The directors present the strategic report for the year ended 31 March 2023.
The group’s principal activities are that of owning and operating fully serviced apartments and hotels in both the business and leisure accommodation markets. Its two principal sites are Town Hall Hotel and 196 Bishopsgate, both in Central London. The Group operates restaurant and bar facilities via its wholly owned subsidiary Old Town Hall Restaurants Limited and Restaurant Da Terra Limited. On 23 December 2022, the trade and assets of the operations of 196 Bishopsgate hotel were transferred to a related company.
Having only reopened in the middle of August 2020, the luxury leisure market was almost the sole market for London hotels for the year, with a small amount of corporate travel. The international travel, group and events business was non-existent, and all major events had been cancelled. It was not until March 2021 that some improvement was seen in the market, and this was tentative at best. Going into 2022, things started to improve and saw a return to profitability and higher occupancy (albeit not as high as pre-Covid levels) with the year recouping some ground that was lost during the pandemic.
The group made an operating profit for the year of £359,364 (2022: operating loss of £281,070). Included within operating profit is net credit of £nil (2022: £192,225) which arose as a result of reconciling the balance sheet in preparing the financial statements, where there were a number of unknown reconciling items which have been written off to the profit and loss account.
The group’s principal sources of finance are loans from the group’s bankers and strong support from the group’s immediate parent company and fellow subsidiary and from the shareholders and directors.
Business Environment
Whilst the world begins to recover from the pandemic, three other significant events occurred – the war in Ukraine, the impact of Brexit and the world-wide inflationary pressure resulting in the downturn of many economies.
The impact of the war in Ukraine is currently not thought to have an immediate effect on the hotel, although the Directors continue to monitor and assess the situation and the wider impact on inflation and the company’s costs. With Brexit being the major issue, causing a reduction in the availability of EU workers and the events in Ukraine having a negative effect on hospitality in general, the trading environment is uncertain. However, the falling value of the sterling has made the UK more competitive for overseas visitors and travel restrictions have encouraged domestic tourism.
Set against this, low UK unemployment rates and above-inflation increases in the minimum wage have all contributed to increased costs associated with acquiring, training and retaining staff. In addition, utility bills continue to increase at above the rate of inflation. A lack of optimism on the macroeconomic front will continue to affect revenues and profitability through to 2023.
Liquidity Risk
The group is exposed to liquidity risk to fund its ongoing operations. This is managed by undertaking detailed cash flow forecasting to monitor the group and company’s working capital requirements to ensure that sufficient cash resources are available to meet the group and company’s obligations as they fall due.
Financial Risk
The group is subject to financial risks through changes in interest rates. The groups borrowings bear interest at a floating rate and therefore expose the group to interest rate fluctuations. These borrowings are with one major lender and are secured over assets of the company. The directors have considered the potential impact of future rate rises and are confident that these do not present a significant threat to the ability of the group to carry on as a going concern.
On 22 August 2022, the bank loan was refinanced with the existing lender. Facilities were agreed of £5,900,000 and £4,000,000, relating to a term loan and capex facility respectively. The maturity date is 3 years from the drawdown date of the loan. The facilities offered are a loan facility and a capital expenditure loan with interest on the respective portions being 1.95% + SONIA and 2.05% + SONIA. The group has not drawdown any amounts on the capex facility. On 23 December 2022, the term loan was repaid following the group restructure.
In respect of amounts due to and from related parties, the directors have received assurance that such amounts will not be recalled until the group is in the financial position to do so.
High levels of inflation are pushing up wholesale prices and labour shortages are driving up wages. These factors are posing a potential threat to the profitability of the group. It is the directors view that potential gains in average room rates and selling prices will counteract the potentially increased cost base to maintain profitability.
The group’s key performance indicators are average room rates, occupancy rates, gross profit, gross profit margin and operating profit before exceptional items. The directors monitor the group’s KPIs on a regular basis in order to assess the group’s ongoing financial performance. The performance of the group in the current and prior year can be summarised as follows:
2023 2022
Gross profit £4,462,161 £2,666,464
Gross profit margin 47.7% 50.8%
Operating profit on total operations £359,364 £93,517
EBITDA £835,672 £495,526
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2023.
