Company registration number 13650151 (England and Wales)
MM AURORA HOLDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
MM AURORA HOLDCO LIMITED
COMPANY INFORMATION
Directors
J E Bennett
D P Kovacs
A E Shaw
Company number
13650151
Registered office
111 Park Street
London
W1K 7JL
Auditor
BHP LLP
Rievaulx House
1 St Marys Court
Blossom Street
York
England
YO24 1AH
MM AURORA HOLDCO LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group balance sheet
7
Company balance sheet
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 29
MM AURORA HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of the operation of hotels.

 

The group has not presented a Strategic Report for the year on the grounds that it qualifies as small and therefore is not required to present one, in accordance with s414(B) Companies Act 2006.

Results and dividends

The results for the period are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J E Bennett
D P Kovacs
A E Shaw
Auditor

BHP LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D P Kovacs
Director
26 September 2024
MM AURORA HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

MM AURORA HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MM AURORA HOLDCO LIMITED
- 3 -
Opinion

We have audited the financial statements of MM Aurora Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise 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 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:

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 group and parent 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

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

MM AURORA HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MM AURORA HOLDCO LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

 

Responsibilities of directors

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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of company minutes and both legal and consultancy expenses. In addition to this, we confirmed sufficient safeguards were in place regarding beneficiaries bank accounts. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

MM AURORA HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MM AURORA HOLDCO LIMITED
- 5 -

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

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 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.

Other matters which we are required to address

Comparative information in the financial statements is derived from the Company's prior period financial statements which were not audited.

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.

Daniel Sowden (Senior Statutory Auditor)
For and on behalf of BHP LLP
26 September 2024
Chartered Accountants
Statutory Auditor
Rievaulx House
1 St Marys Court
Blossom Street
York
England
YO24 1AH
MM AURORA HOLDCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
Period
Period
ended
ended
31 December
31 July
2023
2022
as restated
Notes
£
£
Turnover
3
4,355,030
-
Cost of sales
(2,674,220)
-
0
Gross profit
1,680,810
-
Administrative expenses
(1,967,463)
(4,166)
Other operating income
47,946
-
Operating loss
5
(238,707)
(4,166)
Interest receivable and similar income
8
487
-
0
Interest payable and similar expenses
9
(404,859)
-
0
Loss before taxation
(643,079)
(4,166)
Tax on loss
10
-
0
-
0
Loss for the financial period
(643,079)
(4,166)
Loss for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
MM AURORA HOLDCO LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
31 December 2023
31 July 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
16,483,291
-
0
Investments
12
375
-
0
16,483,666
-
Current assets
Stocks
15
19,243
-
Debtors
16
158,504
102,626
Cash at bank and in hand
240,409
-
418,156
102,626
Creditors: amounts falling due within one year
17
(11,043,856)
(106,791)
Net current liabilities
(10,625,700)
(4,165)
Total assets less current liabilities
5,857,966
(4,165)
Creditors: amounts falling due after more than one year
18
(6,505,210)
-
Net liabilities
(647,244)
(4,165)
Capital and reserves
Called up share capital
22
1
1
Profit and loss reserves
(647,245)
(4,166)
Total equity
(647,244)
(4,165)
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
D P Kovacs
Director
Company registration number 13650151 (England and Wales)
MM AURORA HOLDCO LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
31 December 2023
31 July 2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
12
1
1
Current assets
Debtors
16
9,751,151
102,509
Cash at bank and in hand
54,318
-
0
9,805,469
102,509
Creditors: amounts falling due within one year
17
(9,825,857)
(105,079)
Net current liabilities
(20,388)
(2,570)
Net liabilities
(20,387)
(2,569)
Capital and reserves
Called up share capital
22
1
1
Profit and loss reserves
(20,388)
(2,570)
Total equity
(20,387)
(2,569)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £17,818 (2022 - £2,570 loss).

