Hyde Park Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Devonshire Terrace, London, W2 3DP.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
At the time of approving the financial statements, the company made a profit of £50,841 (2022: a loss of £538,014). At the year end, the company has a net current liabilities of £2,883,534 (2022: £2,934,375).
The company’s operating lease came to an end on 1 September 2023 and the directors of the company have decided not to renew the lease and to discontinue to operate the Shaftesbury Hyde Park International Hotel. The company will continue to operate for the next 12 months and look for new opportunities in the near future.
The company acknowledges the net liability position. Notwithstanding, the parent company has committed to provide support to meet the company's regular operational liabilities as they fall due, for at least twelve months from the date of signing these financial statements. Based on this, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Comparatives
There were no changes in comparative figures during the year.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets are disclosed in note 6.
The average monthly number of persons employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The company’s operating lease came to an end on 1 September 2023 and the directors of the company have decided not to renew the lease and to discontinue to operate the Shaftesbury Hyde Park International Hotel. The company will continue to operate for the next 12 months and look for new opportunities in the near future.
The directors of the company are also directors or officers of other companies within the group, and did not receive any remuneration in relation to their services for the company.
The company paid management fees to fellow subsidiary totalling £5,986 (2022 - £5,223). The company is by virtue of common control.
Included under amounts due from fellow group undertakings is a balance of £17,638 (2022: £Nil). The companies are connected by virtue of common control.
Included under amounts due to fellow group undertakings is a balance of £3,086,546 (2022: £2,928,324). The companies are connected by virtue of common control.
The immediate parent company is Precis Investments Limited, a company registered in UK. The ultimate parent company is Oakdene Finance Limited, a company registered in the British Virgin Island.