Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.25truetrue2023-07-01falseNo description of principal activity22truefalse 10730017 2023-07-01 2024-06-30 10730017 2022-07-01 2023-06-30 10730017 2024-06-30 10730017 2023-06-30 10730017 2022-07-01 10730017 1 2023-07-01 2024-06-30 10730017 1 2022-07-01 2023-06-30 10730017 5 2022-07-01 2023-06-30 10730017 d:Director1 2023-07-01 2024-06-30 10730017 d:Director2 2023-07-01 2024-06-30 10730017 d:RegisteredOffice 2023-07-01 2024-06-30 10730017 e:Buildings 2023-07-01 2024-06-30 10730017 e:Buildings 2024-06-30 10730017 e:Buildings 2023-06-30 10730017 e:Buildings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10730017 e:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 10730017 e:OtherPropertyPlantEquipment 2024-06-30 10730017 e:OtherPropertyPlantEquipment 2023-06-30 10730017 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10730017 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10730017 e:CurrentFinancialInstruments 2024-06-30 10730017 e:CurrentFinancialInstruments 2023-06-30 10730017 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 10730017 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 10730017 e:ShareCapital 2024-06-30 10730017 e:ShareCapital 2023-06-30 10730017 e:ShareCapital 2022-07-01 10730017 e:RevaluationReserve 2023-07-01 2024-06-30 10730017 e:RevaluationReserve 2024-06-30 10730017 e:RevaluationReserve 1 2023-07-01 2024-06-30 10730017 e:RevaluationReserve 2023-06-30 10730017 e:RevaluationReserve 2022-07-01 10730017 e:RevaluationReserve 5 2022-07-01 2023-06-30 10730017 e:RevaluationReserve 8 2022-07-01 2023-06-30 10730017 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10730017 e:RetainedEarningsAccumulatedLosses 2024-06-30 10730017 e:RetainedEarningsAccumulatedLosses 1 2023-07-01 2024-06-30 10730017 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10730017 e:RetainedEarningsAccumulatedLosses 2023-06-30 10730017 e:RetainedEarningsAccumulatedLosses 2022-07-01 10730017 e:RetainedEarningsAccumulatedLosses 1 2022-07-01 2023-06-30 10730017 d:OrdinaryShareClass1 2023-07-01 2024-06-30 10730017 d:OrdinaryShareClass1 2024-06-30 10730017 d:OrdinaryShareClass1 2023-06-30 10730017 d:FRS102 2023-07-01 2024-06-30 10730017 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10730017 d:FullAccounts 2023-07-01 2024-06-30 10730017 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10730017 2 2023-07-01 2024-06-30 10730017 4 2023-07-01 2024-06-30 10730017 5 2023-07-01 2024-06-30 10730017 e:ShareCapital 1 2023-07-01 2024-06-30 10730017 e:ShareCapital 1 2022-07-01 2023-06-30 10730017 f:PoundSterling 2023-07-01 2024-06-30 10730017 e:RetainedEarningsAccumulatedLosses 5 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 10730017












SBH WINDERMERE LIMITED
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 

SBH WINDERMERE LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 11

 

SBH WINDERMERE LIMITED
 
COMPANY INFORMATION


Directors
F G Callingham 
P A Callingham 




Registered number
10730017



Registered office
C/O Starboard Hotels Limited
Park House

10 Penn Road

Beaconsfield

Buckinghamshire

HP9 2LH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10730017
SBH WINDERMERE LIMITED

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,710,091
4,600,000

Current assets
  

Stocks
  
5,481
4,806

Debtors: amounts falling due within one year
 5 
231,339
154,024

Cash at bank and in hand
  
18,826
28,906

  
255,646
187,736

Creditors: amounts falling due within one year
 6 
(2,818,323)
(2,390,201)

Net current liabilities
  
 
 
(2,562,677)
 
 
(2,202,465)

Total assets less current liabilities
  
2,147,414
2,397,535

Provisions for liabilities
  

Deferred taxation
  
(559,600)
(567,700)

  
 
 
(559,600)
 
 
(567,700)

Net assets
  
1,587,814
1,829,835


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Revaluation reserve
  
1,678,793
1,702,910

Profit and loss account
  
(91,979)
125,925

Total equity
  
1,587,814
1,829,835

Page 2


 
REGISTERED NUMBER:10730017
SBH WINDERMERE LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P A Callingham
Director

Date: 11 March 2025

The notes on pages 5 to 11 form part of these financial statements.
Page 3

 

SBH WINDERMERE LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
1,000
-
54,250
55,250



Profit for the year
-
-
71,675
71,675

Surplus on revaluation of freehold property
-
2,270,610
-
2,270,610

Deferred tax movement
-
(567,700)
-
(567,700)



At 30 June 2023 and 1 July 2023
1,000
1,702,910
125,925
1,829,835



Loss for the year
-
-
(250,121)
(250,121)

Deferred tax movement
-
8,100
-
8,100

Transfer to/from profit and loss account
-
(32,217)
32,217
-


At 30 June 2024
1,000
1,678,793
(91,979)
1,587,814


The notes on pages 5 to 11 form part of these financial statements.
Page 4

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

SBH Windermere Limited is a private company limited by shares incorporated in England and Wales. The address of its principal place of business is Windermere Manor, Rayrigg Road, Windermere LA23 1ES.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services and goods
Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from the rendering of services (such as accommodation and use of facilities) is recognised when services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time when the goods are delivered to customers.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Other fixed assets
-
14%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value.

Page 6

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.


2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 7

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.12

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.13

Share capital

Ordinary shares are classified as equity.

Page 8

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2023 - 22).


4.


Tangible fixed assets





Freehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 July 2023
4,554,950
81,248
4,636,198


Additions
203,439
-
203,439



At 30 June 2024

4,758,389
81,248
4,839,637



Depreciation


At 1 July 2023
-
36,198
36,198


Charge for the year
81,973
11,375
93,348



At 30 June 2024

81,973
47,573
129,546



Net book value



At 30 June 2024
4,676,416
33,675
4,710,091



At 30 June 2023
4,554,950
45,050
4,600,000

Page 9

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
4,676,416
4,554,950


The directors have obtained a valuation as at 17 February 2023, undertaken by Savills (UK) Limited which shows a valuation on an open market basis of £4,600,000 for the freehold property (including other (fixed assets) based on the prevailing market conditions. The valuation has been adjusted for additions and depreciation in the year.

 
Cost or valuation at 30 June 2024 is as follows:

Land and buildings
£


At cost
2,487,779
At valuation:

Revaluations
2,270,610



4,758,389

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
2,487,779
2,284,340

Accumulated depreciation
(216,308)
(179,749)

Net book value
2,271,471
2,104,591


5.


Debtors

2024
2023
£
£


Trade debtors
33,688
11,728

Other debtors
183,185
131,457

Prepayments and accrued income
14,466
10,839

231,339
154,024


Page 10

 

SBH WINDERMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
91,476
29,719

Other taxation and social security
39,225
58,285

Other creditors
2,618,042
2,228,263

Accruals and deferred income
69,580
73,934

2,818,323
2,390,201


IIncluded within other creditors is a balance of £900,000 which was previously shown as a creditor more than one year in the 2023 financial statements.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



8.


Contingent liabilities

A fixed charge was in place over the company's assets as part of a cross guarantee against bank loans totalling £53,410,152 (2023: £52,740,000) at the balance sheet date. The loans are owned by companies in which the director P A Callingham has an interest.
 
Page 11