These financial statements have been prepared 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 26 September 2024 and are signed on its behalf by:
26 September 2024
D P Kovacs
Director
Company registration number 13650151 (England and Wales)
MM AURORA HOLDCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 July 2022:
Balance at 1 August 2021
-
0
-
0
-
Period ended 31 July 2022:
Loss and total comprehensive income
-
(4,166)
(4,166)
Issue of share capital
22
1
-
1
Balance at 31 July 2022
1
(4,166)
(4,165)
Period ended 31 December 2023:
Loss and total comprehensive income
-
(643,079)
(643,079)
Balance at 31 December 2023
1
(647,245)
(647,244)
MM AURORA HOLDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 July 2022:
Balance at 1 August 2021
-
0
-
0
-
Period ended 31 July 2022:
Loss and total comprehensive income for the period
-
(2,570)
(2,570)
Issue of share capital
22
1
-
1
Balance at 31 July 2022
1
(2,570)
(2,569)
Period ended 31 December 2023:
Profit and total comprehensive income
-
(17,818)
(17,818)
Balance at 31 December 2023
1
(20,388)
(20,387)
MM AURORA HOLDCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
873,980
(1)
Investing activities
Purchase of business
(9,427,246)
-
Purchase of tangible fixed assets
(618,240)
-
Net cash used in investing activities
(10,045,486)
-
Financing activities
Proceeds from issue of shares
-
1
Proceeds from borrowings from group undertakings
9,661,564
-
Payment of finance leases obligations
(249,649)
-
Net cash generated from financing activities
9,411,915
1
Net increase in cash and cash equivalents
240,409
-
Cash and cash equivalents at beginning of period
-
0
-
0
Cash and cash equivalents at end of period
240,409
-
0
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

MM Aurora Holdco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 111 Park Street, London, United Kingdom, W1K 7JL.

 

The group consists of MM Aurora Holdco Limited and all of its subsidiaries (see note 13).

1.1
Reporting period

The previous financial year end was drawn up to 31 July 2022 and the current financial year end was extended to 31 December 2023 to fall inline with group companies. Thus, the amounts presented in the financial statements may not be entirely comparable.

1.2
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. 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:

 

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MM Aurora Holdco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The group has a net liability position of £647,244 at the balance sheet date. Included within this sum is monies owed to the parent entity of £9,661,564. This debt is interest free, and the directors have no requirement or intention to repay these sums in the next 12 months. The group is not directly exposed to interest rate risk as there is no external debt in the group.

 

The group has a strong cash position at the balance sheet date of £240,409. Trading results have been favourable in 2023 and the asset in the portfolios continue to outperform competitors in the market despite the challenging conditions.

 

The directors continue to monitor and react to any rise in operational costs and after careful assessment have determined that this alone does not give rise to material uncertainty as to whether the group will continue to operate as a going concern.

1.6
Turnover

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 group's principal performance obligation is to provide hotel accommodation and other goods and services to guests. Turnover includes room income and food and beverage sales, which is recognised when guests stay. When payment is received at the time of room booking, prior to arrival date, a liability is prepaid room purchases is recognised and held on the balance sheet. Turnover is recognised when the customer stays. A proportion of the prepaid room bookings would be non-refundable on cancellation of the room booking, with turnover being recognised once the booking is cancelled or the stay date.

1.7
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:

Leasehold land and and buildings
Over period of lease 150 years
Fixtures and fittings
5 years straight line
Property improvements
no depreciation charged until property improvements are completed

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.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
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.

1.12
Financial instruments

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

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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 group after deducting all of its liabilities.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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.

1.14
Employee benefits

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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Sale and leaseback

The sale and leaseback entered into on 12 December 2022 for Belsfield Propco Limited and a third party has been considered by the Directors, and after consideration of the circumstances and by reference to the relevant accounting standards and guidance, these have been treated as a finance lease.

 

The asset and liability have been recorded at the present value of the minimum lease payments, using the interest rate implicit in the leases of 6.3%. Lease payments are then apportioned between interest and capital using the effective interest method. The results of this are detailed in note 19.

 

There is further a key judgement for the recognition of future lease receivables in respect of development works which have not yet been completed. Details of this, and of the impact of the judgement, are also provided in note 19.

Recoverability of Intercompany Loans (company only)

Management judgement is required in determining the recoverability of intercompany loans in order to appropriately recognise the recoverability across the group. This includes an estimate of cashflows resulting from trading in various group companies, which may differ to actual outcomes.

Depreciation of Fixtures, Fittings and Equipment

Depreciation policies have been set according to experience of the useful lives of the assets in each category and are reviewed annually.

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Operation of hotels
4,355,030
-
2023
2022
£
£
Other revenue
Interest income
487
-
4
Exceptional item
2023
2022
£
£
Expenditure
Other exceptional items
299,803
-

The exceptional costs in the period are in connection with acquisition of the hotel business.

