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Registered number: 07012376










MONTAGU HOUSE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MONTAGU HOUSE LIMITED
REGISTERED NUMBER: 07012376

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,954,719
7,219,374

  
6,954,719
7,219,374

Current assets
  

Stocks
  
46,141
44,171

Debtors: amounts falling due within one year
 5 
5,175,086
4,609,489

Cash at bank and in hand
  
610,748
316,673

  
5,831,975
4,970,333

Creditors: amounts falling due within one year
 6 
(364,109)
(523,325)

Net current assets
  
 
 
5,467,866
 
 
4,447,008

Total assets less current liabilities
  
12,422,585
11,666,382

Provisions for liabilities
  

Deferred tax
  
(1,391,830)
(1,454,126)

  
 
 
(1,391,830)
 
 
(1,454,126)

Net assets
  
11,030,755
10,212,256


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
207,792
207,792

Revaluation reserve
  
5,518,576
5,660,532

Other reserves
  
382,139
382,139

Profit and loss account
  
4,921,248
3,960,793

  
11,030,755
10,212,256


Page 1

 
MONTAGU HOUSE LIMITED
REGISTERED NUMBER: 07012376
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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: 

................................................
B Magnus
Director

Date: 26 June 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 

 
MONTAGU HOUSE LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2022
1,000
207,792
5,864,679
382,139
2,860,507
9,316,117





Profit for the year
-
-
-
-
894,956
894,956


Fair value uplift of leasehold properties
-
-
(104,000)
-
-
(104,000)


Deferred tax on fair value movement on leasehold properties
-
-
105,183
-
-
105,183


Transfer of excess depreciation from profit and loss account
-
-
(205,330)
-
205,330
-





At 1 January 2023
1,000
207,792
5,660,532
382,139
3,960,793
10,212,256





Profit for the year
-
-
-
-
775,992
775,992


Deficit on revaluation of leasehold property
-
-
(33,000)
-
-
(33,000)


Deferred tax movement on revaluation of leasehold property
-
-
75,507
-
-
75,507


Transfer of excess depreciation from profit and loss account
-
-
(184,463)
-
184,463
-



At 01 January 2023
1,000
207,792
5,518,576
382,139
4,921,248
11,030,755



The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
MONTAGU HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Montagu House Limited  is a private limited company, limited by shares, registered in England and Wales, registration number 07012376. The registered office and trading address is 10 Motcomb Street, London, England, SW1X 8LA.
The prinicpal activity of the company is that of a pub and hotel operator. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is measured at the fair value of the consideration received and is mainly derived from bar and kitchen sales, after deducting discounts and value added tax. Revenue is recognised when goods are delivered to the customer at the point of sale.  
Revenue derived from the provision of hotel accommodation is recognised over the period of the occupancy. 

 
2.3

Going concern

The Directors have prepared their going concern assessment of the Company. During the period, the Company has continued to recover from the impacts of COVID-19 and managed the business through an uncertain macroeconomic environment driven by the energy crisis, inflationary pressures and the wider cost of living crisis impacting consumer confidence. 
The Company is well placed to respond and pre-empt any further challenges faced due to the macroeconomic environment with increased management of margins and cost analysis to ensure the underlying profitability of the business remains. 
The Company has prepared budgets and a cash flow forecast outlining its future position and has concluded the financial statements should be prepared on a going concern basis. The directors have demonstrated that the business will continue to generate sales, manage its liquidity and meet its covenant compliance under the Group’s existing banking facility. 
As a result, the Directors consider it is appropriate to adopt the going concern basis in preparing its financial statements.  

 
2.4

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
Page 4

 
MONTAGU HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Current and deferred taxation (continued)

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.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Short-term leasehold property
-
over life of the lease
Plant and machinery
-
10% straight line
Fixtures and fittings
-
25-33% straight line
Office equipment
-
33% straight line
Other fixed assets
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MONTAGU HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

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.


3.


Employees

Employees are contracted with Cubitt House Limited, a company with a common parent and ultimate controlling party. As a result, staff costs are recharged from Cubitt House Limited in proportion to work performed and there were no staff employed by the company during the period (1 Janaury 2023: nil).

Page 6

 
MONTAGU HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost


At 1 January 2023
7,117,759
373,107
282,008
14,295
34,559
7,821,728


Additions
-
40,030
19,628
2,824
1,278
63,760


Disposals
(4,193)
-
-
-
-
(4,193)


Revaluations
(292,740)
-
-
-
-
(292,740)



At 31 December 2023

6,820,826
413,137
301,636
17,119
35,837
7,588,555



Depreciation


At 1 January 2023
-
292,558
270,222
11,445
28,129
602,354


Charge for the period
259,740
16,925
11,305
413
2,839
291,222


On revalued assets
(259,740)
-
-
-
-
(259,740)



At 31 December 2023

-
309,483
281,527
11,858
30,968
633,836



Net book value



At 31 December 2023
6,820,826
103,654
20,109
5,261
4,869
6,954,719



At 31 December 2023
7,117,759
80,549
11,786
2,850
6,430
7,219,374

The valuation for the period ended 31 December 2023 was a directors' valuation. In determining the value of the property, the use of estimates such as future net income, environmental matters, the overall condition of the property and applicable yield have been used.

Page 7

 
MONTAGU HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2023
£
£


Trade debtors
48,704
1,176

Amounts owed by group undertakings
5,029,384
4,476,199

Other debtors
8,574
47,793

Prepayments and accrued income
88,424
84,321

5,175,086
4,609,489


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


6.


Creditors: Amounts falling due within one year

2023
2023
£
£

Trade creditors
265,668
407,915

Other creditors
9,126
10,155

Accruals and deferred income
89,315
105,255

364,109
523,325



7.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2023
£
£


Not later than 1 year
126,641
120,000

Later than 1 year and not later than 5 years
480,000
480,000

Later than 5 years
261,370
384,066

868,011
984,066


8.Secured liabilities and financial guarantees

The Company has granted a fixed and floating charge over all assets of the company, in favour of Barclays Bank PLC for the Group overdraft facility and a £5m loan facility held in the immediate parent company, Carpenter Sub-Finco Limited.. At the year end, the group balance of this facility was £nil (1 Janauary 2023: £nil). 

Page 8

 
MONTAGU HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

The Company has advantage of exemptions from disclosing transactions with related companies under the provisions of Section 33 of Financial Reporting Standard 102. 


10.


Controlling party

The ultimate parent undertaking of the company is Carpenter Topco (Jersey) Limited which is ultimately controlled by investment funds managed by TDR Capital LLP. The registered office and prinicpal place of business is 20 Bentinck Street, London, W1U 2EU. 
The results of Montagu House Limited are included in the consolidated financial statements of Carpenter Holdco Limited, a subsidiary of Carpenter Topco (Jersey) Limited. The consolidated financial statements are available at Companies House, Crown Way, Cardiff, CF14 3UZ. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 June 2024 by Emma Bernardez (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 9