REGISTERED NUMBER: 11934844 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
YIANIS DOCKLANDS HOTELS 1 LIMITED |
REGISTERED NUMBER: 11934844 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
YIANIS DOCKLANDS HOTELS 1 LIMITED |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
YIANIS DOCKLANDS HOTELS 1 LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
4th Floor |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The principal activity of the company is that of a holding company. The principal activity of the subsidiary companies West India Quay (Eastern) Ltd and WIQ Hotel Corporation Ltd is the operation of a London hotel via a management agreement with a third party operator. |
The company's directors use a number of financial key performance indicators (KPl's) to assess the performance of the hotel business, in particular the following: |
2024 | 2023 |
Turnover | £24.7m | £22.3m |
Operating profit margin | 21.21% | 21.53% |
The turnover is 11% higher than 2023. The business experienced year on year growth in turnover in the last few years and it has now surpassed the pre Covid level. This upward trend reflects our continuous efforts to expand our client base and enhance our service offerings. Profit for the financial year has also increased by 10% compared to 2023 which is in line with the increase in turnover. |
In addition to the financial KPI's, the directors measure a range of non-financial KPI's such as: |
Room occupancy, average daily rates and revenue per available room |
Food & beverage covers and average spend |
Leading Quality Assurance scores |
Overall, both our financial and non-financial performance for the year ended 30 April 2024 align with our management expectations, and we remain optimistic about our future growth prospects. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Some risks are excluded because the management considers them not to be material to the group. Additionally there may be risks and uncertainties not presently known to the management team. |
MARKET AND HOTELS INDUSTRY RISKS |
The hotel operations and results are subject to a number of factors which could affect the business, many of which are common to the hotel industry and beyond the company's control such as a potential global economic downturn; changes in travel patterns; a potential increase in acts of terrorism and the impact of increasing political uncertainty. The impact of any of these factors (or a combination of them) may advisedly affect sustained levels of occupancy, room rates and/or hotel values, however the group tries to minimise the potential impact of these risks through its experienced hotel management team. |
Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the group. The group has in place recovery plans to enable it to respond to major incidents or crises and takes steps to minimise these exposures to the greatest extent possible. |
BORROWINGS |
To mitigate against risks the management team meets regularly to review the financial performance of the hotel together with the group's financial commitments. |
The group has successfully entered into a new loan agreement with a new lender which commenced in December 2024, following our fiscal year-end of April 2024. |
FIXED OPERATING EXPENSES |
The group's operating expenses such as personnel costs, operating leases, information technology and telecommunications are to a large extent fixed. As such, operating results may be vulnerable to short-term changes in revenues. |
The group has appropriate management systems in place such as staff outsourcing designed to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions. |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
KEY SENIOR PERSONNEL AND MANAGEMENT |
The success of the group's business is partially attributable to the efforts and abilities of its senior managers. |
The group has appropriate systems in place for recruitment, reward and compensation and performance management. Development and maintenance of the group's culture also plays a leading role in minimising risk. |
The key senior management as well as all operational staff in the hotel are provided by and employed by the hotel operator and therefore there is a pool of staff available should key personnel leave. |
In addition, the group's internal asset management team possess the skill set to cover any of its investment strategies. |
ON BEHALF OF THE BOARD: |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
FUTURE DEVELOPMENTS |
The management team have implemented policies to ensure that profit margins are maintained as far as possible and the directors believe that the medium term prospects continue to remain excellent as the group's hotel operations will benefit from the continuing development of the London district. |
The group has extended its current management agreement with Marriott International for an additional five years. As part of the extension, the company has agreed to refurbish the 47 executive apartments. This decision reflects our confidence in the brand, as their performance has shown consistent improvement, with year-end 2024 turnover surpassing pre-COVID levels. This extension not only underscores our commitment to the success of our business but also positions us favourably for future growth. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
