Registration number:
St. Olav's House Limited
for the Year Ended 31 December 2023
St. Olav's House Limited
Contents
Company Information |
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Directors' Report |
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Income statement |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
St. Olav's House Limited
Company Information
Directors |
H Kvalheim B Bratland K Haugen |
Registered office |
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Accountants |
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St. Olav's House Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year and up to the date of approval of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Events after the financial period
There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statement.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
......................................... |
St. Olav's House Limited
Income statement
for the Year Ended 31 December 2023
Note |
2023 |
(As restated) |
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Administrative expenses |
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Other operating income |
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Operating profit |
83,285 |
151,552 |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) before tax |
|
( |
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Tax on profit/(loss) |
- |
- |
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Profit/(loss) for the financial year |
|
( |
St. Olav's House Limited
(Registration number: 12497576)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
(As restated) |
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Non-current assets |
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Investment properties |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Equity |
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Called up share capital |
1 |
1 |
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Retained earnings |
8,741 |
(32,391) |
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Shareholders' funds/(deficit) |
8,742 |
(32,390) |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of St. Olav's House Limited were approved and authorised for issue by the
.........................................
Director
St. Olav's House Limited
Statement of Changes in Equity
for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Prior period adjustment |
- |
( |
( |
At 1 January 2023 (As restated) |
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( |
( |
Profit for the year |
- |
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At 31 December 2023 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2022 |
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- |
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Loss for the year |
- |
( |
( |
At 31 December 2022 (as restated) |
1 |
(32,391) |
(32,390) |
St. Olav's House Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
General information |
St. Olav's House Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.
Accounting policies |
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Prior period errors
During the year, the company identified an error in the accounts for the previous year relating to the recognition of a new bank loan. The effect of this error is to increase profits in 2022 by £50,082 and decrease reserves by £50,082. This amount has been disclosed as a prior period adjustment.
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Tax
The current income 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. Olav's House Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Investment property
Receivables
Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment
Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
St. Olav's House Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
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Current taxation |
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UK Corporation tax |
- |
- |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
(As restated) |
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Profit/(loss) before tax |
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( |
Corporation tax at standard rate |
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( |
Effect of tax losses |
( |
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Tax increase from effect of indexation allowance on capital gains |
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Tax decrease from effect of rollover relief on profit on disposal of fixed assets |
( |
( |
Total tax charge/(credit) |
- |
- |
St. Olav's House Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Investment Properties |
Freehold property |
Long leasehold |
Assets under construction |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
- |
- |
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Disposals |
( |
- |
- |
( |
At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
- |
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At 31 December 2022 |
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Receivables |
2023 |
(As restated) |
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Amounts due from group undertakings |
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- |
Other receivables |
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Cash and cash equivalent |
2023 |
2022 |
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Cash at bank |
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St. Olav's House Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Payables |
Payables: amounts falling due within one year
2023 |
(As restated) |
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Loans and borrowings |
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Amounts due to group undertakings |
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Accruals |
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Payables: amounts falling due after more than one year
2023 |
2022 |
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Amount due to group undertakings |
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Amount owed to group undertakings includes a secured loan of £2,550,000. The loan is repayable over 25 years and will accrue interest at 1.5% above Bank of England base rate once construction work is completed on the company's leasehold property. The loan is secured by way of a fixed charge over the assets of the company.
Loans and borrowings |
2023 |
(As restated) |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
Bank loans totalling £512,802 (2022 - £78,981) are secured on the company's freehold property and are repayable within 12 months. |
St. Olav's House Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Financial commitments |
During the previous year construction commenced on the development of St Olav's House. The estimated build costs is £5.2m. During the previous year the company entered into a contract with the main contractor for £4m of which £2.4m had been invoiced to date.
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
Parent and ultimate parent undertaking |
The company's immediate parent undertaking is The Norwegian Church, a charity incorporated in England and Wales and its ultimate parent undertaking is Sjømannskirken, a charity registered in Norway. Ultimate control is exercised by the executive board of Sjømannskirken.
The smallest and largest group the results of the company are consolidated into are the Sjømannskirken financial statements.
Events after the financial period |
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