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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 |
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WEST INDIA QUAY (EASTERN) LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021 |
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WEST INDIA QUAY (EASTERN) LIMITED |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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WEST INDIA QUAY (EASTERN) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
4th Floor |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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The directors present their strategic report for the year ended 30 April 2021. |
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REVIEW OF BUSINESS |
The principal activity of the company is the operation of a London hotel via a management agreement with a third party Operator. |
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The hotels turnover for the year is £1.5m (2020: £18.9m), of which the company is entitled to two thirds. The full financial year results were impacted by Covid-19. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Some risks are excluded because the management considers them not to be material to the company. Additionally there may be risks and uncertainties not presently known to the management team. |
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MARKET AND HOTEL INDUSTRY RISKS |
The company's operations and its results are subject to a number of factors which could affect the company's business, many of which are common to the hotel industry and beyond the company's control, such as a potential global economic downturn; changes in travel patterns; changes in the structure of the travel industry; a potential increase in acts of terrorism and the impact of increasing political uncertainty. The impact of any of these factors (or a combination of them) may adversely affect sustained levels of occupancy, room rates and/or hotel values. |
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Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the company. The company has in place recovery plans to enable it to respond to major incidents or crises and takes steps to minimise these exposures to the greatest extent possible. |
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FIXED OPERATING EXPENSES |
The company's operating expenses such as personnel costs, operating leases, information technology and telecommunications are to a large extent fixed. As such, operating results may be vulnerable to short-term changes in revenues. |
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The company has appropriate management systems in place such as staff outsourcing designed to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions. |
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KEY SENIOR PERSONNEL AND MANAGEMENT |
The success of the company's business is partially attributable to the efforts and abilities of its senior managers. |
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The company has appropriate systems in place for recruitment, reward and compensation and performance management. Development and maintenance of the company's culture also plays a leading role in minimising risk. |
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Some of the key senior management in the hotel is provided by the hotel operator and therefore there is a pool of staff available should key personnel leave. |
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In addition, the group's internal asset management team possess the skill set to cover any of its investment strategies. |
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ON BEHALF OF THE BOARD: |
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WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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The directors present their report with the financial statements of the company for the year ended 30 April 2021. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2021. |
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FUTURE DEVELOPMENTS |
The management team have implemented policies to ensure that profit margins are maintained as far as possible and the directors believe that medium term prospects continue to remain excellent as the company's hotel operations will benefit from the continuing development of the London district. |
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It is anticipated that the hotel will benefit from Crossrail once it becomes fully operational linking East and West London and particularly as a result of it creating easy access to London's bustling West End. |
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The directors are expecting the hotel performance to return to pre-COVID-19 levels, and then continue to grow revenue and profit margin once operations are able to return to normal. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2020 to the date of this report. |
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FINANCIAL INSTRUMENTS |
Information on financial instruments and other risks is set out below: |
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Treasury activities take place under procedures and policies monitored by the company. They are designed to minimise the financial risks faced by the joint venture which primarily arise from interest rate, credit and liquidity risks. It is not the policy of the joint venture to enter into speculative transactions. |
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FINANCIAL INSTRUMENTS - RISK MANAGEMENT |
The most significant treasury exposures faced by the company are managing interest rate and currency positions. Treasury policies are in a place for managing each of these exposures including the type and use of financial instruments. |
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The company has no financial instruments to hedge foreign exchange exposure and does not enter into derivative transactions. |
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The fair values of the receivables, payables and cash balances in the accounts approximate their book value. |
