Silverfin false false 30/04/2024 01/05/2023 30/04/2024 M Shariff 19/12/2013 Dr S Shariff 19/12/2013 S Shariff 19/12/2013 09 January 2025 The principal activity of the Company during the financial year was that of a hotel and other related services. 08821329 2024-04-30 08821329 bus:Director1 2024-04-30 08821329 bus:Director2 2024-04-30 08821329 bus:Director3 2024-04-30 08821329 2023-04-30 08821329 core:CurrentFinancialInstruments 2024-04-30 08821329 core:CurrentFinancialInstruments 2023-04-30 08821329 core:Non-currentFinancialInstruments 2024-04-30 08821329 core:Non-currentFinancialInstruments 2023-04-30 08821329 core:ShareCapital 2024-04-30 08821329 core:ShareCapital 2023-04-30 08821329 core:SharePremium 2024-04-30 08821329 core:SharePremium 2023-04-30 08821329 core:RetainedEarningsAccumulatedLosses 2024-04-30 08821329 core:RetainedEarningsAccumulatedLosses 2023-04-30 08821329 core:LandBuildings 2023-04-30 08821329 core:OtherPropertyPlantEquipment 2023-04-30 08821329 core:LandBuildings 2024-04-30 08821329 core:OtherPropertyPlantEquipment 2024-04-30 08821329 bus:OrdinaryShareClass1 2024-04-30 08821329 2023-05-01 2024-04-30 08821329 bus:FilletedAccounts 2023-05-01 2024-04-30 08821329 bus:SmallEntities 2023-05-01 2024-04-30 08821329 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08821329 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08821329 bus:Director1 2023-05-01 2024-04-30 08821329 bus:Director2 2023-05-01 2024-04-30 08821329 bus:Director3 2023-05-01 2024-04-30 08821329 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 08821329 2022-05-01 2023-04-30 08821329 core:LandBuildings 2023-05-01 2024-04-30 08821329 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 08821329 core:LandBuildings 1 2023-05-01 2024-04-30 08821329 core:OtherPropertyPlantEquipment 1 2023-05-01 2024-04-30 08821329 1 2023-05-01 2024-04-30 08821329 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 08821329 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 08821329 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 08821329 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08821329 (England and Wales)

SW1 HOTELS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SW1 HOTELS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SW1 HOTELS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SW1 HOTELS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,820,586 9,807,600
9,820,586 9,807,600
Current assets
Debtors 4 67,137 54,000
Cash at bank and in hand 29,047 122,798
96,184 176,798
Creditors: amounts falling due within one year 5 ( 390,401) ( 366,756)
Net current liabilities (294,217) (189,958)
Total assets less current liabilities 9,526,369 9,617,642
Creditors: amounts falling due after more than one year 6 ( 897,004) ( 1,086,560)
Net assets 8,629,365 8,531,082
Capital and reserves
Called-up share capital 7 200 200
Share premium account 6,624,023 6,624,023
Profit and loss account 2,005,142 1,906,859
Total shareholders' funds 8,629,365 8,531,082

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

Directors' responsibilities:

The financial statements of SW1 Hotels Limited (registered number: 08821329) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Shariff
Director
Dr S Shariff
Director

09 January 2025

SW1 HOTELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SW1 HOTELS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SW1 Hotels Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 115/117 Warwick Way, London, SW1V 4HT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 13 14

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 9,789,494 109,535 9,899,029
Additions 0 20,565 20,565
0 0 0
At 30 April 2024 9,789,494 130,100 9,919,594
Accumulated depreciation
At 01 May 2023 0 91,429 91,429
Charge for the financial year 0 7,579 7,579
0 0 0
At 30 April 2024 0 99,008 99,008
Net book value
At 30 April 2024 9,789,494 31,092 9,820,586
At 30 April 2023 9,789,494 18,106 9,807,600

4. Debtors

2024 2023
£ £
Trade debtors 8,173 12,763
Corporation tax 0 6,715
Other debtors 58,964 34,522
67,137 54,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 50,000
Trade creditors 46,547 23,918
Taxation and social security 144,466 144,225
Other creditors 149,388 148,613
390,401 366,756

The bank loans are secured against property recognised within fixed assets.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 897,004 1,086,560

The bank loan is secured against property recognised within fixed assets.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Transactions with directors 9,508 19,898

Included within current assets, is £9,508 (2023: £19,898) that is owed by the Director, including interest of £219 (2023: £342). The full balance was repaid within 9 months after the year end.