Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31No description of principal activity2022-04-01false33truetrue 11417956 2022-04-01 2023-03-31 11417956 2021-04-01 2022-03-31 11417956 2023-03-31 11417956 2022-03-31 11417956 c:Director3 2022-04-01 2023-03-31 11417956 d:Buildings 2022-04-01 2023-03-31 11417956 d:Buildings 2023-03-31 11417956 d:Buildings 2022-03-31 11417956 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11417956 d:PlantMachinery 2022-04-01 2023-03-31 11417956 d:PlantMachinery 2023-03-31 11417956 d:PlantMachinery 2022-03-31 11417956 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11417956 d:FurnitureFittings 2022-04-01 2023-03-31 11417956 d:FurnitureFittings 2023-03-31 11417956 d:FurnitureFittings 2022-03-31 11417956 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11417956 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11417956 d:CurrentFinancialInstruments 2023-03-31 11417956 d:CurrentFinancialInstruments 2022-03-31 11417956 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11417956 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11417956 d:ShareCapital 2023-03-31 11417956 d:ShareCapital 2022-03-31 11417956 d:RetainedEarningsAccumulatedLosses 2023-03-31 11417956 d:RetainedEarningsAccumulatedLosses 2022-03-31 11417956 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11417956 c:OrdinaryShareClass1 2023-03-31 11417956 c:OrdinaryShareClass1 2022-03-31 11417956 c:FRS102 2022-04-01 2023-03-31 11417956 c:Audited 2022-04-01 2023-03-31 11417956 c:FullAccounts 2022-04-01 2023-03-31 11417956 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11417956 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11417956













NO.124 BRIGHTON LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
NO.124 BRIGHTON LTD
REGISTERED NUMBER:11417956


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,873,346
4,609,817

  
6,873,346
4,609,817

Current assets
  

Debtors: amounts falling due within one year
 5 
245,389
106,924

Cash at bank and in hand
 6 
26,680
30,867

  
272,069
137,791

Creditors: amounts falling due within one year
 7 
(7,710,214)
(5,035,899)

Net current liabilities
  
 
 
(7,438,145)
 
 
(4,898,108)

  

Net liabilities
  
(564,799)
(288,291)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(564,899)
(288,391)

  
(564,799)
(288,291)


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.124 BRIGHTON LTD
 

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

1.


General information

No.124 Brighton 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 the 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 £276,508, giving rise to a balance sheet deficit of £564,799 at the year end. Within the Company liabilities is a balance of £7,567,645 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.
During the year the Company has invested significantly in the continued refurbishment of the hotel, which is currently closed for the renovation. The result of this is that no revenue has yet been generated. Management has prepared projections that, over the coming year, expect the Company to most likely continue to generate no revenue whilst renovations continue. Management expect the hotel to open in 2024, at which point the Company should achieve positive earnings before interest, depreciation and tax with a net contribution to group cash.
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

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 2


 
NO.124 BRIGHTON LTD
 

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

2.Accounting policies (continued)

 
2.4

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
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
Plant and machinery
-
5
years
Fixtures and fittings
-
5
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.124 BRIGHTON 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.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
4,647,793
88,644
-
4,736,437


Additions
2,302,154
-
95,348
2,397,502



At 31 March 2023

6,949,947
88,644
95,348
7,133,939



Depreciation


At 1 April 2022
105,678
20,942
-
126,620


Charge for the year on owned assets
109,307
17,729
6,937
133,973



At 31 March 2023

214,985
38,671
6,937
260,593



Net book value



At 31 March 2023
6,734,962
49,973
88,411
6,873,346



At 31 March 2022
4,542,115
67,702
-
4,609,817

Page 4


 
NO.124 BRIGHTON LTD
 

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

5.


Debtors

2023
2022
£
£


Other debtors
184,299
25,907

Prepayments and accrued income
61,090
81,017

245,389
106,924



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
26,680
30,867



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
109,780
155,814

Amounts owed to group undertakings
7,567,645
4,853,506

Accruals and deferred income
32,789
26,579

7,710,214
5,035,899



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



9.


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.

Page 5


 
NO.124 BRIGHTON LTD
 

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

10.


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. 


11.


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