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Registered number: 11417956













NO.124 BRIGHTON LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


 
NO.124 BRIGHTON LTD
REGISTERED NUMBER:11417956


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,466,815
6,873,345

  
13,466,815
6,873,345

Current assets
  

Debtors: amounts falling due within one year
 5 
451,057
245,389

Cash at bank and in hand
 6 
615,516
26,680

  
1,066,573
272,069

Creditors: amounts falling due within one year
 7 
(15,588,846)
(7,710,213)

Net current liabilities
  
 
 
(14,522,273)
 
 
(7,438,144)

  

Net liabilities
  
(1,055,458)
(564,799)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(1,055,558)
(564,899)

  
(1,055,458)
(564,799)


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 7 form part of these financial statements.

Page 1


 
NO.124 BRIGHTON LTD
 

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

1.


General information

No.124 Brighton 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 renovation and future 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 £490,659 (2023: £276,508), giving rise to a balance sheet deficit of £1,055,458 (2023: £564,799)  at the year end. Within the Company liabilities is a balance of £14,547,881 (2023: £7,567,644) 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 has invested significantly in the continued refurbishment of the hotel, which is currently closed for the renovation. The result of this is that no revenue has yet been generated. Management has prepared projections demonstrating that they expect the Company to generate some revenue when the hotel opens in November 2024, at which point 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.

 
2.3

Finance costs

Finance costs are charged to profit or loss 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.

Page 2


 
NO.124 BRIGHTON LTD
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Taxation

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.

 
2.6

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 3


 
NO.124 BRIGHTON LTD
 

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

2.Accounting policies (continued)


2.6
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.

 
2.7

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.

 
2.8

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.

 
2.9

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 4


 
NO.124 BRIGHTON LTD
 

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

2.Accounting policies (continued)

 
2.10

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 4 (2023 - 3).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
6,949,947
88,644
95,348
-
7,133,939


Additions
6,053,860
-
663,676
175,701
6,893,237



At 31 March 2024

13,003,807
88,644
759,024
175,701
14,027,176



Depreciation


At 1 April 2023
214,986
38,671
6,937
-
260,594


Charge for the year on owned assets
201,542
17,729
50,068
30,428
299,767



At 31 March 2024

416,528
56,400
57,005
30,428
560,361



Net book value



At 31 March 2024
12,587,279
32,244
702,019
145,273
13,466,815



At 31 March 2023
6,734,962
49,973
88,410
-
6,873,345

Page 5


 
NO.124 BRIGHTON LTD
 

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

5.


Debtors

2024
2023
£
£


Other debtors
421,458
184,299

Prepayments and accrued income
29,599
61,090

451,057
245,389



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
615,516
26,680



7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
995,179
109,780

Amounts owed to group undertakings
14,547,881
7,567,644

Other taxation and social security
14,968
-

Other creditors
257
-

Accruals and deferred income
30,561
32,789

15,588,846
7,710,213



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



9.


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 6


 
NO.124 BRIGHTON LTD
 

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

10.


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 £770 (2023: £nil). Contributions totalling £257 (2022: £nil) were payable to the fund at the balance sheet date.


11.


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. 


12.


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 7