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REGISTERED NUMBER: 08680417 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

EDINBURGH CITY HOTELS LIMITED

EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EDINBURGH CITY HOTELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Sunil Patel
Shamir Patel





REGISTERED OFFICE: 2nd Floor
29 Dingwall Road
Croydon
CR0 2NB





REGISTERED NUMBER: 08680417 (England and Wales)





AUDITORS: Xeinadin Auditing
Beckett House
36 Old Jewry
LONDON
EC2R 8DD

EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 26,000,000 24,000,000

CURRENT ASSETS
Stocks 15,167 7,845
Debtors 5 313,343 248,800
Cash at bank 2,340,341 1,007,059
2,668,851 1,263,704
CREDITORS
Amounts falling due within one year 6 (1,323,057 ) (730,329 )
NET CURRENT ASSETS 1,345,794 533,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,345,794

24,533,375

CREDITORS
Amounts falling due after more than one year 7 (8,279,488 ) (8,734,403 )

PROVISIONS FOR LIABILITIES 9 (3,640,238 ) (3,140,238 )
NET ASSETS 15,426,068 12,658,734

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 11,724,577 10,224,577
Retained earnings 11 3,701,391 2,434,057
SHAREHOLDERS' FUNDS 15,426,068 12,658,734

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2024 and were signed on its behalf by:





Shamir Patel - Director


EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)

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

1. STATUTORY INFORMATION

Edinburgh City Hotels 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal place of business is 38 Gardners Crescent, Edinburgh, EH3 8DQ.

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" including the provisions of Section 1A "Small Entities" 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 represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Freehold property includes a freehold hotel which is carried at its revalued amount, being fair value at the date of valuation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended.

Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. The use of a policy of revaluation provided more relevant and reliable information about the value of the property owned by the company.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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 or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or substantively 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.

Significant accounting estimates
The preparation of the financial statements in accordance with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant estimates and assumptions are made in particular with regard to determining the valuation of the company's hotel included in Tangible Fixed Assets. In line with many other company's in the industry, the hotel value is derived from assumed future trading results which are discounted using interest rates provided by commercial property experts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 41 ) .

EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST OR VALUATION
At 1st January 2023 24,000,000
Revaluations 2,000,000
At 31st December 2023 26,000,000
NET BOOK VALUE
At 31st December 2023 26,000,000
At 31st December 2022 24,000,000

Cost or valuation at 31st December 2023 is represented by:

Freehold
property
£   
Valuation in 2022 15,364,815
Cost 10,635,185
26,000,000

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 10,635,185 10,635,185

Value of land in freehold land and buildings 894,618 894,618

Freehold land and buildings were valued on an open market basis on 31st December 2023 by Shamir Patel, director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,335 4,650
Amounts owed by group undertakings 49,844 21,057
Other debtors and prepayments 209,164 223,093
313,343 248,800

EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 365,148 370,084
Trade creditors 306,792 159,752
Amounts owed to group undertakings - 80
Tax 233,528 -
Social security and other taxes 2,853 719
VAT 116,738 85,994
Other creditors and accruals 223,223 108,829
Deferred income 74,775 4,871
1,323,057 730,329

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 1,455,728 1,455,728
Bank loans more 5 yr by instal 6,823,760 7,278,675
8,279,488 8,734,403

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,823,760 7,278,675

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 8,643,420 9,098,335

Clydesdale Bank Plc holds fixed and floating charges over the company's assets.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,640,238 3,140,238

EDINBURGH CITY HOTELS LIMITED (REGISTERED NUMBER: 08680417)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 3,140,238
Provided during year 500,000
Balance at 31st December 2023 3,640,238

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st January 2023 2,434,057 10,224,577 12,658,634
Profit for the year 1,267,334 1,267,334
Revaluation for year - 2,000,000 2,000,000
Deferred tax provision - (500,000 ) (500,000 )
At 31st December 2023 3,701,391 11,724,577 15,425,968

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Davies FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Auditing

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.