Registered number: 09086923
DOMINUS OXFORD HOTEL LIMITED
(formerly Dominvs Project Company 3 Limited)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
|
DOMINUS OXFORD HOTEL LIMITED
REGISTERED NUMBER: 09086923
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2023.
The notes on pages 3 to 9 form part of these financial statements.
|
DOMINUS OXFORD HOTEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Transfer to/from profit and loss account
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Transfer to/from profit and loss account
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 3 to 9 form part of these financial statements.
|
|
The other reserve represents capital investments made by the parent company through providing the company with non market rate loans. The reserve represents the amount by which the loans were discounted to their present value on recognition and is non distributable.
Transfers to the profit and loss account were £815,355 (2021: £252,578) in respect of the reversal of discounted group loans that are distributable at the year end.
|
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Dominus Oxford Hotel Limited is a private company limited by shares and incorporated in England & Wales. The address of its principal place of business is Unither House, 15 Paradise Street, Oxford, OX1 1LD.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is GBP, rounded to the nearest £1.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Revenue within the company comprises the following:
Income from rooms
Revenue consists of charges made for occupancy of hotel rooms and is recognised when rooms are occupied and services have been rendered. Any room income received relating to a future period is deferred to the period in which the service is used.
Income from bars and restaurants
Revenue comprises sales of food and drink, including mini bar facilities at the hotel and is recognised as income at the point of sale.
Income from hires
Revenues from hiring of meeting rooms, conference facilities and provision of catering services for events are recognised at the point of event date.
Rental income
Properties are leased to tenants under operating leases. The rental income receivable under these leases is recognised through profit or loss on a straight-line basis over the term of the lease. Any rental income received relating to a future period is deferred.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
During the prior period the company received employee-based government grants, local government support grants and benefitted from the business rates holiday applicable to hospitality businesses.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Finance costs relating to group borrowings represent the difference between the effective and actual rate of interest. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
|
|
Tangible fixed assets (continued)
|
Depreciation is provided on the following basis:
|
|
|
|
|
|
50 years straight line basis
|
|
|
|
|
Long-term leasehold property
|
|
50 years straight line basis
|
|
|
|
|
Fixtures fittings and equipment
|
|
5 to 10 years straight line basis
|
|
|
|
|
Assets under construction
|
|
Not depreciated until brought into use
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting 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.
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
DOMINUS OXFORD HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans due within and after more than one year of £19,178,348 (2021: £17,287,348) are interest bearing at the Bank of Engalnd Base Rate + 2.85% per annum.
Secured loans
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
Amounts owed to group undertakings are secured on the assets of the company.
|
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. There were no amounts payable to the fund at the reporting or prior reporting date.
|
Related party transactions
|
|
Dominus Oxford Hotel Limited is a wholly owned subsidiary of Dominus Oxford Holdings Limited, a company incorporated in Jersey. The registered office address is 28 Esplanade, St Helier, Jersey, JE2 3QA.
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with its parent company on the grounds that the company is wholly owned subsidiary.
|
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 25 September 2023 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
|
|