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Registered number: 13723220













NO.42 MARGATE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


 
NO.42 MARGATE LTD
REGISTERED NUMBER:13723220


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
48,635
19,704

Tangible assets
 5 
9,750,592
5,253,345

  
9,799,227
5,273,049

Current assets
  

Stocks
  
36,075
-

Debtors: amounts falling due within one year
 6 
1,173,456
475,799

Cash at bank and in hand
 7 
55,357
22,272

  
1,264,888
498,071

Creditors: amounts falling due within one year
 8 
(12,096,190)
(6,275,450)

Net current liabilities
  
(10,831,302)
(5,777,379)

  

Net liabilities
  
(1,032,075)
(504,330)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(1,032,175)
(504,430)

  
(1,032,075)
(504,330)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




T R J Guest
Director

Date: 27 November 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1


 
NO.42 MARGATE LTD
 

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

1.


General information

No.42 Margate Ltd is a private company limited by shares, incorporated and domiciled in England and Wales, United Kingdom. The registered office is 31 Ruvigny Gardens, London SW15 1JR.
The principal activity of the Company is the operation of a luxury hotel.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

For the purposes of assessing whether 'going concern' is an appropriate basis for preparing the financial statements, the directors have reviewed projections for the next 12 months using assumptions which the directors consider to be appropriate to the current financial position of the Company with regards to revenue, cost of sales, borrowing and debt repayment plans.
During the year ended 31 March 2024 the Company suffered a loss after tax of £527,745, giving rise to a balance sheet deficit of £1,032,075 at the year end. Within the Company liabilities is a balance of £11,723,742 owed to group companies. The directors have confirmed that the group will continue to provide such financial support as is required whilst the Company strengthens its own financial position.
The Company finally opened all guest bedrooms in the summer of 2023, following extensive renovations and having invested significantly in the refurbishment of the hotel. The result of this is that revenue was only earned for 8 months of the 2024 year. Management has also prepared projections which indicate that the company will continue to be loss making over the coming year. For this reason, the support of the group will continue to be required.
In light of the above and, after taking into account all information that could reasonably be expected to be available, the directors are confident that the Company will continue in operation for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the Company's accounts.

 
2.3

Revenue

Revenue, which excludes value added tax, comprises the Company's income from the operation of its hotel and is wholly earned in the United Kingdom. This arises primarily from the letting of bedroom and suite accomodation, providing conference and events facilities, spa services and the service of food and beverage. Revenue is recognised on the occupation of accomodation and once a service has been rendered.

Page 2


 
NO.42 MARGATE LTD
 

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

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 operates and generates 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.


Page 3


 
NO.42 MARGATE LTD
 

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

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
50
years
Leasehold property
-
15
years
Fixtures and fittings
-
5
years
Computer equipment
-
3
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 profit or loss.

 
2.9

Stocks

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

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

 
2.10

Debtors

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

Page 4


 
NO.42 MARGATE LTD
 

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

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

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

 
2.12

Creditors

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

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2023 - 3).

Page 5


 
NO.42 MARGATE LTD
 

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

4.


Intangible assets




Computer software

£



Cost


At 1 April 2023
22,470


Additions
49,421



At 31 March 2024

71,891



Amortisation


At 1 April 2023
2,766


Charge for the year on owned assets
20,490



At 31 March 2024

23,256



Net book value



At 31 March 2024
48,635



At 31 March 2023
19,704



Page 6


 
NO.42 MARGATE LTD
 

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

5.


Tangible fixed assets





Freehold property
Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
4,184,142
17,134
1,245,509
26,547
5,473,332


Additions
3,092,283
450,756
1,442,183
163,877
5,149,099



At 31 March 2024

7,276,425
467,890
2,687,692
190,424
10,622,431



Depreciation


At 1 April 2023
72,860
850
145,295
982
219,987


Charge for the year on owned assets
131,714
9,660
466,626
43,852
651,852



At 31 March 2024

204,574
10,510
611,921
44,834
871,839



Net book value



At 31 March 2024
7,071,851
457,380
2,075,771
145,590
9,750,592



At 31 March 2023
4,111,282
16,284
1,100,214
25,565
5,253,345


6.


Debtors: amounts falling due within one year

2024
2023
£
£


Trade debtors
10,670
-

Other debtors
80,594
335,220

Prepayments and accrued income
73,688
140,579

Deferred taxation
1,008,504
-

1,173,456
475,799


Page 7


 
NO.42 MARGATE LTD
 

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

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
55,357
22,272



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
134,172
343,981

Amounts owed to group undertakings
11,723,742
5,482,294

Other taxation and social security
16,626
-

Other creditors
154,876
-

Accruals and deferred income
66,774
449,175

12,096,190
6,275,450



9.


Deferred taxation




2024


£






Charged to profit or loss
1,008,504



At end of year
1,008,504

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(784,370)
-

Tax losses carried forward
1,792,874
-

1,008,504
-

Page 8


 
NO.42 MARGATE LTD
 

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

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

The Company has taken advantage of the intra-group trading exemption contained in FRS 102 para 33.1A and has therefore not disclosed transactions or balances with entities that form part of the group headed by Guest Holdings Ltd.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £7,928 (2023 - £nil) . Contributions totalling £2,108 (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


13.


Ultimate parent undertaking and controlling parties

The Company is a subsidiary of Guest Holdings Ltd, a company registered in England and Wales, United Kingdom. The directors regards Guest Holdings Ltd as the Company's controlling party and ultimate parent undertaking. The results of the Company are included in the consolidated financial statements of Guest Holdings Ltd, the only group which consolidates the Company. The registered office address of Guest Holdings Ltd is 31 Ruvigny Gardens, London SW15 1JR.
The ultimate controlling parties are James Guest, Thomas Guest and Tristan Guest by virtue of their equal shareholdings in Guest Holdings Ltd. 


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 28 November 2024 by Alex Eagle (Senior Statutory Auditor) on behalf of Warrener Stewart.

 
Page 9