08326896
bus:Director9
2023-04-01
2024-03-31
08326896
bus:Director10
2023-04-01
2024-03-31
08326896
core:WithinOneYear
2024-03-31
08326896
core:WithinOneYear
2023-03-31
08326896
core:LandBuildings
core:LongLeaseholdAssets
2024-03-31
08326896
core:LandBuildings
core:LongLeaseholdAssets
2023-03-31
08326896
core:AfterOneYear
2024-03-31
08326896
core:AfterOneYear
2023-03-31
08326896
core:ShareCapital
2024-03-31
08326896
core:ShareCapital
2023-03-31
08326896
core:RevaluationReserve
2024-03-31
08326896
core:RevaluationReserve
2023-03-31
08326896
core:RetainedEarningsAccumulatedLosses
2024-03-31
08326896
core:RetainedEarningsAccumulatedLosses
2023-03-31
08326896
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
08326896
core:Non-currentFinancialInstruments
2024-03-31
08326896
core:Non-currentFinancialInstruments
2023-03-31
08326896
core:LandBuildings
2024-03-31
08326896
core:LandBuildings
2023-03-31
08326896
core:LandBuildings
2023-03-31
08326896
core:LandBuildings
2023-04-01
2024-03-31
08326896
bus:SmallEntities
2023-04-01
2024-03-31
08326896
bus:Audited
2023-04-01
2024-03-31
08326896
bus:FullAccounts
2023-04-01
2024-03-31
08326896
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
08326896
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
08326896
Cresta Court Hotel Property Limited |
|
Filleted Financial Statements |
|
Cresta Court Hotel Property Limited |
|
Year ended 31 March 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 10 |
|
|
Cresta Court Hotel Property Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr G J Davies |
|
Mr N Burgin (Resigned 31 October 2024) |
|
Mr G Dyke |
|
|
Registered office |
C/O Director of Finance |
|
Mosborough Hall Hotel |
|
High Street |
|
Mosborough |
|
Sheffield |
|
S20 5EA |
|
|
Auditor |
Hebblethwaites |
|
Chartered Accountants & Statutory Auditors |
|
2 Westbrook Court |
|
Sharrow Vale Road |
|
Sheffield |
|
S11 8YZ |
|
|
Cresta Court Hotel Property Limited |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
6,053,000 |
6,150,000 |
Investments |
6 |
201,000 |
201,000 |
|
------------ |
------------ |
|
6,254,000 |
6,351,000 |
|
|
|
|
Current assets
Debtors: due within one year |
7 |
3,586,562 |
3,596,485 |
Debtors: due after more than one year |
7 |
523,707 |
527,397 |
Cash at bank and in hand |
29,318 |
28,292 |
|
------------ |
------------ |
|
4,139,587 |
4,152,174 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
3,947,729 |
3,945,095 |
|
------------ |
------------ |
Net current assets |
191,858 |
207,079 |
|
------------ |
------------ |
Total assets less current liabilities |
6,445,858 |
6,558,079 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
3,123,916 |
3,146,014 |
|
|
|
|
Provisions
Taxation including deferred tax |
128,050 |
130,932 |
|
------------ |
------------ |
Net assets |
3,193,892 |
3,281,133 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
243 |
243 |
Non-distributable revaluation reserve |
2,753,000 |
2,850,000 |
Profit and loss account |
440,649 |
430,890 |
|
------------ |
------------ |
Shareholders funds |
3,193,892 |
3,281,133 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Cresta Court Hotel Property Limited |
|
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
2 December 2024
, and are signed on behalf of the board by:
Company registration number:
08326896
Cresta Court Hotel Property Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Director of Finance, Mosborough Hall Hotel, High Street, Mosborough, Sheffield, S20 5EA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Management have determined that a material uncertainty exists which may cast doubt on the company's ability to continue as a going concern. Given the then market conditions in the post pandemic era, a valuation of the company property was undertaken in March 2022 which resulted in a reduction in the value of the long leasehold property assets in the subsequent financial statements. In order to update the position and to satisfy the requirements of the company bankers in relation to the group funding, a further property valuation has been undertaken during this latest year, in addition to which the group has undertaken a value in use appraisal and valuation. As a result, the carrying value of the company property has again been re-assessed and reduced, this reflected in both the Statement of Comprehensive Income as a revaluation deficit and in the Statement of Financial Position in terms of the carrying value of the tangible assets and the related revaluation reserve. Despite this downward movement, there remains a net positive revaluation reserve in relation to the company property, this as a result of earlier upward valuation movements, with the current carrying value of the property, as revalued, being in excess of cost. The nature of the company property