Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsetrue2023-07-01truefalseIts principal activtiy is that of a hotel2020The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04455470 2023-07-01 2024-06-30 04455470 2022-07-01 2023-06-30 04455470 2024-06-30 04455470 2023-06-30 04455470 c:Director2 2023-07-01 2024-06-30 04455470 d:Buildings 2023-07-01 2024-06-30 04455470 d:Buildings 2024-06-30 04455470 d:Buildings 2023-06-30 04455470 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04455470 d:FurnitureFittings 2023-07-01 2024-06-30 04455470 d:FurnitureFittings 2024-06-30 04455470 d:FurnitureFittings 2023-06-30 04455470 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04455470 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04455470 d:FreeholdInvestmentProperty 2024-06-30 04455470 d:FreeholdInvestmentProperty 2023-06-30 04455470 d:CurrentFinancialInstruments 2024-06-30 04455470 d:CurrentFinancialInstruments 2023-06-30 04455470 d:Non-currentFinancialInstruments 2024-06-30 04455470 d:Non-currentFinancialInstruments 2023-06-30 04455470 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 04455470 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04455470 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 04455470 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 04455470 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 04455470 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 04455470 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 04455470 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 04455470 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 04455470 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 04455470 d:ShareCapital 2024-06-30 04455470 d:ShareCapital 2023-06-30 04455470 d:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 04455470 d:InvestmentPropertiesRevaluationReserve 2024-06-30 04455470 d:InvestmentPropertiesRevaluationReserve 2023-06-30 04455470 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04455470 d:RetainedEarningsAccumulatedLosses 2024-06-30 04455470 d:RetainedEarningsAccumulatedLosses 2023-06-30 04455470 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 04455470 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04455470 d:RetirementBenefitObligationsDeferredTax 2024-06-30 04455470 d:RetirementBenefitObligationsDeferredTax 2023-06-30 04455470 c:OrdinaryShareClass1 2023-07-01 2024-06-30 04455470 c:OrdinaryShareClass1 2024-06-30 04455470 c:OrdinaryShareClass1 2023-06-30 04455470 c:FRS102 2023-07-01 2024-06-30 04455470 c:IndependentExaminationCharity 2023-07-01 2024-06-30 04455470 c:FullAccounts 2023-07-01 2024-06-30 04455470 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04455470 6 2023-07-01 2024-06-30 04455470 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04455470










ST JAMES TOWN HOUSE HOTELS LIMITED








Unaudited

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
ST JAMES TOWN HOUSE HOTELS LIMITED
REGISTERED NUMBER: 04455470

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,370,254
3,293,136

Investments
 5 
10,000
10,000

Investment property
 6 
674,999
674,999

  
4,055,253
3,978,135

Current assets
  

Stocks
  
11,012
11,012

Debtors: amounts falling due within one year
 7 
238,571
225,864

Cash at bank and in hand
 8 
80,004
278,360

  
329,587
515,236

Creditors: amounts falling due within one year
 9 
(414,063)
(467,551)

Net current (liabilities)/assets
  
 
 
(84,476)
 
 
47,685

Total assets less current liabilities
  
3,970,777
4,025,820

Creditors: amounts falling due after more than one year
 10 
(434,100)
(602,060)

Provisions for liabilities
  

Deferred tax
 12 
(97,676)
(74,969)

  
 
 
(97,676)
 
 
(74,969)

Net assets
  
3,439,001
3,348,791


Capital and reserves
  

Called up share capital 
 13 
1,752
1,752

Investment property reserve
 14 
199,519
199,519

Profit and loss account
 14 
3,237,730
3,147,520

  
3,439,001
3,348,791


Page 1

 
ST JAMES TOWN HOUSE HOTELS LIMITED
REGISTERED NUMBER: 04455470
    
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 statement of comprehensive income 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: 




M E Matthews
Director

Date: 26 March 2025

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Company is a private company limited by shares and is incorporated and domiciled in England and Wales. Its principal activtiy is that of a hotel. The address of its registered office is Belmont House, Shrewsbury Business Park, Shropshire, SY2 6LG, and its trading address is Butcher Row, Shrewsbury, SY1 1UQ.

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 enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The Company is considered to be well positioned given the current environment with no impact on the going concern basis of 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

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 4

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Fixtures and fittings
-
20%

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 5

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 7

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 20).

Page 8

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 July 2023
3,050,000
1,469,452
4,519,452


Additions
-
157,559
157,559


Disposals
-
(302)
(302)



At 30 June 2024

3,050,000
1,626,709
4,676,709



Depreciation


At 1 July 2023
-
1,226,316
1,226,316


Charge for the year on owned assets
-
80,139
80,139



At 30 June 2024

-
1,306,455
1,306,455



Net book value



At 30 June 2024
3,050,000
320,254
3,370,254



At 30 June 2023
3,050,000
243,136
3,293,136

Page 9

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
10,000



At 30 June 2024
10,000





6.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
674,999



At 30 June 2024
674,999

The 2024 valuations were made by the Directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 July 2023
199,519
199,519

At 30 June 2024
199,519
199,519



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
450,000
450,000

450,000
450,000

Page 10

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
18,329
43,331

Amounts owed by group undertakings
15,973
6,468

Other debtors
131,619
95,851

Prepayments and accrued income
72,650
80,214

238,571
225,864



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
80,004
278,360

Less: bank overdrafts
(5,250)
(5,250)

74,754
273,110



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
5,250
5,250

Bank loans
144,700
121,440

Payments received on account
8,823
15,065

Trade creditors
63,546
94,527

Amounts owed to group undertakings
9,999
9,999

Corporation tax
53,186
91,162

Other taxation and social security
94,449
100,713

Other creditors
(4)
1,882

Accruals and deferred income
34,114
27,513

414,063
467,551


Page 11

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
434,100
602,060

434,100
602,060


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
-
82,840

-
82,840

The outstanding bank loan is repayable in instalments with an interest rate of 2.65%. The balance is expected to be repaid in full by December 2027.

Page 12

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
144,700
121,440


144,700
121,440

Amounts falling due 1-2 years

Bank loans
144,700
124,697


144,700
124,697

Amounts falling due 2-5 years

Bank loans
289,400
394,523


289,400
394,523

Amounts falling due after more than 5 years

Bank loans
-
82,840

-
82,840

578,800
723,500


Page 13

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Deferred taxation




2024


£






At beginning of year
(74,969)


Charged to profit or loss
(22,707)



At end of year
(97,676)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(64,151)
(41,444)

Gain on revalued investment property
(33,525)
(33,525)

(97,676)
(74,969)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,752 (2023 - 1,752) Ordinary shares of £1.00 each
1,752
1,752



14.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents accumulated revaluations in investment properties net of deferred taxation.

Profit and loss account

The profit & loss account represents accumulated undistributed profits and losses generated since incorporation.

Page 14

 
ST JAMES TOWN HOUSE HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,988 (2023: £6,701). Contributions totalling £31 (2023: £1,518) were payable to the fund at the balance sheet date and are included in creditors.


16.


Related party transactions

As at the year end the Company was owed £15,973 by its subsidiary company (2023: £6,468). The balance is considered repayable on demand and is included in debtors due within one year.


17.


Controlling party

The ultimate parent company is St James Hotels Limited (06233693). The financial statements of the parent company are prepared for the period ending 30 June each year and can be found online at Companies House or at the registered office, which is located at Belmont House, Shrewsbury Business Park, Shrewsbury, SY2 6LG.
The Directors own 100% of the issued share capital in St James Hotels Limited.

 
Page 15