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Registered number: 06573836










LONDON APARTMENT HOTELS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
LONDON APARTMENT HOTELS LIMITED
REGISTERED NUMBER: 06573836

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
4,800,000
4,250,000

  
4,800,000
4,250,000

Provisions for liabilities
  

Deferred tax
 6 
(870,769)
(733,269)

Net assets
  
 
 
3,929,231
 
 
3,516,731


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,929,131
3,516,631

  
3,929,231
3,516,731


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: 




................................................
R H Godwin
Director

Date: 31 January 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
LONDON APARTMENT HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

London Apartment Hotels Limited is a private company, limited by shares and incorporated in England and Wales. 
The address of its registered office is 109 Hammersmith Grove, Hammersmith, London, W6 0NQ.
The company is registered in England and Wales, register number 06573836.

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

The financial statements have been prepared on a going concern basis. 
The Directors of Agate Properties Limited (“the Group”) have prepared consolidated cash flow forecasts for a period to 30 April 2025 which show the Group is able to meet its financial obligations as they fall due. The forecast includes managements best estimates of income and costs for the group, and they show the group has the liquidity to continue to trade in the period, as well as meet all bank covenants as and when they fall due. The forecasts assume that the Director loans, and the amounts owed to related party companies under common control, would not be demanded unless the group had the liquidity to repay these amounts. In addition, the Directors of this Company have received assurances that there is the ability and intention to provide group support as when required. 
Based on the above, the directors have concluded the Company is a going concern and have prepared the financial statements on a going concern basis.

Page 2

 
LONDON APARTMENT HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the report periods presented.
On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The following paragraphs detail the estimates and judgements the company believes to have the most significant impact on the annual results under FRS 102.
Valuation of Investment Property
Investment property valuations are based on available market data and estimates and judgments made by management for example future income and discount rates. The estimates and judgments used in property valuations may differ from actual data, and any variances could have a material impact on the accounts given the sensitivity of the assumptions.

Page 3

 
LONDON APARTMENT HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Employees

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


5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
4,250,000


Surplus on revaluation
550,000



At 30 April 2023
4,800,000

The 2023 valuations was made by Savills plc, on an open market value for existing use basis.



If the Investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:

2023
2022
£
£


Historic cost
1,316,924
1,316,924

Accumulated depreciation and impairments
(289,723)
(263,385)

1,027,201
1,053,539


6.


Deferred taxation




2023


£



At beginning of year
(733,269)


Charged to profit or loss
(137,500)



At end of year
(870,769)

Page 4

 
LONDON APARTMENT HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
6.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised capital gains
(870,769)
(733,269)

(870,769)
(733,269)


7.


Controlling party

Agate Properties Limited is the immediate parent and ultimate parent company. The address of its registered office is 109 Hammersmith Grove, Hammersmith, London, W6 0NQ.
Group financial statements are prepared and are available from Companies House, register number 00904057.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.

In their report, the auditors included the following other matter:

The financial statements for the company for the year ended 30 April 2022 and preceding periods were unaudited.

The audit report was signed on 31 January 2024 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 5