General Information
ST OLAVE'S LIMITED is a private company, limited by shares, registered in England, registration number 10093051, registration address 181 Tooley Street, London, SE1 2JR. The principal place of business is The Lalit London Hotel, 181 Tooley Street, London SE1 2JR.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors of St Olave's have prepared the financial statements on a going concern basis which is appropriate as the company profits have significantly grown year on year since the hotel was reopened after Pandemic and as a result the Hotel has managed its cash flows without any borrowing of funds in 2025-26.
The Directors expect the hotel to continue performing strongly in the coming year, supported by a healthy sales pipeline and sufficient operational resources. The company has clear plans and adequate resources to continue operating for the foreseeable future. The Directors have expressed their confidence in the company's ability to continue as a going concern and in our opinion while there may be minor uncertainties, they are not significant enough to cast a doubt on the company's ability to continue as going concern.
Turnover
Revenue is generated from the sale of accommodation within the hotel along with the sale of food and beverage.
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.
Revenue from accommodation, food and beverages and other ancillary services is recognised on the date of delivery, as this is the date on which risk and reward transfers from the Company to the customer. Any amounts received before the end of the reporting period in respect to the provision of accommodation and services after the reporting period are treated accordingly as deferred revenues.
Operating lease rentals
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.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Computer Equipment |
3 years |
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable 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. |
Average number of employees
Average number of employees during the year was 63 (2025 : 69).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 April 2025 |
13,401 |
|
13,401 |
| Additions |
7,799 |
|
7,799 |
| Disposals |
- |
|
- |
| At 31 March 2026 |
21,200 |
|
21,200 |
| Depreciation |
| At 01 April 2025 |
7,295 |
|
7,295 |
| Charge for year |
3,778 |
|
3,778 |
| On disposals |
- |
|
- |
| At 31 March 2026 |
11,073 |
|
11,073 |
| Net book values |
| Closing balance as at 31 March 2026 |
10,127 |
|
10,127 |
| Opening balance as at 01 April 2025 |
6,106 |
|
6,106 |
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
2026
£ |
|
2025
£ |
|
4,772,414
Ordinary shares of £1.00 each |
4,772,414 |
|
4,772,414 |
|
4,772,414 |
|
4,772,414 |
|
| 5. |
Related party transactions
At the end of the year the amount owed to the Company of £993,217 (2025 : £313,317) from Grand Hotel and Investments Limited, connected companies in which Mr J Nanda has indirect interest. The amount due was interest free, unsecured and repayable on demand. The company accrued rental charges of £174,000 (2025 : -£174,000) owed to Grand Hotel and Investments Limited, a connected company in which Mr J Nanda has an indirect interest during the year.
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2
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