Information on financial instruments and other risks is set out below: |
Treasury activities take place under procedures and policies monitored by the directors. They are designed to minimise the financial risks faced by the group which primarily arise from interest rate, currency, credit and liquidity risks. It is not the policy of the group to enter into speculative transactions. |
FINANCIAL INSTRUMENTS - RISK MANAGEMENT |
The most significant treasury exposures faced by the group are managing interest rate and currency positions. Treasury policies are in a place for managing each of these exposures including the type and use of financial instruments. |
Following our loan renewal, the group successfully entered into a 100% SWAP hedging deal. This strategic decision is designed to shield our business from any uncertain market movements that could lead to unforeseen interest hikes. |
By implementing this SWAP agreement, we aim to stabilise our financial outlook and ensure that we can effectively manage our cash flow amidst fluctuating interest rates. This proactive approach will allow us to focus on our core operations without the added concern of market volatility affecting our loan obligations. |
The group has no financial instruments to hedge foreign exchange exposure. |
The group does not enter into derivative transactions. |
The fair values of the receivables, payables and cash balances in the accounts approximate their book value. |
The main financial risks faced by the group are funding risk and credit risk. As with any business there remains uncertainty and risk about the ability of the group to achieve its business objectives within its current funding. The director continually reviews the funding status of the group and its exposure to liquidity risk. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
As permitted by the Companies Act 2006, the company has indemnified the directors in respect of proceedings brought by third parties. |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
YIANIS DOCKLANDS HOTELS 1 LIMITED |
Opinion |
We have audited the financial statements of Yianis Docklands Hotels 1 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
YIANIS DOCKLANDS HOTELS 1 LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. |
During the planning of the audit, discussions were held with key entity staff to ensure; |
- an understanding of the legal and regulatory framework, |
- the entity's policies and procedures on compliance with laws and regulations, |
- the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud. |
Audit procedures to detect material misstatements in respect of irregularities are outlined below: |
- Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including sample testing on the posting of journals and reviewing accounting estimates for bias. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the Financial Statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
YIANIS DOCKLANDS HOTELS 1 LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
4th Floor |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
Note: |
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
TURNOVER | 3 | 24,626,468 | 22,272,084 |
Cost of sales | 390,908 | 477,861 |
GROSS PROFIT | 24,235,560 | 21,794,223 |
Administrative expenses | 22,306,790 | 19,906,773 |
1,928,770 | 1,887,450 |
Other operating income | 3,782,737 | 3,196,486 |
OPERATING PROFIT | 5 | 5,711,507 | 5,083,936 |
Interest receivable and similar income | 32,948 | 3,682 |
5,744,455 | 5,087,618 |
Interest payable and similar expenses | 6 | 3,014,561 | 2,691,352 |
PROFIT BEFORE TAXATION | 2,729,894 | 2,396,266 |
Tax on profit | 7 | (290,782 | ) | - |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,020,676 | 2,396,266 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,020,676 | 2,396,266 |
OTHER COMPREHENSIVE (LOSS)/INCOME |
Property revaluation | (38,336,876 | ) | 1,102,558 |
Income tax relating to other comprehensive (loss)/income |
9,584,219 |
(152,041 |
) |
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF INCOME TAX |
(28,752,657 |
) |
950,517 |
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
(25,731,981 |
) |
3,346,783 |
Total comprehensive (loss)/income attributable to: |
Owners of the parent | (25,731,981 | ) | 3,346,783 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | (64,940,943 | ) | (65,623,570 | ) |
Tangible assets | 10 | 210,499,998 | 250,000,000 |
Investments | 11 | 20,008 | 20,008 |
145,579,063 | 184,396,438 |
CURRENT ASSETS |
Stocks | 12 | 45,191 | 47,389 |
Debtors | 13 | 5,308,393 | 5,071,199 |
Cash at bank and in hand | 5,675,763 | 4,969,727 |
11,029,347 | 10,088,315 |
CREDITORS |
Amounts falling due within one year | 14 | 170,438,610 | 56,396,571 |
NET CURRENT LIABILITIES | (159,409,263 | ) | (46,308,256 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(13,830,200 |
) |
138,088,182 |
CREDITORS |
Amounts falling due after more than one year | 15 | - | (116,311,400 | ) |
PROVISIONS FOR LIABILITIES | 18 | (24,424,104 | ) | (34,299,105 | ) |
NET LIABILITIES | (38,254,304 | ) | (12,522,323 | ) |
CAPITAL AND RESERVES |
Called up share capital | 19 | 100 | 100 |
Revaluation reserve | 20 | (33,079,460 | ) | (4,326,803 | ) |
Retained earnings | 20 | (5,174,944 | ) | (8,195,620 | ) |
