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Registered number: 13985219









BEDFORD PLACE HOTEL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2023

 
BEDFORD PLACE HOTEL LIMITED
REGISTERED NUMBER: 13985219

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
7,880,045

  
7,880,045

Current assets
  

Debtors: amounts falling due within one year
 5 
100

  
100

Creditors: amounts falling due within one year
 6 
(8,142,709)

Net current liabilities
  
 
 
(8,142,609)

Total assets less current liabilities
  
(262,564)

  

Net liabilities
  
(262,564)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(262,664)

  
(262,564)


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 by: 




T J R Kemp
Director

Date: 10 October 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
BEDFORD PLACE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.


General information

Bedford Place Hotel Limited is a private company, limited by shares, incorporated and registered in England and Wales under the Companies Act 2006. The company's registered office is 18 Thurloe Place, London, SW7 2SP. 
The nature of the company's principal activity in the period was the holding of a long leasehold interest in 21-23 Bedford Place, London, W1B 5JJ.
The company was incorporated on 17 March 2022 and is presenting its first financial statements for the period 17 March 2022 to 31 January 2023.
The company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1.

2.Accounting policies

 
2.1

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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Firmdale Holdings Limited as at 31 January 2023 and these financial statements may be obtained from the Registrar of Companies.

Page 2

 
BEDFORD PLACE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors view the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The outbreak of the global Covid-19 pandemic in early 2020 had a very significant impact on the operations of the group in common with the majority of businesses worldwide, and the hospitality sector in particular. Following the elimination of all material UK restrictions with effect from 19th July 2021, and the gradual restoration of international travel thereafter, trading demand recovered quickly and since March 2022 both Revenues and Earnings have exceeded those achieved in pre-Covid 2019, a significant milestone in recovery. The continuing growth led to record profitability for the Group in the financial year to January 2023. Furthermore, rising interest rates have not had a significant impact on the Group given that 67% of group debt is fixed and a further 31% has the benefit of an interest rate cap should LIBOR exceed 3.5%. 
The trading results for the first six months of the new financial year are slightly ahead of budget and the outlook for the remainder of the year and beyond remains positive. The lenders remained very supportive during the Covid period and the relationships remain strong with comfortable delivery of financial covenant hurdles now firmly re-established. 
The Board will continue to monitor developments closely and adjust their forecasting assumptions as required, but have a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts.
Despite generating a loss before tax in the period to 31 January 2023 of £262,664 and net current liabilities at the reporting date of £8,142,609, the directors consider the company to remain a going concern. The company was incorporated in the period, incurring one off set up fees for acquiring the long leasehold interest in 21-23 Bedford Place and had not formally started operating by the reporting date. The net current liabilities position is largely driven by amounts due to fellow companies, who have confirmed this amount will not be recalled to the detriment of other creditors or the operations of the company. The directors therefore consider the going concern basis to remain appropriate. 

 
2.4

Tangible fixed assets

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.

Page 3

 
BEDFORD PLACE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
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, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 4

 
BEDFORD PLACE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 5

 
BEDFORD PLACE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


Additions
7,880,045






Net book value



At 31 January 2023
7,880,045


5.


Debtors

2023
£


Amounts owed by group undertakings
100


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
8,129,559

Accruals
13,150

8,142,709


Amounts owed to group undertakings are unsecured, interest-free and are repayable on demand.


7.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


Page 6

 
BEDFORD PLACE HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

7.Share capital (continued)

Ordinary shareholders have the right to receive notice of, and to attend, speak and vote at all general meetings of the Company and shall receive, vote on and constitute an eligible member for the purposes of all written resolutions of the Company, with the right to cast a vote for each ordinary share of which they are the holder.


8.


Related party transactions

The company has taken advantage of the exemption available under paragraph 33.1A of the Financial  Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.


9.


Controlling party

The immediate parent and controlling company is Firmdale Holdings Limited, a company registered in  England and Wales.
The company is included within the consolidation of the Firmdale Holdings Limited group and this is the  parent of the smallest and largest group which draws up consolidated financial statements. Firmdale  Holdings Limited registered office address is 18 Thurloe Place, London, SW7 2SP. The consolidated  accounts of this group are publicly available from the Registrar of Companies.


10.


Auditors' information

The auditors' report on the financial statements for the period ended 31 January 2023 was unqualified.

The audit report was signed on 19 October 2023 by Rajeev Shaunak FCA (Senior statutory auditor) on behalf of MHA.

 
Page 7