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Registered number: 05338294










LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
M T Schuster (resigned 5 April 2024)
J D Horowitz 
C S Kacherski (appointed 2 April 2024)




Company secretary
J D Horowitz



Registered number
05338294



Registered office
Albany House
Claremont Lane

Esher

Surrey

KT10 9FQ




Independent auditors
Wellden Turnbull
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1
Directors' report
 
 
2 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated balance sheet
 
 
10
Company balance sheet
 
 
11
Consolidated statement of changes in equity
 
 
12
Company statement of changes in equity
 
 
12
Consolidated statement of cash flows
 
 
13
Notes to the financial statements
 
 
14 - 30


 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the strategic report for the year ended 31 December 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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%

Other key performance indicators
 
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.



J D Horowitz
Director

Date: 19 November 2024

Page 1

 
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.

Directors' responsibilities statement

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:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Group's principal activity during the year continued to be that of a hoteliers.

Results and dividends

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).

Directors

The Directors who served during the year were:

M T Schuster (resigned 5 April 2024)
J D Horowitz 

Future developments

The Group continues to explore opportunities in the London hotel market.

Page 2

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instruments

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.

Matters covered in the Group strategic report

The business review and principal risks and uncertainties of the business have been included in the strategic report.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Post year end in July 2024 the Company declared and paid dividends totaling £15.25 million to its shareholders.

Page 3

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

Under section 487(2) of the Companies Act 2006Wellden 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.
 





J D Horowitz
Director

Date: 19 November 2024

Page 4

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

Opinion


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 policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 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.


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 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.


Page 5

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 2, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)


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 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.


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 2006Our 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.


Page 7

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)





Mark Nelligan FCA (Senior statutory auditor)
  
for and on behalf of
Wellden Turnbull
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

 
Date: 
20 November 2024
Page 8

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
                                                                                                                            Note
£
£

  

Turnover
 4 
32,032,778
25,928,364

Cost of sales
  
(11,372,851)
(10,132,849)

Gross profit
  
20,659,927
15,795,515

Administrative expenses
  
(11,314,940)
(9,449,041)

Other operating income
 5 
1,583,129
1,214,862

Other operating charges
  
(106,453)
(101,850)

Operating profit
 6 
10,821,663
7,459,486

Interest receivable and similar income
 9 
1,262,958
117,079

Interest payable and similar expenses
 10 
(3,344,867)
(1,880,444)

Profit before taxation
  
8,739,754
5,696,121

Tax on profit
 11 
(2,317,458)
(1,238,123)

Profit for the financial year
  
6,422,296
4,457,998

Profit for the year attributable to:
  

Owners of the parent Company
  
6,422,296
4,457,998

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 14 to 30 form part of these financial statements.

Page 9

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
REGISTERED NUMBER: 05338294

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                  Note
£
£

Fixed assets
  

Tangible assets
 12 
50,360,490
52,101,505

Current assets
  

Stocks
 14 
347,753
347,753

Debtors: amounts falling due within one year
 15 
32,643,067
47,804,537

Cash at bank and in hand
 16 
53,018,307
17,896,424

  
86,009,127
66,048,714

  

Creditors: amounts falling due within one year
 17 
(41,281,637)
(29,061,315)

Net current assets
  
 
 
44,727,490
 
 
36,987,399

Total assets less current liabilities
  
95,087,980
89,088,904

Creditors: amounts falling due after more than one year
 18 
(44,518,531)
(44,918,531)

Provisions for liabilities
  

Deferred taxation
 20 
(11,493,719)
(11,516,939)

  
 
 
(11,493,719)
 
 
(11,516,939)

Net assets
  
39,075,730
32,653,434


Capital and reserves
  

Called up share capital 
 21 
52,174
52,174

Share premium account
 22 
14,167,177
14,167,177

Profit and loss account
 22 
24,856,379
18,434,083

Equity attributable to owners of the parent Company
  
39,075,730
32,653,434


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




J D Horowitz
Director

Date: 19 November 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 10

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
REGISTERED NUMBER: 05338294

