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Registered number: 02264248













NO.1 YORK LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
NO.1 YORK LTD
REGISTERED NUMBER:02264248


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,515,285
6,703,554

  
6,515,285
6,703,554

Current assets
  

Stocks
 5 
24,062
18,280

Debtors: amounts falling due within one year
 6 
858,439
735,028

Cash at bank and in hand
 7 
82,714
93,034

  
965,215
846,342

Creditors: amounts falling due within one year
 8 
(5,758,612)
(5,368,800)

Net current liabilities
  
 
 
(4,793,397)
 
 
(4,522,458)

Total assets less current liabilities
  
1,721,888
2,181,096

Creditors: amounts falling due after more than one year
 9 
(900)
-

  

Net assets
  
1,720,988
2,181,096


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
1,720,986
2,181,094

  
1,720,988
2,181,096


Page 1


 
NO.1 YORK LTD
REGISTERED NUMBER:02264248

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 3 to 9 form part of these financial statements.

Page 2


 
NO.1 YORK LTD
 

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

1.


General information

No.1 York Ltd is a private company, limited by shares, incorporated in England and Wales, United Kingdom. The registered office is 1 Clifton, York, North Yorkshire YO30 6AA.
The principal activity of the Company is the 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 £460,108. The Company retains a balance sheet surplus of £1,720,988 at the year end despite the fact that, within the Company liabilities, there is a balance of £5,359,986 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 continued to invest in the refurbishment of the hotel. Management has prepared projections that, over the coming year, demonstrate that 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

Revenue

Revenue, which excludes value added tax, comprises the Company's income from the operation of its hotel and is wholly earned in the United Kingdom. This arises primarily from the letting of bedroom and suite accomodation, providing conference and events facilities, spa services and the service of food and beverage. Revenue is recognised on the occupation of accomodation and once a service has been rendered.

 
2.4

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 3


 
NO.1 YORK LTD
 

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

2.Accounting policies (continued)

 
2.5

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.7

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.

 
2.8

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 4


 
NO.1 YORK LTD
 

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

2.Accounting policies (continued)


2.8
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.

The estimated useful lives range as follows:

Freehold property
-
50
years
Plant and machinery
-
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.

Artwork is not deemed to have a determinate useful life and is therefore not depreciated.

 
2.9

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 balance sheet 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 62 (2022 - 39).

Page 5


 
NO.1 YORK LTD
 

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Artwork
Total

£
£
£
£



Cost or valuation


At 1 April 2022
5,772,461
2,744,951
-
8,517,412


Additions
49,316
435,908
3,310
488,534


Disposals
-
(76,846)
-
(76,846)



At 31 March 2023

5,821,777
3,104,013
3,310
8,929,100



Depreciation


At 1 April 2022
1,227,642
586,216
-
1,813,858


Charge for the year on owned assets
115,614
561,020
-
676,634


Disposals
-
(76,677)
-
(76,677)



At 31 March 2023

1,343,256
1,070,559
-
2,413,815



Net book value



At 31 March 2023
4,478,521
2,033,454
3,310
6,515,285



At 31 March 2022
4,544,819
2,158,735
-
6,703,554


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
24,062
18,280


Page 6


 
NO.1 YORK LTD
 

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

6.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
6,044
19,725

Other debtors
-
61,905

Prepayments and accrued income
64,649
82,735

Deferred taxation
787,746
570,663

858,439
735,028



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
82,714
93,034



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
239,841
474,925

Amounts owed to group undertakings
5,359,986
4,756,024

Other taxation and social security
70,236
33,445

Other creditors
52,599
79,481

Accruals and deferred income
35,950
24,925

5,758,612
5,368,800



9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Deferred income
900
-


Page 7


 
NO.1 YORK LTD
 

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

10.


Deferred taxation




2023


£






At beginning of year
570,663


Credited to profit or loss
217,083



At end of year
787,746

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(620,379)
(442,946)

Tax losses carried forward
1,408,125
1,013,609

787,746
570,663


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



12.


Pension commitments

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. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £29,370 (2022: £19,678). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.


13.


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 8


 
NO.1 YORK LTD
 

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

14.


Ultimate parent undertaking and controlling parties

The immediate parent undertaking of the Company is No.1 York Holdings Ltd. 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. 


15.


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 9