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Registered number: 04805199










SOHO HOTEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
SOHO HOTEL LIMITED
 
 
COMPANY INFORMATION


Directors
T J R Kemp 
J K Kemp 




Company secretary
M T Soden



Registered number
04805199



Registered office
18 Thurloe Place

London

SW7 2SP




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
SOHO HOTEL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Notes to the Financial Statements
13 - 26


 
SOHO HOTEL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The directors present their report and the audited financial statements for the year ended 31 January 2023.

Business review
 
The company has a long leasehold interest in The Soho Hotel. The hotel is managed by Firmdale Hotels Plc, a fellow group company.

Principal risks and uncertainties
 
The principal financial risks faced by the company, and the company's objectives and policies in relation to those risks, are as follows:
Cash flow risk
The finance department closely manages the company's cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the directors to potential future risks. It is the company's policy to ensure that forecast funding requirements can be met with available committed facilities.
Interest rate risk
The company's interest rate policy has the twin objectives of minimising net interest expense whilst providing protection from material adverse movements in interest rates. The company has fixed its interest charge obligations for ten years from 27 November 2014.

Financial key performance indicators
 
The company's hotel is managed by Firmdale Hotels Plc and has aggregate revenues of £23.4m (2022 - £9.3m) for the full financial year.
The hotel operated an occupancy of 72.4% (2022 - 51.2%) and an average room rate of £640 (2022 - £551). This represented a rooms yield (RevPAR) increase of 64.1% (5.5 fold) over prior year.

Page 1

 
SOHO HOTEL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

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 net current liabilities at the reporting date of £36,848,000, the directors consider the company to remain a going concern. 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. 


This report was approved by the board and signed on its behalf.


................................................
T J R Kemp
Director

Date: 10 October 2023

Page 2

 
SOHO HOTEL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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:


select suitable accounting policies for the Company's financial statements 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.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company is that of a luxury hotel property owner and operator. The hotel is managed by Firmdale Hotels Plc, a fellow group company. 

Results and dividends

The profit for the year, after taxation, amounted to £14 thousand (2022 - loss £2,259 thousand).

The directors do not recommend the payment of a dividend (2022 - £Nil).

Directors

The directors who served during the year were:

T J R Kemp 
J K Kemp 

Future developments

The company is seeking further development opportunities in London but at present there are no specific projects secured.

Page 3

 
SOHO HOTEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Financial instruments

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.
The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Further detail in respect of the company's exposure to risks such as cash flow and liquidity risk has been provided in the strategic report on page 1.

Qualifying third party indemnity provisions

Third party qualifying directors' and officers’ insurance has been maintained throughout the financial year and to the date of this report which extends to all subsidiaries within the wider group under Firmdale Holdings Limited.

Matters covered in the Strategic Report

As permitted by paragraph 1A of schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on pages 1 - 2.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

This report was approved by the board and signed on its behalf.
 





T J R Kemp
Director

Date: 10 October 2023

Page 4

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOHO HOTEL LIMITED
 

Opinion


We have audited the financial statements of Soho Hotel Limited (the 'Company') for the year ended 31 January 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2023 and of its profit 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.


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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOHO HOTEL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOHO HOTEL LIMITED (CONTINUED)


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 an Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiry of management, those charged with governance and Company legal advisors around actual and potential litigation and claims;

performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

reviewing minutes of meetings of those charged with governance; and

reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOHO HOTEL LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Rajeev Shaunak FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

19 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 8

 
SOHO HOTEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
23,378
9,282

Cost of sales
  
(11,974)
(6,692)

Gross profit
  
11,404
2,590

Administrative expenses
  
(9,028)
(5,624)

Other operating income
 5 
-
1,208

Operating profit/(loss)
 6 
2,376
(1,826)

Interest payable and similar expenses
 9 
(1,963)
(1,967)

Profit/(loss) before tax
  
413
(3,793)

Tax on profit/(loss)
 10 
(399)
1,534

Profit/(loss) for the financial year
  
14
(2,259)

Other comprehensive income for the year
  

Unrealised surplus on revaluation of leasehold property
  
3,531
14,569

Deferred tax (charge)/credit on revalued leasehold property
  
(501)
(6,094)

Other comprehensive income for the year
  
3,030
8,475

Total comprehensive income for the year
  
3,044
6,216

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
SOHO HOTEL LIMITED
REGISTERED NUMBER: 04805199

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

As restated
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
96,000
94,000

Current assets
  

Stocks
 12 
117
92

Debtors: amounts falling due within one year
 13 
569
464

Cash at bank and in hand
 14 
55
70

  
741
626

Creditors: amounts falling due within one year
 15 
(37,589)
(39,436)

Net current liabilities
  
 
 
(36,848)
 
 
(38,810)

Total assets less current liabilities
  
59,152
55,190

Creditors: amounts falling due after more than one year
 16 
(45,757)
(45,724)

Provisions for liabilities
  

Deferred tax
 18 
(12,662)
(11,777)

  
 
 
(12,662)
 
 
(11,777)

Net assets/(liabilities)
  
733
(2,311)


Capital and reserves
  

Revaluation reserve
 20 
22,563
20,137

Profit and loss account
 20 
(21,830)
(22,448)

  
733
(2,311)


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 13 to 26 form part of these financial statements.

