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Registered number: 13723220













NO.42 MARGATE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
NO.42 MARGATE LTD
REGISTERED NUMBER:13723220


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
19,704
-

Tangible assets
 5 
5,253,346
2,907,530

  
5,273,050
2,907,530

Current assets
  

Debtors: amounts falling due within one year
 6 
475,799
34,144

Cash at bank and in hand
 7 
22,272
29,036

  
498,071
63,180

Creditors: amounts falling due within one year
 8 
(6,275,451)
(3,075,124)

Net current liabilities
  
(5,777,380)
(3,011,944)

  

Net liabilities
  
(504,330)
(104,414)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(504,430)
(104,514)

  
(504,330)
(104,414)


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 R J Guest
Director

Date: 21 November 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1


 
NO.42 MARGATE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

No.42 Margate Ltd is a private company limited by shares, incorporated and domiciled in England and Wales, United Kingdom. The registered office is 31 Ruvigny Gardens, London SW15 1JR.
The principal activity of the Company is renovation and future operation of a luxury hotel.

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

Going concern

For the purposes of assessing whether 'going concern' is an appropriate basis for preparing the financial statements, the directors have reviewed projections for the next 12 months using assumptions which the directors consider to be appropriate to the current financial position of the Company with regards to revenue, cost of sales, borrowing and debt repayment plans.
During the year ended 31 March 2023 the Company suffered a loss after tax of £399,916, giving rise to a balance sheet deficit of £504,330 at the year end. Within the Company liabilities is a balance of £5,482,295 owed to group companies. The directors have confirmed that the group will continue to provide such financial support as is required whilst the Company strengthens its own financial position.
The Company entered into private hire contracts during the year before finally opening all guest bedrooms in the summer of 2023, following extensive renovations throughout the year and having invested significantly in the refurbishment of the hotel. The result of this is that minimal revenue was generated during the year. Management has also prepared projections which indicate that the company will continue to be loss making over the coming year. For this reason, the support of the group will continue to be required.
In light of the above and, after taking into account all information that could reasonably be expected to be available, the directors are confident that the Company will continue in operation for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the Company's accounts.

 
2.3

Revenue

Revenue, which excludes value added tax, comprises the Company's income from sundry room hire prior to the opening of the hotel. The revenue is wholly earned in the United Kingdom. 

Page 2


 
NO.42 MARGATE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

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.

The estimated useful lives range as follows:

Freehold property
-
50
years
Leasehold property
-
15
years
Fixtures and fittings
-
5
years
Computer equipment
-
3
years

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

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

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.

 
2.8

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.

Page 3


 
NO.42 MARGATE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Intangible assets




Computer software

£



Cost


At 1 April 2022
-


Additions
22,470



At 31 March 2023

22,470



Amortisation


At 1 April 2022
-


Charge for the year on owned assets
2,766



At 31 March 2023

2,766



Net book value



At 31 March 2023
19,704



At 31 March 2022
-



Page 4


 
NO.42 MARGATE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
2,532,442
-
419,800
-
2,952,242


Additions
1,651,700
17,134
825,709
26,547
2,521,090



At 31 March 2023

4,184,142
17,134
1,245,509
26,547
5,473,332



Depreciation


At 1 April 2022
16,815
-
27,897
-
44,712


Charge for the year on owned assets
56,045
850
117,398
981
175,274



At 31 March 2023

72,860
850
145,295
981
219,986



Net book value



At 31 March 2023
4,111,282
16,284
1,100,214
25,566
5,253,346



At 31 March 2022
2,515,626
-
391,904
-
2,907,530


6.


Debtors: amounts falling due within one year

2023
2022
£
£


Amounts owed by group undertakings
-
25,100

Other debtors
335,220
5,328

Prepayments and accrued income
140,579
3,716

475,799
34,144



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
22,272
29,036


Page 5


 
NO.42 MARGATE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
343,981
10,665

Amounts owed to group undertakings
5,482,295
3,011,054

Accruals and deferred income
449,175
53,405

6,275,451
3,075,124



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

The Company has taken advantage of the intra-group trading exemption contained in FRS 102 para 33.1A and has therefore not disclosed transactions or balances with entities that form part of the group headed by Guest Holdings Ltd.


11.


Ultimate parent undertaking and controlling parties

The Company is a subsidiary of Guest Holdings Ltd, a company registered in England and Wales, United Kingdom. The directors regards Guest Holdings Ltd as the Company's controlling party and ultimate parent undertaking. The results of the Company are included in the consolidated financial statements of Guest Holdings Ltd, the only group which consolidates the Company. The registered office address of Guest Holdings Ltd is 31 Ruvigny Gardens, London SW15 1JR.
The ultimate controlling parties are James Guest, Thomas Guest and Tristan Guest by virtue of their equal shareholdings in Guest Holdings Ltd. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 21 November 2023 by Alex Eagle (Senior Statutory Auditor) on behalf of Warrener Stewart.

 
Page 6