Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetruetruetruetrue2023-04-01falseNo description of principal activity70false62truefalse 02264248 2023-04-01 2024-03-31 02264248 2022-04-01 2023-03-31 02264248 2024-03-31 02264248 2023-03-31 02264248 2022-04-01 02264248 c:Director1 2023-04-01 2024-03-31 02264248 c:Director2 2023-04-01 2024-03-31 02264248 c:Director3 2023-04-01 2024-03-31 02264248 c:RegisteredOffice 2023-04-01 2024-03-31 02264248 d:Buildings 2023-04-01 2024-03-31 02264248 d:Buildings 2024-03-31 02264248 d:Buildings 2023-03-31 02264248 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02264248 d:PlantMachinery 2023-04-01 2024-03-31 02264248 d:FurnitureFittings 2023-04-01 2024-03-31 02264248 d:FurnitureFittings 2024-03-31 02264248 d:FurnitureFittings 2023-03-31 02264248 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02264248 d:ComputerEquipment 2023-04-01 2024-03-31 02264248 d:ComputerEquipment 2024-03-31 02264248 d:ComputerEquipment 2023-03-31 02264248 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02264248 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 02264248 d:OtherPropertyPlantEquipment 2024-03-31 02264248 d:OtherPropertyPlantEquipment 2023-03-31 02264248 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02264248 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02264248 d:CurrentFinancialInstruments 2024-03-31 02264248 d:CurrentFinancialInstruments 2023-03-31 02264248 d:Non-currentFinancialInstruments 2024-03-31 02264248 d:Non-currentFinancialInstruments 2023-03-31 02264248 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02264248 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02264248 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02264248 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02264248 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 02264248 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 02264248 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 02264248 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 02264248 d:ReportableOperatingSegment3 2023-04-01 2024-03-31 02264248 d:ReportableOperatingSegment3 2022-04-01 2023-03-31 02264248 d:ReportableOperatingSegment5 2023-04-01 2024-03-31 02264248 d:ReportableOperatingSegment5 2022-04-01 2023-03-31 02264248 e:UnitedKingdom 2023-04-01 2024-03-31 02264248 e:UnitedKingdom 2022-04-01 2023-03-31 02264248 d:ShareCapital 2024-03-31 02264248 d:ShareCapital 2023-03-31 02264248 d:ShareCapital 2022-04-01 02264248 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02264248 d:RetainedEarningsAccumulatedLosses 2024-03-31 02264248 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02264248 d:RetainedEarningsAccumulatedLosses 2023-03-31 02264248 d:RetainedEarningsAccumulatedLosses 2022-04-01 02264248 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02264248 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02264248 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 02264248 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02264248 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02264248 c:OrdinaryShareClass1 2024-03-31 02264248 c:OrdinaryShareClass1 2023-03-31 02264248 c:FRS102 2023-04-01 2024-03-31 02264248 c:Audited 2023-04-01 2024-03-31 02264248 c:FullAccounts 2023-04-01 2024-03-31 02264248 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02264248 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02264248













NO.1 YORK LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


 
NO.1 YORK LTD
 

 
COMPANY INFORMATION


Directors
J R Guest 
T D Guest 
T R J Guest 




Registered number
02264248



Registered office
1 Clifton

York

North Yorkshire

YO30 6AA




Independent auditors
Warrener Stewart
Chartered Accountants

Harwood House

43 Harwood Road

London

United Kingdom

SW6 4QP






 
NO.1 YORK LTD
 


CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9 - 10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 22



 
NO.1 YORK LTD
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
This report provides an overview of the current year performance, position and main issues that have been considered by the directors.

Business review
 
During the year the Company operated a luxury hotel, including a bar, restaurant and spa. The hotel has been fully operational throughout the year ended 31 March 2024 and generated turnover of £3,622,228 (2023: £2,692,421) with net losses of £169,326 (2023: loss of £460,108) resulting in a net asset position at the year end of £1,551,662 (2023: £1,720,988).  

Principal risks and uncertainties
 
Principal risks and uncertainties include those generally associated with the hospitality industry, the most important of which is the risk of reduced occupancy levels. This is particularly significant in the current economy with the cost of living crisis having an impact on the market.
Inflation, particularly food inflation, is a concern for the Company as it is currently at higher levels than can be passed on to customers. The Company is monitoring the situation and adjusting prices to remain competitive. 
Staff retention and staff shortages are always a risk in the hospitality industry. A fair wage structure and positive working environment is behind the Company's favourable staff retention levels. The active cross-training of skills and attractive culture is of a benefit to the Company and staff equally.

