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REGISTERED NUMBER: 06764257 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

QUEENSGATE HOTEL LIMITED

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


QUEENSGATE HOTEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







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



REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH



REGISTERED NUMBER: 06764257 (England and Wales)



SENIOR STATUTORY AUDITOR: Bharat Vanza BSc (Hons) FCA FCCA



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

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

The company owns hotel operating as the Holiday Inn, Stevenage. It's a 4 star modern hotel in Stevenage and boasts 140 high specification air conditioned guest rooms, contemporary restaurant, mini gymnasium and excellent conference and meeting facilities.

REVIEW OF BUSINESS
Whilst there have been signs of improved trading, there are still challenges in the business mainly related to inflation in terms of wages, utilities and general cost of sale. Corporate business is building slowly and leisure demand remains strong. Further works for the Stevenage regeneration programme continue to support additional business in the Stevenage area. Our historical Capital expenditure spend has ensured that the business in well positioned as normal business resumes.

PRINCIPAL RISKS AND UNCERTAINTIES
The main concerns are staff retention as the cost-of-living crisis is forcing people to look for jobs where they may not have done previously. There continues to be a general labour shortage in the economy but we continue to focus on staff retention schemes and creating a great environment to work in to mitigate this risk. Another concern is the looming increase in interest rates and the impact on the economy.

DEVELOPMENT AND PERFORMANCE OF THE COMPANY'S BUSINESS
The result for the company shows a profit before tax of £490,516 (2023: £584,340) and sales of £4,584,354 (2023: £4,189,261) for the year. The directors are satisfied with the overall result as the Company's performance has slightly improved compared to last year. The asset has been well maintained and the team has worked hard to meet and exceed the IHG 'Way of Clean' brand standard to ensure guests feel safe staying at the hotel. The key focus now is to manage costs whilst exploring every opportunity. There is pent-up demand and the team look forward to strong trading from both corporate and leisure customers.

POSITION OF THE COMPANY'S BUSINESS AT YEAR END
The company has net assets of £9,810,976 (2023: £2,897,903) and net current assets/(liabilities) of £1,089,216 (2023:(£1,527,514)).
The Board will continue to support capital expenditure and focus on driving the IHG brand metrics. The Board believes the key trading is in a good position to meet its financial obligations and objectives.

KEY FINANCIAL PERFORMANCE INDICATORS (KPI’S)
The hotel's EBITDA in current year increased by 3% from £1,085k in 2023 to £1,120k in 2024. During the year, average occupancy rate was almost the same as previous year at 39,735 (2023; 38,210). Average room rate achieved for the year was £6.98 more than the previous year.
Directors are satisfied with the KPI's achieved during the year.

ON BEHALF OF THE BOARD:





J R Kantaria - Director


29 October 2024

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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 in the year under review was that of operating and managing of a hotel.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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

R G Sachdev
Mrs R J Kantaria
J R Kantaria

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:





J R Kantaria - Director


29 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEENSGATE HOTEL LIMITED


Opinion
We have audited the financial statements of Queensgate Hotel Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEENSGATE HOTEL LIMITED


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 Strategic Report or 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 LIMITED


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 LIMITED


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

29 October 2024

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £

REVENUE 4,584,354 4,189,261

Cost of sales 2,354,608 1,985,649
GROSS PROFIT 2,229,746 2,203,612

Administrative expenses 1,463,027 1,478,973
766,719 724,639

Other operating income - 25,809
OPERATING PROFIT 5 766,719 750,448

Interest receivable and similar income 5,385 2,634
772,104 753,082

Interest payable and similar expenses 6 281,588 168,742
PROFIT BEFORE TAXATION 490,516 584,340

Tax on profit 7 145,952 16,048
PROFIT FOR THE FINANCIAL YEAR 344,564 568,292

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £

PROFIT FOR THE YEAR 344,564 568,292


OTHER COMPREHENSIVE INCOME
Revaluation of Stevenage Holiday Inn 6,568,509 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

6,568,509

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

6,913,073

568,292

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31/3/24 31/3/23
Notes £ £ £ £
FIXED ASSETS
Property, plant and equipment 8 14,509,897 8,021,435

CURRENT ASSETS
Inventories 9 15,821 19,658
Debtors 10 2,495,993 516,972
Cash at bank and in hand 455,672 185,322
2,967,486 721,952
CREDITORS
Amounts falling due within one year 11 1,878,270 2,309,466
NET CURRENT ASSETS/(LIABILITIES) 1,089,216 (1,587,514 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,599,113

6,433,921

CREDITORS
Amounts falling due after more than one
year

12

(5,225,000

)

(3,000,005

)

PROVISIONS FOR LIABILITIES 15 (563,137 ) (536,013 )
NET ASSETS 9,810,976 2,897,903

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Revaluation reserve 17 10,924,204 4,355,695
Retained earnings 17 (1,213,228 ) (1,557,792 )
SHAREHOLDERS' FUNDS 9,810,976 2,897,903