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of Respite Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud;
We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, fire safety, food safety, and licencing;
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly;
Using our knowledge of the group, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual;
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied;
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates;
Assessing the extent of compliance, or lack of, with the relevant laws and regulations;
Testing key revenue lines, in particular cut-off, for evidence of management bias;
Confirming the existence of key assets;
Obtaining third-party confirmation of material bank balances;
Documenting and verifying all significant related party transactions;
Documenting and verifying details pertaining to the acquistions of subsidiaries in the year.
Testing all material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the director.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £186,997 (2022 - £227,432 loss).
Respite Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Respite Management Limited and its subsidiaries, Old Town Hall Restaurants Limited and Restaurant Da Terra Limited.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense.
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Respite Management Limited together with its subsidiaries, Old Town Hall Restaurants Limited and Restaurant Da Terra Limitred.
All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The directors have considered the going concern status of the entity. The hotel is recovering from the Covid-19 pandemic with the restrictions ending during the period. The hotel had suffered with long periods of closure in previous periods a result of the various lockdown measures in the UK. The hotel is fully operational, but the capacity at which the hotel was able to operate was affected by staffing issues which were widespread across the hospitality industry, imposing caps on occupancy rates. The hotel has been able to remove these caps post year end and in recent months has seen high occupancy levels and a return to profitability. On 23 December 2022, the company transferred the trade and assets of one of the hotels where the entity operates to a related company, 196 Serviced Residences Limited. This hotel has historically been profit making therefore future profits for Respite Management Limited are less certain.
The group had net liabilities of £7,151,412 (2022: £7,354,440) and net current liabilities of £7,955,722 (2022: £3,329,879) as at 31 March 2023 and also owe amounts of £3,237,881 (2022: £3,237,881) to a related party which are repayable on demand. The related party itself is in a net current liability and net liability position and therefore it cannot be relied upon that this debt will not be recalled, however, a group entity has amounts receivable from the same related entity and it has been confirmed these payables could be assigned as far as they are able against this balance.
The group has the financial backing of one of its directors (Lik Peng Loh) who is providing support for a period of at least 12 months after the approval of these financial statements so the company and the group can meet their expenses and liabilities as they fall due. The group has also received confirmation from KMC Holdings Pte Limited and Sonrac Developments Pty Limited (see note 25) which are owed money from the group that they will not seek repayment and that they will provide financial support for a period of at least 13 months from the date of approval of these financial statements.
Having been satisfied that such support is available, the directors have a reasonable expectation that the company and the group have adequate resources available to continue in operation for the foreseeable future and there are no material uncertainties regarding going concern. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is derived from hotel and restaurant operations, and arose wholly in the United Kingdom. Turnover is recognised when services have been rendered. The turnover is derived primarily from the rental of rooms and food and beverage sales. Turnover is all rendering of goods and services.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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 recognised in the profit and loss account.
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and related parties, 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
The group received government grants in the year, making use of the schemes the UK government brought into place for business during the Covid-19 pandemic.
Government grants received under the Coronavirus Job Retention Scheme are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants, which include amounts received from local authority grants, are recognised at the fair value of the grant received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income in the period in which the grant becomes receivable.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In the comparative period, during the preparation of the financial statements and reconciling the balance sheet, management identified various differences that could not be reconciled. The differences identified were written off to the profit and loss account in the year. Where the nature of the transactions could not be determined, the income or expense was recognised as an exceptional item within administrative expenses in the profit and loss account. The total of such transactions was a net debit of £nil (2022: £192,225) for the group. See note 4 for further details.
Amounts owed from the group are assessed for the recoverability of the balance. The directors consider the amounts owed by group undertakings at the year end of £1,953,504 (2022: £5,379,914) to be recoverable due to the market value of the properties held within these group undertakings and therefore have not made any provision against these balances.
There are further amounts owed from group undertakings of £684,265. The directors consider these amounts owed by group undertakings to be recoverable on the future trading potential of this entity.