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The main financial risks faced by the company are funding risk and credit risk. As with any business there remains uncertainty and risk about the ability of the company to achieve its business objectives within its current funding. The director continually reviews the funding status of the company and its exposure to liquidity risk. |
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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. |
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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: |
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- | 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. |
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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. |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEST INDIA QUAY (EASTERN) LIMITED |
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Opinion |
We have audited the financial statements of West India Quay (Eastern) Limited (the 'company') for the year ended 30 April 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2021 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. |
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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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEST INDIA QUAY (EASTERN) LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, 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. |
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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. |
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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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
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We consider that our procedures are highly capable of detecting irregularities, including fraud. The engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. |
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During the planning of the audit, discussions were held with key entity staff to ensure; |
- an understanding of the legal and regulatory framework, |
- the entity's policies and procedures on compliance with laws and regulations, |
- the entity's policies and procedures on fraud risk including knowledge of any actual, suspected or alleged fraud. |
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Audit procedures to detect material misstatements in respect of irregularities are outlined below: |
- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims. |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. |
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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. |
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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. |
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for and on behalf of
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Statutory Auditors |
4th Floor |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
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Note: |
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2021 |
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30.4.21 | 30.4.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(3,881,821 | ) | 1,694,164 |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 4 | ( |
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Interest receivable and similar income |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 5 |
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(LOSS)/PROFIT FOR THE FINANCIAL
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WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2021 |
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30.4.21 | 30.4.20 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME |
Revaluation |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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BALANCE SHEET |
30 APRIL 2021 |
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30.4.21 | 30.4.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 11 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium | 13 |
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Revaluation reserve | 13 |
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Retained earnings | 13 | 13,842,378 | 16,967,083 |
SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2021 |
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Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
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Balance at 1 May 2019 |
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Changes in equity |
Total comprehensive income | - | 2,307,609 | - |
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2,657,498 |
Balance at 30 April 2020 |
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Changes in equity |
Total comprehensive income | - | (3,124,703 | ) | - |
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(2,559,456 | ) |
Balance at 30 April 2021 | 5,500 | 13,842,380 | 4,498,758 |
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126,821,210 |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2021 |
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1. | STATUTORY INFORMATION |
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West India Quay (Eastern) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page. |
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The consolidated financial statements are available at registered office. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including 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 on the historical cost basis except for the modifications to a fair value basis for the revaluation of certain assets. |
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The financial statements are presented in Sterling (£). |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Preparation of consolidated financial statements |
The financial statements contain information about West India Quay (Eastern) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its ultimate UK parent, Yianis Holdings Limited, a company registered in England. |
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Significant judgements and estimates |
In the application of the Group's accounting policies, which are described in accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. |
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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. |