Page 10

 
SOHO HOTEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2022 (as previously stated)
20,433
(22,744)
(2,311)

Prior year adjustment - correction of error (see Note 21)
(296)
296
-

At 1 February 2022 (as restated)
20,137
(22,448)
(2,311)


Comprehensive income for the year

Profit for the year

-
14
14

Surplus on revaluation of leasehold property
3,531
-
3,531

Deferred tax credit on revalued leasehold property
(501)
-
(501)
Total comprehensive income for the year
3,030
14
3,044

Transfer to/from profit and loss account
(604)
604
-


At 31 January 2023
22,563
(21,830)
733


The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
SOHO HOTEL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2021 (as previously stated)
12,283
(20,810)
(8,527)

Prior year adjustment - correction of error (see Note 21)
(255)
255
-

At 1 February 2021 (as restated)
12,028
(20,555)
(8,527)


Comprehensive income for the year

Loss for the year

-
(2,259)
(2,259)

Surplus on revaluation of leasehold property
14,569
-
14,569

Deferred tax charge on revalued leasehold property
(6,094)
-
(6,094)
Total comprehensive income for the year
8,475
(2,259)
6,216

Transfer to/from profit and loss account
(366)
366
-


At 31 January 2022
20,137
(22,448)
(2,311)


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Soho Hotel Limited is a private company, limited by shares, registered and incorporated in England and Wales under the Companies Act. The company's registered office is 18 Thurloe Place, London, SW7 2SP.
The principal activity of the company is that of a luxury hotel property owner and operator. The hotel is managed by Firmdale Hotels Plc, a fellow group company. 
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1,000.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

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 13

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 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 net current liabilities at the reporting date of £36,848,000, the directors consider the company to remain a going concern. 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

Revenue

Revenue represents amounts receivable for accommodation, food and beverage sales and ancillary hotel services provided in the normal course of business.
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.
Deposits which have been received at the reporting date for which services have not yet been provided are included in accruals and deferred income within creditors.

Page 14

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

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.

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.

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
Fixtures and fittings
-
5 years straight line

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.

 
2.6

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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 15

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.8

Stocks

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.11

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.

 
2.12

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.

 
2.13

Pensions

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.

Page 16

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

To the extent that the holiday pay adjustments gives rise to an asset balance at the reporting date the amount is reported in prepayments.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

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 reporting 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.17

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.19

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 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.

Page 18

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (including the key areas of estimation uncertainty) have had the most significant effect on amounts recognised in the financial statements:
Revaluation of tangible fixed assets
The long term leasehold property is held under the revaluation model based on the directors' conclusions, having consulted and reviewed the previous valuations completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on discounted cash flow models which include judgements surrounding future performance and market factors. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Rooms
16,404
5,107

Food and beverage
6,546
4,018

Other
428
157

23,378
9,282


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£000
£000

Government grants receivable
-
1,208



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£000
£000

Depreciation of tangible fixed assets
1,588
1,391

Other operating lease rentals
3,079
2,759

During the year, no director received any emoluments (2022 - £Nil)

Page 19

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the Company's financial statements
15
13

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs were as follows:


2023
2022
£000
£000

Wages and salaries
5,986
4,086

Social security costs
495
308

Cost of defined contribution scheme
92
58

6,573
4,452


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Hotel staff
203
167

205
169


9.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
1,963
1,967

Page 20

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
15
-


Deferred tax


Origination and reversal of timing differences
384
(3,813)

Effect of tax rate change on opening balance
-
2,279

Total deferred tax
384
(1,534)


Taxation on profit/(loss) on ordinary activities
399
(1,534)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit/(loss) on ordinary activities before tax
413
(3,793)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
78
(721)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
301
-

Super-deduction expenditure adjustment
(7)
-

Adjustments to tax charge in respect of prior periods
124
-

Fixed asset differences
-
202

Deferred tax recognised at a higher rate
62
(1,015)

Corporate interest restriction allocated
175
-

Group relief claimed
(334)
-

Total tax charge for the year
399
(1,534)


Factors that may affect future tax charges

The standard rate of corporation tax in the UK has increased on a sliding scale based on profits from 19% to 25%, effective from 1 April 2023.

