Company registration number 08648775 (England and Wales)
AUDLEY MAYFAIR PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AUDLEY MAYFAIR PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
AUDLEY MAYFAIR PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
64,657
66,952
Investment property
5
5,950,000
5,544,159
6,014,657
5,611,111
Current assets
Debtors
6
61,201
62,874
Cash at bank and in hand
91,438
45,957
152,639
108,831
Creditors: amounts falling due within one year
7
(5,322,756)
(2,278,380)
Net current liabilities
(5,170,117)
(2,169,549)
Total assets less current liabilities
844,540
3,441,562
Creditors: amounts falling due after more than one year
9
-
0
(2,872,252)
Provisions for liabilities
(177,376)
(75,915)
Net assets
667,164
493,395
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
667,064
493,295
Total equity
667,164
493,395

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr S K Gulhati
Director
Company registration number 08648775 (England and Wales)
AUDLEY MAYFAIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Audley Mayfair Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-12 Half Moon Street, Mayfair, London, W1J 7BH.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. 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 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is dependent on support pledged by its parent undertaking, Veladail Hotels Limited. As at the balance sheet date, the company owed its parent £2,288,000 (2022: £2,148,000). Such amounts are repayable on demand and bear no interest. true

 

Based upon this ongoing support, and the continued availability of cash reserves generated from the company’s principal activity, the directors believe that the company has adequate resources sufficient to meet its obligations as they call due. On this basis, the directors continue to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover represents amounts receivable in respect of rental income.

Insurance claim income is classified as other operating income. Insurance claim income is recorded when it is highly likely that the company will receive the claim payment, and the amount can be accurately determined.

 

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% straight line

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 credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

AUDLEY MAYFAIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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

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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

AUDLEY MAYFAIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AUDLEY MAYFAIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

Property valuation is a key accounting estimate, as it involves the determination of the fair value or carrying value of a property for financial reporting purposes. Property value represents a significant portion of a company's assets and has a significant impact on the financial statements. The value assigned to a property can affect key financial metrics such as the company's net worth, equity, and ratios. Property valuation is a complex process that involves numerous factors, such as location, condition, rental income, market trends, and legal considerations. These factors require professional expertise and judgment to arrive at a reasonable estimate of the property's value. Furthermore, the property value can change over time due to various factors such as market fluctuations, economic conditions, and property-specific factors, which introduce additional estimation uncertainties and require the use of professional judgment.

 

The investment property has been stated at a directors' valuation of £5,950,000 (2022: £5,544,159) as at 31 December 2023.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
90,519
Additions
7,508
At 31 December 2023
98,027
Depreciation and impairment
At 1 January 2023
23,567
Depreciation charged in the year
9,803
At 31 December 2023
33,370
Carrying amount
At 31 December 2023
64,657
At 31 December 2022
66,952
AUDLEY MAYFAIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Investment property
2023
£
Fair value
At 1 January 2023
5,544,159
Revaluations
405,841
At 31 December 2023
5,950,000

The investment property has been stated at a directors' valuation of £5,950,000 (2022: £5,544,159) as at 31 December 2023. To arrive at this value, the directors considered numerous factors, such as location, condition, rental income, market trends, legal considerations and similar transactions on the active market at the year-end. Directors considered post-year-end events that could impact property valuation and provide new information or circumstances that affect the fair value of the property.

 

No depreciation has been provided in respect of this property.

 

On a historical cost basis the investment property would have been included at an original cost of £4,746,827 (2022: £4,746,827) and aggregate depreciation of £Nil (2022: Nil).

 

A fixed charge, floating charge and negative pledge are attached to the property as security for the bank borrowings made by the company.

 

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
61,201
62,874
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,878,040
-
0
Trade creditors
12,292
-
0
Amounts owed to group undertakings
2,288,000
2,148,000
Other creditors
144,424
130,380
5,322,756
2,278,380
AUDLEY MAYFAIR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
2,878,040
2,872,252
Payable within one year
2,878,040
-
0
Payable after one year
-
0
2,872,252

The bank loan is secured by a fixed and floating charge over the property and a negative pledge given by the company in favour of the lender.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
2,872,252
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Truscott
Statutory Auditors:
PK Audit LLP
12
Events after the reporting date

The company's bank loan facility was renewed in March 2024. The new facility is available to 28 March 2029.

13
Parent company

The immediate parent company is Veladail Hotels Limited, a company registered in England and Wales. The ultimate holding company is Arrow Trading & Investments Est 1920, a company incorporated in Vaduz.

 

Veladail Hotels Limited prepares group financial statements and copies can be obtained from 7-12 Half Moon Street, London W1J 7BH.

2023-12-312023-01-01false20 August 2024CCH SoftwareCCH Accounts Production 2024.200The principal activity of the company is that of property investment.
This audit opinion is unqualifiedMr S K GulhatiMr S GulhatiMrs S Gulhatifalsefalse
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