Financial key performance indicators
 
As an operating hotel, the Company monitors performance via a bespoke balanced scorecard which highlights over 40 KPIs within the Company. Any areas falling below expectations will quickly be identified. The balanced scorecard looks at four areas:
 
Performance for rooms, F&B and spa, including:
°Occupancy, revenues per room, average room rates;
°Covers, F&B margins, average spend; and
°Spa capture rate, therapist utilisation rate, repeat guests.
Brand, for example website hit rates, conversion percentages, database size and social media influence.
Product, for example customer reviews, scores and rankings from Net Promotor, Tripadvisor and Google.
People, for example staff turnover, cost per hire, absence days, revenue per employee.


This report was approved by the board and signed on its behalf.



T R J Guest
Director

Date: 27 November 2024

Page 1


 
NO.1 YORK LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments 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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £169,326 (2023 - loss £460,108).

No dividends paid out in the 2024 or 2023 financial years.

Directors

The directors who served during the year were:

J R Guest 
T D Guest 
T R J Guest 

Future developments

The Company is continuously reviewing its business to stay aligned to the challenging hospitality market. Management is monitoring possible opportunities for future growth. On the basis of risk analysis and adequate operational processes, the directors have faith that the group will be able to tackle the challenges ahead and to stay on top of its operations.

Page 2


 
NO.1 YORK LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWarrener Stewartwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T R J Guest
Director

Date: 27 November 2024

Page 3


 
NO.1 YORK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO.1 YORK LTD

Opinion


We have audited the financial statements of No.1 York Ltd (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 4


 
NO.1 YORK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO.1 YORK LTD (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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5


 
NO.1 YORK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO.1 YORK LTD (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 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment of the susceptibility of the entity's financial statements is considered to be low.  We reached this conclusion after consideration of the following:
• A high level of review of the Company's environment of systems and controls;
• A high level of review of key performance and similar indicators; and
• There is a number of individuals which comprise "management" and therefore there is no single individual   who is likely to be able to override controls to effect fraud
We designed our audit procedures to respond to identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:
• The review of control accounts and journal entries for large, unusual or unauthorised entries;
• The analytical review of the detailed profit and loss account for unexpected variances or items that fell 
  outside our understanding of the business; and
• Obtaining and reviewing a list of connected persons and entities and reviewing ledgers for undisclosed               related party transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more the 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 because of 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.


Page 6


 
NO.1 YORK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NO.1 YORK LTD (CONTINUED)

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.





Alex Eagle (Senior Statutory Auditor)
  
for and on behalf of
Warrener Stewart
 
Chartered Accountants
  
Harwood House
43 Harwood Road
London
United Kingdom
SW6 4QP

28 November 2024
Page 7


 
NO.1 YORK LTD
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,622,228
2,692,421

Cost of sales
  
(2,356,082)
(1,933,519)

Gross profit
  
1,266,146
758,902

Administrative expenses
  
(1,458,055)
(1,436,093)

Operating loss
 5 
(191,909)
(677,191)

Tax on loss
 8 
22,583
217,083

Loss for the financial year
  
(169,326)
(460,108)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 12 to 22 form part of these financial statements.

Page 8


 
NO.1 YORK LTD
REGISTERED NUMBER:02264248


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
5,915,005
6,515,285

  
5,915,005
6,515,285

Current assets
  

Stocks
 10 
24,025
24,062

Debtors: amounts falling due within one year
 11 
908,092
858,439

Cash at bank and in hand
 12 
125,400
82,714

  
1,057,517
965,215

Creditors: amounts falling due within one year
 13 
(5,420,860)
(5,758,612)

Net current liabilities
  
 
 
(4,363,343)
 
 
(4,793,397)

Total assets less current liabilities
  
1,551,662
1,721,888

Creditors: amounts falling due after more than one year
 14 
-
(900)

  

Net assets
  
1,551,662
1,720,988


Capital and reserves
  

Called up share capital 
 16 
2
2

Profit and loss account
  
1,551,660
1,720,986

  
1,551,662
1,720,988


Page 9


 
NO.1 YORK LTD
REGISTERED NUMBER:02264248

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 12 to 22 form part of these financial statements.

Page 10


 
NO.1 YORK LTD
 


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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
2
2,181,094
2,181,096


Comprehensive income for the year

Loss for the year
-
(460,108)
(460,108)



At 1 April 2023
2
1,720,986
1,720,988


Comprehensive income for the year

Loss for the year
-
(169,326)
(169,326)


At 31 March 2024
2
1,551,660
1,551,662


The notes on pages 12 to 22 form part of these financial statements.

Page 11


 
NO.1 YORK LTD
 

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

1.


General information

No.1 York Ltd is a private company, limited by shares, incorporated in England and Wales, United Kingdom. The registered office is 1 Clifton, York, North Yorkshire YO30 6AA.
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 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Guest Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

Page 12


 
NO.1 YORK LTD
 

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

2.Accounting policies (continued)

 
2.3

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 £169,326. The Company retains a balance sheet surplus of £1,551,662 at the year end despite the fact that, within the Company liabilities, there is a balance of £4,976,583 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.
During the year the Company continued to invest in the refurbishment of the hotel. Management has prepared projections that, over the coming year, demonstrate that the company should achieve positive earnings before interest, depreciation and tax with a net contribution to group cash.
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.

