Company Registration No. 05777722 (England and Wales)
SEVEN TIDES UK HOLDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SEVEN TIDES UK HOLDING LIMITED
COMPANY INFORMATION
Directors
Ahmed Sultan Ahmed Bin Sulayem
Abdulla Sultan Ahmad Sultan Bin Sulayem
Sultan Ahmad Sultan Bin Sulayem
Company number
05777722
Registered office
35 36 37 & 38 St. James's Place
London
SW1A 1NY
England
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
SEVEN TIDES UK HOLDING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
SEVEN TIDES UK HOLDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The financial results for the year ended 31 March 2024 are contained in the statement of comprehensive income of these accounts.

The turnover for the year ended 31 March 2024 showed a significant increase to £11,617,410 from £9,379,065 in 2023. This growth was largely driven by an increase in rooms revenue made up of a 9.2% increase in occupancy and 5.9% increase on room rate. The London luxury market stabilised after the influx of new inventory, with an average growth in occupancy of 4.9% and rate growth of 3.9% across the London luxury market. Leisure was the primary market segment for the hotel at 79% of rooms revenue, primarily driven by U.S. travellers. The Corporate segment grew by 16% through a 10% increase in rate and 6% increase in occupancy.

 

In addition to growth in room revenue, food and beverage revenues increased by 26% through a 7% increase in covers and a 17% increase in spend per person.

Principal risks and uncertainties

The directors consider the following to be the principal risks and uncertainties facing the group:

Competitors

Some of the hotel’s direct competitors are continuing their strategy of attempting to drive occupancy through reductions in their room rates. This could result in ongoing downward pressure on room rates for the hotel.

 

October 2024 budget

The measures announced in the October 2024 UK Government budget will impact the hotel’s operating costs, particularly payroll. It is possible that the government budget may have a wider economic impact.

 

Hotel refurbishment

The Hotel temporarily closed for refurbishment in January 2025. The Dukes Bar will continue to trade throughout the refurbishment. There is a phased approach to reopening with some food and beverage outlets reopening in April 2025 and 55% of bedrooms from September 2025, in addition to all remaining food and beverage operations. The remaining 45% of bedroom stock will reopen in December 2025.

 

During the refurbishment robust cashflow management will be in place to mitigate any risks relating to the servicing of hotel liabilities. Due to the temporary hotel closure operational positions will be made redundant, and a phased approach to recruitment will ensure that payroll costs are only incurred in line with the reopening schedules.

 

The loan facility is repayable in November 2025, however management are working on closing and refinancing the facility with a new lender by no later than Q2 of 2025. Along with the refinancing of the existing loan, management are seeking additional financing to fund the refurbishment works.

 

Future developments

Other than the refurbishment plans specified above, no other developments are currently planned.

SEVEN TIDES UK HOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Financial risk management

The group cash flow is reviewed on a weekly basis by senior management and its parent company to ensure that all business commitments are achieved on a timely basis.

 

Environmental

The business has created a Sustainability Strategy with an associated action plan. Implementation is ongoing using an ESG framework to achieve the applicable deliverables. Silver accreditation has been achieved and independently audited by EarthCheck. Initiatives will continue to be implemented to ensure that the business will remain compliant with best practice environmental guidelines. The refurbishment scope of works includes measures designed to increase the EPC rating from E to B.

 

Personnel

The closure of the hotel for an extended period of time for refurbishment will necessitate making the majority of operational roles redundant. The group will seek to do the very best possible for the team members whilst remaining aligned with legal requirements. The group will take legal advice at every stage of the process and will balance legal compliance with the objective of being fair, transparent and empathetic as much as possible for the team members. A core team will be retained to continue the operation of Dukes Bar throughout the refurbishment in addition to team members being retained to undertake commercial, financial and HR functions and prepare the hotel for its re-launch.

 

The acquisition and retention of high performing employees remains a focus in all areas of the business. Employee wellbeing remains a priority. During the post-refurbishment reopening, the group will continue to implement measures to attract talented team members and maintain high levels of employee engagement. Proactive recruitment will bring a diverse range of new employees into the business and training programmes will be introduced to develop the skills and abilities of the team.

 

Employees with disabilities

The group gives full consideration to applications for employment from persons with disabilities. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions to provide training, career development and promotion opportunities to employees with disabilities where appropriate.