assets is such that the valuation is very much structured around the earning capacity of those assets which itself has been substantially impacted by the effect of world events and macro-economic factors which have significantly affected the financial results recorded during this difficult period. As a result of the reduction in value, there has been a historic technical breach of the 'loan to value' financial covenant applicable to the bank debt secured as against the property. Management have subsequently re-negotiated variations to the terms of the loan finance which will address the subject covenant going forward and negate the breach. This re-negotiation is also indicative of the ongoing support being provided by the funding provider. As a result of the technical breach during the accounting period, management have determined that the long term portion of the debt be presented as a current liability in the Statement of Financial Position at the period end date and, whilst the entity and the group are still considered to be a going concern, a material uncertainty inevitably exists.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for rent charges during the year, exclusive of Value Added Tax.
Deferred tax
Deferred tax is not provided on property sold subject to a sale and leaseback arrangement. The long length of the lease connected to the property and the associated discount effect would mean any deferred tax charge would be trivial.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
5.
Tangible assets
|
Freehold / Leasehold investment property |
|
£ |
Cost or valuation |
|
At 1 April 2023 |
6,150,000 |
Revaluations |
(
97,000) |
|
------------ |
At 31 March 2024 |
6,053,000 |
|
------------ |
Depreciation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
6,053,000 |
|
------------ |
At 31 March 2023 |
6,150,000 |
|
------------ |
|
|
The leasehold investment property comprises hotel property, being the land, buildings, and integral fixtures and fittings contained therein. The company property was freehold until March 2017 when the company sold the freehold and entered a sale and leaseback arrangement. During the current financial period, and in support of the ongoing financial facilities provided to the company, the directors obtained a formal valuation with the sale and leaseback arrangement in place. The directors have also performed their own value in use calculations using an earnings based approach, to determine the fair value of the property in the accounts. The directors consider this value to be prudent and the property has been revalued to £6,053,000 during the financial year ended 31 March 2024, decreasing the property value by £97,000. Deferred tax is not provided on property sold subject to a sale and leaseback arrangement. The long length of the lease connected to the property and the associated discount effect would mean any deferred tax charge would be trivial.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Long leasehold property |
|
£ |
At 31 March 2024 |
|
Aggregate cost |
3,300,000 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
3,300,000 |
|
------------ |
|
|
At 31 March 2023 |
|
Aggregate cost |
3,300,000 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
3,300,000 |
|
------------ |
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Long leasehold property |
|
£ |
At 31 March 2024 |
6,053,000 |
|
------------ |
At 31 March 2023 |
6,150,000 |
|
------------ |
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
201,000 |
|
--------- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 March 2024 |
201,000 |
|
--------- |
At 31 March 2023 |
201,000 |
|
--------- |
|
|
7.
Debtors
Debtors falling due within one year are as follows:
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
3,425,287 |
3,425,287 |
Other debtors |
161,275 |
171,198 |
|
------------ |
------------ |
|
3,586,562 |
3,596,485 |
|
------------ |
------------ |
|
|
|
Debtors falling due after one year are as follows:
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
523,707 |
527,397 |
|
--------- |
--------- |
|
|
|
Other debtors includes a figure of £527,396 (2023: £531,086) relating to the loss on disposal of a freehold property in March 2017. The property in question had a book cost of £3,853,310 and was sold for £3,300,000 as part of a sale and leaseback arrangement. Under the terms of the arrangement the company has the option to re-purchase the freehold, for £1, on the day before the lease expires. Sale and leaseback accounting treatment requires the loss on disposal to be taken to the balance sheet as a debtor and this will be amortised at a rate of £3,689 per annum for 150 years. The figure of £523,707 (2023: £527,397) shown as debtors due after more than one year relates entirely to this transaction.
