St. Olav's House Limited 12497576 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true false true 12497576 2023-01-01 2023-12-31 12497576 2023-12-31 12497576 bus:OrdinaryShareClass1 2023-12-31 12497576 core:RetainedEarningsAccumulatedLosses 2023-12-31 12497576 core:ShareCapital 2023-12-31 12497576 core:CurrentFinancialInstruments 2023-12-31 12497576 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12497576 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12497576 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 12497576 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 12497576 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 12497576 bus:SmallEntities 2023-01-01 2023-12-31 12497576 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12497576 bus:FullAccounts 2023-01-01 2023-12-31 12497576 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12497576 bus:RegisteredOffice 2023-01-01 2023-12-31 12497576 bus:Director1 2023-01-01 2023-12-31 12497576 bus:Director2 2023-01-01 2023-12-31 12497576 bus:Director3 2023-01-01 2023-12-31 12497576 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12497576 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12497576 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12497576 core:ShareCapital 2023-01-01 2023-12-31 12497576 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 12497576 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12497576 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 12497576 core:UKTax 2023-01-01 2023-12-31 12497576 1 2023-01-01 2023-12-31 12497576 1 2023-01-01 2023-12-31 12497576 countries:EnglandWales 2023-01-01 2023-12-31 12497576 2022-12-31 12497576 core:RetainedEarningsAccumulatedLosses 2022-12-31 12497576 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2022-12-31 12497576 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2022-12-31 12497576 core:ShareCapital 2022-12-31 12497576 core:ShareCapital core:PreviouslyStatedAmount 2022-12-31 12497576 core:ShareCapital core:PriorPeriodIncreaseDecrease 2022-12-31 12497576 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 12497576 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 12497576 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12497576 core:PreviouslyStatedAmount 2022-12-31 12497576 core:PriorPeriodIncreaseDecrease 2022-12-31 12497576 2022-01-01 2022-12-31 12497576 2022-12-31 12497576 bus:OrdinaryShareClass1 2022-12-31 12497576 core:CurrentFinancialInstruments 2022-12-31 12497576 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12497576 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 12497576 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 12497576 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 12497576 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12497576 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12497576 core:ShareCapital 2022-01-01 2022-12-31 12497576 core:UKTax 2022-01-01 2022-12-31 12497576 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2021-12-31 12497576 core:ShareCapital core:PreviouslyStatedAmount 2021-12-31 12497576 core:PreviouslyStatedAmount 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12497576

St. Olav's House Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

St. Olav's House Limited

Contents

Company Information

1

Directors' Report

2

Income statement

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

St. Olav's House Limited

Company Information

Directors

H Kvalheim

B Bratland

K Haugen

Registered office

1 St Olav's Square
Albion Street
London
SE16 7JB

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

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:

H Kvalheim

B Bratland

K Haugen

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 Board on 18 February 2025 and signed on its behalf by:
 

.........................................
B Bratland
Director

 

St. Olav's House Limited

Income statement
for the Year Ended 31 December 2023

Note

2023
£

(As restated)

2022
£

Administrative expenses

 

5,137

69,568

Other operating income

 

78,148

81,984

Operating profit

 

83,285

151,552

Interest payable and similar expenses

 

(42,153)

(183,943)

Profit/(loss) before tax

41,132

(32,391)

Tax on profit/(loss)

4

-

-

Profit/(loss) for the financial year

 

41,132

(32,391)

 

St. Olav's House Limited

(Registration number: 12497576)
Statement of Financial Position as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Non-current assets

 

Investment properties

5

4,128,706

2,863,190

Current assets

 

Receivables

6

31,893

1

Cash at bank and in hand

7

252,799

1,077,754

 

284,692

1,077,755

Payables: Amounts falling due within one year

8

(1,074,945)

(643,624)

Net current (liabilities)/assets

 

(790,253)

434,131

Total assets less current liabilities

 

3,338,453

3,297,321

Payables: Amounts falling due after more than one year

8

(3,329,711)

(3,329,711)

Net assets/(liabilities)

 

8,742

(32,390)

Equity

 

Called up share capital

10

1

1

Retained earnings

8,741

(32,391)

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:

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.

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 Board on 18 February 2025 and signed on its behalf by:

.........................................

B Bratland
Director

 

St. Olav's House Limited

Statement of Changes in Equity
for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

17,691

17,692

Prior period adjustment

-

(50,082)

(50,082)

At 1 January 2023 (As restated)

1

(32,391)

(32,390)

Profit for the year

-

41,132

41,132

At 31 December 2023

1

8,741

8,742

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

-

1

Loss for the year

-

(32,391)

(32,391)

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

1

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.

2

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

Freehold property, long leasehold and assets under construction are classified as investment properties. Investment properties are initially recognised at cost and subsequently measured at fair value at each reporting date.The fair values of leases classified as investment property are based on the interest in the lease.

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

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 19% (2022 - 19%).

The differences are reconciled below:

2023
£

(As restated)

2022
£

Profit/(loss) before tax

41,132

(32,391)

Corporation tax at standard rate

7,815

(6,154)

Effect of tax losses

(7,815)

6,154

Tax increase from effect of indexation allowance on capital gains

31,688

75,000

Tax decrease from effect of rollover relief on profit on disposal of fixed assets

(31,688)

(75,000)

Total tax charge/(credit)

-

-

 

St. Olav's House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Investment Properties

Freehold property
£

Long leasehold
£

Assets under construction
£

Total
£

Cost

At 1 January 2023

900,000

800,000

1,163,190

2,863,190

Additions

-

-

2,165,516

2,165,516

Disposals

(900,000)

-

-

(900,000)

At 31 December 2023

-

800,000

3,328,706

4,128,706

Carrying amount

At 31 December 2023

-

800,000

3,328,706

4,128,706

At 31 December 2022

900,000

800,000

1,163,190

2,863,190

6

Receivables

2023
£

(As restated)

2022
£

Amounts due from group undertakings

27,743

-

Other receivables

4,150

1

31,893

1

7

Cash and cash equivalent

2023
£

2022
£

Cash at bank

252,799

1,077,754

 

St. Olav's House Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

8

Payables

Payables: amounts falling due within one year

2023
£

(As restated)

2022
£

Loans and borrowings

9

512,802

78,981

Amounts due to group undertakings

 

559,643

559,643

Accruals

 

2,500

5,000

 

1,074,945

643,624

Payables: amounts falling due after more than one year

2023
£

2022
£

Amount due to group undertakings

3,329,711

3,329,711

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.

9

Loans and borrowings

2023
£

(As restated)

2022
£

Current loans and borrowings

Bank borrowings

512,802

78,981

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)

10

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

11

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.

12

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.

13

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.

14

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.