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Turnover |
Turnover represents the value of sales of goods and services, excluding value added tax. |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Fixtures and fittings | - |
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Freehold properties are classified as operational properties when they are used by the company's business as opposed to being held primarily for rental income. Operational properties are revalued to fair value on a regular basis. |
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Subsequent expenditure is included in the carrying amount of the property when it is probable that future economic benefit associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred. |
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In accordance with Financial Reporting Standard 102 (FRS 102), operational properties are revalued and the surplus or deficit is transferred to the revaluation reserves, and depreciation is provided in respect of freehold investment properties. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
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Valuing the properties in the portfolio is a significant task and there are some subjectivities involved in the process. Not all accounting policies require management to make subjective or complex judgements or estimates. The following is intended to provide further detail relating to this accounting policy that management consider critical because of the level of complexity, judgement or estimation involved in its application and its impact on the financial statements. |
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Where possible the company obtains external valuations, however this is not considered practical or cost effective for the entire group's property portfolio. Accordingly, the balance of properties, after review by the directors, are valued by the company's own in house surveying team as at 30 April 2021. The in house surveying team use comparable data where available, such as sales prices, rental incomes and market yield information to establish the fair value at the balance sheet date. |
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Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Related parties |
The company has taken advantage of FRS 102, Section 33.1A, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member. Amounts owed to and from group companies are therefore shown in aggregate. |
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Investments |
Investments are stated at cost less permanent diminutions in value. |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Joint venture project |
The company has a proportionate interest in the operation and trading of a hotel. Its interest in the income and expenditure, assets and liabilities of the project, is included proportionately in the company's financial statements. |
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Financial liabilities |
Short term creditors are measured at transaction price. Other financial liabilities, including loans from group companies are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Financial assets |
Short term debtors are measured at transaction price, less any impairment. Other financial assets, including loans to group companies are measured initially at fair value, net of transactions cost and are subsequently measured at amortised cost using the effective interest method, less any impairment. |
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Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore continues to adopt the going concern policy in preparing its financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 30 April 2021 nor for the year ended 30 April 2020. |
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The average number of employees during the year was NIL (2020 - NIL). |
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30.4.21 | 30.4.20 |
£ | £ |
Directors' remuneration |
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4. | OPERATING (LOSS)/PROFIT |
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The operating loss (2020 - operating profit) is stated after charging: |
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30.4.21 | 30.4.20 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences |
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5. | TAXATION |
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Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
30.4.21 | 30.4.20 |
£ | £ |
Current tax: |
Prior year tax | - | (4,716 | ) |
Tax on (loss)/profit |
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( |
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WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
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5. | TAXATION - continued |
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Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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30.4.21 | 30.4.20 |
£ | £ |
(Loss)/profit before tax | ( |
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(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
( |
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Effects of: |
Depreciation in excess of capital allowances | (50,629 | ) | 42,063 |
tax |
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Group relief | 644,323 | (536,136 | ) |
Total tax credit | - | (4,716 | ) |
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Tax effects relating to effects of other comprehensive income |
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There were no tax effects for the year ended 30 April 2021. |
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30.4.20 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation |
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(30,143 | ) | 349,889 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2020 |
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Additions |
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Revaluations |
|
|
|
At 30 April 2021 |
|
|
|
DEPRECIATION |
At 1 May 2020 |
|
|
|
Charge for year |
|
|
|
At 30 April 2021 |
|
|
|
NET BOOK VALUE |
At 30 April 2021 |
|
|
|
At 30 April 2020 |
|
|
|
|