SHAREHOLDERS' FUNDS | (38,254,304 | ) | (12,522,323 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by: |
L. Hadjiioannou - Director |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 100 | (10,591,886 | ) | (5,277,320 | ) | (15,869,106 | ) |
Changes in equity |
Profit for the year | - | 2,396,266 | - | 2,396,266 |
Other comprehensive income | - | - | 950,517 | 950,517 |
Total comprehensive income | - | 2,396,266 | 950,517 | 3,346,783 |
Balance at 30 April 2023 | 100 | (8,195,620 | ) | (4,326,803 | ) | (12,522,323 | ) |
Changes in equity |
Profit for the year | - | 3,020,676 | - | 3,020,676 |
Other comprehensive income | - | - | (28,752,657 | ) | (28,752,657 | ) |
Total comprehensive loss | - | 3,020,676 | (28,752,657 | ) | (25,731,981 | ) |
Balance at 30 April 2024 | 100 | (5,174,944 | ) | (33,079,460 | ) | (38,254,304 | ) |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Balance at 30 April 2023 |
Changes in equity |
Balance at 30 April 2024 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,650,238 | 5,980,283 |
Interest paid | (3,014,561 | ) | (2,691,352 | ) |
Net cash from operating activities | 2,635,677 | 3,288,931 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (133,349 | ) | (195,380 | ) |
Interest received | 32,948 | 3,682 |
Net cash from investing activities | (100,401 | ) | (191,698 | ) |
Cash flows from financing activities |
Bank loan movement | 294,390 | (8,039,284 | ) |
Intercompany loan movement | (2,123,630 | ) | 6,985,927 |
Net cash from financing activities | (1,829,240 | ) | (1,053,357 | ) |
Increase in cash and cash equivalents | 706,036 | 2,043,876 |
Cash and cash equivalents at beginning of year | 2 | 4,969,727 | 2,925,851 |
Cash and cash equivalents at end of year | 2 | 5,675,763 | 4,969,727 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.24 | 30.4.23 |
£ | £ |
Profit before taxation | 2,729,894 | 2,396,266 |
Depreciation charges | 613,849 | 615,312 |
Finance costs | 3,014,561 | 2,691,352 |
Finance income | (32,948 | ) | (3,682 | ) |
6,325,356 | 5,699,248 |
Decrease/(increase) in stocks | 2,198 | (9,376 | ) |
(Increase)/decrease in trade and other debtors | (236,017 | ) | 465,811 |
Decrease in trade and other creditors | (441,299 | ) | (175,400 | ) |
Cash generated from operations | 5,650,238 | 5,980,283 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 5,675,763 | 4,969,727 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 4,969,727 | 2,925,851 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,969,727 | 706,036 | 5,675,763 |
4,969,727 | 706,036 | 5,675,763 |
Debt |
Debts falling due within 1 year | - | (116,605,796 | ) | (116,605,796 | ) |
Debts falling due after 1 year | (116,311,400 | ) | 116,311,400 | - |
(116,311,400 | ) | (294,396 | ) | (116,605,796 | ) |
Total | (111,341,673 | ) | 411,640 | (110,930,033 | ) |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Yianis Docklands Hotels 1 Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principle place of business is Canary Riverside, 50 Westferry Circus, Canary Wharf, London, E14 8RR. |
The presentation currency of the financial statements is the Pound Sterling (£) and rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modifications to a fair value basis for the revaluation of certain assets. |
The Company has taken advantage of FRS 102 exemption from preparing a company statement of cash flows, on the basis that it is a qualifying entity and the Group statement of cash flows, included in these financial statements, includes the Company's cash flows. |
Basis of consolidation |
The consolidated financial statements of the group include the financial statements of the company and its direct and indirect subsidiary undertakings made up to 30 April 2024. The results of subsidiaries acquired are included in the consolidated profit and loss account from the date control passes. Intra group sales and profits are eliminated fully on consolidation. |
No separate profit and loss account is presented for the company as provided by S408 of the Companies Act 2006. |
Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The items in the financial statements where these judgements and estimate have been made are included in the tangible fixed asset note. |
Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances. |
A debtor is subject to impairment test when valid indications exist, at the assessment date, which demonstrate that the customer will not be able to meet his obligations and/or when the flow of receipts decelerates over time. Usually such indications include failure of communication with the customers and indications of significant financial difficulty. |
Amounts individually provided for concern claims evaluated individually for impairment based upon management's best estimate of the present value of the cash flows which are expected to be received. |
The accuracy of provisions depends on the accuracy of future cash flows or specific allowances and the model assumptions and parameters used in determining collective allowances. While this necessarily involves judgement, management believe that their provisions are reasonable and supportable. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and the future periods where the revision affects both the current and future periods. |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Goodwill |
