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REGISTERED NUMBER: 08327922 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

VSW Hotel Limited

VSW Hotel Limited (Registered number: 08327922)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


VSW Hotel Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C G Taylor
Mrs A Short



REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX



REGISTERED NUMBER: 08327922 (England and Wales)



AUDITORS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG



SECRETARY: P L Hearn
Elemental COSEC Limited

VSW Hotel Limited (Registered number: 08327922)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
£    £   
CURRENT ASSETS
Debtors 200,536 225,746
Cash at bank 982,359 548,873
1,182,895 774,619
CREDITORS
Amounts falling due within one year 2,817,711 1,077,610
NET CURRENT LIABILITIES (1,634,816 ) (302,991 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,634,816 ) (302,991 )

CREDITORS
Amounts falling due after more than one year 1,081,270 1,131,574
NET LIABILITIES (2,716,086 ) (1,434,565 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (2,716,087 ) (1,434,566 )
(2,716,086 ) (1,434,565 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 March 2025 and were signed on its behalf by:





C G Taylor - Director


VSW Hotel Limited (Registered number: 08327922)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

VSW Hotel Limited 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.

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.

The financial statements are presented in sterling (£), which is also the functional currency of the company.

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.

Leased assets
In September 2021 the company was granted a 25-year leasehold interest in Victoria Square Woking Limited's Hotel asset on commercial terms.

Lessee Allowances
Accrued expenses include accumulation of the rent free period allowances which are released to the income statement over the life of the lease.

3. EMPLOYEES AND DIRECTORS

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

VSW Hotel Limited (Registered number: 08327922)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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

The Report of the Auditors was unqualified.


We draw attention to Note 7 in the financial statements, which indicates that the company incurred a net loss of £1,281,521 during the year ended 31 March 2024 and, as of that date, the company's current liabilities exceeded its total assets by £2,716,087. As stated in Note 7, these events or conditions, along with other matters as set forth in Note 7, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


UK Corporate Governance Code

Our evaluation of the directors assessment of the company's ability to continue to adopt the going concern basis of accounting included:
-Discussions with directors.
-Communication with Woking Borough Council.
-Review of all financial information available to us as the auditors.

In relation to the company's reporting on how it has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors' statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting and the directors' identification in the financial statements of the material uncertainty related to the company's ability to continue as a going concern over a period of at least twelve months from the date of approval of the financial statements.

James Robinson (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd

5. POST BALANCE SHEET EVENTS

As a result of Woking Borough Council's acquisition of Moyallen Holdings Limited's remaining interest in Victoria Square Woking Limited on 25 April 2024, Woking Borough Council became the Ultimate Controlling Party of the company.

6. ULTIMATE CONTROLLING PARTY

Woking Borough Council is regarded by the directors as being the company's ultimate parent entity.

Woking Borough Council prepares group accounts and their registered office is Civic Offices, Gloucester Square, Woking, Surrey, GU21 6YL.

VSW Hotel Limited (Registered number: 08327922)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. GOING CONCERN

The company has reported a loss of £1,281,521 for the year ended 31 March 2024 and at that date, the company's liabilities exceeded its total assets by £2,716,087.

The company meets its day to day working capital requirements from funds made available by its parent company, Victoria Square Woking Limited. The company has provided security over its assets to support the loan facility that Victoria Square Woking Limited obtained from Woking Borough Council and acts as a guarantor of the loan facility.

Victoria Square Woking Limited has reported a material uncertainty related to events or conditions which may cast significant doubt on its ability to continue as a going concern. The Company, as a cross guarantor of Victoria Square Woking Limited's debt obligations, is therefore subject to an equivalent material uncertainty. However, Woking Borough Council has committed to make funds available to Victoria Square Woking Limited pursuant to the loan facility until at least 31 March 2026. Thereafter, the continuation of additional funding to meet Victoria Square Woking Limiter's further liabilities is subject to further approval from Woking Borough Council.

The directors have sought to mitigate any perceived operational and funding risks by:

* Ensuring the project achieved practical completion by October 2024.
* Continuing to engage and co-operate with Woking Borough Council.
* Seeking further support assurances from Woking Borough Council into the future.

As stated above, there is a material uncertainty related to events or conditions, which may cast significant doubt on the company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, having considered the circumstances outlined above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis in the preparation of the financial statements.