Company registration number 08252310 (England and Wales)
SHERLOCK HOLMES HOTEL SHOP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SHERLOCK HOLMES HOTEL SHOP LIMITED
COMPANY INFORMATION
Directors
V Ebbon
G Hegarty
Company number
08252310
Registered office
County Hall – Riverside Building
2nd Floor
Belvedere Road
London
SE1 7GP
Auditor
Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
Bankers
Santander UK Plc
SHERLOCK HOLMES HOTEL SHOP LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
SHERLOCK HOLMES HOTEL SHOP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
V Ebbon
G Hegarty
Supplier payment policy
The company’s current policy concerning the payment of trade creditors is to:
Auditor
Bourner Bullock were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
As at 31 December 2024 the Company’s net liabilities at the year-end was £2,084k (2023: net liabilities of £1,832k). The directors have reviewed detailed business plans and cash flow projections to 31 December 2026 and believe that the company has sufficient cash resources to cover both working capital and capital expenditure requirements. A financing entity within the group has committed to providing additional funding if required, for a period of at least 12 months from the date of signing the financial statements.
The directors consider this to be sufficient to support the business if required. The directors are satisfied that it is appropriate to prepare accounts on a going concern basis.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
SHERLOCK HOLMES HOTEL SHOP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
V Ebbon
G Hegarty
Director
Director
2 July 2025
SHERLOCK HOLMES HOTEL SHOP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual report 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). 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:
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.
SHERLOCK HOLMES HOTEL SHOP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERLOCK HOLMES HOTEL SHOP LIMITED
- 4 -
Opinion
We have audited the financial statements of Sherlock Holmes Hotel Shop Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (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 31 December 2024 and of its loss 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
• the information given in the directors' truereport for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
SHERLOCK HOLMES HOTEL SHOP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERLOCK HOLMES HOTEL SHOP LIMITED (CONTINUED)
- 5 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
the directors were not entitled to prepare financial statements in accordance with the small companies regime and take advantage of the exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation and distributable profits legislation.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include employment regulation, health and safety and fire regulation, and food safety.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
SHERLOCK HOLMES HOTEL SHOP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERLOCK HOLMES HOTEL SHOP LIMITED (CONTINUED)
- 6 -
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Russell Joseph (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
2 July 2025
SHERLOCK HOLMES HOTEL SHOP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
as restated
Notes
£'000
£'000
Revenue
3
252
296
Cost of sales
(232)
(257)
Gross profit
20
39
Administrative expenses
(215)
(236)
Operating loss
4
(195)
(197)
Interest payable and similar charges
6
(57)
(60)
Loss before taxation
(252)
(257)
Tax on loss
7
Loss and total comprehensive income for the financial year
(252)
(257)
The notes on pages 11 to 22 form part of these financial statements.
SHERLOCK HOLMES HOTEL SHOP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
as restated
Notes
£'000
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
8
196
215
Right-of-use assets
8
1,388
1,491
1,584
1,706
Current assets
Inventories
10
2
2
Trade and other receivables
11
49
23
Cash and cash equivalents
23
148
74
173
Current liabilities
Trade and other payables
12
2,200
2,081
Taxation and social security
12
13
Lease liabilities
13
86
86
2,298
2,180
Net current liabilities
(2,224)
(2,007)
Total assets less current liabilities
(640)
(301)
Non-current liabilities
Lease liabilities
13
1,444
1,531
(1,444)
(1,531)
Net liabilities
(2,084)
(1,832)
Equity
Called up share capital
15
Retained earnings
(2,084)
(1,832)
Total equity
(2,084)
(1,832)
The notes on pages 11 to 22 form part of these financial statements.
