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REGISTERED NUMBER: 00850748 (England and Wales)



Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

St Michaels Manor Limited

St Michaels Manor Limited (Registered number: 00850748)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16 to 25


St Michaels Manor Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr M Gunputh
Mrs D Gunputh



SECRETARY: Mrs D Gunputh



REGISTERED OFFICE: 1 Beauchamp Court
Victors Way
Barnet
Hertfordshire
EN5 5TZ



REGISTERED NUMBER: 00850748 (England and Wales)



SENIOR STATUTORY AUDITOR: Suraj Shah BFP ACA FCCA



AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

St Michaels Manor Limited (Registered number: 00850748)

Strategic Report
for the Year Ended 30 June 2024


The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company are shown in the annexed financial statements.

St Michaels Manor is an historic luxury hotel in St Albans district, famed for its independent style and modern British cuisine. Impeccably English and perfectly individual, St Michaels Manor 30 sumptuous suites and rooms, each uniquely decorated with the finest furnishings. As a family-owned luxury hotel in St Albans, it is renowned for its warm, intimate atmosphere and personalised service.

An enjoyable start to our financial year with the remnants of the global pandemic weakening into the distance. We experienced a strong return of visitors to the area and we very much embraced hosting the numerous reunions of friends, families and beyond, sharing our special facilities to help make some lasting memories.

The luxury hospitality market experienced a strong uplift in average room rates and as a result of this shift in market pricing we experienced an increment in revenues for the year ended June 2024, exceeding our pre-covid trade.

We continued, as always, to improve our impeccable service and persistent focus on guest experience.

Having considered the post-pandemic pent-up demand in market conditions and resultant trade and profitability during this financial year, despite the cost pressures experienced across all areas of the hotel, the Directors are satisfied with the results detailed in these accounts.

Earnings before Interest Tax Depreciation and Amortisation amounted to £410,373 (2023: £353,387).
The company retains a positive combined bank balance of £120,099 (2023: £260,337).

FUTURE DEVELOPMENTS
We have experienced a strong come back to trade in the last year, mostly driven by the increased average room rates as well as the return of international travel, maintaining the Company's profitability.

We will continue our acute focus on staff training and retention ensuring we deliver the exquisite and personal level of service to which our guests are accustomed.

The area experienced a continuation of the strong average room rates over the summer season of 2024 and as a result we have seen trade exceed the same period last year. We do however anticipate trade to slow down over the coming months. Despite this, we are still expecting the company to return a profit for the year ended June 2025.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors of the Company meet on a regular basis to evaluate company's risk exposure and risk appetite. The key risks broadly fall into the following categories:

HEALTH AND SAFETY
The company pays close attention to matters of health and safety across all facets of its business. During the current year a new improved alarm system was installed.The company continually reviews its processes and procedures and seeks to keep abreast of changes in legislation and best practice. Detailed risk assessments have been undertaken by external bodies on fire, environmental issues and health regulations, to inform the company and ensure best advice is followed.

REPUTATION
The company closely monitors feedback forums across various media and is actively engaged in embracing all forms of feedback. The hotel is inspected and rated by the AA and Quality of Tourism, which provide star ratings denoting standards and levels of comfort and service across all aspects of the operation. These unannounced inspections are valued by the business.


St Michaels Manor Limited (Registered number: 00850748)

Strategic Report
for the Year Ended 30 June 2024

MARKET
The performance of the domestic economy directly reflects upon the performance of the Company. The director monitors economic movements and key customer strategic plans, so that they can react promptly to changes in projected sales volumes to ensure that the company's business remains competitive and profitable.

COMPETITIVE
The main competitive risks to the Company arise from changing customer requirements based on market demand. The Company continues to invest in providing qualitative service and by working in partnership with customers in developing effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK
On a regular basis the director reviews the company legislative risk exposure and ensure that all applicable directions are observed

FINANCIAL INSTRUMENT RISK
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievements of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure efficient working capital exists and monitor the management of risk at a business unit level.