On behalf of the board

Abdulla Sultan Ahmad Sultan Bin Sulayem
Director
28 March 2025
SEVEN TIDES UK HOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of the ownership and operation of Dukes Hotel in London.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ahmed Sultan Ahmed Bin Sulayem
Abdulla Sultan Ahmad Sultan Bin Sulayem
Sultan Ahmad Sultan Bin Sulayem
Strategic report

The grouptrue has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Abdulla Sultan Ahmad Sultan Bin Sulayem
Director
28 March 2025
SEVEN TIDES UK HOLDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SEVEN TIDES UK HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEVEN TIDES UK HOLDING LIMITED
- 5 -
Opinion

We have audited the financial statements of Seven Tides UK Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SEVEN TIDES UK HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEVEN TIDES UK HOLDING LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

SEVEN TIDES UK HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEVEN TIDES UK HOLDING LIMITED
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have property planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the group and company.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Russell Nathan (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
28 March 2025
SEVEN TIDES UK HOLDING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,617,410
9,379,065
Cost of sales
(5,705,053)
(4,550,176)
Gross profit
5,912,357
4,828,889
Administrative expenses
(2,988,732)
(3,739,493)
Other operating income
3
91,023
109,417
Operating profit
4
3,014,648
1,198,813
Interest payable and similar expenses
7
(2,276,498)
(3,186,096)
Profit/(loss) before taxation
738,150
(1,987,283)
Tax on profit/(loss)
8
(118,194)
(16,986)
Profit/(loss) for the financial year
20
619,956
(2,004,269)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SEVEN TIDES UK HOLDING LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
53,510,242
40,685,743
Current assets
Stocks
12
106,013
57,077
Debtors
13
2,876,098
654,885
Cash at bank and in hand
1,114,845
504,382
4,096,956
1,216,344
Creditors: amounts falling due within one year
14
(33,566,930)
(18,638,138)
Net current liabilities
(29,469,974)
(17,421,794)
Total assets less current liabilities
24,040,268
23,263,949
Creditors: amounts falling due after more than one year
15
(23,335,342)
(23,235,342)
Provisions for liabilities
Deferred tax liability
17
2,786,074
2,729,711
(2,786,074)
(2,729,711)
Net liabilities
(2,081,148)
(2,701,104)
Capital and reserves
Called up share capital
19
1,000,001
1,000,001
Capital contribution reserve
20
533,896
533,896
Profit and loss reserves
20
(3,615,045)
(4,235,001)
Total equity
(2,081,148)
(2,701,104)
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
Abdulla Sultan Ahmad Sultan Bin Sulayem
Director
SEVEN TIDES UK HOLDING LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
10
53,340,071
39,353,333
Current assets
-
-
Creditors: amounts falling due within one year
14
(29,135,025)
(14,086,796)
Net current liabilities
(29,135,025)
(14,086,796)
Total assets less current liabilities
24,205,046
25,266,537
Creditors: amounts falling due after more than one year
15
(23,335,342)
(23,235,342)
Net assets
869,704
2,031,195
Capital and reserves
Called up share capital
19
1,000,001
1,000,001
Capital contribution reserve
20
533,896
533,896
Profit and loss reserves
20
(664,193)
497,298
Total equity
869,704
2,031,195

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,161,491 (2023 - £563,898 profit).

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
Abdulla Sultan Ahmad Sultan Bin Sulayem
Director
Company Registration No. 05777722
SEVEN TIDES UK HOLDING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
1,000,001
533,896
(2,230,732)
(696,835)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(2,004,269)
(2,004,269)
Balance at 31 March 2023
1,000,001
533,896
(4,235,001)
(2,701,104)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
619,956
619,956
Balance at 31 March 2024
1,000,001
533,896
(3,615,045)
(2,081,148)
SEVEN TIDES UK HOLDING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
1,000,001
533,896
(66,600)
1,467,297
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
563,898
563,898
Balance at 31 March 2023
1,000,001
533,896
497,298
2,031,195
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(1,161,491)
(1,161,491)
Balance at 31 March 2024
1,000,001
533,896
(664,193)
869,704
SEVEN TIDES UK HOLDING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
957,760
6,662,493
Interest paid
(2,176,498)
(3,186,096)
Income taxes paid
-
(69,454)
Net cash (outflow)/inflow from operating activities
(1,218,738)
3,406,943
Investing activities
Purchase of tangible fixed assets
(13,055,142)
(363,954)
Loans made by directors
14,884,343
-
Net cash generated from/(used in) investing activities
1,829,201
(363,954)
Financing activities
Proceeds of new bank loans
-
23,235,342
Repayment of bank loans
-
(26,916,563)
Net cash used in financing activities
-
(3,681,221)
Net increase/(decrease) in cash and cash equivalents
610,463
(638,232)
Cash and cash equivalents at beginning of year
504,382
1,142,614
Cash and cash equivalents at end of year
1,114,845
504,382
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Seven Tides UK Holding Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 35 36 37 & 38 St. James's Place, London, England, SW1A 1NY.

