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REGISTERED NUMBER: 09708281 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

QUEENSGATE HOTEL EDINBURGH LTD

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


QUEENSGATE HOTEL EDINBURGH LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs R J Kantaria
J R Kantaria
R G Sachdev
R J Kantaria





REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH





REGISTERED NUMBER: 09708281 (England and Wales)





AUDITORS: STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is operating and managing of a hotel owned by the group.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mrs R J Kantaria
J R Kantaria
R G Sachdev
R J Kantaria

CHARITABLE DONATIONS
Charitable donations amounting to £23,100 were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J R Kantaria - Director


1 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEENSGATE HOTEL EDINBURGH LTD


Opinion
We have audited the financial statements of Queensgate Hotel Edinburgh Ltd (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit 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 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 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEENSGATE HOTEL EDINBURGH LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEENSGATE HOTEL EDINBURGH LTD


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 a Report of the Auditors 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.

A fuller description of our responsibilities is provided on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities.

Our approach to assessing the risk of material misstatement due to irregularities including Fraud:
- we identified the laws and regulations applicable to the company through discussions with management and also used our commercial and sector experience of the industry;
- we ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- identified laws and regulations were communicated within our team and remained alert to any indications of non-compliance throughout the audit;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries with Directors and management;
- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- we also made enquiries with Directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

Responding to the risk of material misstatement due to Fraud
To respond to the identified risk of material misstatement due to fraud, we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. We implemented following risk assessment procedures:
- tested journal entries to identify significant or unusual transactions and investigated the rationale behind those transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- performed analytical procedures to identify any unusual or unexpected relationship.

Responding to the risk of material misstatement due to non-compliance with Laws and Regulations
We implemented following risk assessment procedures:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.

Ability of the audit to detect fraud or breaches of the Laws and Regulations
Owing to the inherent limitations in an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have planned and performed the audit in accordance with the auditing standards. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, misrepresentation, or intentional omission.

Our audit procedures are planned to detect material misstatements. We are not responsible for preventing fraud or non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEENSGATE HOTEL EDINBURGH LTD


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 a Report of the Auditors 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.




Bharat Vanza BSc (Hons) FCA FCCA (Senior Statutory Auditor)
for and on behalf of STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

1 October 2024

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £

TURNOVER 10,299,759 8,601,841

Cost of sales 4,232,205 3,623,072
GROSS PROFIT 6,067,554 4,978,769

Administrative expenses 3,884,837 3,604,058
2,182,717 1,374,711

Other operating income 74,670 63,518
OPERATING PROFIT and
PROFIT BEFORE TAXATION 2,257,387 1,438,229

Tax on profit 5 571,189 (4,277 )
PROFIT FOR THE FINANCIAL YEAR 1,686,198 1,442,506

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,686,198

1,442,506

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31/3/24 31/3/23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 6 212,348 47,843

CURRENT ASSETS
Stocks 8,082 10,695
Debtors 7 2,923,394 2,362,440
Cash at bank 305,910 169,912
3,237,386 2,543,047
CREDITORS
Amounts falling due within one year 8 1,541,067 1,409,547
NET CURRENT ASSETS 1,696,319 1,133,500
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,908,667

1,181,343

PROVISIONS FOR LIABILITIES 11 53,087 11,961
NET ASSETS 1,855,580 1,169,382

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 1,855,579 1,169,381
SHAREHOLDERS' FUNDS 1,855,580 1,169,382

The 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 1 October 2024 and were signed on its behalf by:





J R Kantaria - Director


QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 April 2022 1 (273,125 ) (273,124 )

Changes in equity
Total comprehensive income - 1,442,506 1,442,506
Balance at 31 March 2023 1 1,169,381 1,169,382

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,686,198 1,686,198
Balance at 31 March 2024 1 1,855,579 1,855,580

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Queensgate Hotel Edinburgh Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises of revenue received (excluding VAT) from renting of hotel rooms and provision of ancilliary services in relation to the Hotel Operations. It arose entirely in the United Kingdom.

Revenue Recognition
Revenue is recognised at the point services are provided to the guest. Room revenue for night spent between two days is recorded on the first day. Deposits received are held as a liability untill the delivery of service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are stated at lower of cost and net realisable value after deducting direct selling costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay accrual
During the year, the company has made a Nil provision (2023: £Nil) in the accounts in respect of Holiday pay.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 42 ) .

AGENCY STAFF:

House keeping function is outsourced and on average 12 (2023: 14) staff members performed house keeping function at the hotel during the year. The count of such employees is in addition to the average number of employees.

DIRECTORS' REMUNERATION:

Directors' remuneration for the year including employers NI was £163,659 (2023 £203,628). It includes cross charges from Queensgate Hotel Limited amounting to £193,957 (2023: £164,864).