SHERLOCK HOLMES HOTEL SHOP LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 July 2025 and are signed on its behalf by:
V Ebbon
G Hegarty
Director
Director
Company registration number 08252310 (England and Wales)
SHERLOCK HOLMES HOTEL SHOP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Retained earnings
Total
£'000
£'000
£'000
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
(1,385)
(1,385)
Effect of change in accounting policy
-
(190)
(190)
As restated
-
(1,575)
(1,575)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(257)
(257)
Balance at 31 December 2023
(1,832)
(1,832)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(252)
(252)
Balance at 31 December 2024
(2,084)
(2,084)
The notes on pages 11 to 22 form part of these financial statements.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
Sherlock Holmes Hotel Shop Limited is a private company limited by shares incorporated in England and Wales. The registered office is County Hall – Riverside Building, 2nd Floor, Belvedere Road, London, SE1 7GP. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS101 paragraph 8:
• The requirement of IFRS 7 ‘Financial Instruments: Disclosures’ relating to thetrue disclosure of financial instruments and the nature and extent of risks arising from such instruments;
• The applicable requirements of IAS 36 ‘Impairment of Assets’ relating to the disclosurestrue of estimates used to measure recoverable amounts;
• The applicable requirements of IAS 1 ‘Presentation of Financial Statements’ relating totrue the disclosure of comparative information in respect of the number of shares outstanding at the beginning and end of the period (IAS 1.79a, iv), the reconciliation of the carryingtrue amount of property, plant and equipment (IAS 16.73e) and the reconciliation of thetrue carrying amount of intangible assets (IAS 18.118e);
• The requirement of IAS 1 ‘Presentation of Financial Statements’ paragraph 10(d), thetrue requirements to make an explicit and unreserved statement of compliance with IFRS; The requirements of IAS 1 ‘Presentation of Financial Statements’ paragraphs 38A to 40D relating to disclosures of comparative information;
• The requirement of IAS 1 ‘Presentation of Financial Statements’ paragraphs 134 to 136true relating to the disclosure of capital management policies and objectives;
• The requirements of IAS 7 ‘Statement of Cash Flows’ and IAS 1 ‘Presentation oftrue Financial Statements’ paragraph 10(d), 111 relating to the presentation of a Cash Flow Statement;
• The requirements of IAS 8 ‘Accounting Policies, Changes in Accounting Estimates andtrue Errors’ paragraphs 30 and 31 relating to the disclosure of standards, amendments and interpretations in issue but not yet effective; and
• The requirements of IAS 24 ‘Related Party Disclosures’ paragraph 17 relating to thetrue disclosure of key management personnel compensation and relating to the disclosure oftrue related party transactions entered into between the Company and other wholly-owned subsidiaries of the group.
For the disclosure exemptions listed in the above points, the equivalent disclosures are included in the consolidated financial statements of the PPHE Hotel Group Limited which the Company is consolidated into and that are publicly available from www.pphe.com
1.2
Going concern
As at true31 December 2024 the Company’s net liabilities at the year-end was £2,084k (2023: net liabilities of £1,832k). The directors have reviewed detailed business plans and cash flow projections to 31 December 2026 and believe that the company has sufficient cash resources to cover both working capital and capital expenditure requirements. A financing entity within the group has committed to providing additional funding if required, for a period of at least 12 months from the date of signing the financial statements.
The directors consider this to be sufficient to support the business if required. The directors are satisfied that it is appropriate to prepare accounts on a going concern basis.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Revenue
Revenues are primarily derived from food and beverage sales. Revenue is recognised when food and beverages are sold and services are performed. Revenue is stated excluding value added tax and all revenue is derived from UK operations.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
25 years or remaining lease term (whichever is shorter)
Fixtures and fittings
7 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.5
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
The company’s financial assets include Trade and other receivables and Cash and cash equivalents.
Trade and other receivables
Trade and other receivables are measured at initial recognition at fair value, and subsequently measured at amortised cost. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due. The amount of any provision is recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents are recognised as financial assets. They comprise cash held by the Group and short term bank deposits with an original maturity date of three months or less.
1.9
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments.
The company’s financial liabilities include Trade and other payables.
Trade payables
Trade payables are initially recognised as financial liabilities measured at fair value, and subsequent to initial recognition measured at amortised cost.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are are initially recorded in the entity’s functional currency by applying the exchange rate at the monthly average rate. Monetary assets and liabilities denominated in foreign currencies are retranslated using the year end closing rate. All differences are taken to profit or loss.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of 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 estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Critical accounting estimates and judgements
(Continued)
- 16 -
Key sources of estimation uncertainty
Impairment of non-financial assets, including right of use assets
In assessing whether there have been any indicators of impairment of assets, the Directors have considered both external and internal sources of information such as market conditions, market yields and future projections.
Impairment exists when the carrying value of an asset or Cash-Generating Unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a Discounted Cash Flow (DCF) model. The interest element is calculated by applying the weighted average cost of debt on the group’s debt and cash facilities. The cash flows are derived from prepared budgets and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.
For the year ended 31 December 2024, it was concluded that there were no indicators of impairment.
3
Revenue
2024
2023
£'000
£'000
Revenue analysed by class of business
Food & Beverage
252
296
2024
2023
£'000
£'000
Revenue analysed by geographical market
United Kingdom
252
296
4
Operating loss
2024
2023
as restated
Operating loss for the year is stated after charging/(crediting):
£'000
£'000
Depreciation of property, plant and equipment
122
122
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
2
2
Food and beverage staff
5
4
Total
7
6
Their aggregate remuneration comprised:
2024
2023
£'000
£'000
Wages and salaries
140
133
Social security costs
14
12
Pension costs
3
2
157
147
The Directors' remuneration is borne by another Group company.