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
2,793,408 |
2,958,536 |
Amounts owed to group undertakings |
830,321 |
669,559 |
Other creditors |
324,000 |
317,000 |
|
------------ |
------------ |
|
3,947,729 |
3,945,095 |
|
------------ |
------------ |
|
|
|
The bank loan is secured upon all assets of the company and also by a debenture from each of (i) Vine Hotels Limited and (ii) Vine Kenwood Limited over all of their assets and undertakings. There is also a cross guarantee from the following companies in respect of the obligations of
Cresta Court Hotel Property Limited
: Vine Hotels Limited Sheffield Park Hotel Property Limited Sheffield Park Hotel Limited Dolphin Hotel Property Limited Dolphin Hotel (Hampshire) Limited Vine Kenwood Limited Kenwood Hotel Property Limited Venice Regal Sheffield Limited Cresta Court Hotel Holdings Limited Harrop Hotels Limited In addition, there is an inter-creditor deed between Santander Bank, each obligor above, Greg Dyke, Susan Howes and Garin Davies.
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
3,123,916 |
3,146,014 |
|
------------ |
------------ |
|
|
|
A further bank loan of £3,123,663 was taken out in March 2022, with an initial term of 2 years. Quarterly capital repayments are scheduled over 2 years from June 2022 and the loan has a renewal date of February 2024. Interest is payable at 3.5% per annum. With reference to note 3 to the accounts and the going concern position, the whole of this loan is now included as a liability falling due within one year of the accounting reference date.
The other creditors figure of £3,123,916 (2023: £3,146,014) relates to monies received by the company as part of the freehold property sale and leaseback agreement. The amount advanced to the company in March 2017 in respect of this was £3,300,000 and a lease for 150 years was entered into for an initial rent of £110,000 per annum; this sum will increase by RPI each year. Under the terms of the arrangement the company has the option to re-purchase the freehold, for £1, on the day before the lease expires.
Sale and leaseback accounting treatment requires the sum of £3,300,000 received for the property to be taken to the balance sheet as a creditor and payments of the lease element to be apportioned between capital repayments and interest over the term of the lease.
The element repayable over five years from the balance sheet date is £3,035,916 (2023: £3,058,014).
10.
Financial risk management objectives and policies
The exposure of the company to price risk, credit risk, liquidity risk and cash flow risk is not considered material for the assessment of the assets, liabilities, financial position and income or expenditure of the company.
11.
Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
– |
425,000 |
|
---- |
--------- |
|
|
|
The leasehold property of this company, being the subject of the sale and leaseback arrangement, is subject to a lease to Harrop Hotels Limited, the 100% subsidiary company of
Cresta Court Hotel Property Limited
. A formal lease of seven years, in this later regard, was entered into in March 2017. The commencing rent receivable is £425,000 per annum.
12.
Summary audit opinion
The auditor's report dated
3 December 2024
was
unqualified
.
The senior statutory auditor was
Andrew Throssell FCA
, for and on behalf of
Hebblethwaites
.
13.
Directors' advances, credits and guarantees
The holding company, Cresta Court Hotel Holdings, has entered into a cross guaranteed debenture loan made between two of its directors, the wife of a director, and the following members of the Cresta Court Hotel group: Cresta Court Hotel Holdings Limited Cresta Court Hotel Property Limited Harrop Hotels Limited The guarantee covers loans totalling £600,000, advanced to the holding company, Cresta Court Hotel Holdings Limited, by
Mr G Dyke
. The loans attract interest of 10% per annum and are secured by a fixed and floating charge over all assets of the group companies.
14.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, not to disclose related party transactions with fellow 100% group companies.
15.
Controlling party
The entire share capital of the company was acquired in March 2017 by Cresta Court Hotel Holdings Limited, a company controlled by Greg Dyke. Cresta Court Hotel Holdings Limited has the same registered address as this company and will be preparing consolidated group accounts, which include the accounts of Cresta Court Hotel Property Limited and its subsidiary, Harrop Hotels Limited.