5
Operating loss
2023
2022
£
£
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
203,798
-
Operating lease charges
11,656
-
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,346
-
Audit of the financial statements of the company's subsidiaries
10,474
-
16,820
-
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 20 -
7
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
3
3
3
3
Hotel staff
41
-
-
-
Total
44
3
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,629,102
-
0
-
0
-
0
Social security costs
140,360
-
-
-
Pension costs
27,560
-
0
-
0
-
0
1,797,022
-
0
-
0
-
0
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
487
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
404,859
-
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
10
Taxation

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(643,079)
(4,166)
Expected tax credit based on the standard rate of corporation tax in the UK of 22.19% (2022: 19.00%)
(142,670)
(792)
Tax effect of expenses that are not deductible in determining taxable profit
13,488
37
Tax effect of income not taxable in determining taxable profit
(108)
-
0
Fixed asset differences
23,029
-
0
Movement in deferred tax not recognised
119,742
992
Remeasurement of deferred tax for changes in tax rates
(13,482)
(238)
Rounding
1
1
Taxation charge
-
-
11
Tangible fixed assets
Group
Leasehold land and and buildings
Fixtures and fittings
Property improvements
Total
£
£
£
£
Cost
At 1 August 2022
-
0
-
0
-
0
-
0
Additions
-
0
-
0
618,240
618,240
Business combinations
15,568,856
499,993
-
0
16,068,849
At 31 December 2023
15,568,856
499,993
618,240
16,687,089
Depreciation and impairment
At 1 August 2022
-
0
-
0
-
0
-
0
Depreciation charged in the period
103,799
99,999
-
0
203,798
At 31 December 2023
103,799
99,999
-
0
203,798
Carrying amount
At 31 December 2023
15,465,057
399,994
618,240
16,483,291
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 22 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1
1
Investments in associates
14
375
-
0
-
0
-
0
375
-
0
1
1
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 August 2022
-
Additions
375
At 31 December 2023
375
Carrying amount
At 31 December 2023
375
At 31 July 2022
-
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022 and 31 December 2023
1
Carrying amount
At 31 December 2023
1
At 31 July 2022
1
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Belsfield Holdco Limited
England & Wales (1)
Ordinary
100.00
-
Belsfield Propco Limited
England & Wales (1)
Ordinary
0
100.00
Belsfield Opco Limited
England & Wales (1)
Ordinary
0
100.00
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
13
Subsidiaries
(Continued)
- 23 -

Registered office addresses (all UK unless otherwise indicated):

1
111 Park Street, London, United Kingdom, W1K 7JL
14
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Jona Holdings Limited
Building 1000, Cambridge Research Park, Waterbeach, Cambridge, CB25 9PD
Ordinary
38
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
19,243
-
0
-
0
-
0
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
39,485
-
0
-
0
-
0
Amounts owed by group undertakings
2,278
85,270
9,748,885
85,270
Other debtors
94,288
17,356
532
17,239
Prepayments and accrued income
22,453
-
0
1,734
-
0
158,504
102,626
9,751,151
102,509

 

MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
353,874
103,721
516
103,008
Amounts owed to group undertakings
9,664,799
590
9,814,801
591
Amounts owed to undertakings in which the group has a participating interest
375
-
0
-
0
-
0
Other taxation and social security
117,876
-
810
-
Deferred income
20
377,054
-
0
-
0
-
0
Other creditors
223,168
-
0
-
0
-
0
Accruals and deferred income
306,710
2,480
9,730
1,480
11,043,856
106,791
9,825,857
105,079
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
6,505,210
-
0
-
0
-
0
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£million
£million
£million
£million
Future minimum lease payments due under finance leases:
Within one year
0.2
-
0
-
0
-
0
In two to five years
0.8
-
0
-
0
-
0
In over five years
648.4
-
0
-
0
-
0
649.4
-
-
-
Less: future finance charges
(642.9)
-
0
-
0
-
0
6.5
-
-
0
-
0
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
19
Finance lease obligations
(Continued)
- 25 -

On 12 December 2022 the Group entered into a sale and finance leaseback arrangement for its property. This was completed simultaneously with the acquisition of the hotel, and provides the Group with the right to ownership for substantially all of the life of the property, and therefore is a borrowing arrangement in substance.