4. OPERATING PROFIT

The operating profit is stated after charging:

31/3/24 31/3/23
£ £
Depreciation - owned assets 38,730 6,819
Auditors' remuneration 12,000 12,000
Auditors' remuneration- non-audit work 2,764 2,220

5. TAX

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31/3/24 31/3/23
£ £
Current tax:
UK corporation tax 530,063 -
Tax adjustment - prior years - (14,062 )
Total current tax 530,063 (14,062 )

Deferred tax 41,126 9,785
Tax on profit 571,189 (4,277 )

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TAX - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/24 31/3/23
£ £
Profit before tax 2,257,387 1,438,229
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

564,347

359,557

Effects of:
Expenses not deductible for tax purposes 6,842 11,587
Capital allowances in excess of depreciation (41,126 ) (11,709 )
Provisions - 245
Group relief - (359,680 )
Prior year tax adjustment - (14,062 )
Deferred tax 41,126 9,785
Total tax charge/(credit) 571,189 (4,277 )

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
COST
At 1 April 2023 5,690 26,131 51,634 83,455
Additions 22,583 121,596 59,056 203,235
At 31 March 2024 28,273 147,727 110,690 286,690
DEPRECIATION
At 1 April 2023 48 19,067 16,497 35,612
Charge for year 2,145 13,830 22,755 38,730
At 31 March 2024 2,193 32,897 39,252 74,342
NET BOOK VALUE
At 31 March 2024 26,080 114,830 71,438 212,348
At 31 March 2023 5,642 7,064 35,137 47,843

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Trade debtors 149,668 69,724
Amounts owed by group undertakings 2,704,768 2,100,519
Other debtors 5,052 22,187
VAT - 104,606
Prepayments and accrued income 63,906 65,404
2,923,394 2,362,440

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Trade creditors 208,044 320,678
Amounts owed to group undertakings - 306,769
Tax 430,063 -
Social security and other taxes 14,511 11,374
Pensions creditor 6,925 2,375
VAT 28,793 -
Other creditors 383,124 404,653
Accrued expenses 469,607 363,698
1,541,067 1,409,547

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/24 31/3/23
£ £
Within one year 2,068,722 2,028,159
Between one and five years 8,696,991 8,526,462
In more than five years 23,644,744 25,883,996
34,410,457 36,438,617

The operating lease relates to hotel premises leased from Queensgate Hotel Edinburgh LP (group company). The annual rent of the property is £2,028,000 and the lease will expire on 31 August 2038. An annual inflation rate of 8% has been applied to calculate future rent for FY2023, 5% for FY2024 and 2% thereafter, as required by the rental agreement. Hence rent projected from 2023 - 2038 in the current year is not same as projected in the comparatives.

10. SECURED DEBTS

A charge has been registered which includes a negative pledge has been created by Clydesdale Bank Plc over all the assets of the company, including the lease, to secure the loan.

All and whole the tenant's interest in the lease between Queensgate Hotel Edinburgh GP Limited, as general partner and trustee for Queensgate Hotel Edinburgh Limited. Chargor is acting as a bare trustee for the property.

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£ £
Deferred tax
Accelerated capital allowances 41,126 -
Deferred tax 11,961 11,961
53,087 11,961

Deferred tax
£
Balance at 1 April 2023 11,961
Utilised during year 41,126
Balance at 31 March 2024 53,087

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £ £
1 Ordinary 1 1 1

13. RELATED PARTY DISCLOSURES

Key management personnel are considered to be the directors, details of their remuneration are detailed under note 3.

The following balances were owed (to)/from the related parties:

2024 2023
£ £

Queensgate Hotel Edinburgh LP 2,324,860 2,100,519
Queensgate Hotel Limited 179,909 (306,769 )
Queensgate Investments Limited 200,000 -
2,704,769 1,793,750

During the year, the Company made charitable donations amounting to £23,100 (2023: £114,710) to Krishan Kantaria Charitable Trust, a related party.

The company also paid interim dividends of £1,000,000 to Queensgate Hotel Edinburgh GP Ltd, a company with common directors.

14. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Queensgate Hotel Edinburgh GP Limited, a company registered in England and Wales. The ultimate parent is The P R Sachdev 1989 Discretionary Settlement whose Trustees are the ultimate controlling party.

QUEENSGATE HOTEL EDINBURGH LTD (REGISTERED NUMBER: 09708281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. GOING CONCERN

Directors have prepared the accounts on going concern basis and the company is in a reasonably healthy position with net current assets of £1,855,580. The net intercompany loan position shows the company is owed a net of £2,704,769 and the position continues to remain healthy post year end.