Negative goodwill arising on the acquisition of new businesses in prior years is recognised in the financial statements. Negative goodwill up to the fair value of the non-monetary assets acquired has been amortised evenly over its estimated useful life of 100 years. |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Freehold properties are classified as operation properties when they are used by the company's business as opposed to being held primarily for rental income. Operational properties are revalued to fair value on a regular basis. |
Subsequent expenditure is included in the carrying amount of the property when it is probable that future economic benefit associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred. |
In accordance with Financial Reporting Standard 102 (FRS 102), operational properties are revalued and the surplus or deficit is transferred to the revaluation reserves. Depreciation is provided in respect of operational properties. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Valuing the properties in the portfolio is a significant task and there are some subjectivities involved in the process. Not all accounting policies require management to make subjective or complex judgements or estimates. The following is intended to provide further detail relating to this accounting policy that management consider critical because of the level of complexity, judgement or estimation involved in its application and its impact on the financial statements. |
Where possible the group obtains external valuations, however this is not considered practical or cost effective for the entire group's property portfolio. Accordingly, the balance of properties, after review by the directors, are valued by the company's own in house surveying team as at 30 April 2024. The in house surveying team use comparable data where available, such as sales prices, rental incomes and market yield information to establish the open market value at the balance sheet date. |
Investments in subsidiaries |
Investments in subsidiaries are carried at cost less impairment. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet when the company becomes party to contractual provisions of the instruments. |
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 instruments, which include debtors 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. |
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 creditors, 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 method. |
Trade creditors are obligations to pay for goods and 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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. |
Related parties |
The company has taken advantage of FRS 102, Section 33.1A, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member. Amounts owed to and from group companies are therefore shown in aggregate. |
Going concern |
The directors have considered the company's performance as well as forecasts and projections for the next 12 months from the date of this report and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to prepare its financial statements on a going concern basis. |
3. | TURNOVER |
100% of turnover relates to the operation of a hotel in the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
30.4.24 | 30.4.23 |
£ | £ |
Directors' remuneration | - | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.4.24 | 30.4.23 |
£ | £ |
Hire of plant and machinery | 107,892 | 103,713 |
Depreciation - owned assets | 1,296,475 | 1,297,938 |
Auditors' remuneration | 32,400 | 32,400 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
£ | £ |
Bank loan interest | 3,014,561 | 2,691,352 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | (290,782 | ) | - |
Tax on profit | (290,782 | ) | - |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.4.24 | 30.4.23 |
£ | £ |
Profit before tax | 2,729,894 | 2,396,266 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
682,474 |
599,067 |
Effects of: |
Capital allowances in excess of depreciation | (4,549 | ) | (58,700 | ) |
Utilisation of tax losses | (67,216 | ) | (1,144,337 | ) |
Deferred tax on accelerated capital allowances | (290,782 | ) | - |
Group relief | (631,806 | ) | 557,692 |
Tax losses carried forward | 21,097 | 46,278 |
Total tax credit | (290,782 | ) | - |
Tax effects relating to effects of other comprehensive income |
30.4.24 |
Gross | Tax | Net |
£ | £ | £ |
Property revaluation | (38,336,876 | ) | 9,584,219 | (28,752,657 | ) |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
7. | TAXATION - continued |
30.4.23 |
Gross | Tax | Net |
£ | £ | £ |
Property revaluation | 1,102,558 | (152,041 | ) | 950,517 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2023 | (65,623,570 | ) |
Impairments | 682,627 |
At 30 April 2024 | (64,940,943 | ) |
NET BOOK VALUE |
At 30 April 2024 | (64,940,943 | ) |
At 30 April 2023 | (65,623,570 | ) |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 244,638,342 | 2,855,415 | 7,602,342 | 255,096,099 |
Additions | - | - | 133,349 | 133,349 |
Revaluations | (38,336,876 | ) | - | - | (38,336,876 | ) |
At 30 April 2024 | 206,301,466 | 2,855,415 | 7,735,691 | 216,892,572 |
DEPRECIATION |
At 1 May 2023 | - | 1,140,489 | 3,955,610 | 5,096,099 |
Charge for year | - | 295,858 | 1,000,617 | 1,296,475 |
At 30 April 2024 | - | 1,436,347 | 4,956,227 | 6,392,574 |