KEY FINANCIAL PERFORMANCE INDICATORS
The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

The Company's key and other performance indicators during the period were as follows:

Gross profit was 82% (2023 : 80%)

Operating profit totalled £318,642 (2023: £284,376)

Staff costs as a percentage of sales were 41% (2023:47%)

Revenue per available room was £89 (2023: £68)

Total revenue per available rooms was £132 (2023: £110)

Occupancy was 67% (2023: 62% ) with an average room rate of £132 (2023: £110)

Other key KPI's that demonstrate the level of performance in different parts of the business include:
-EBITDA
-Average salary levels
-Performance against budget and prior year.

The director is satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:





Mr M Gunputh - Director


1 May 2025

St Michaels Manor Limited (Registered number: 00850748)

Report of the Directors
for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of acting as hoteliers.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £ 1,930,027 .

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 July 2023 to the date of this report.

The directors shown below were in office at 30 June 2024 but did not hold any interest in the Ordinary shares of £0.1 each at 1 July 2023 or 30 June 2024.

Mr M Gunputh
Mrs D Gunputh

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The director has established a risk and financial management framework whose primary objective is to protect the Company from events that hinder the achievement of performance objective.

The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The groups principal financial instruments during the year comprised of trade debtors and trade creditors. The main purpose of these financial instruments are to provide funding for company's operations.

Liquidity risk
The Company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operation needs of the business.

Interest rate risk
The company and its parent are in recurring agreement with the group's bankers to review its exposure. With the current predicted increment of interest rates, the management remain positive to be able to maintain its repayments as business uplifts post Covid limitations.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedure. Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.


St Michaels Manor Limited (Registered number: 00850748)

Report of the Directors
for the Year Ended 30 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors BBK Partnership are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr M Gunputh - Director


1 May 2025

Report of the Independent Auditors to the Members of
St Michaels Manor Limited


Opinion
We have audited the financial statements of St Michaels Manor Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
St Michaels Manor Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
St Michaels Manor Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities
and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the company's operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection,
anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial
statements were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the
company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
St Michaels Manor Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

1 May 2025

St Michaels Manor Limited (Registered number: 00850748)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 4 2,750,169 2,478,206

Cost of sales (497,555 ) (507,228 )
GROSS PROFIT 2,252,614 1,970,978

Administrative expenses (1,933,972 ) (1,953,370 )
318,642 17,608

Other operating income - 266,768
OPERATING PROFIT 6 318,642 284,376


Interest payable and similar expenses 8 9 (3,455 )
PROFIT BEFORE TAXATION 318,651 280,921

Tax on profit 9 3,492 (51,422 )
PROFIT FOR THE FINANCIAL YEAR 322,143 229,499

St Michaels Manor Limited (Registered number: 00850748)

Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 322,143 229,499


OTHER COMPREHENSIVE INCOME
Revaluation correction
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

322,143

229,499

St Michaels Manor Limited (Registered number: 00850748)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 119,324 119,990
Tangible assets 12 7,623,379 7,642,458
7,742,703 7,762,448

CURRENT ASSETS
Stocks 13 48,479 39,178
Debtors 14 268,644 1,824,397
Cash at bank and in hand 120,099 260,337
437,222 2,123,912
CREDITORS
Amounts falling due within one year 15 (621,281 ) (716,340 )
NET CURRENT (LIABILITIES)/ASSETS (184,059 ) 1,407,572
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,558,644

9,170,020

CREDITORS
Amounts falling due after more than one
year

16

(888,991

)

(892,483

)
NET ASSETS 6,669,653 8,277,537

CAPITAL AND RESERVES
Called up share capital 17 100 100
Revaluation reserve 18 4,700,961 4,700,961
Retained earnings 18 1,968,592 3,576,476
SHAREHOLDERS' FUNDS 6,669,653 8,277,537

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





Mr M Gunputh - Director


St Michaels Manor Limited (Registered number: 00850748)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 100 3,346,977 4,700,961 8,048,038

Changes in equity
Total comprehensive income - 229,499 - 229,499
Balance at 30 June 2023 100 3,576,476 4,700,961 8,277,537

Changes in equity
Dividends - (1,930,027 ) - (1,930,027 )
Total comprehensive income - 322,143 - 322,143
Balance at 30 June 2024 100 1,968,592 4,700,961 6,669,653

St Michaels Manor Limited (Registered number: 00850748)

Statement of Cash Flows
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,810,892 (41,448 )
Interest paid - (3,455 )
Tax paid (61,999 ) 34,138
Net cash from operating activities 1,748,893 (10,765 )

