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Registered number: 08179679










STEPHENSON HOTEL ENTERPRISE LIMITED








UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
COMPANY INFORMATION


Directors
W D Clouston 
P F Clouston 
R D C Clouston 




Registered number
08179679



Registered office
Boiler Shop 20 South Street
Stephenson Quarter

Newcastle Upon Tyne

NE1 3PE





 
STEPHENSON HOTEL ENTERPRISE LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2
Profit and Loss Account
3
Balance Sheet
4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 9


 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Business review
 
The company is an intermediate holding company in the Clouston Group of companies.
As the company itself is a subsidiary undertaking of Clouston Group Limited, it is not required to prepare a business review incorporating its own subsidiary undertakings. This business review therefore presents information about the company as an individual undertaking and not about its group.
The company is non-trading and has not undertaken any transactions in the current year. Going forward, the nature and extent of the company’s activities is not expected to change. 


This report was approved by the board on 15 August 2024 and signed on its behalf.



W D Clouston
Director

Page 1

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors

The directors who served during the year were:

W D Clouston 
P F Clouston 
R D C Clouston 

Post balance sheet events

There have been no significant events affecting the company since the year end.

This report was approved by the board on 15 August 2024 and signed on its behalf.
 





W D Clouston
Director

Page 2

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 3

 
STEPHENSON HOTEL ENTERPRISE LIMITED
REGISTERED NUMBER: 08179679

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
100
100

  
100
100

Current assets
  

Debtors: amounts falling due within one year
 5 
1
1

  
1
1

Creditors: amounts falling due within one year
 6 
(100)
(100)

Net current liabilities
  
 
 
(99)
 
 
(99)

Total assets less current liabilities
  
1
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 7 
1
1

  
1
1




For the year ended 31 December 2022 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




W D Clouston
Director

The notes on pages 6 to 9 form part of these financial statements.

Page 4

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Total equity

£
£


At 1 January 2021
1
1



At 1 January 2022
1
1


At 31 December 2022
1
1


The notes on pages 6 to 9 form part of these financial statements.

Page 5

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Stephenson Hotel Enterprise Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the registered office is Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE.
The company is an intermediate holding company and has not traded during the current or preceding financial year. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Clouston Group Limited as at 31 December 2022 and these financial statements may be obtained from Companies house.

 
2.3

Going concern

Whilst the company does not trade and has no liabilities outside the group of which it is part, the company is subject to a contingent liability as guarantor in respect of term loan facilities held by its wholly owned subsidiary, Stephenson Hotel Limited, which are repayable on demand pending renegotiation of their terms. 
As at the balance sheet date, borrowings by Stephenson Hotel Limited under the facility amounted to £38.7m (2021: £38.04m) including accrued but unpaid finance costs. As at the date of approval of these financial statements, Stephenson Hotel Limited is not in compliance with all requirements of the facility, rendering the loan facilities repayable on demand.
On this basis the directors consider it appropriate to prepare these financial statements on a going concern basis, however, the directors acknowledge that should the lender withdraw its support or suitable terms in respect of the funding facilities not be agreed with Stephenson Hotel Limited that ownership of the company would be transferred or dissolved and therefore a materiality uncertainty exists.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 6

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

The company only enters into basic financial instrument transactions that result in recognition of financial assets and laibilities like amounts owed to and from group undertakings, and investments in ordinary shares.




3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
3
3

Page 7

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
100



At 31 December 2022
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Stephenson Hotel Limited
Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Stephenson Hotel Limited
(29,830,530)
(252,611)


5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
1
1

1
1


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 8

 
STEPHENSON HOTEL ENTERPRISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
100
100

100
100


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share share of £1.00
1
1



8.


Contingent liabilities

The company is a guarantor in respect of a term loan facility with Newcastle City Council ('NCC') entered in to by a subsidiary undertaking (Stephenson Hotel Limited). Under the terms of the facility agreement, the company together with Stephenson Hotel Limited are subject to a debenture which contains a fixed and floating charge over the companies' assets and under which each company covenants to discharge the secured obligations as they fall due for repayment.
As at the balance sheet date, borrowings by Stephenson Hotel Limited under the facility amounted to £38.7m (2021: £38.04m) including accrued but unpaid finance costs. As at the date of approval of these financial statements, Stephenson Hotel Limited is not in compliance with all requirements of the facility, rendering the loan facilities repayable on demand. 


9.


Controlling party

The immediate parent undertaking is Silverlink Stephenson Limited, a company incorporated in the United Kingdom whose registered office is at Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Clouston Group Limited, a company incorporated in the United Kingdom, who's registered financial office is at Boiler Shop, 20 South Street, Newcastle upon Tyne, NE1 3PE. Copies of the Clouston Group Limited consolidated financial statements can be obtained from Companies House.
The ultimate controlling party is W D Clouston. 

Page 9