Page 21

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£000
£000
£000



Cost or valuation


At 1 February 2022
93,880
11,355
105,235


Additions
-
57
57


Revaluations
2,002
-
2,002



At 31 January 2023

95,882
11,412
107,294



Depreciation


At 1 February 2022
-
11,235
11,235


Charge for the year on owned assets
1,529
59
1,588


On revalued assets
(1,529)
-
(1,529)



At 31 January 2023

-
11,294
11,294



Net book value



At 31 January 2023
95,882
118
96,000



At 31 January 2022
93,880
120
94,000

The long term leasehold property was valued by the directors, with support of Cushman & Wakefield, Chartered Surveyors, an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the property being valued. A formal valuation was carried out at the previous reporting date, 31 January 2022 and since then an assessment has been carried out by the directors with guidance from Cushman & Wakefield as at 31 January 2023, on the basis of fair value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.

If the long term leasehold property had not been included at valuation they would have been included under the historical cost convention as follows:

As restated
2023
2022
£000
£000



Cost
67,086
67,086

Accumulated depreciation
(10,316)
(9,390)

Net book value
56,770
57,696

Page 22

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

12.


Stocks

2023
2022
£000
£000

Food and beverage stock
117
92


The replacement cost of stock was not materially different to the amount stated above.


13.


Debtors

2023
2022
£000
£000


Trade debtors
151
241

Other debtors
418
223

569
464


All amounts shown under debtors fall due for payment within one year.


14.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
55
70



15.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Amounts owed to group undertakings
37,014
39,067

Corporation tax
15
-

Other creditors
199
43

Accruals and deferred income
361
326

37,589
39,436


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

Page 23

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Bank loans (see Note 17)
45,790
45,789

Deferred finance charges
(33)
(65)

45,757
45,724



17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£000
£000


Amounts falling due 1-2 years

Bank loans
45,790
-

Amounts falling due 2-5 years

Bank loans
-
45,789

Deferred finance charges
(33)
(65)


45,757
45,724


Secured loans
The above balance relates to a bank loan with Standard Life Investment Limited that is repayable in full on 26 November 2024. Interest is charged and payable each year at a fixed rate of 4.223% per annum.
Bank loans are secured by legal charges over the leasehold property of the company and other freehold and leasehold properties of a fellow subsidiary, Firmdale Property Investments Limited. In addition, they are secured by fixed and floating charges over the book debts and other assets of the company and Firmdale Property Investments Limited.

Page 24

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

18.


Deferred taxation




2023
2022


£000

£000






At beginning of year
(11,777)
(7,217)


(Charged)/credited to profit or loss
(384)
1,534


Charged to other comprehensive income
(501)
(6,094)



At end of year
(12,662)
(11,777)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Fixed asset timing differences
383
479

Tax losses carried forward and other deductions
3,462
3,751

Temporary difference on the revaluation of leasehold property
(16,507)
(16,007)

(12,662)
(11,777)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.



20.


Reserves

Revaluation reserve

The reserve records the amount above the historic cost of tangible fixed assets. The amount of depreciation provided on the book value which represents a surplus on valuation is transferred as a reserves movement to the profit and loss account.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Page 25

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

21.


Prior year adjustment

A prior year adjustment has been processed in relation to the revaluation of long term leasehold property and associated movements to correct the position between the Revaluation reserve and Profit and loss account.
For the year ended 31 January 2022, which is the earliest prior period correction presented, a reclassification of £296,000 was processed between the Revaluation reserve and Profit and loss account in the Statement of changes in equity. Of this, £41,000 represents a transfer of excess depreciation arising in the year ended 31 January 2022 and the remaining £255,000 corrects the opening position.


22.


Pension commitments

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge for the year represents contributions payable by the company to the funds and amounted to £91,714 (2022 - £57,586). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date.


23.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
3,339
2,759

Later than 1 year and not later than 5 years
13,356
11,037

Later than 5 years
188,452
158,480

205,147
172,276


24.


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.


25.


Controlling party

The immediate parent and controlling company is Firmdale West End Limited, a company registered in England and Wales.
The ultimate parent company is Firmdale Holdings Limited, head of this group and a company registered in England and Wales. The consolidated accounts of this group, which is the smallest and largest to include the company, are available from the Registrar of Companies.
In the opinion of the directors, the Trustee of Kemp Family Foundation is the ultimate controlling party of the group and therefore of this entity.

 
Page 26