 
2.4

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.

 
2.5

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.

 
2.6

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.

Page 13


 
NO.1 YORK LTD
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 14


 
NO.1 YORK LTD
 

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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
Plant and machinery
-
5
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.

Artwork is not deemed to have a determinate useful life and is therefore not depreciated.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 15


 
NO.1 YORK LTD
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date as well as revenues and expenses reported during the year.
Management have made the following significant judgment in applying the Group's accounting policies within the financial statements for the current year:
Depreciation
Management, using experience and following best-practice guidance, have set a Group accounting policy for depreciation, estimating the useful lives of assets held within the group. This includes, in particular, freehold property of significant value, which is depreciated over the estimated useful life of 50 years, thus resulting in the recognition of similarly significant depreciation charges. Management continue to review the depreciation policies for their appropriateness.
The following estimates are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the Balance Sheet date:
Valuation of assets
The Group employs external property valuations to assist with business decisions. The valuations, in turn, are utilised in calculating the goodwill on any company purchase, thus affecting the fair value of the assets held, the goodwill and the associated amortisation.


4.


Turnover

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


2024
2023
£
£

Hotel accomodation
1,899,126
1,660,082

Food and beverage
1,403,469
735,130

Spa
227,697
184,022

Other
91,936
113,187

3,622,228
2,692,421


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,622,228
2,692,421


Page 16


 
NO.1 YORK LTD
 

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

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Other operating lease rentals
6,081
6,066


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
12,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,405,145
1,256,236

Social security costs
114,552
104,481

Cost of defined contribution scheme
29,776
29,370

1,549,473
1,390,087


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


        2024
        2023
            No.
            No.







Directors
3
3



Staff
67
59

70
62

Page 17


 
NO.1 YORK LTD
 

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

8.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(22,583)
(217,083)

Total deferred tax
(22,583)
(217,083)


Taxation on loss on ordinary activities
(22,583)
(217,083)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(191,909)
(677,191)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(47,977)
(128,666)

Effects of:


Capital allowances for year in excess of depreciation
28,584
(12,988)

Expenses not deductibe for tax purposes
63
48

Remeasurement of deferred tax for changes 
in tax rates
-
(44,491)

Movement in deferred tax not recognised
-
(31,703)

Other permanent differences
760
717

Adjustments to tax charge in respect of previous periods - deferred tax
(4,013)
-

Total tax charge for the year
(22,583)
(217,083)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18


 
NO.1 YORK LTD
 

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

9.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Artwork
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
5,821,777
2,980,925
123,088
3,310
8,929,100


Additions
-
114,427
2,075
-
116,502


Disposals
-
(209,613)
-
-
(209,613)



At 31 March 2024

5,821,777
2,885,739
125,163
3,310
8,835,989



Depreciation


At 1 April 2023
1,343,256
1,023,250
47,309
-
2,413,815


Charge for the year on owned assets
116,436
558,975
41,371
-
716,782


Disposals
-
(209,613)
-
-
(209,613)



At 31 March 2024

1,459,692
1,372,612
88,680
-
2,920,984



Net book value



At 31 March 2024
4,362,085
1,513,127
36,483
3,310
5,915,005



At 31 March 2023
4,478,521
1,957,676
75,778
3,310
6,515,285


10.


Stocks

2024
2023
£
£

Finished goods and goods for resale
24,025
24,062


Page 19


 
NO.1 YORK LTD
 

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

11.


Debtors: amounts falling due within one year

2024
2023
£
£


Trade debtors
25,966
6,044

Prepayments and accrued income
71,797
64,649

Deferred taxation
810,329
787,746

908,092
858,439



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
125,400
82,714



13.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
162,461
239,841

Amounts owed to group undertakings
4,976,583
5,359,986

Other taxation and social security
130,218
70,236

Other creditors
83,038
52,599

Accruals and deferred income
68,560
35,950

5,420,860
5,758,612



14.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Deferred income
-
900


Page 20


 
NO.1 YORK LTD
 

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

15.


Deferred taxation




2024


£






At beginning of year
787,746


Credited to profit or loss
22,583



At end of year
810,329

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(534,182)
(620,379)

Tax losses carried forward
1,344,511
1,408,125

810,329
787,746


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



17.


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 £29,777 (2023: £29,369). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.


18.


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.

Page 21


 
NO.1 YORK LTD
 

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

19.


Ultimate parent undertaking and controlling parties

The immediate parent undertaking of the Company is No.1 York Holdings Ltd. 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. 

 
Page 22