Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30truefalsetrue2023-07-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10868297 2023-07-01 2024-06-30 10868297 2022-07-01 2023-06-30 10868297 2024-06-30 10868297 2023-06-30 10868297 2022-07-01 10868297 c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 10868297 d:Director1 2023-07-01 2024-06-30 10868297 d:Director2 2023-07-01 2024-06-30 10868297 d:RegisteredOffice 2023-07-01 2024-06-30 10868297 c:FurnitureFittings 2023-07-01 2024-06-30 10868297 c:FurnitureFittings 2024-06-30 10868297 c:FurnitureFittings 2023-06-30 10868297 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10868297 c:FreeholdInvestmentProperty 2024-06-30 10868297 c:FreeholdInvestmentProperty 2023-06-30 10868297 c:CurrentFinancialInstruments 2024-06-30 10868297 c:CurrentFinancialInstruments 2023-06-30 10868297 c:Non-currentFinancialInstruments 2024-06-30 10868297 c:Non-currentFinancialInstruments 2023-06-30 10868297 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 10868297 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 10868297 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 10868297 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 10868297 c:ShareCapital 2024-06-30 10868297 c:ShareCapital 2023-06-30 10868297 c:ShareCapital 2022-07-01 10868297 c:RevaluationReserve 2024-06-30 10868297 c:RevaluationReserve 2022-07-01 2023-06-30 10868297 c:RevaluationReserve 2023-06-30 10868297 c:RevaluationReserve c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 10868297 c:RevaluationReserve 2022-07-01 10868297 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10868297 c:RetainedEarningsAccumulatedLosses 2024-06-30 10868297 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10868297 c:RetainedEarningsAccumulatedLosses 2023-06-30 10868297 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-07-01 2023-06-30 10868297 c:RetainedEarningsAccumulatedLosses 2022-07-01 10868297 d:OrdinaryShareClass1 2023-07-01 2024-06-30 10868297 d:OrdinaryShareClass1 2024-06-30 10868297 d:OrdinaryShareClass1 2023-06-30 10868297 d:FRS102 2023-07-01 2024-06-30 10868297 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10868297 d:FullAccounts 2023-07-01 2024-06-30 10868297 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10868297 c:HirePurchaseContracts c:WithinOneYear 2024-06-30 10868297 c:HirePurchaseContracts c:WithinOneYear 2023-06-30 10868297 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-06-30 10868297 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-06-30 10868297 c:HirePurchaseContracts c:MoreThanFiveYears 2024-06-30 10868297 c:HirePurchaseContracts c:MoreThanFiveYears 2023-06-30 10868297 5 2023-07-01 2024-06-30 10868297 e:PoundSterling 2023-07-01 2024-06-30 10868297 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-07-01 2023-06-30 10868297 c:RevaluationReserve c:PreviouslyStatedAmount 2022-07-01 10868297 c:PreviouslyStatedAmount 2022-07-01 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 10868297












SBH DERBY HOLDING LTD
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 

SBH DERBY HOLDING LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 12


 

SBH DERBY HOLDING LTD
 
COMPANY INFORMATION


Directors
P A Callingham 
F G Callingham 




Registered number
10868297



Registered office
C/O Starboard Hotels Limited
Park House

10 Penn Road

Beaconsfield

HP9 2LH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10868297
SBH DERBY HOLDING LTD

BALANCE SHEET
AS AT 30 JUNE 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,632
71,547

Investment property
 6 
10,150,000
10,150,000

  
10,186,632
10,221,547

Current assets
  

Debtors: amounts falling due after more than one year
 7 
-
99,258

Debtors: amounts falling due within one year
 7 
1,679,804
1,329,631

Cash at bank and in hand
  
1,583
490,335

  
1,681,387
1,919,224

Creditors: amounts falling due within one year
 8 
(5,856,733)
(6,093,029)

Net current liabilities
  
 
 
(4,175,346)
 
 
(4,173,805)

Total assets less current liabilities
  
6,011,286
6,047,742

Creditors: amounts falling due after more than one year
 9 
(2,880,723)
(2,886,670)

Provisions for liabilities
  

Deferred tax
  
(784,420)
(784,420)

