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Registration number: 10011081

Newman Street Hotel Limited

Filleted Financial Statements

for the Period from 1 May 2022 to 30 September 2023

 

Newman Street Hotel Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Newman Street Hotel Limited

Company Information

Directors

G Mouskos

C Mouskos

J M Mouskos

Company secretary

G Mouskos

Registered office

1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

Auditors

NA Associates LLP
Chartered Certified Accountants and Statutory Auditors
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

 

Newman Street Hotel Limited

(Registration number: 10011081)
Balance Sheet as at 30 September 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

4

10,000

10,000

Current assets

 

Debtors

5

27,578,570

18,720,811

Cash at bank and in hand

 

230,845

39

 

27,809,415

18,720,850

Creditors: Amounts falling due within one year

6

(10,542,054)

(3,360)

Net current assets

 

17,267,361

18,717,490

Net assets

 

17,277,361

18,727,490

Capital and reserves

 

Called up share capital

7

3

3

Share premium reserve

23,987,345

23,987,345

Retained earnings

(6,709,987)

(5,259,858)

Shareholders' funds

 

17,277,361

18,727,490

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 August 2024 and signed on its behalf by:
 

.........................................
C Mouskos
Director

 

Newman Street Hotel Limited

Notes to the Financial Statements for the Period from 1 May 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

These financial statements were authorised for issue by the Board on 3 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1. The accounts are in respect of the company alone.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 5 August 2024 was Nicholas Antoniou, who signed for and on behalf of NA Associates LLP.

 

Newman Street Hotel Limited

Notes to the Financial Statements for the Period from 1 May 2022 to 30 September 2023

Prior Period Adjustment

The comparatives for 2022 have been restated to reflect the correct value of the investment and the losses made in the LLP subsidiary.

The previous valuation method of the investment did not take account of the amounts due to members in the LLP subsidiary. As a result of this the investment has been written down by £23,977,347 as a prior period adjustment restating the carrying value of the investment to its recoverable amount.

Brought forward losses of £2,768,884 made in the LLP were not previously accounted for in the financial accounts of Newman Street Hotel Limited and have been accounted for as a prior period adjustment.

Tax

The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Newman Street Hotel Limited

Notes to the Financial Statements for the Period from 1 May 2022 to 30 September 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2022 - 3).

4

Investments

2023
£

(As restated)

2022
£

Investments in subsidiaries

10,000

10,000

Subsidiaries

£

Cost or valuation

At 1 May 2022

23,987,347

At 30 September 2023

23,987,347

Provision

At 1 May 2022

23,977,347

At 30 September 2023

23,977,347

Carrying amount

At 30 September 2023

10,000

At 30 April 2022

10,000

5

Debtors

Current

Note

2023
£

(As restated)

2022
£

Amounts owed by related parties

27,578,570

18,720,811

 

27,578,570

18,720,811

 

Newman Street Hotel Limited

Notes to the Financial Statements for the Period from 1 May 2022 to 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10,538,204

-

Other creditors

 

3,850

3,360

 

10,542,054

3,360

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         

8

Parent and ultimate parent undertaking

The company's parent is Mouskos Capital Limited, incorporated in England.

 

9

Non adjusting events after the financial period

After the period end the company reduced its share premium account to Nil through a reduction in capital to create a distributable reserve.