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





J R Kantaria - Director


QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 April 2022 100,000 (2,126,084 ) 4,355,695 2,329,611

Changes in equity
Total comprehensive income - 568,292 - 568,292
Balance at 31 March 2023 100,000 (1,557,792 ) 4,355,695 2,897,903

Changes in equity
Total comprehensive income - 344,564 6,568,509 6,913,073
Balance at 31 March 2024 100,000 (1,213,228 ) 10,924,204 9,810,976

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 923,180 1,323,766
Interest paid (281,588 ) (168,742 )
Tax paid 1 -
Net cash from operating activities 641,593 1,155,024

Cash flows from investing activities
Purchase of tangible fixed assets (156,118 ) (89,036 )
Interest received 5,385 2,634
Net cash from investing activities (150,733 ) (86,402 )

Cash flows from financing activities
New loans in year 2,111,662 -
Loan repaid during the year - (329,630 )
Inter company loans (2,332,172 ) (910,614 )
Net cash from financing activities (220,510 ) (1,240,244 )

Increase/(decrease) in cash and cash equivalents 270,350 (171,622 )
Cash and cash equivalents at beginning of
year

2

185,322

356,944

Cash and cash equivalents at end of year 2 455,672 185,322

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/3/24 31/3/23
£ £
Profit before taxation 490,516 584,340
Depreciation charges 236,166 330,155
Finance costs 281,588 168,742
Finance income (5,385 ) (2,634 )
1,002,885 1,080,603
Decrease/(increase) in inventories 3,837 (7,689 )
Increase in trade and other debtors (16,950 ) (17,133 )
(Decrease)/increase in trade and other creditors (66,592 ) 267,985
Cash generated from operations 923,180 1,323,766

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£ £
Cash and cash equivalents 455,672 185,322
Year ended 31 March 2023
31/3/23 1/4/22
£ £
Cash and cash equivalents 185,322 356,944


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£ £ £
Net cash
Cash at bank and in hand 185,322 270,350 455,672
185,322 270,350 455,672
Debt
Debts falling due within 1 year (333,333 ) 113,333 (220,000 )
Debts falling due after 1 year (3,000,005 ) (2,224,995 ) (5,225,000 )
(3,333,338 ) (2,111,662 ) (5,445,000 )
Total (3,148,016 ) (1,841,312 ) (4,989,328 )

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


1. STATUTORY INFORMATION

Queensgate Hotel Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover arose entirely in the United Kingdom from hotel operations.
Turnover represents net invoiced sales of food, beverages and rental of rooms, excluding value added tax.

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.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
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 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 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.

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.

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


2. ACCOUNTING POLICIES - continued

Leased assets
Rental charges applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.

Revaluation
Surplus arising from the valuation of freehold property are taken directly to the revaluation reserve. Deficits are eliminated against any revaluation reserve in respect of that income generating unit with any excess, to the extent that it represents an impairment, being charged to profit and loss account.

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

3. EMPLOYEES AND DIRECTORS
31/3/24 31/3/23
£ £
Wages and salaries 1,099,785 1,059,257
Social security costs 53,721 47,035
Other pension costs 18,165 18,273
1,171,671 1,124,565

The average number of employees during the year was as follows:
31/3/24 31/3/23

Management Staff 4 4
Employees 55 52
59 56

AGENCY STAFF:

House keeping function is outsourced and on average 7 (2023:10) 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.

4. DIRECTORS' EMOLUMENTS
31/3/24 31/3/23
£ £
Directors' remuneration 28,881 28,734

During the year, there were cross charges in respect of directors' salaries amounting to £163,658 (2023: £164,864) charged to Queensgate Hotel Edinburgh Limited.

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


5. OPERATING PROFIT

The operating profit is stated after charging:

31/3/24 31/3/23
£ £
Depreciation - owned assets 236,165 330,155
Auditors' remuneration 13,005 11,730
Non audit remuneration 2,300 2,300

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/24 31/3/23
£ £
Bank interest 280,482 167,673
Other interest 1,106 1,069
281,588 168,742

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/24 31/3/23
£ £
Current tax:
UK corporation tax 118,828 -

Deferred tax 27,124 16,048
Tax on profit 145,952 16,048

Reconciliation of total tax charge 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 490,516 584,340
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

122,629

111,025

Effects of:
Expenses not deductible for tax purposes 1,600 810
Income not taxable for tax purposes - (147 )
Capital allowances in excess of depreciation (5,401 ) -
Depreciation in excess of capital allowances - 22,303
Utilisation of tax losses - (82,548 )

Deferred Tax 27,124 16,048
Group relief of losses - (51,443 )
Total tax charge 145,952 16,048

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

31/3/24
Gross Tax Net
£ £ £
Revaluation of Stevenage Holiday Inn 6,568,509 - 6,568,509

8. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£ £ £ £ £
COST OR VALUATION
At 1 April 2023 8,611,738 6,991,660 1,087,586 100,908 16,791,892
Additions - 91,368 32,582 32,168 156,118
Revaluations 6,568,509 - - - 6,568,509
At 31 March 2024 15,180,247 7,083,028 1,120,168 133,076 23,516,519
DEPRECIATION
At 1 April 2023 993,352 6,798,074 899,195 79,836 8,770,457
Charge for year 86,895 19,681 122,112 7,477 236,165
At 31 March 2024 1,080,247 6,817,755 1,021,307 87,313 9,006,622
NET BOOK VALUE
At 31 March 2024 14,100,000 265,273 98,861 45,763 14,509,897
At 31 March 2023 7,618,386 193,586 188,391 21,072 8,021,435

Included in cost or valuation of freehold property is freehold land of £7,917,376 (2023: £4,277,846) which is not depreciated.

Freehold property was valued by CRBE, the global leader in valuation and advisory services which has provided the commercial valuation required on 8 November 2023. CRBE is defined as an external valuer as defined by the current version of the RICS Valuation - Global Standards.

The freehold property comprises:

2024 2023
£ £

Land

7,917,376

4,277,846
Building 6,182,6243,340,540
14,100,0007,618,386

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


8. PROPERTY, PLANT AND EQUIPMENT - continued

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£ £ £ £ £
Valuation in 2015 2,207,679 - - - 2,207,679
Valuation in 2016 500,000 - - - 500,000
Valuation in 2018 1,631,386 - - - 1,631,386
Valuation in 2019 1,053,904 - - - 1,053,904
Valuation in 2020 (350,000 ) - - - (350,000 )
Valuation in 2021 92,556 - - - 92,556
Valuation in 2024 6,568,509 - - - 6,568,509
Cost 3,476,213 7,083,028 1,120,168 133,076 11,812,485
15,180,247 7,083,028 1,120,168 133,076 23,516,519

9. INVENTORIES
31/3/24 31/3/23
£ £
Food and beverage 15,821 19,658

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Trade debtors 137,095 140,554
Amounts owed by group undertakings 2,268,840 306,769
Other debtors 33,021 23,491
Prepayments 57,037 46,158
2,495,993 516,972

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Bank loans and overdrafts (see note 13) 220,000 333,333
Trade creditors 132,018 119,818
Amounts owed to group undertakings 896,533 1,266,633
Tax 118,844 15
Social security and other taxes 25,058 28,786
Pensions Creditor 3,293 3,879
VAT 125,384 118,229
Other creditors 171,756 194,406
Accrued expenses 185,384 244,367
1,878,270 2,309,466

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£ £
Bank loans (see note 13) 5,225,000 3,000,005

13. LOANS

An analysis of the maturity of loans is given below:

31/3/24 31/3/23
£ £
Amounts falling due within one year or on demand:
Bank loan 220,000 333,333

Amounts falling due between one and two years:
Bank loan - 1-2 years 5,225,000 3,000,005

Bank loan balance is comprised of a refinance loan facility obtained in January 2024. Refinance facility is repayable by January 2029. This loan is based upon interest rates currently prevailing in the commercial market for similar Industry.

14. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£ £
Bank loans 5,445,000 3,333,338

Bank loans are secured against freehold property owned by the company. There is additional fixed and floating charge on the freehold property against loan obtained by Group companies from Clydesdale Bank.

15. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£ £
Deferred tax 563,137 536,013

Deferred tax
£
Balance at 1 April 2023 536,013
Provided during year 27,124
Balance at 31 March 2024 563,137

QUEENSGATE HOTEL LIMITED (REGISTERED NUMBER: 06764257)

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


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £ £
100,000 Ordinary 1 100,000 100,000

17. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 April 2023 (1,557,792 ) 4,355,695 2,797,903
Profit for the year 344,564 344,564
Revaluation on property - 6,568,509 6,568,509
At 31 March 2024 (1,213,228 ) 10,924,204 9,710,976

18. 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
£ £
Pr Sachdev Trust (Ultimate parent company) (100,000 ) (100,000 )
Queensgate Investment Limited (Parent of immediate parent company) (166,633 ) (1,666,633 )
Queensgate Hotel Edinburgh LP (Associate company) (450,000 ) -
Queensgate Hotel Edinburgh Limited (Associate company) (179,908 ) 376,608
Queensgate Mezz Hold Co Ltd 2,268,840
1,372,299 (1,390,025 )

19. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The company is a 100% subsidiary of Queensgate Mezz Hold Co Limited, a company registered in Jersey. Trustees of PR Sachdev 1989 Discretionary Settlement Trust are the ultimate controlling party.

20. 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 £1.089 million (2023:£1.587 million liability). The net intercompany loan position shows the company is owed £1,372,299 (2023: £1,390,025 owing) overall, and the position continues to remain healthy post year end.