Registered number: 05338294
AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023 |
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
COMPANY INFORMATION
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
CONTENTS
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present the strategic report for the year ended 31 December 2023.
The results for the year and the financial position at year-end were considered satisfactory by the Directors. The increase in both business and leisure travel as a result of the waning impact of COVID-19 has led to increased turnover and profitability.
The Board is responsible for maintaining an adequate system of internal control and risk management. The Group is subject to risks which may materially impact the financial earnings, assets and liquidity. The Board believes it has taken reasonable steps to mitigate loss due to risks and uncertainties.
The Group's hotels are located in London and are in part dependent on the strength of the London market and their member organizations. The Group faces competition in the London market, but has been successful in maintaining adequate market share. The Group faces the risk of terrorist activities, IT intrusions and environmental casualties. The Group maintains insurance to offset potential losses related to these types of events. The Group meets its day to day liquidity requirements through its cash reserves.
The Group uses a series of key performance indicators to monitor the performance of the business.
2023 2022 Turnover £32.03m £25.93m Gross profit £20.7m £15.8m Gross profit margin 64.63% 60.93%
The Directors do not consider that there are any other key performance indicators for the Group.
This report was approved by the board and signed on its behalf.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £6,422,296 (2022 - £4,457,998).
The Directors have recommended paying a dividend of £20,400,000 (2022 - £Nil).
The Directors who served during the year were:
The Group continues to explore opportunities in the London hotel market.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Price risk
Management performs periodic reviews of room rates, to ensure the Group and its rates remain competitive, in order to continue to attract new and existing guests. Credit risk The Group is not exposed to significant credit risk. Guests pay in advance of their stay at the hotel and charges are made against guest’s credit cards upon arrival, which serves to reduce any associated risk of nonpayment of any services provided during the guests stay at the hotel. Liquidity risk and Cashflow risk Management manages liquidity and cashflow risk through cash reserves and retained profit. The Group is part of wider group and additional liquidity could be provided, if needed, by other group companies. Foreign exchange risk Foreign exchange risk relates to inter-Group balances with other group companies. Management do not hedge this risk as they do not believe this to be a significant risk to the operations of the Group. Interest rate risk The Group is exposed to interest rate risk in respect of its bank borrowings and movements in the underlying reference rate of this debt, SONIA. The Group has not hedged the associated interest rate risk, as management are comfortable that the exposure can be managed through effective management of the Group’s liquidity and cashflow.
The business review and principal risks and uncertainties of the business have been included in the strategic report.
Post year end in July 2024 the Company declared and paid dividends totaling £15.25 million to its shareholders.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Under section 487(2) of the Companies Act 2006, Wellden Turnbull will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
We have audited the financial statements of Ludgate Northumberland Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Group operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Group’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and verification to supporting documentation to assess compliance with applicable laws and regulations;
∙Assessing the reasonableness of revenue recognised in the period based on contractual terms and obligations and the requirement of accounting standards; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Albany House
Claremont Lane
Surrey
KT10 9FQ
Date:
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
REGISTERED NUMBER: 05338294
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
REGISTERED NUMBER: 05338294
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Ludgate Northumberland Holdings Limited is a private company, limited by shares and incorporated in England and Wales, registration number 05338294. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2.Accounting policies
The financial statements have been prepared in accordance with the provisions of FRS102. There have been no material deviations from the standard.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Merger accounting principles are applied where transfers into the Group have the characteristics of group reconstructions in accordance with FRS 102 19.27. With merger accounting, the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value on consolidation,although appropriate adjustments are made to achieve uniformity of accounting policies where necessary. The results of the Group have been presented as if the group had been established throughout the current and prior years. All financial statements are made up to 31 December 2023. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which means that the Group and the Company can be expected to meet its liabilities as they fall due for the foreseeable future, a period of not less than 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Group's business model and the availability of cash resources. The Directors site that the Group was profit making in the period and is in a net asset position at the year end date. The Group meets its day-to-day working capital requirements through its cash holdings. The Group’s forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Group should be able to operate comfortably within the level of its current cash reserves.
Functional and presentation currency
Transactions and balances
Provision of hotel services - over the period the service is provided. Rental income - over the period the property is let to the tenant. Staff hire - over the period the staff are provided.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the Group 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.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 Consolidated statement of comprehensive income.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Management do not consider the Group to have any key sources of estimation uncertainty nor significant judgments or assumptions in preparing these financial statements.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
The increase in the corporation tax from 19% to 25% has been applied from April 2023. The effective tax rate for the period was 23.52%.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The bank loans included in creditors are secured by way of a first legal mortgage over the freehold property and a fixed and floating charge over the assets of the Company. The loan matures April 2025 and the loan is charged at SONIA with no spread over that rate.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Merger Reserve
Profit and loss account
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £21,830 (2022 - £19,251l). Contributions totaling £Nil (2022 - £4,149) were payable to the fund at the balance sheet date and are included in creditors.
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LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The parent company is Financial District Associates L.P. a limited partnership registered in the State of New York, USA. There is no ultimate controlling party.
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by this Company. The consolidated financial statements can be obtained from Companies House.
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