Freehold property to the value of £161,508,999 has not been depreciated as in the opinion of the directors, any depreciation would be immaterial because the estimated residual value of the asset is not materially different from its carrying value. |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
6. | TANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 30 April 2021 is represented by: |
|
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2006 | 16,263,560 | - | 16,263,560 |
Valuation in 2007 | 27,573,328 | - | 27,573,328 |
Valuation in 2008 | 16,156,978 | - | 16,156,978 |
Valuation in 2010 | (2,603,570 | ) | - | (2,603,570 | ) |
Valuation in 2013 | 5,048,501 | - | 5,048,501 |
Valuation in 2015 | 63,902,713 | - | 63,902,713 |
Valuation in 2019 | (434,099 | ) | - | (434,099 | ) |
Valuation in 2020 | 380,032 | - | 380,032 |
Valuation in 2021 | 730,998 | - | 730,998 |
Cost | 36,729,460 | 17,702,244 | 54,431,704 |
163,747,901 | 17,702,244 | 181,450,145 |
|
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
|
30.4.21 | 30.4.20 |
£ | £ |
Cost | 36,729,460 | 36,729,460 |
|
Freehold property to the sum of £166,666,667 is included at fair value as valued by the directors. |
|
The company after review by the directors, uses valuations performed by its own in house surveying team to value its own operational property as at 30 April 2021. |
|
The assumptions relevant to the valuation of operational property are outlined in Note 2 above. |
|
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2020 |
and 30 April 2021 |
|
NET BOOK VALUE |
At 30 April 2021 |
|
At 30 April 2020 |
|
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
7. | FIXED ASSET INVESTMENTS - continued |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
Joint venture |
|
|
Registered office: |
Nature of business:
|
% |
Class of shares: | holding |
|
|
30.4.21 | 30.4.20 |
£ | £ |
Aggregate capital and reserves |
|
|
|
The company owns 50% of the issued share capital of West India Quay Development Company (Eastern) Limited, a company incorporated in England and Wales. |
|
West India Quay Development Company (Eastern) Limited does not engage in any activities in respect of which it is beneficially interested in income, expenditure, assets or liabilities but acts solely in a non beneficial fiduciary capacity. |
|
The results and the state of affairs of the investments are shown in these financial statements in the ratio of the company's beneficial interest of two thirds. |
|
8. | STOCKS |
30.4.21 | 30.4.20 |
£ | £ |
Finished goods |
|
|
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Trade debtors |
|
|
Amounts owed by participating interests | 55,713 | 55,713 |
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
VAT | - | 4,038 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
11. | PROVISIONS FOR LIABILITIES |
30.4.21 | 30.4.20 |
£ | £ |
Deferred tax | 17,703,941 | 17,538,190 |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
11. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 May 2020 |
|
Provided during year |
|
Balance at 30 April 2021 |
|
|
12. | CALLED UP SHARE CAPITAL |
|
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.21 | 30.4.20 |
value: | £ | £ |
|
Ordinary A | £1 | 1,500 | 1,500 |
|
Ordinary B | £1 | 2,650 | 2,650 |
|
Ordinary C | £1 | 1,350 | 1,350 |
5,500 | 5,500 |
|
The A shares carry rights to participate in all distributions that are derived from the hotel element of the West India Quay Eastern venture as defined in the Articles of Association. |
|
The B and C shares carry proportionate rights to participate in all distributions that are derived from the residential element of the West India Quay Eastern venture as defined in the Articles of Association. |
|
All shares have proportionate voting rights which are specific to resolutions concerning either part of the venture. |
|
13. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
|
At 1 May 2020 | 16,967,081 |
|
|
129,375,164 |
Deficit for the year | ( |
) | ( |
) |
Property revaluation | - | - | 730,998 | 730,998 |
Deferred tax | - | - | (165,751 | ) | (165,751 | ) |
At 30 April 2021 |
|
|
|
126,815,708 |
|
Retained earning account |
The retained earnings account represents cumulative profits and losses net of dividends and other adjustments. |
|
Revaluation reserve |
The revaluation reserve account represents the fair value gains in the carrying value of assets held by the company. Amounts held in the reserve are non-distributable. |
|
14. | CONTINGENT LIABILITIES |
|
The company is part of an omnibus guarantee and set off agreement for securing all monies due or to become due from certain group companies which at 30 April 2021 amounted to £175 million. |
|
15. | RELATED PARTY DISCLOSURES |
|
Included in creditors due within one year is an amount of £22,389,845 (2020: £21,683,139) owed to group undertakings. |
|
Amounts outstanding between group companies arise by virtue of financing transactions. These amounts are unsecured, interest free and due within one year. |
WEST INDIA QUAY (EASTERN) LIMITED (REGISTERED NUMBER: 03413441) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2021 |
|
16. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is Y. Christodoulou. |
|
17. | SHAREHOLDERS' FUNDS |
|
Included in retained earnings is an amount of £13,842,378 (2020: £16,967,083) which is distributable to the shareholders. |
|
18. | PARENT COMPANY |
|
The immediate parent company is Yianis Docklands Hotels Limited. The company's accounts are consolidated in the accounts of Yianis Docklands Hotels 1 Limited, incorporated in Great Britain. Its registered office address is 4th Floor, Charles House, 108-110 Finchley Road, London, NW3 5JJ. Its principal place of business is Canary Riverside, 50 Westferry Circus, Canary Wharf, London, E14 8RR. The ultimate parent undertaking is Yianis Holdings TC Limited, incorporated in BVI. |
|
19. | EVENTS AFTER THE REPORTING PERIOD |
|
During and subsequent to the year-end, the global economy has seen high levels of market volatility in connection with the COVID-19 pandemic. The business is closely monitoring the latest market developments relating to COVID-19 and its potential impact on the entity. The pandemic is considered a non-adjusting post balance sheet event. The ultimate impact of the COVID-19 pandemic on the global economy is highly uncertain and the full extent of the economic impacts on the financial performance of the companies are as yet unknown. The Director continues to review any developments in the COVID-19 pandemic in the context of the risks presented to the company's business. |