NET BOOK VALUE |
At 30 April 2024 | 206,301,466 | 1,419,068 | 2,779,464 | 210,499,998 |
At 30 April 2023 | 244,638,342 | 1,714,926 | 3,646,732 | 250,000,000 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 April 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2020 | 493,730 | - | - | 493,730 |
Valuation in 2021 | 1,096,497 | - | - | 1,096,497 |
Valuation in 2022 | 1,272,285 | - | - | 1,272,285 |
Valuation in 2023 | 1,102,557 | - | - | 1,102,557 |
Valuation in 2024 | (38,336,873 | ) | - | - | (38,336,873 | ) |
Cost | 240,673,270 | 2,855,415 | 7,735,691 | 251,264,376 |
206,301,466 | 2,855,415 | 7,735,691 | 216,892,572 |
If freehold property had not been revalued it would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 240,673,270 | 240,673,272 |
Freehold property to the sum of £206,301,466 is included at fair value as valued by the directors. |
The company after review by the directors, uses valuations performed by its own in house surveying team to value its own operational property as at 30 April 2024. |
The assumptions relevant to the valuation of operational property are outlined in Note 2 above. |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 20,008 |
NET BOOK VALUE |
At 30 April 2024 | 20,008 |
At 30 April 2023 | 20,008 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | STOCKS |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Finished goods | 45,191 | 47,389 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Trade debtors | 655,991 | 680,188 |
Amounts owed by group undertakings | 2,792,644 | 2,791,467 |
Other debtors | 1,204,550 | 728,003 |
Prepayments | 655,208 | 871,541 |
5,308,393 | 5,071,199 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 116,605,796 | - |
Trade creditors | 805,611 | 1,809,588 |
Amounts owed to group undertakings | 49,940,599 | 52,063,057 |
Tax | 9,602 | 9,602 |
VAT | 861,249 | 849,040 | - | - |
Other creditors | 794,833 | 679,366 |
Accrued expenses | 1,420,920 | 985,918 |
170,438,610 | 56,396,571 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans (see note 16) | - | 116,311,400 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 116,605,796 | - |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | - | 116,311,400 |
A bank loan was taken out in July 2019 for a term of 5 years. The bank loan is repayable on the termination date of the loan. Interest is chargeable at a fixed rate of 2.57655%. |
The bank loan was refinanced in December 2024. |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans | 116,605,796 | 116,311,400 |
Bank loans are secured by way of mortgage debentures, floating charges and legal charges over the assets of the company. |
18. | PROVISIONS FOR LIABILITIES |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 24,424,104 | 34,299,105 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 34,299,105 |
Provided during year | (9,875,001 | ) |
Balance at 30 April 2024 | 24,424,104 |
Included in deferred tax is £24,067,104 (2023: £33,651,322) relating to the revaluation of the freehold property the remaining deferred tax relates to accelerated capital allowances. |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
20. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | (8,195,620 | ) | (4,326,803 | ) | (12,522,423 | ) |
Profit for the year | 3,020,676 | 3,020,676 |
Revaluation in the year | - | (28,752,657 | ) | (28,752,657 | ) |
At 30 April 2024 | (5,174,944 | ) | (33,079,460 | ) | (38,254,404 | ) |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 30 April 2024 |
YIANIS DOCKLANDS HOTELS 1 LIMITED (REGISTERED NUMBER: 11934844) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | RESERVES - continued |
Retained earnings account |
The retained earnings account represents cumulative profits and losses net of dividends and other adjustments. |
Revaluation reserve |
The revaluation reserve account represents the fair value gains in the carrying value of assets held by the company. Amounts held in the reserve are non-distributable. |
21. | CONTINGENT LIABILITIES |
A group company is part of an omnibus guarantee and set off agreement for securing all monies due or to become due from certain group companies which at 30 April 2024 amounted to £163.35 million (30 April 2023: £163.35m). |
22. | RELATED PARTY DISCLOSURES |
Included within debtors due within one year is an amount of £2,792,644 (2023: £2,791,467) owed by connected companies. |
Included within creditors due within one year is an amount of £49,940,599 (2023: £52,063,057) owed to connected companies. |
Amounts outstanding between connected companies arise by virtue of financing transactions. These amounts are unsecured, interest free, and due within one year. |
23. | PARENT COMPANY |
The immediate and ultimate parent company is Yianis Holdings TC Limited, incorporated in BVI. |
24. | SUBSIDIARIES |
The Company's subsidiaries at 30 April 2024 are as follows: |
Yianis Docklands Hotels 2 Limited |
Yianis Docklands Hotels Limited |
West India Quay (Eastern) Limited |
WIQ Hotel Corporation Limited |
No 1 West India Quay (Residential) Limited |
No 1 West India Quay (Commercial) Limited |
All of the subsidiaries are included in the consolidated financial statements. |
The registered office for all of the subsidiaries is 4th Floor Charles House, 108-110 Finchley Road, London, NW3 5JJ. |