Cash flows from investing activities
Purchase of intangible fixed assets (32,434 ) (110,178 )
Purchase of tangible fixed assets (39,552 ) (90,286 )
Net cash from investing activities (71,986 ) (200,464 )

Cash flows from financing activities
Amount introduced by directors 94,556 499
Amount withdrawn by directors 18,326 (94,556 )
Equity dividends paid (1,930,027 ) -
Net cash from financing activities (1,817,145 ) (94,057 )

Decrease in cash and cash equivalents (140,238 ) (305,286 )
Cash and cash equivalents at beginning of
year

2

260,337

565,623

Cash and cash equivalents at end of year 2 120,099 260,337

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
£    £   
Profit before taxation 318,651 280,921
Depreciation charges 91,731 69,011
Increase in amount owing by Group Loan - (241,829 )
Deferred tax - (51,422 )
Finance costs (9 ) 3,455
410,373 60,136
(Increase)/decrease in stocks (9,301 ) 6,794
Decrease in trade and other debtors 1,461,196 25,070
Decrease in trade and other creditors (51,376 ) (133,448 )
Cash generated from operations 1,810,892 (41,448 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 120,099 260,337
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 260,337 565,623


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 260,337 (140,238 ) 120,099
260,337 (140,238 ) 120,099
Total 260,337 (140,238 ) 120,099

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. NATURE OF OPERATIONS

The company operates a hotel in St. Albans, Hertfordshire England, providing accommodation, dining and function facilities.

2. STATUTORY INFORMATION

St Michaels Manor Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition
Revenue is recognised upon the date of the provision of services from hotel and restaurant operations, the principal revenue source being the occupation of hotel rooms. The directors consider that this is when it is probable that the economic benefits associated with the provision of the service will flow to the entity since only upon guest check-in to the hotel does the hotel have an obligation to the guest to provide a service.

Tangible assets
The directors determine whether there are indicators of impairment on the company's tangible assets. In particular since depreciation is not charged on freehold land and buildings the directors assess whether there are indicators of impairment on the freehold land and buildings that would result in a change in the estimate of the residual value of the assets, depreciation method or useful life. Factors taken into consideration in reaching such a decision include changes in market prices and expected future financial performance of the asset.

Property, plant, and equipment
Properties that are used, or that the company proposes to use, for the provision of guest accommodation that include a significant level of ancillary services, such as housekeeping and concierge services, are classified under Property, Plant and Equipment and measured accordingly.

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property, plant and equipment
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives and residual value assessments, the directors consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Inventory' provisioning
The company sells wine and spirits which are subject to change in price due to changing consumer demands and trends. As a result the wine and spirits held by the company are reviewed on a regular basis to ensure that the inventory i.e. held at the lower of cost and estimated selling price. This mitigates the need for an inventory provision.

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 at the fair value of the consideration received, excluding discounts, rebates and 'value added tax.

Revenue is recognised for hotel, restaurant, and ancillary services as those services are provided to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property-Over 300 years
Plant and machinery-10% on cost
Fixtures and fittings-10% on cost
Motor vehicles-20% on cost
Computer equipment-20% on cost

The company does not provide for depreciation on its freehold property as the amounts considered to be immaterial and will not have any influence on the financial statements.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

Foreign currency transactions and balances
Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured 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 Profit and Loss Account 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.6.24 30.6.23
£    £   
Accommodation 1,098,333 886,324
Food 959,454 852,208
Bar & Wine 411,810 460,914
Sundry Income 280,572 278,760
2,750,169 2,478,206

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 1,111,984 1,134,846
Other pension costs 22,141 25,519
1,134,125 1,160,365

The average number of employees during the year was as follows:
30.6.24 30.6.23

Management staff 4 6
Other staff 36 43
40 49

30.6.24 30.6.23
£    £   
Directors' remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Hire of plant and machinery 39,149 50,933
Depreciation - owned assets 58,631 54,883
Computer software amortisation 33,100 14,128

7. AUDITORS' REMUNERATION
30.6.24 30.6.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

8,260

8,130
Auditors' remuneration for non audit work 1,650 1,500

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
HMRC Interest (9 ) 3,455

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Deferred tax (3,492 ) 51,422
Tax on profit (3,492 ) 51,422

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2024.