Net assets
  
2,346,143
2,376,652


Capital and reserves
  

Called up share capital 
 11 
100
100

Revaluation reserve
  
2,240,497
2,240,497

Profit and loss account
  
105,546
136,055

Total equity
  
2,346,143
2,376,652


Page 2


 
REGISTERED NUMBER:10868297
SBH DERBY HOLDING LTD
    
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: 26 March 2025

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 

SBH DERBY HOLDING LTD

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 (as previously stated)
100
965,679
118,779
1,084,558

Prior year adjustment
-
(112,762)
-
(112,762)


At 1 July 2022 (as restated)
100
852,917
118,779
971,796



Profit for the financial year
-
-
1,404,856
1,404,856

Transfer to/from profit and loss account
-
1,387,580
(1,387,580)
-



At 30 June 2023 and 1 July 2023
100
2,240,497
136,055
2,376,652



Loss for the year
-
-
(30,509)
(30,509)


At 30 June 2024
100
2,240,497
105,546
2,346,143


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 

SBH DERBY HOLDING LTD

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

1.


General information

SBH Derby Holding Ltd is a private company limited by shares incorporated in England and Wales. The address of its principal place of business is Morledge, Derby, DE1 2AY.
The financial statements are presented in Sterline (£), 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

Turnover represents rent receivable, net of VAT. Rent is recognised in line with the prevailing lease with SBH Derby Limited.
The company rents its hotel to the subsidiary company SBH Derby Limited.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 

SBH DERBY HOLDING LTD

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

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Fixtures and fittings
-
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.

Page 6

 

SBH DERBY HOLDING LTD

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

2.Accounting policies (continued)


2.7

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, and intercompany 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.

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.


Page 7

 

SBH DERBY HOLDING LTD

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

2.Accounting policies (continued)

  
2.8

Financial instruments (continued)

Impairment of financial assets (continued)
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.

 
2.9

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.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Cash

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

Page 8

 

SBH DERBY HOLDING LTD

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 2 (2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 July 2023
249,381



At 30 June 2024

249,381



Depreciation


At 1 July 2023
177,834


Charge for the year
34,915



At 30 June 2024

212,749



Net book value



At 30 June 2024
36,632



At 30 June 2023
71,547


5.


Fixed asset investments

The company owns 100% of the share capital of SBH Derby Limited, a company incorporated in England, which acts a hotel operator. No investment has been recorded in the financial statements on the grounds of immateriality as the cost of investment was £100.











Page 9

 

SBH DERBY HOLDING LTD

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

6.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
10,150,000



At 30 June 2024
10,150,000

The 2024 valuations were made by Savills (UK) Limited, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
7,012,321
7,012,321


7.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
99,258


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
1,079,804
1,004,631

Other debtors
-
25,000

Prepayments and accrued income
600,000
300,000

1,679,804
1,329,631


Page 10

 

SBH DERBY HOLDING LTD

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

8.


Creditors: amounts falling due within one year

2024
As restated 2023
£
£

Other taxation and social security
556,519
580,645

Obligations under finance lease and hire purchase contracts
99,324
99,324

Other creditors
5,198,390
5,410,560

Accruals and deferred income
2,500
2,500

5,856,733
6,093,029



9.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
2,880,723
2,886,670



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
99,324
99,324

Between 1-5 years
52,310
50,830

Over 5 years
2,828,413
2,835,840

2,980,047
2,985,994

The finance lease relates to a sale and leaseback on the hotel whereby the freehold element was sold for £3,100,000 with the option to buyback the property for £1 in 80 years' time.

Page 11

 

SBH DERBY HOLDING LTD

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

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



12.


Prior year adjustment

The comparative figures in these financial statements have been restated due to an error in the prior period relating to the accounting of other creditors and revaluation reserve. Other creditors were understated by £112,762 and revaluation reserve was overstated by £112,762. There is no impact to the brought forward profit and loss account reserves.
Included within other creditors is also a balance of £487,238 which was previously shown as a creditor more than one year in the 2023 financial statements.


13.


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 owed by companies in which the director P A Callingham has an interest.


14.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

 
Page 12