 

The lease includes a purchase option at the end of the agreement and no restrictions are placed on the assets. The lease term is 150 years and the implicit rate of interest within the lease is 6.3%, which is calculated including an assumption of annual increases from year 5 in line with the Retail Price Index ("RPI"), and annually thereafter with an assumed annual RPI of 3.2%. The lease is in substance a borrowing arrangement and therefore the Group recognises ownership of the associated property, which is shown in note 11.

 

The lease further includes entitlement, which is not mandatorily receivable from the lender, to a cash drawdown at some point in a future period. This receivable amount is contingent on the completion by the Group of certain development works on the property to a satisfactory level, at which point the payment will be due.

 

Because the receipt of the receivable is conditional upon the completion of certain works, which are planned but not contracted for nor funded at the year end date, the settlement of the receivable remains conditional upon certain future events, and therefore has not been recognised by the Directors. There would be no impact on reported net assets from this alternative judgement.

20
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
377,054
-
-
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
27,560
-

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
23
Acquisition of a business

On 12 December 2022 the group acquired the business of a hotel.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Land and buildings
16,068,669
(500,000)
15,568,669
Fixtures, fittings and equipment
-
500,000
500,000
Inventories
39,243
-
39,243
Trade and other receivables
(4,216)
-
(4,216)
Trade and other payables
(226,450)
-
(226,450)
Total identifiable net assets
15,877,246
-
15,877,246
Goodwill
-
Total consideration
15,877,246
The consideration was satisfied by:
£
Cash
9,427,246
Deferred consideration
100,000
Lease liability drawdown
6,350,000
15,877,246
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
4,355,030
Profit after tax
93,776

On acquisition, no goodwill is separately recognised as the business relates to a hotel. In the opinion of the Directors, it is not possible to separately recognise goodwill on the basis that the fair value of the hotel asset, in its current form as an operational hotel, has the goodwill embedded within the fair value of that hotel asset.

24
Related party transactions
Transactions with related parties

During the period the group entered into the following transactions with related parties:

Management charges
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the company
8,260
-
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
24
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
9,664,800
-
Other information

The Group and Company have taken the exemptions of section 33.1A of FRS 102 which permit it to not disclose transactions between wholly owned companies. Details of the balances outstanding at the year end are provided in notes 16 and 17.

 

Key management personnel

The Directors of the Group are considered to be key management personnel. They are not remunerated by the Group, but are paid through a parent of the Group, the cost of which forms part of the management charges disclosed above. The Directors do not consider it feasible to separate the portion of that charge which relates to remuneration costs.

25
Controlling party

The immediate parent entity of MM Aurora Holdco Limited is Millemont 1 Limited Partnership, and its ultimate controlling party is Millemont GP1 LLP.

 

This Company is the largest and smallest, which prepares group accounts including this group's results.

26
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Loss for the period after tax
(643,079)
(4,166)
Adjustments for:
Finance costs
404,859
-
0
Investment income
(487)
-
0
Depreciation and impairment of tangible fixed assets
203,798
-
Movements in working capital:
Decrease in stocks
20,000
-
Increase in debtors
(59,607)
(102,626)
Increase in creditors
948,496
106,791
Cash generated from/(absorbed by) operations
873,980
(1)
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
27
Analysis of changes in net debt - group
1 August 2022
Cash flows
New finance leases
Other non-cash changes
31 December 2023
£
£
£
£
£
Cash at bank and in hand
-
240,409
-
-
240,409
Borrowings from group undertakings
-
(9,661,564)
-
-
(9,661,564)
Obligations under finance leases
-
249,649
(6,350,000)
(404,859)
(6,505,210)
-
(9,171,506)
(6,350,000)
(404,859)
(15,926,365)

The Group entered into material non-cash transactions during the year as follows:

 

28
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior period
Total adjustments
-
Loss as previously reported
(4,166)
Loss as adjusted
(4,166)
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Jul 2022
£
£
£
Fixed assets
Investments
85,271
(85,270)
1
Current assets
Debtors due within one year
17,239
85,270
102,509
Net assets
(2,569)
-
(2,569)
Capital and reserves
Total equity
(2,569)
-
(2,569)
MM AURORA HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
28
Prior period adjustment
(Continued)
- 29 -
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 July 2022
£
£
£
Loss after taxation
(2,570)
-
(2,570)
Notes to reconciliation

Amounts of £85,270 have been reclassified from Investements to Debtors in the prior year. The amounts related to legal fees in connection with the acquisition which have been recharged to the relevant group companies to which they relate.

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