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St Moritz Hotel & Garden Villas Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 05653512

 

St Moritz Hotel & Garden Villas Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

St Moritz Hotel & Garden Villas Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

487,522

434,139

Current assets

 

Stocks

5

71,036

57,185

Debtors

6

2,769,347

2,314,026

Cash at bank and in hand

 

1,926

1,689

 

2,842,309

2,372,900

Creditors: Amounts falling due within one year

7

(1,773,412)

(605,521)

Net current assets

 

1,068,897

1,767,379

Total assets less current liabilities

 

1,556,419

2,201,518

Creditors: Amounts falling due after more than one year

7

(234,584)

(332,963)

Provisions for liabilities

20,562

(87,921)

Net assets

 

1,342,397

1,780,634

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

1,342,395

1,780,632

Shareholders' funds

 

1,342,397

1,780,634

 

St Moritz Hotel & Garden Villas Limited

Balance Sheet

31 March 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

For the financial 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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
H Ridgway
Director

Company Registration Number: 05653512

 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office, which is the same as its place of trade, is:
St Moritz Hotel
Trebetherick
Near Wadebridge
Cornwall
PL27 6SD

These financial statements were authorised for issue by the Board on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers.

Accommodation revenue is recognised at the point that the customer stays in a room.

Food, beverage and spa income are all recognised at the point of sale.

Commissions and other recharges due from villa and apartment owners are earned at the point of sale of a room. Service charges are billed on a quarterly basis.

All revenue relates to activities wholly undertaken in the UK.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

Motor vehicles

20% straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
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.

All financial instruments are classified as basic.

 Recognition and measurement
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Where the arrangement constitutes a financing transaction the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 55 (2023 - 61).

 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

498,630

49,615

412,490

960,735

Additions

50,434

-

53,435

103,869

At 31 March 2024

549,064

49,615

465,925

1,064,604

Depreciation

At 1 April 2023

292,177

33,858

200,561

526,596

Charge for the year

21,453

7,279

21,754

50,486

At 31 March 2024

313,630

41,137

222,315

577,082

Carrying amount

At 31 March 2024

235,434

8,478

243,610

487,522

At 31 March 2023

206,453

15,757

211,929

434,139

Included in fixed assets above are £97,184 (2023 - £27,787) of assets held under hire purchase agreements.

5

Stocks

2024
£

2023
£

Other inventories

71,036

57,185

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

30,030

51,307

Amounts due from group undertakings

11

2,559,120

2,142,741

Prepayments

 

101,450

80,733

Other debtors

 

78,747

39,245

 

2,769,347

2,314,026

 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,132,122

296,399

Trade creditors

 

317,366

174,952

Amounts owed to group undertakings

11

28,244

28,244

Taxation and social security

 

206,294

27,856

Accruals and deferred income

 

66,144

69,419

Other creditors

 

23,242

8,651

 

1,773,412

605,521


 

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

234,584

332,963

 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

872,973

120,000

Bank overdrafts

165,709

104,804

Finance lease liabilities

33,440

11,595

Other borrowings

60,000

60,000

1,132,122

296,399

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

200,000

320,000

Finance lease liabilities

34,584

12,963

234,584

332,963

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

St Moritz Hotel & Garden Villas Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,539 (2023 - £3,445).


 

11

Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

The Directors

During the year the Directors have had loans outstanding from the company. The loans are interest free, unsecured and repayable upon demand.

Withdrawals of £18,759 (2023 - £995) and repayments of £150,000 (2023 - £25,000) were made by the Directors against their loan accounts in the year.

Amounts due to directors of £131,241 (2023 - £149,909) were transferred from this company to director loan accounts in the connected company St Moritz Developments Limited

At the balance sheet date the amounts due to the Directors was £nil (2023 - £nil).

Related Limited Liability Partnership

At the balance sheet date the company owed £50,000 (2023 - £50,000) to a related Limited Liability Partnership. The loan is interest free, unsecured and repayable upon demand.
 

Close family member

At the balance sheet date the company owed a close family member £10,000 (2023 - £10,000). The loan is interest free, unsecured and repayable upon demand.
 

The company has taken advantage of the exemption in FRS102 Section 33.1A from disclosing transactions with other members of the group.

12

Parent and ultimate parent undertaking

The company's immediate parent is St Moritz (Holdings) Limited, incorporated in England and Wales.

The registered office for St Moritz (Holdings) Limited is Lowin House, Tregolls Road, Truro, TR1 2NA.