30.6.23
Gross Tax Net
£    £    £   
Revaluation correction

10. DIVIDENDS
30.6.24 30.6.23
£    £   
Final 1,930,027 -

11. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 July 2023 135,378
Additions 32,434
At 30 June 2024 167,812
AMORTISATION
At 1 July 2023 15,388
Amortisation for year 33,100
At 30 June 2024 48,488
NET BOOK VALUE
At 30 June 2024 119,324
At 30 June 2023 119,990

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 July 2023 7,289,241 195,835 1,097,215
Additions - - 39,010
At 30 June 2024 7,289,241 195,835 1,136,225
DEPRECIATION
At 1 July 2023 - 166,946 796,013
Charge for year - 7,728 40,029
At 30 June 2024 - 174,674 836,042
NET BOOK VALUE
At 30 June 2024 7,289,241 21,161 300,183
At 30 June 2023 7,289,241 28,889 301,202

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 52,815 65,127 8,700,233
Additions - 542 39,552
At 30 June 2024 52,815 65,669 8,739,785
DEPRECIATION
At 1 July 2023 52,815 42,001 1,057,775
Charge for year - 10,874 58,631
At 30 June 2024 52,815 52,875 1,116,406
NET BOOK VALUE
At 30 June 2024 - 12,794 7,623,379
At 30 June 2023 - 23,126 7,642,458

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


12. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2000 2,020,661 - -
Valuation in 2003 773,716 - -
Valuation in 2007 1,906,584 - -
Cost 2,588,280 195,835 1,136,225
7,289,241 195,835 1,136,225

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2000 - - 2,020,661
Valuation in 2003 - - 773,716
Valuation in 2007 - - 1,906,584
Cost 52,815 65,669 4,038,824
52,815 65,669 8,739,785

The freehold property was last valued in 2007 by independent valuer in accordance with RICS professional standards. The directors have considered the valuation as at 30 June 2022 and do not consider it materially different from that pervious valued.

13. STOCKS
30.6.24 30.6.23
£    £   
Stocks 48,479 39,178

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 35,072 -
Amounts owed by group undertakings - 1,580,821
Other debtors 161,545 88,105
Directors' loan accounts - 94,556
Tax 1,073 1,073
Prepayments 70,954 59,842
268,644 1,824,397

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 402,720 457,556
Tax 3,245 65,254
Social security and other taxes 21,036 30,178
VAT 132,839 115,014
Other Creditors 22,609 37,103
Nat West Credit Card 1,269 974
Directors' loan accounts 18,326 -
Accrued expenses 19,237 10,261
621,281 716,340

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Deferred Tax 888,991 892,483

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
1,000 Ordinary £0.1 100 100

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 July 2023 3,576,476 4,700,961 8,277,437
Profit for the year 322,143 322,143
Dividends (1,930,027 ) (1,930,027 )
At 30 June 2024 1,968,592 4,700,961 6,669,553

19. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Avon Lake Holdings Limited, a company registered in England and Wales.

There is no one individual ultimate controlling party.

The smallest and largest group into which the entity is consolidated is Avon Lake Holdings Limited, a company registered in England and Wales. Avon Lake Holdings Limited prepares group financial statements and they are publicly available from Companies House website

St Michaels Manor Limited (Registered number: 00850748)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


20. RELATED PARTY DISCLOSURES

The director's loan account, included in creditors, has a credit balance of £18,326. However, in 2023, a debit balance of £94,556 is included in debtors, representing an unsecured loan granted to the director. The loan carries an interest rate of 3.5% and is repayable on demand.

The company has taken advantage of the exemption available in Paragraph 33. IA of FRS 102 whereby it has not disclosed transactions with other companies that are wholly owned within the group.

During the financial year the directors of the Company, did not receive any remuneration, salary, fees, or other benefits from the Company in respect of their services as a director or in any other capacity. No amounts were paid to or accrued for the benefit of the director, either directly or indirectly, through any related entities.

21. CHARGES

National Westminster Bank Plc have specific equitable charges over all freehold and leasehold properties and/or the proceeds of sale thereof fixed and floating charges over undertaking and all property and assets present and future including goodwill book debts and the benefits of any licences.