6
Interest payable and similar charges
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
57
60
7
Taxation
2024
2023
£'000
£'000
UK corporation tax on profits for the current period
-
-
Adjustments in respect of prior periods
-
-
Origination and reversal of temporary differences
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 18 -
The charge for the year can be reconciled to the loss per the income statement as follows:
2024
2023
£'000
£'000
Loss before taxation
(252)
(257)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 25.00%)
(63)
(64)
Effect of expenses not deductible in determining taxable profit
4
3
Group relief
59
61
Taxation charge for the year
-
-
The Company has no provision for deferred tax. The unrecognised deferred tax asset calculated at 25% (2023: 25%) was £108k (2023:£108k).
8
Property, plant and equipment
Land and buildings
Fixtures and fittings
Total
£'000
£'000
£'000
Cost
At 1 January 2024
464
142
606
At 31 December 2024
464
142
606
Accumulated depreciation and impairment
At 1 January 2024
252
139
391
Charge for the year
19
19
At 31 December 2024
271
139
410
Carrying value
At 31 December 2024
193
3
196
At 31 December 2023
212
3
215
Accumulated depreciation at 1 January 2024 has been restated following an adjustment to the prior year - please see note 19 for further details
9
Right of use asset
Land and buildings
£'000
Cost
At 1 January 2024
2,005
At 31 December 2024
2,005
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Right of use asset
Land and buildings
£'000
(Continued)
- 19 -
Accumulated depreciation and impairment
At 1 January 2024
514
Charge for the year
103
At 31 December 2024
617
Carrying value
At 31 December 2024
1,388
At 31 December 2023
1,491
Amounts recognised in the statement of comprehensive income:
2024
2023
£'000
£'000
Depreciation expense on right of use asset
103
103
Interest expense on lease liabilities
57
60
The Company leases a shop and all leases relate to this Building/Property. The remaining lease term is 15 years.
10
Inventories
2024
2023
£'000
£'000
Goods for resale
2
2
The cost of goods sold, amounting to £3k, was recognised as an expense in the income statement.
There is no material difference between the carrying value of stock and their replacement cost.
11
Trade and other receivables
2024
2023
£'000
£'000
Trade receivables
11
22
Amounts owed by fellow group undertakings
1
Prepayments and accrued income
37
1
49
23
Amounts owed by fellow Group undertakings are non interest bearing and repayable on demand.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Trade and other payables
2024
2023
£'000
£'000
Trade payables
2
4
Amounts owed to fellow group undertakings
2,170
2,057
Accruals and deferred income
28
20
2,200
2,081
Amounts owed to fellow Group undertakings are non interest bearing and repayable on demand.
13
Lease liabilities
2024
2023
Maturity analysis
£'000
£'000
Within one year
144
144
In two to five years
574
574
In over five years
1,219
1,363
Total undiscounted liabilities
1,937
2,081
Future finance charges and other adjustments
(407)
(464)
Lease liabilities in the financial statements
1,530
1,617
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£'000
£'000
Current liabilities
86
86
Non-current liabilities
1,444
1,531
1,530
1,617
2024
2023
Amounts recognised in profit or loss include the following:
£'000
£'000
Interest on lease liabilities
57
60
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
3
2
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
15
Share capital
2024
2023
Ordinary share capital
Number
Number
Ordinary shares of £1 each
100
100
The Company has one class of ordinary shares which carry no right to fixed income.
16
Capital commitments
At 31 December 2024 and 31 December 2023 the Company had no capital commitments.
17
Events after the reporting date
There were no events subsequent to the balance sheet date that required adjustment to or disclosure in the financial statements.
18
Controlling party
The immediate parent undertaking is Euro Seas Hotel NV (100%), a company registered in The Netherlands.
The company’s ultimate undertaking was PPHE Hotel Group Limited, a company registered in Guernsey. Copies of the consolidated financial statements of PPHE Hotel Group Limited are available to the public on the Company’s website at www.pphe.com.
SHERLOCK HOLMES HOTEL SHOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
19
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2023
2023
Notes
£'000
£'000
Equity as previously reported
(1,385)
(1,629)
Adjustments to prior year
Change in estimation of depreciation
8
(190)
(203)
Equity as adjusted
(1,575)
(1,832)
Analysis of the effect upon equity
Retained earnings
(190)
(203)
Reconciliation of changes in loss for the previous financial period
2023
Notes
£'000
Loss as previously reported
(244)
Adjustments to prior year
Change in estimation of depreciation
8
(13)
Loss as adjusted
(257)
Notes to reconciliation
Adjustment to depreciation rates
A restatement has been made in 2023 following an adjustment to the useful economic life of a number of items within property, plant & equipment.
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