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REGISTERED NUMBER: 03944569 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Classic Hotels (London) Limited

Classic Hotels (London) Limited (Registered number: 03944569)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Classic Hotels (London) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: L Michaelides
Mrs P G Michaelides
C Papaloizou





SECRETARY: L Michaelides





REGISTERED OFFICE: 18-20 Frognal
London
NW3 6AG





REGISTERED NUMBER: 03944569 (England and Wales)





ACCOUNTANTS: Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE

Classic Hotels (London) Limited (Registered number: 03944569)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 7,120,683 6,197,114

CURRENT ASSETS
Debtors 5 4,264,448 4,834,688
Cash at bank 199,126 521,307
4,463,574 5,355,995
CREDITORS
Amounts falling due within one year 6 115,933 49,134
NET CURRENT ASSETS 4,347,641 5,306,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,468,324

11,503,975

CREDITORS
Amounts falling due after more than one
year

7

(5,817,469

)

(5,791,811

)

PROVISIONS FOR LIABILITIES 9 (780,756 ) (780,756 )
NET ASSETS 4,870,099 4,931,408

CAPITAL AND RESERVES
Called up share capital 10 2 2
Fair value reserve 11 3,289,669 3,289,669
Retained earnings 1,580,428 1,641,737
SHAREHOLDERS' FUNDS 4,870,099 4,931,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Classic Hotels (London) Limited (Registered number: 03944569)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:




C Papaloizou - Director



L Michaelides - Director


Classic Hotels (London) Limited (Registered number: 03944569)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Classic Hotels (London) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Classic Hotels (London) Limited (Registered number: 03944569)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,197,114
Additions 923,569
At 31 March 2023 7,120,683
NET BOOK VALUE
At 31 March 2023 7,120,683
At 31 March 2022 6,197,114

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2004 251,200
Valuation in 2005 857,597
Valuation in 2006 73,305
Valuation in 2007 102,492
Valuation in 2011 (200,000 )
Valuation in 2019 3,061,320
Valuation in 2020 1,000,000
Cost 1,974,769
7,120,683

Investment property was valued on an open market basis on 31 March 2023 by the directors .

Bank loan interest capitalised in the year £250,550 ( 2022- £Nil).

5. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 424,605 425,866
Other debtors 197,666 196,827
622,271 622,693

Amounts falling due after more than one year:
Amounts owed by related companies 3,642,177 4,211,995

Aggregate amounts 4,264,448 4,834,688

Classic Hotels (London) Limited (Registered number: 03944569)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 25,404 20,229
Taxation and social security 16,934 13,114
Other creditors 73,595 15,791
115,933 49,134

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 4,235,656 4,269,882
Amounts owed to related companies 1,581,813 1,521,929
5,817,469 5,791,811

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 290,144 293,544

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 4,220,593 4,242,472

The bank loans are secured by way of legal charges and debentures over the assets of the company.

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 780,756 780,756

Deferred
tax
£   
Balance at 1 April 2022 780,756
Balance at 31 March 2023 780,756

Classic Hotels (London) Limited (Registered number: 03944569)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary £1 2 2

11. RESERVES
Fair
value
reserve
£   
At 1 April 2022
and 31 March 2023 3,289,669

Classic Hotels (London) Limited

Report of the Accountants to the Directors of
Classic Hotels (London) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages nil to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE


Date: .............................................