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                    Note
£
£

Fixed assets
  

Investments
 13 
11,117,773
19,548,100

Current assets
  

Debtors: amounts falling due within one year
 15 
-
6,167,024

Cash at bank and in hand
 16 
44,903,248
5,366

  
44,903,248
6,172,390

  

Creditors: amounts falling due within one year
 17 
(17,656,859)
(5,774)

Net current assets
  
 
 
27,246,389
 
 
6,166,616

Total assets less current liabilities
  
38,364,162
25,714,716

  

  

Net assets
  
38,364,162
25,714,716


Capital and reserves
  

Called up share capital 
 21 
52,174
52,174

Share premium account
 22 
14,167,177
14,167,177

Other reserves
 22 
3,075,773
11,506,100

Profit and loss account brought forward
  
(10,735)
(1,346)

Profit/(loss) for the year
  
12,649,446
(9,389)

Other changes in the profit and loss account

  

8,430,327
-

Profit and loss account carried forward
  
21,069,038
(10,735)

Shareholders' funds
  
38,364,162
25,714,716


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


J D Horowitz
Director

Date: 19 November 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 11

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
52,174
14,167,177
13,976,085
28,195,436



Profit for the year
-
-
4,457,998
4,457,998



At 1 January 2023
52,174
14,167,177
18,434,083
32,653,434



Profit for the year
-
-
6,422,296
6,422,296


At 31 December 2023
52,174
14,167,177
24,856,379
39,075,730


 

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


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
52,174
14,167,177
11,506,100
(1,346)
25,724,105



Loss for the year
-
-
-
(9,389)
(9,389)



At 1 January 2023
52,174
14,167,177
11,506,100
(10,735)
25,714,716



Profit for the year
-
-
-
12,649,446
12,649,446

Transfer to/from profit and loss account
-
-
-
8,430,327
8,430,327

Transfer between other reserves
-
-
(8,430,327)
-
(8,430,327)


At 31 December 2023
52,174
14,167,177
3,075,773
21,069,038
38,364,162


The notes on pages 14 to 30 form part of these financial statements.

Page 12

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
6,422,296
4,457,998

Adjustments for:

Depreciation of tangible assets
1,741,014
2,001,309

Government grants
-
(6,000)

Interest payable
3,344,867
1,880,444

Interest receivable
(1,262,958)
(117,079)

Taxation charge
2,317,458
1,238,123

Decrease/(increase) in debtors
1,020,775
(1,758,285)

Decrease/(increase) in amounts owed by groups
14,140,695
(182,886)

Increase in creditors
115,018
1,371,644

Increase in amounts owed to groups
11,251,712
3,010,697

Corporation tax (paid)
(1,487,085)
(700,641)

Net cash generated from operating activities

37,603,792
11,195,324


Cash flows from investing activities

Government grants received
-
6,000

Interest receivable
1,262,958
117,079

Net cash from investing activities

1,262,958
123,079

Cash flows from financing activities

Repayment of loans
(400,000)
(400,000)

Interest payable
(3,344,867)
(1,880,444)

Net cash used in financing activities
(3,744,867)
(2,280,444)

Net increase in cash and cash equivalents
35,121,883
9,037,959

Cash and cash equivalents at beginning of year
17,896,424
8,858,465

Cash and cash equivalents at the end of year
53,018,307
17,896,424


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
53,018,307
17,896,424


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standard

The financial statements have been prepared in accordance with the provisions of FRS102. There have been no material deviations from the standard. 

 
2.3

Basis of consolidation

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.
 

Page 14

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

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.

 
2.5

Foreign currency translation

Functional and presentation currency

The financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest £.

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 Consolidated statement of comprehensive income.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
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.


 
2.7

Operating leases: the Group as lessor

Rental income from operating leases is credited to Consolidated statement of comprehensive income on a straight-line basis over the lease term.

