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Registered number: 10531529 (England and Wales)














NATIONAL CORPORATE HOUSING UK LTD

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
COMPANY INFORMATION


Director
T G Atchison 




Registered number
10531529



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
NATIONAL CORPORATE HOUSING UK LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
NATIONAL CORPORATE HOUSING UK LTD
REGISTERED NUMBER:10531529

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Intangible assets
 5 
-
21,287

Tangible assets
 6 
9,518
15,709

Investments
 7 
1,665,045
1,581,139

  
1,674,563
1,618,135

Current assets
  

Debtors: amounts falling due within one year
 8 
1,904,717
2,137,887

Bank and cash balances
  
98,391
622,992

  
2,003,108
2,760,879

Creditors: amounts falling due within one year
 9 
(5,508,870)
(6,230,336)

Net current liabilities
  
 
 
(3,505,762)
 
 
(3,469,457)

Total assets less current liabilities
  
(1,831,199)
(1,851,322)

  

Net liabilities
  
(1,831,199)
(1,851,322)

Page 1

 
NATIONAL CORPORATE HOUSING UK LTD
REGISTERED NUMBER:10531529
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Capital and reserves
  

Called up share capital 
  
1
1

Foreign exchange reserve
 10 
330,844
296,453

Profit and loss account
 
(2,162,044)
(2,147,776)

  
(1,831,199)
(1,851,322)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T G Atchison
Director

Date: 24 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
NATIONAL CORPORATE HOUSING UK LTD
 

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


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

$
$
$
$


At 1 January 2022
1
10,188
(1,866,511)
(1,856,322)



Loss for the year
-
-
(281,265)
(281,265)

Gain on presentational currency translation
-
286,265
-
286,265



At 1 January 2023
1
296,453
(2,147,776)
(1,851,322)



Loss for the year
-
-
(14,268)
(14,268)

Gain on presentational currency translation
-
34,391
-
34,391


At 31 December 2023
1
330,844
(2,162,044)
(1,831,199)


Page 3

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net liability position of $1,831,199 at the balance sheet date, as a result, the Company's parent company, National Corporate Housing Inc. have indicated their willingness to provide financial support as required for a period of at least 12 months.
The director has considered the financial performance and position of the parent company, together with forward looking information. The director has concluded that sufficient support will be available to ensure that the Company can continue as a going concern for a period of at least 12 months from the date of signing these financial statements. For this reason, the financial statements are prepared on the going concern basis.

  
1.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover is generated through either the Company's primary operation of sub-letting temporary, furnished corporate housing properties and other relocation services, or commissions received. As part of the Company's operation, commission is charged to property vendors at a predetermined percentage of the sales price for each occupancy and property.

Page 4

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. The intellectual property described in note 5 is deemed to have a useful economic life of three years.

 
1.6

Tangible fixed assets

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

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

The estimated useful lives range as follows:

Computer equipment
-
3
years

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

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

 
1.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Page 5

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.10

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.11

Foreign currency translation

Functional and presentation currency

The Company's functional currency is GBP. This differs from the presentational currency which is USD. The reason for the difference is that the parent company is based in the United States of America

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to the translation of year end balances from the functional to presentational currency are presented in the Statement of Comprehensive Income as Other comprehensive income and recognised through a Foreign exchange reserve.

 
1.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 6

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and recorded amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form a basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources.
The estimates and assumptions that have significant risk of causing material misstatement to the carrying amounts of asset and liabilities are addressed below.
Valuation of investment in subsidiary
Management review the investment in the subsidiary annually for impairment indicators based on available financial and non-financial information. Management have taken into account recent and forecasted financial performance to form their assessment. The subsidiary remains in a net liability position at the reporting date as a result of allocated group costs and the recent dissolution of a subsidiary, but, expect the entity to achieve amibitious revenue growth and generate net profits in future years. The estimation and significant judgement used by management in determining that the investment is not impaired has the potential to cause material misstatement within these financial statements.


3.


Auditors' information

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

The audit report was signed on 26 September 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 16).

Page 7

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Intellectual property

$





At 1 January 2023
36,541


Disposals
(36,541)



At 31 December 2023

-





At 1 January 2023
15,254


Charge for the year on owned assets
12,180


On disposals
(27,434)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
21,287

On 1 October 2021, the Company purchased the intellectual property of The Relocation Consultancy Limited. The intellectual property enabled the Company to provide services to customers in combination with existing services. The directors have assessed that the useful economic life of the intellectual property is three years.
By February 2024, all of the employees that had transferred from the acquired entity had departed. As such, the director elected to dispose of the remaining intellectual property.



Page 8

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Computer equipment

$



Cost or valuation


At 1 January 2023
21,141



At 31 December 2023

21,141



Depreciation


At 1 January 2023
5,432


Charge for the year on owned assets
6,191



At 31 December 2023

11,623



Net book value



At 31 December 2023
9,518



At 31 December 2022
15,709

Page 9

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments





Investment in subsidiary company

$



Cost


At 1 January 2023
1,581,139


Foreign exchange movement
83,906



At 31 December 2023
1,665,045




In June 2018, the Company acquired 25% of the shares in Waterside Apartment Limited, a company registered in England & Wales. In May 2019, the Company acquired the remaining 75% of the shares in Waterside Apartment Limited. In June 2020, the Company made a final payment for Waterside Apartments Limited. The movement in cost during the year due to foreign exchange was as a result of fluctuating exchange rates and translating GBP costs into USD at the year end.



8.


Debtors

2023
2022
$
$


Trade debtors
595,279
842,792

Amounts owed by group undertakings
344,825
466,485

Other debtors
819,989
760,128

Prepayments and accrued income
144,624
68,482

1,904,717
2,137,887


Page 10

 
NATIONAL CORPORATE HOUSING UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
246,224
524,867

Amounts owed to group undertakings
5,050,825
5,456,324

Other taxation and social security
-
78,393

Other creditors
60,799
24,900

Accruals and deferred income
151,022
145,852

5,508,870
6,230,336



10.


Reserves

Foreign exchange reserve

The Company’s presentational currency, USD, differs from the functional currency, GBP. Gains or losses arising from translation for presentation in these financial statements are recorded in other comprehensive income and accumulated in the foreign exchange reserve.


11.


Related party transactions

During the year, a net repayment of $83,227 was provided from NCH International Limited (2022: net repayment provided to NCH International Limited: $122,033), a company under the common control of T Atchison.
As at 31 December 2023, an amount of $742,667 (2022: $659,450) is included within other debtors, due from NCH International Limited.


12.


Controlling party

National Corporate Housing, Inc., is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 8400 E. Crescent Parkway Suite, 300 Greenwood Village, Colorado, US, 80111.


13.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 11