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Registered number: 12231836














IALDGATE HOSPITALITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
IALDGATE HOSPITALITY LIMITED
 
 
COMPANY INFORMATION


Director
E M Arbib 




Registered number
12231836



Registered office
4 Hill Street

London

W1J 5NE




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
IALDGATE HOSPITALITY LIMITED
 

CONTENTS



Page
Director's Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 16


 
IALDGATE HOSPITALITY LIMITED
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director

The director who served during the year was:

E M Arbib 

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

The company has granted indemnity to the directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the director's report.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 1

 
IALDGATE HOSPITALITY LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 16 September 2024 and signed on its behalf.
 





E M Arbib
Director

Page 2

 
IALDGATE HOSPITALITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IALDGATE HOSPITALITY LIMITED
 

Opinion


We have audited the financial statements of iAldgate Hospitality Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.


Other information


The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


Page 3

 
IALDGATE HOSPITALITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IALDGATE HOSPITALITY LIMITED (CONTINUED)

Other information (continued)
In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
IALDGATE HOSPITALITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IALDGATE HOSPITALITY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 
Page 5

 
IALDGATE HOSPITALITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IALDGATE HOSPITALITY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

16 September 2024
Page 6

 
IALDGATE HOSPITALITY LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
700
6,896

Cost of sales
  
(700)
(6,896)

Gross profit
  
-
-

Administrative expenses
  
(11,306)
(12,002)

Operating loss
 5 
(11,306)
(12,002)

Investment income
  
(2,516)
-

Interest receivable and similar income
 8 
13,183
-

Interest payable and similar expenses
 9 
(12,842)
-

Loss before tax
  
(13,481)
(12,002)

Tax on loss
 10 
-
-

Loss for the financial year
  
(13,481)
(12,002)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
IALDGATE HOSPITALITY LIMITED
REGISTERED NUMBER:12231836

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 11 
1
1

Current assets
  

Debtors: amounts falling due within one year
 12 
205,894
19,188

Cash at bank and in hand
  
6,342
63,944

  
212,236
83,132

Current liabilities
  

Creditors: amounts falling due within one year
 13 
(209,341)
(66,756)

Net current assets
  
 
 
2,895
 
 
16,376

  

Net assets
  
2,896
16,377


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
 15 
2,796
16,277

  
2,896
16,377


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




E M Arbib
Director

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
IALDGATE HOSPITALITY LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
73,279
73,379



Loss for the year
-
(12,002)
(12,002)

Dividends
-
(45,000)
(45,000)



At 1 January 2023
100
16,277
16,377



Loss for the year
-
(13,481)
(13,481)


At 31 December 2023
100
2,796
2,896


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

iAldgate Hospitality Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 4 Hill Street, London W1J 5NE.
Its principal activity is that of a holding company for investments.

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 (see note 3).

The following principal accounting policies have been applied:

 
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);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of iAM Capital Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of the UK and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Turnover

Turnover is derived from the recharge of expenses incurred on behalf of group companies. 
Turnover is recognised once the rechargable expenses have been incurred.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 10

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Foreign currency translation

The financial statements are presented in the British Pound Sterling (£), which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the Statement of Comprehensive Income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

 
2.9

Taxation

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 enacted or substantively enacted by the reporting 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 reporting 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. The company does not have debt instruments that are payable or receivable in more than one year.
 
Page 11

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Cash is represented by cash in hand and deposits with financial institutions.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no critical accounting estimates and judgments that materially affect the company's financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Recharged expenses
700
6,896


All turnover was generated from sales to the Europe. 


5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
2,844
(3,688)


6.


Auditors' remuneration

2023
2022
£
£



Fees payable to the company's auditors and their associates for the audit of the company's financial statements
2,500
3,600

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 12

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees




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


        2023
        2022
            No.
            No.







Director
1
1


8.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
11,630
-

Other interest receivable
1,553
-

13,183
-


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,897
-

Other loan interest payable
10,945
-

12,842
-

Page 13

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£



Current tax on profits for the year
-
-


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(13,481)
(12,002)


(Loss)/profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)
(2,561)
(2,280)

Effects of:


Unrelieved tax losses carried forward
2,561
2,280

Total tax charge for the year
-
-


Factors that may affect future tax charges

As at the reporting date, the company had unutilised taxable losses of £552,774 (2022 - £539,292). These losses are available to utilise against future taxable profits of the same nature.No deferred tax asset has been recognised in respect of the tax losses as it is uncertain whether there will be future taxable profits.


11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1




Page 14

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Bhnlux S.á.r.l
9-11, Grand-Rue, L-1661 Luxembourg, LU
Green energy
Ordinary and Class A - J
100%
*Bhn Cinque S.r.l.
VIA Giovanni Boccaccio 7.  Milan,  Post code: 20123, Italy
Green energy
Ordinary
100%
*Bhn Sette S.r.l.
VIA Giovanni Boccaccio 7.  Milan,  Post code: 20123, Italy
Green energy
Ordinary
100%

The entities above marked with an * are indirect subsidiaries.


12.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
205,894
16,132

Prepayments and accrued income
-
3,056

205,894
19,188



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
173,397
-

Trade creditors
-
5,317

Amounts owed to group undertakings
22,498
57,478

Other creditors
1
1

Accruals and deferred income
13,445
3,960

209,341
66,756


Page 15

 
IALDGATE HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



15.


Reserves

Profit and loss account

The profit and loss account represents the balance of profit or loss retained for each reporting period since the company started operating.


16.


Controlling party

The immediate and ultimate controlling party is iAM Capital Group Limited, a company registered in England and Wales, with its registered office at 4 Hill Street, London, W1J 5NE.

 
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