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Registered number: 14150414









KE HOTELS (NEWCASTLE) LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KE HOTELS (NEWCASTLE) LTD
REGISTERED NUMBER: 14150414

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,993,865
45,928

  
14,993,865
45,928

Current assets
  

Stocks
 5 
12,358
-

Debtors: amounts falling due within one year
 6 
97,470
1,419,194

Cash at bank and in hand
 7 
127,965
445

  
237,793
1,419,639

Creditors: amounts falling due within one year
 8 
(5,735,336)
(1,767,664)

Net current liabilities
  
 
 
(5,497,543)
 
 
(348,025)

Total assets less current liabilities
  
9,496,322
(302,097)

Creditors: amounts falling due after more than one year
 9 
(9,638,167)
-

  

Net liabilities
  
(141,845)
(302,097)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(141,945)
(302,197)

  
(141,845)
(302,097)

Page 1

 
KE HOTELS (NEWCASTLE) LTD
REGISTERED NUMBER: 14150414
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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: 




A Khanna
Director

Date: 16 October 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

KE Hotels (Newcastle) Ltd is a private company limited by shares and is registered in England and Wales. The registered office is Aston House, Cornwall Avenue, London, N3 1LF. The prinicpal activity is that of the operation of a hotel.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Pounds Sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue trading for the foreseeable future. The Company has net liabilities of £141,845 at the balance sheet date. The main form of funding for the Company's operations is through loans from its group totalling £4,942,539 included in current liabilities. Had these loans been treated as equity, the Company would have net assets of £4,800,694. The Group has stated that it intends, without creating a contractual obligation, to provide such support as may be necessary to the Company, and confirmed the Group's commitment to provide funds to meet ongoing expenses for at least 12 months from the date of approval of the financial statements. 

The director is therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

Page 3

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue 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.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

Page 4

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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, no depreciation until property active in trade.

Depreciation is provided on the following basis:

Freehold buildings
-
2% reducing balance
Plant and machinery
-
25% reducing balance

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


 
Page 6

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Employees

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


        2023
        2022
            No.
            No.







Director
1
1



Employees
50
-

51
1

Page 7

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
45,928
-
-
-
45,928


Additions
14,911,880
21,964
183,241
8,643
15,125,728



At 31 December 2023

14,957,808
21,964
183,241
8,643
15,171,656



Depreciation


Charge for the year on owned assets
124,266
5,491
45,873
2,161
177,791



At 31 December 2023

124,266
5,491
45,873
2,161
177,791



Net book value



At 31 December 2023
14,833,542
16,473
137,368
6,482
14,993,865



At 31 December 2022
45,928
-
-
-
45,928




5.


Stocks

2023
2022
£
£

Raw materials and consumables
12,358
-


Page 8

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
74,151
1,419,194

Prepayments and accrued income
23,319
-

97,470
1,419,194



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
127,965
445



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
11,833
-

Trade creditors
326,035
41,359

Amounts owed to group undertakings
4,942,539
1,720,305

Other taxation and social security
94,715
-

Other creditors
256,244
-

Accruals and deferred income
103,970
6,000

5,735,336
1,767,664


The bank loan is secured by a fixed and floating charges over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
9,638,167
-

9,638,167
-


The bank loan is secured by a fixed and floating charges over the assets of the company. 

Page 9

 
KE HOTELS (NEWCASTLE) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year
11,833
-

Amounts falling due 1-2 years
137,070
-

Amounts falling due after more than 5 years
9,501,097
-

9,650,000
-


The bank loan is secured by a fixed and floating charges over the assets of the company.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,292. Contributions totalling £1,495 were due to the fund at the balance sheet date and are included in other creditors.


12.


Financial commitments, guarantees and contingent liabilities

The company has provided security over its assets on borrowings by a related entity, which totalled £9.5m at the year end.





13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. 


14.


Controlling party

The ultimate controlling party for the year ended 31 December 2023 was A Khanna, by virtue of his sole shareholding of the ultimate parent company, Khanna Enterprises (Holdings) Limited, a company incorporated in England and Wales. The accounts of the company are included in the consolidated financial statements of Khanna Enterprises (Holdings) Limited, copies of which can be obtained from Companies House. 

15.


Auditors' information

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

The audit report was signed on 16 October 2024 by Engin Zekia BSc FCA (Senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 10