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Company registration number:
06999985
St Pancras Hotel Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2024
St Pancras Hotel Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of St Pancras Hotel Ltd
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of St Pancras Hotel Ltd for the year ended 31 March 2024 which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the AIA, we are subject to its ethical and other professional requirements which are detailed at www.aiaworldwide.com/code-ethics.
This report is made solely to the Board of Directors of St Pancras Hotel Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of St Pancras Hotel Ltd and state those matters that we have agreed to state to the Board of Directors of St Pancras Hotel Ltd, as a body, in this report in accordance with the requirements of the AIA as detailed at www.aiaworldwide.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St Pancras Hotel Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that St Pancras Hotel Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of St Pancras Hotel Ltd. You consider that St Pancras Hotel Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of St Pancras Hotel Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ELEFTHERIOU & CO
133 Chase Side
London
N14 5HD
United Kingdom
Date:
24 December 2024
St Pancras Hotel Ltd
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
15,701,897
 
16,244,847
 
Investments 6
2,018,445
 
1,855,457
 
17,720,342
 
18,100,304
 
Current assets    
Debtors 7
960,499
 
251,668
 
Investments 8
1,722,920
 
718,805
 
Cash at bank and in hand
444,981
 
252,487
 
3,128,400
 
1,222,960
 
Creditors: amounts falling due within one year 9
(2,615,360
)
(2,417,623
)
Net current assets/(liabilities)
513,040
 
(1,194,663
)
Total assets less current liabilities 18,233,382   16,905,641  
Creditors: amounts falling due after more than one year 10
(3,416,077
)
(3,416,077
)
Provisions for liabilities
(26,845
)
(32,900
)
Net assets
14,790,460
 
13,456,664
 
Capital and reserves    
Called up share capital
1
 
1
 
Other reserves
13,523,598
 
13,523,598
 
Profit and loss account
1,266,861
 
(66,935
)
Shareholders funds
14,790,460
 
13,456,664
 
For the year ending
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:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
24 December 2024
, and are signed on behalf of the board by:
A Megaro
Director
Company registration number:
06999985
St Pancras Hotel Ltd
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
4-8 Belgrove Street
,
London
,
WC1H 8AB
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
2% Straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Office equipment
33.33% straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Listed investments and Other investments other than loans are measured at fair value with changes in fair value being recognised in profit or loss, and are required for the continued business operations
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Cash at Bank and In Hand

Cash at bank and in hand is necessary for the continued use in the business.
The cash balance held in the bank as of 31 March 2024 is retained for specific business purposes. The directors have conducted an annual review and have documented the business justification for maintaining this cash reserve. This cash is earmarked for specific business purpose, e.g., future expansion, operational liquidity, or planned capital expenditure, and is essential for the ongoing operations and strategic objectives of the business. The directors monitor the cash position regularly to ensure it aligns with the business needs and objectives.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
16,296,158
 
5,166,699
 
21,462,857
 
Additions -  
81,491
 
81,491
 
At
31 March 2024
16,296,158
 
5,248,190
 
21,544,348
 
Depreciation      
At
1 April 2023
1,265,101
 
3,952,909
 
5,218,010
 
Charge
300,621
 
323,820
 
624,441
 
At
31 March 2024
1,565,722
 
4,276,729
 
5,842,451
 
Carrying amount      
At
31 March 2024
14,730,436
 
971,461
 
15,701,897
 
At 31 March 2023
15,031,057
 
1,213,790
 
16,244,847
 

6 Investments

Shares in group undertakings and participating interestsOther investments other than loansTotal
£££
Cost      
At
1 April 2023
19
 
1,855,438
 
1,855,457
 
Other movements -  
162,988
 
162,988
 
At
31 March 2024
19
 
2,018,426
 
2,018,445
 
Impairment      
At
1 April 2023
and
31 March 2024
-   -   -  
Carrying amount      
At
31 March 2024
19
 
2,018,426
 
2,018,445
 
At 31 March 2023
19
 
1,855,438
 
1,855,457
 
The Other investment is marketable securities held by the company as a condition of the banking covenants. The funds are held and used for the benefit of the company's trade

7 Debtors

20242023
££
Trade debtors
11,186
  -  
Amounts owed by group undertakings and undertakings in which the company has a participating interest
875,594
 
217,162
 
Other debtors
73,719
 
34,506
 
960,499
 
251,668
 

8 Investments

20242023
££
Other current asset investments
1,722,920
 
718,805
 

9 Creditors: amounts falling due within one year

20242023
££
Trade creditors
252,725
 
269,489
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,542,483
 
1,542,362
 
Taxation and social security
156,948
 
132,194
 
Other creditors
663,204
 
473,578
 
2,615,360
 
2,417,623
 

10 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
3,416,077
 
3,416,077
 

11 Directors' advances, credit and guarantees

Monies advanced to the Company by the Director are interest free and repayable on demand.
Opening Balance as at 1st April 2023 £357,820
Closing Balance as at 31st March 2024 £572,287

13 Controlling party

ST PANCRAS HOTELS GROUP LIMITED Registered office address Derbyshire House, St. Chad's Street, London, England, WC1H 8AG