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Registered number: 11416682













GUESTHOUSE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


 
GUESTHOUSE LTD
REGISTERED NUMBER:11416682


BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
66,902
110,202

Tangible assets
 5 
3,248,418
3,307,045

  
3,315,320
3,417,247

Current assets
  

Stocks
  
-
1,392

Debtors: amounts falling due within one year
 6 
23,847,043
15,643,625

Cash at bank and in hand
 7 
89,462
81,125

  
23,936,505
15,726,142

Creditors: amounts falling due within one year
 8 
(30,836,485)
(21,081,025)

Net current liabilities
  
 
 
(6,899,980)
 
 
(5,354,883)

Total assets less current liabilities
  
(3,584,660)
(1,937,636)

Provisions for liabilities
  

Deferred tax
 9 
(187,198)
(172,191)

  
 
 
(187,198)
 
 
(172,191)

Net liabilities
  
(3,771,858)
(2,109,827)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(3,771,958)
(2,109,927)

  
(3,771,858)
(2,109,827)


Page 1


 
GUESTHOUSE LTD
REGISTERED NUMBER:11416682

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 3 to 10 form part of these financial statements.

Page 2


 
GUESTHOUSE LTD
 

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

1.


General information

Guesthouse Ltd is a private company, limited by shares and incorporated in England and Wales, United Kingdom. The registered office is 31 Ruvigny Gardens, London, SW15 1 JR. 
The principal activity of the Company is that of a management company for the luxury hotel group headed by Guest Holdings Ltd.

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 £1,662,031, giving rise to a balance sheet deficit of £3,771,858 at the year end. Included within this are net amounts due from group undertakings of £23,699,288. This is offset by loans from directors, included within other creditors, of £30,633,798. The directors have confirmed that they and the group will continue to provide such financial support as is required whilst the Company strengthens its own financial position.
During the year the group has invested significantly in the refurbishment of the hotels, two of which are operating and two of which are currently closed for the renovation. The majority of revenue is generated through recharging interior design fees to the hotels. Management fees will start to be charged once all the hotels are in a financial position to do so. 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.

 
2.3

Revenue

Revenue comprises the Company's income from the recharge of interior design fees to the GuestHouse hotel group and is wholly earned in the United Kingdom. Revenue is recognised on the sale of items when the significant risks and rewards of ownership are transferred to the buyer or once a service has been rendered.

Page 3


 
GUESTHOUSE 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

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.

 
2.6

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.

 The estimated useful lives range as follows:

Computer software
-
3
years
Branding
-
3
years

Page 4


 
GUESTHOUSE LTD
 

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

2.Accounting policies (continued)

 
2.7

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
Office equipment
-
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 determined to be non-depreciating and therefore no depreciation is charged on artwork.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 5


 
GUESTHOUSE LTD
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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 13 (2023 - 11).

Page 6


 
GUESTHOUSE LTD
 

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

4.


Intangible assets




Branding
Computer software
Total

£
£
£



Cost


At 1 April 2023
70,237
71,119
141,356


Additions
-
5,498
5,498



At 31 March 2024

70,237
76,617
146,854



Amortisation


At 1 April 2023
19,670
11,484
31,154


Charge for the year on owned assets
23,412
25,386
48,798



At 31 March 2024

43,082
36,870
79,952



Net book value



At 31 March 2024
27,155
39,747
66,902



At 31 March 2023
50,567
59,635
110,202



Page 7


 
GUESTHOUSE LTD
 

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

5.


Tangible fixed assets





Freehold property
Office equipment
Computer equipment
Artwork
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
3,373,416
127,380
82,578
3,083
3,586,457


Additions
28,839
1,179
31,129
-
61,147


Disposals
-
-
(9,454)
-
(9,454)



At 31 March 2024

3,402,255
128,559
104,253
3,083
3,638,150



Depreciation


At 1 April 2023
188,024
44,875
46,514
-
279,413


Charge for the year on owned assets
67,525
25,327
26,921
-
119,773


Disposals
-
-
(9,454)
-
(9,454)



At 31 March 2024

255,549
70,202
63,981
-
389,732



Net book value



At 31 March 2024
3,146,706
58,357
40,272
3,083
3,248,418



At 31 March 2023
3,185,392
82,506
36,064
3,083
3,307,045


6.


Debtors

2024
2023
£
£


Trade debtors
61,523
70,382

Amounts owed by group undertakings
23,699,288
15,502,650

Other debtors
16,137
28,653

Prepayments and accrued income
70,095
41,940

23,847,043
15,643,625


Page 8


 
GUESTHOUSE 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
89,462
81,125



8.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
35,910
45,895

Amounts owed to group undertakings
-
7,173

Other taxation and social security
24,951
25,909

Other creditors
30,714,113
20,986,850

Accruals and deferred income
61,511
15,198

30,836,485
21,081,025



9.


Deferred taxation




2024


£






At beginning of year
(172,191)


Charged to profit or loss
(15,007)



At end of year
(187,198)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
187,800
172,754

Short term timing differences
(602)
(563)

187,198
172,191

Page 9


 
GUESTHOUSE 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 shares of £1.00 each
100
100



11.


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 £28,293 (2023: £20,444). Contributions totalling £2,406 (2023: £2,252) were payable to the fund at the balance sheet date.


12.


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.
The Company's Other creditors balance includes loans from directors totalling £30,633,798 (2023: £20,932,806). These loans are interest free and repayable upon demand.


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 10