Page 15

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Government grants

Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in Consolidated statement of comprehensive income using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to Consolidated statement of comprehensive income 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.

 
2.11

Borrowing costs

All borrowing costs are recognised in Consolidated statement of comprehensive income in the year in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in Consolidated statement of comprehensive income 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 Group in independently administered funds.

Page 16

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in Consolidated statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

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.

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:

Freehold property
-
50 years
Plant and machinery
-
7 to 15 years
Fixtures and fittings
-
5-7 years
Office equipment
-
5 years
Other fixed assets
-
5-10 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 Consolidated statement of comprehensive income.

Page 17

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks consists mainly of uniforms and miscellaneous supplies. Initial base stocks are included at cost, while replacement items are expensed upon their purchase and use.

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 Consolidated statement of comprehensive income.

 
2.17

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.

 
2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.21

Financial instruments

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

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Page 18

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Consolidated statement of comprehensive income.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 19

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgments, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Group to have any key sources of estimation uncertainty nor significant judgments or assumptions in preparing these financial statements.

Page 20

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Hotel services
30,590,457
24,613,150

Staff hire and payroll services
1,358,151
1,254,049

Management service fees
84,170
61,165

32,032,778
25,928,364


2023
2022
£
£

United Kingdom
32,032,778
25,928,364



5.


Other operating income

2023
2022
£
£

Other operating income
-
71,796

Net rents receivable
1,217,019
756,967

Ground rent receivable
5,000
5,000

Government grants receivable
-
6,000

Insurance claims receivable
-
1,495

Sundry income
361,110
373,604

1,583,129
1,214,862



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
1,741,014
2,001,309

Exchange differences
(702,201)
287,425

Operating lease rentals
1,307,222
1,474,025

268,409
(814,709)

Page 21

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the parent Company's financial statements

5,000
4,000


8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,993,958
3,514,699
-
-

Social security costs
430,604
355,431
-
-

Cost of defined contribution scheme
21,830
19,251
-
-

4,446,392
3,889,381
-
-


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


        2023
        2022
            No.
            No.







Employees
120
108

The Company has no employees other than the Directors, who did not receive any remuneration (2022: Nil)

9.


Interest receivable

2023
2022
£
£


Other interest receivable
1,262,958
117,079


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
3,344,867
1,880,444

Page 22

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,340,678
1,267,330

Adjustments in respect of previous periods
-
91

2,340,678
1,267,421


Deferred tax


Origination and reversal of timing differences
(23,220)
(29,298)


Tax on profit
2,317,458
1,238,123

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the effective rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
8,739,754
5,696,121


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
2,055,590
1,082,263

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,661
6,028

Losses surrendered
-
256

Losses carried forward
-
1,784

Group relief claimed
-
(57,124)

Adjustments to tax charge in respect of prior periods
-
91

Short-term timing difference leading to an increase (decrease) in taxation
23,746
-

Capital allowances
(23,782)
-

Different tax rate
(41)
-

Depreciation on assets not attracting capital allowances
255,284
206,222

Other adjustments
-
(1,397)

Total tax charge for the year
2,317,458
1,238,123
Page 23

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

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%.


12.


Tangible fixed assets

Group






Freehold land and building
Plant and machinery
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
64,786,030
22,014,003
6,067,868
188,212
145,636
93,201,749



At 31 December 2023

64,786,030
22,014,003
6,067,868
188,212
145,636
93,201,749



Depreciation


At 1 January 2023
15,488,292
19,210,237
6,067,868
188,212
145,635
41,100,244


Charge for the year on owned assets
1,085,378
655,636
-
-
1
1,741,015



At 31 December 2023

16,573,670
19,865,873
6,067,868
188,212
145,636
42,841,259



Net book value



At 31 December 2023
48,212,360
2,148,130
-
-
-
50,360,490



At 31 December 2022
49,297,738
2,803,766
-
-
1
52,101,505

Freehold land and building includes capitalised interest amounting to £2,095,584 (2022: £2,095,584).

