Pistache Hospitality Group Ltd
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 149,972 70,802
Current assets
Stocks 140,668 133,782
Debtors 4 706,553 510,451
Cash at bank and in hand 461,138 620,503
1,308,359 1,264,736
Creditors: amounts falling due within one year 5 (8,023,008) (7,943,395)
Net current liabilities (6,714,649) (6,678,659)
Net liabilities (6,564,677) (6,607,857)
Capital and reserves
Called up share capital 100 100
Profit and loss account (6,564,777) (6,607,957)
Shareholder's funds (6,564,677) (6,607,857)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Rami Fustok
Director
Approved by the board on 30 January 2025
Pistache Hospitality Group Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Income from rooms
Revenue consists of charges made for occupancy of hotel rooms and is recognised when rooms are occupied and services have been rendered.
Income from bars and restaurant
Revenue comprises sales of food and drink, including mini bar facilities at the hotel and is recognised as income at the point of sale.
Income from hires
Revenue from hiring of meeting rooms, conference facilities and provision of catering services for events are recognised at the points of event date.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
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 the profit and loss account 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 seperately from the company in independently administered funds.
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, loan from related parties.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 98 86
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 346,632
Additions 137,028
At 30 April 2024 483,660
Depreciation
At 1 May 2023 275,830
Charge for the year 57,858
At 30 April 2024 333,688
Net book value
At 30 April 2024 149,972
At 30 April 2023 70,802
4 Debtors 2024 2023
£ £
Trade debtors 535,065 371,879
Other debtors 171,488 138,572
706,553 510,451
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 240,675 137,418
Amounts owed to group undertakings and undertakings in which the company has a participating interest 7,243,074 7,243,074
Taxation and social security costs 87,715 84,488
Other creditors 451,544 478,415
8,023,008 7,943,395
6 Other financial commitments
At 30 April 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £6,600,000 (2023: £7,400,000).
7 Related party transactions
2024 2023
£ £
Newman Assets Ltd
Amount due to the related party at year end included in creditors 7,243,074 7,243,074
Rent paid 635,040 625,182
8 Going concern
As at the balance sheet date, the company has net liabilities of £6,564,677 which includes £7,243,074 due to Parent company.
The company has received an undertaking from its parent company that it will continue to support the company and will not seek repayment of the funds until such time as the company has funds available for the purpose.
Accordingly the financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued financial support by its parent company and procuring profitable operations in the future.
9 Controlling party
In the opinion of the directors, the immediate and ultimate parent company is Newman Assets Limited, a company incorporated in the British Virgin Islands.
10 Other information
Pistache Hospitality Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
128 Ebury Street
London
SW1W 9QQ
Registered number
10491071
Pistache Hospitality Group Ltd
Filleted Accounts
30 April 2024
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