The directors considered amounts due from Respite Management Limited's subsidiary undertaking, Old Town Hall Restaurants Limited, to not be recoverable and these have been provided for in these accounts. The bad debt provision against the amounts due from the company's subsidiary is £3,001,613 (2022: £3,001,613). Further amounts have been provided for against amounts due from Respite Management Limited's subsidiary undertaking, Restaurant Da Terra Limited of £180,192 (2022: £180,192).
The whole of the turnover is attributable to income from the provision of furnished apartments for short term rental and from the supply of food and beverages at restaurants.
All turnover arose within the United Kingdom.
During the year ended 31 March 2023 there was a net credit to the statement of comprehensive income of £nil (2022: £192,225). As a result of the struggles of Covid-19, during the financial year there was a high degree of staff turnover within the business including within the finance department. When reconciling the balance sheet in preparing the financial statements for the year ended 31 March 2022, there were a number of unknown reconciling items which have been written off to the profit and loss account as an exceptional item within administrative expenses as management were unable to determine where they should be allocated to.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
As at 31 March 2023 the group has trade losses carried forward of £3,098,709 (2022: £3,462,806). The group has not recognised a deferred tax asset on these losses as a result of the uncertainties around future trading profits for the group.
On 23 December 2022, the company transferred the trade and assets of one of the hotels where the entity operates to a related company, 196 Serviced Residences Limited.
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in administrative expenses in the profit and loss account.
More information on impairment movements in the year is given in note 11.
Details of the company's subsidiaries at 31 March 2023 are as follows:
As at 31 March 2023, the group has borrowings of £42,157 relating to a Bounce Back loan. The loan bears interest of 2.5%, and is repayable in 2030.
The group repaid one of their loans during the period following refinancing in the parent company. The bank loan bore interest at 2.34%.
The security over the bank loans and overdraft refinanced in the parent company comprises the following:
First legal charge over 192-200 Bishopsgate, London, EC2 and Bethnal Green Old Town Hall, Patriot Square, London E2.
First legal charge over the lease extended by Mastelle Limited to Respite Management for 25 years.
Debenture incorporating a first fixed and floating charge on all assets, both present and future, of Respite Management Limited.
There are personal guarantees from three directors of the company jointly and severally.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
For the financial year ended 31 March 2023, the company's subsidiaries, Old Town Hall Restaurants Limited and Restaurant Da Terra Limited were entitled to exemption from audit under section 479A of the Companies Act 2006.
The net outstanding liabilities which the company has guaranteed pursuant to s479A and s479C of the Companies Act 2006 amounted to £3,197,793 and £500,252. These liabilities are already incorporated in the consolidated financial statements.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
At the balance sheet date, the group owed £1,824,528 (2022: was owed £3,075,941) to its parent undertakings Mastelle Limited, a company incorporated in the British Virgin Islands and was owed £1,953,504 (2022: £2,350,215) by Mastelle (Zinc House) Limited, a fellow group undertaking incorporated in Jersey.
At the balance sheet date, £689,250 (2022: £nil) was owed by 196 Serviced Residences Limited, a company incorporated in England & Wales, under common control by the directors of the group.
At the balance sheet date, £3,099,827 (2022: £3,099,827) was due to KMC Holdings Pte Limited, a company incorporated in Singapore, under common control by the directors of the group.
At the balance sheet date £nil (2022: £9,716) was due from Mayrange Limited, a company incorporated in the Republic of Ireland, with a common director to Respite Management Limited.
At the balance sheet date the group owed £138,054 (2022: £138,054) to Sonrac Developments Pty Ltd, a company incorporated in Australia and a wholly owned subsidiary of Mastelle Limited, the immediate parent company of Respite Management Limited.
As at 31 March 2023, the group owed £3,866,671 (2022: £3,866,671) to two of the directors of the company included within other creditors. Further amounts of £19,100 (2022: £nil) were owed by one of the directors to the company.
Three directors of the group have provided personal guarantees over the overdraft and loan facilities which amount to £nil (2022: £5,151,930) at the year-end.