Page 24

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
62,773,491



At 31 December 2023

62,773,491



Impairment


At 1 January 2023
43,225,391


Charge for the period
8,430,327



At 31 December 2023

51,655,718



Net book value



At 31 December 2023
11,117,773



At 31 December 2022
19,548,100


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

42 Kingsway Residential Limited
Ordinary
100%
Kingsway LIF Holdings Limited
Ordinary
100%
Ludgate Associate Limited
Ordinary
100%
Northumberland House Limited
Ordinary
100%

The registered office for all of the subsidiary undertakings is Albany House, Claremont Lane, Esher, Surrey, United Kingdom, KT10 9FQ.


14.


Stocks

Group
Group
2023
2022
£
£

Cleaning equipment, linen and uniforms
347,753
347,753


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 25

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,168,366
2,131,060
-
-

Amounts owed by group undertakings
31,064,300
45,204,995
-
6,167,024

Other debtors
41,035
77,070
-
-

Prepayments and accrued income
369,366
391,412
-
-

32,643,067
47,804,537
-
6,167,024


Amounts owed by group undertakings are interest free and repayable on demand.


16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
53,018,307
17,896,424
44,903,247
5,366



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
400,000
400,000
-
-

Trade creditors
567,107
725,254
-
-

Amounts owed to group undertakings
36,095,766
24,844,055
17,515,445
-

Corporation tax
1,316,837
463,243
128,712
-

Other taxation and social security
1,270,016
1,479,674
-
-

Other creditors
438,729
279,887
-
-

Accruals and deferred income
1,193,182
869,202
12,702
5,774

41,281,637
29,061,315
17,656,859
5,774


Amounts owed to group undertakings are unsecured, interest free and repayable on demand

Page 26

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
44,518,531
44,918,531


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.


19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets measured at fair value through profit or loss
53,018,307
17,896,424
44,903,246
5,366




Financial assets measured at fair value through statement of comprehensive income comprise bank balances.

Page 27

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group



2023
2022


£

£






At 1 January 2023
11,516,939
11,546,237


Charged to profit or loss
(23,220)
(29,298)



At 31 December 2023
11,493,719
11,516,939

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Rollover relief
11,655,558
11,655,558

Accelerated capital allowances
(161,839)
(138,619)

11,493,719
11,516,939

A provision for deferred tax has been made regarding the rollover relief claimed in 2007 by a subsidiary company against the property additions of the subsidiary company.


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



52,173,920 (2022 - 52,173,920) Ordinary shares of £0.001 each
52,174
52,174



22.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares, net of issue costs.

Merger Reserve

In the Company balance sheet, the merger reserve account represent 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.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 28

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
23.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

17,896,424

35,121,883

53,018,307

Debt due after 1 year

(44,918,531)

400,000

(44,518,531)

Debt due within 1 year

(400,000)

-

(400,000)


(27,422,107)
35,521,883
8,099,776


24.


Pension commitments

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.


25.


Commitments under operating leases

Lessor:
The Group leases the portion of the building to two restaurant operators. 
At the year end the Group had contracted with tenants to receive the following minimum lease payments in respect of non cancelable operating leases.


Group
Group
2023
2022
£
£

Not later than 1 year
620,000
620,000

Later than 1 year and not later than 5 years
605,000
1,105,000

Later than 5 years
500,000
620,000

1,725,000
2,345,000
Page 29

 
LUDGATE NORTHUMBERLAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

The Group has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.
At the year end, the Group was owed £31,064,300 (2022: £45,204,995) from companies under common control and amounts totaling £36,095,766 (2022: £24,844,055) were due to companies under common control. The amounts are interest free and are repayable on demand.
During the year Group companies paid management fees of £5,365,994 (2022: £3,120,241) to the companies under common control.
During the year the Group paid service costs of £2,411,254 (2022: £1,745,605) to the companies under common control.


27.


Post balance sheet events

Post year end in July 2024 Company declared and paid dividends totaling £15.25 million to its shareholders.


28.


Controlling party

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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