1 April 2023 v2024.67.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP100309642023-04-012024-03-31100309642024-03-31100309642023-03-3110030964core:WithinOneYear2024-03-3110030964core:WithinOneYear2023-03-3110030964core:ShareCapital2024-03-3110030964core:ShareCapital2023-03-3110030964core:SharePremium2024-03-3110030964core:SharePremium2023-03-3110030964core:RetainedEarningsAccumulatedLosses2024-03-3110030964core:RetainedEarningsAccumulatedLosses2023-03-3110030964bus:Director12023-04-012024-03-3110030964bus:RegisteredOffice2023-04-012024-03-31100309642022-04-012023-03-3110030964core:CostValuation2023-04-0110030964core:CostValuation2024-03-311003096412023-04-012024-03-3110030964countries:EnglandWales2023-04-012024-03-3110030964bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110030964bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110030964bus:SmallEntities2023-04-012024-03-3110030964bus:FullAccounts2023-04-012024-03-31
Company registration number:
10030964
St Pancras Hotels Group Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
St Pancras Hotels Group Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of St Pancras Hotels Group Limited
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 Hotels Group 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 Hotels Group Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of St Pancras Hotels Group Ltd and state those matters that we have agreed to state to the Board of Directors of St Pancras Hotels Group 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 Hotels Group 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 Hotels Group 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 Hotels Group Ltd. You consider that St Pancras Hotels Group 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 Hotels Group 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
Accountants
133 Chase Side
London
N14 5HD
United Kingdom
Date:
24 December 2024
St Pancras Hotels Group Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Investments 5
6,272
 
6,272
 
Current assets    
Debtors 6
1,616,938
 
1,661,862
 
Cash at bank and in hand
4,094
 
4,650
 
1,621,032
 
1,666,512
 
Creditors: amounts falling due within one year 7
(1,240,498
)
(1,275,545
)
Net current assets
380,534
 
390,967
 
Total assets less current liabilities 386,806   397,239  
Capital and reserves    
Called up share capital
20,268
 
20,268
 
Share premium
438,956
 
438,956
 
Profit and loss account
(72,418
)
(61,985
)
Shareholders funds
386,806
 
397,239
 
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:
10030964
St Pancras Hotels Group Limited
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
Derbyshire House
,
St. Chad's Street
,
London
,
WC1H 8AG
, 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 option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

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.

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.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
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.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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
6
(2023:
8.00
).

5 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 April 2023
6,272
 
At
31 March 2024
6,272
 
Impairment  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
6,272
 
At 31 March 2023
6,272
 
Investments in group undertakings Registered office Class of share Percentage of shares held Subsidiary undertakings
ST PANCRAS HOTEL LTD 4-8 Belgrove Street, London, England, WC1H 8AB ORDINARY 100%
MEGARO HOTELS LTD 23-27 EUSTON ROAD LONDON NW1 2SD ORDINARY 100%
MEGARO PROPERTIES LTD 22 DOLLIS AVENUE LONDON N3 1TX ORDINARY 100%
MONTANA HOTEL LTD DERBYSHIRE HOUSE, ST CHAD'S STREET LONDON WC1H 8AG ORDINARY 100%

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20242023
Shares in group undertakings and participating interestsShares in group undertakings and participating interests
££
Aggregate historical cost 6,272   6,272  
Carrying amount 6,272   6,272  

6 Debtors

20242023
££
Trade debtors
147,653
 
192,760
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,469,285
 
1,469,102
 
1,616,938
 
1,661,862
 

7 Creditors: amounts falling due within one year

20242023
££
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,020,190
 
1,008,940
 
Taxation and social security
107,960
 
134,010
 
Other creditors
112,348
 
132,595
 
1,240,498
 
1,275,545
 

8 Directors' advances, credit and guarantees

Monies advanced to the Company by the Director are interest free and repayable on demand.

9 Controlling party

MR ANTONIO MEGARO