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REGISTERED NUMBER: 08897530 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

LEIGH HOTELS LTD

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LEIGH HOTELS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: L M Becker
J D Levy
J P Levy
N S Rubin
M D Rubin



REGISTERED OFFICE: Greenhill House
90/93 Cowcross Street
London
EC1M 6BF



REGISTERED NUMBER: 08897530 (England and Wales)



SENIOR STATUTORY AUDITOR: S T Blundell FCA



AUDITORS: Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,487,235 1,496,031
Tangible assets 5 9,945,348 9,990,708
11,432,583 11,486,739

CURRENT ASSETS
Stocks 10,922 10,944
Debtors 6 10,474,402 9,980,906
Cash at bank - 52,640
10,485,324 10,044,490
CREDITORS
Amounts falling due within one year 7 1,740,662 6,287,250
NET CURRENT ASSETS 8,744,662 3,757,240
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,177,245

15,243,979

CREDITORS
Amounts falling due after more than one
year

8

(15,611,517

)

(10,721,349

)

PROVISIONS FOR LIABILITIES 11 (32,960 ) (27,932 )
NET ASSETS 4,532,768 4,494,698

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 4,532,668 4,494,598
SHAREHOLDERS' FUNDS 4,532,768 4,494,698

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 28 January 2025 and were signed on its behalf by:





J D Levy - Director


LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Leigh Hotels Ltd 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 company operates from its premises in Leigh.

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.

Turnover
Turnover represents the income receivable by the company from its trading activities as a hotel. Sales encompass room hire, food and beverage income and all other associated ancillary hotel and guest services. Turnover is recognised in the period in which the physical goods are sold, as services are performed or otherwise as entitlement accrues to the company.

Intangible assets
Intangible assets, representing the book loss on the disposal of the company's property during 2018, are being amortised over the 175 year life of the replacement leasehold property interest.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - over a period of 175 years
Equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 43 ) .

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 1,539,277
AMORTISATION
At 1 May 2023 43,246
Charge for year 8,796
At 30 April 2024 52,042
NET BOOK VALUE
At 30 April 2024 1,487,235
At 30 April 2023 1,496,031

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and
property Equipment fittings Totals
£    £    £    £   
COST
At 1 May 2023 10,275,000 4,362 9,181 10,288,543
Additions - - 16,885 16,885
Disposals - - (4,550 ) (4,550 )
At 30 April 2024 10,275,000 4,362 21,516 10,300,878
DEPRECIATION
At 1 May 2023 288,679 2,190 6,966 297,835
Charge for year 58,714 543 1,432 60,689
Eliminated on disposal - - (2,994 ) (2,994 )
At 30 April 2024 347,393 2,733 5,404 355,530
NET BOOK VALUE
At 30 April 2024 9,927,607 1,629 16,112 9,945,348
At 30 April 2023 9,986,321 2,172 2,215 9,990,708

On 7 June 2018 the company entered into agreement to sell and then leaseback the property from which it trades, over a period of 175 years. This lease substantially amounts to a financing lease, as the company will derive benefit from the property throughout a major part of its useful life, and has been recognised accordingly.

The disposal event created an accounting loss which has been recognised as an intangible fixed asset (above) and is being written down over the same period as the property.

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Leasehold
property
£   
COST
At 1 May 2023
and 30 April 2024 10,275,000
DEPRECIATION
At 1 May 2023 288,679
Charge for year 58,714
At 30 April 2024 347,393
NET BOOK VALUE
At 30 April 2024 9,927,607
At 30 April 2023 9,986,321

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 130,642 55,489
Amounts owed by group undertakings 9,327,534 9,312,534
Other debtors 1,016,226 612,883
10,474,402 9,980,906

Although there are no formal terms setting out repayment obligations, it is unlikely the company will recover the intergroup debt within one year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 51,689 5,259,131
Trade creditors 420,320 385,346
Taxation and social security 263,119 197,777
Other creditors 1,005,534 444,996
1,740,662 6,287,250

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 4,730,000 -
Finance leases (see note 9) 10,881,517 10,721,349
15,611,517 10,721,349

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Finance leases 10,881,517 10,721,349

9. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2024 2023
£    £   
Gross obligations repayable:
Within one year 306,641 272,241
Between one and five years 1,254,651 1,110,806
In more than five years 90,080,272 78,007,335
91,641,564 79,390,382

Finance charges repayable:
Within one year 306,641 272,241
Between one and five years 1,254,651 1,110,806
In more than five years 79,198,755 67,285,986
80,760,047 68,669,033

Net obligations repayable:
In more than five years 10,881,517 10,721,349

On 7 June 2018 the company entered into an agreement to lease the property from which it trades for a period of 175 years. This transaction amounts to a finance lease and has been recognised accordingly. The company is liable for an annual rent of £173,000, adjusted for changes in the retail price index but subject to a minimum of 1% and a maximum of 4% increase per year.

Throughout the initial period of the lease the annual interest arising will exceed the rental payments due and therefore the company's recognised finance liability will continue to increase.

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 51,689 -
Bank loans 4,730,000 5,259,131
Finance leases 10,881,517 10,721,349
15,663,206 15,980,480

The company has also given cross-guarantees in respect of other associated companies' debts. At the balance sheet date, those companies' liabilities to the bank totalled £11,420,000 (2023 - £10,692,409).

The company has given fixed and floating charges over all of its interests in the property (and any proceeds arising therefrom) as security for its bank loans, and its cross-guarantee.

Finance lease liabilities are secured on the assets to which they relate.

Bank overdraft is guaranteed by the other associated companies

11. PROVISIONS FOR LIABILITIES

At the balance sheet date the company had recognised provisions totalling £10,014 (2023 - £13,312) for deferred tax assets and £32,960 (2023 - £27,932) in respect of other commercial costs.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £50 100 100

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

The Report of the Auditors was unqualified.

S T Blundell FCA (Senior Statutory Auditor)
For and on behalf of Goldwyns Limited

14. RELATED PARTY DISCLOSURES

The company works closely with a portfolio of four other hotels and their respective companies, all under similar (but not identical) control. Further, the whole portfolio is managed by BGAM Limited, a hotel management enterprise, again with ownership similarities and common directors. These close working relationships enables all businesses to access necessary trading expertise when needed, negotiate beneficial relationships with suppliers and leverage various economies of scale for mutual benefit.

During the course of the year, the company incurred management costs totalling £25,745 (2023 - £72,550) to BGAM Limited.

In aggregate at the balance sheet date, the company was owed £838,440 by, and owed £861,392 to, these associated companies (2023 - £497,601 and £286,576 respectively).

LEIGH HOTELS LTD (REGISTERED NUMBER: 08897530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. ULTIMATE CONTROLLING PARTY

BGAM Hotels (LX) Limited is regarded by the directors as being the company's ultimate parent company.