 

The group consists of Seven Tides UK Holding Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Seven Tides UK Holding Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The group has seen improvement in its operations in the year to 31 March 2024 being the second year the business has been fully operational since the COVID-19 pandemic began. Occupancy close to pre-pandemic levels, as well as boost in average room rate has seen the group improve its results in the year with a profit after taxation of £619,875 (2023: loss of £2,004,269). However, the group is in a net liability position of £2,081,229 (2023: £2,701,104) and net current liability position of £29,482,291 (2023: £17,421,794) as at 31 March 2024.

Post year end from January 2025, the hotel is closing to allow for an extensive refurbishment project, with anticipated re-opening date for Autumn 2025. The shareholders are providing support to the company for the refurbishment works.

From January 2025, the hotel has temporarily closed to allow for an extensive refurbishment project, with anticipated re-opening date for Autumn 2025. The shareholders are providing support to the company for the refurbishment works.

The group has bank loans due for repayment in November 2025, which management are in the process of refinancing the existing bank loan, and obtaining an additional facility in order to fund the refurbishment.

Having obtained satisfactory assurances from the ultimate shareholder of their ongoing support, the directors have a reasonable expectation that the company has adequate available resources to continue in operation for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is derived from hotel operations, and arose wholly in the United Kingdom. Turnover is recognised when services have been rendered. The turnover of the hotel is derived primarily from the rental of rooms and food and beverage sales. Turnover is all rendering of goods and services.

 

Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other

sales taxes.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Leasehold improvements
15 years
Plant and equipment
3 to 15 years
Fixtures and fittings
3 - 6 years
Arts and antiques
Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Loans to subsidiaries are measured in accordance with the basic financial assets policy below.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price. The cost of stock includes the purchase of food and beverages.

1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include #tErm6, cash and bank balances and loans to subsidiaries within fixed asset investments, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful economic lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

 

Arts and antiques are owned by the hotel to provide ambience and improve the guest experience. During the year to 31 March 2021, a formal valuation was completed on these assets estimating a residual value in excess of the cost and as such the impairment was reversed. Management's best estimate as at 31 March 2024 considers the valuation report to be materially correct, and therefore no impairment has been recognised against this balance.

Estimate for investment value in subsidiary

The value of the investment the company holds in its subsidiary is initially recognised at the total consideration paid. Subsequently the value of the investment is measured at cost less impairment. The subsidiary holds the long leasehold for the property for which the company operates its hotel services. The fair value of the property was determined on the basis of a valuation carried out by an independent firm of Chartered Surveyors, taking into consideration the current and projected trading of the hotel and through looking and comparable properties and current market conditions. Based on the valuation of the property, there appears to be no further impairment to the carrying value of the investment in its subsidiary as at 31 March 2024.

Accrued costs for future improvement works

There is planned future expenditure for compliance work like Fire Safety and Maintenance. The expected costs for planned works were estimated at £293,000 and have been accrued in the accounts for the year ended 31 March 2024. The basis for these costs are on past refurbishment works for similar areas within the hotel and the quotes received from service providers.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Hotel revenue
8,809,296
7,119,404
Food and drink revenue
2,669,283
2,131,353
Other revenue
138,831
128,308
11,617,410
9,379,065
2024
2023
£
£
Other operating income
Other income
109,417
26,068
109,417
26,068
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(155,187)
(239,182)
Depreciation of owned tangible fixed assets
230,643
558,928
Operating lease charges
610,656
568,447
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,000
8,000
Audit of the financial statements of the company's subsidiaries
56,598
56,383
64,598
64,383
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
12
11
-
-
Hotel staff
90
77
-
-
Total
102
88
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,472,359
2,975,280
70,713
67,817
Social security costs
274,307
233,197
-
-
Pension costs
50,563
38,618
-
0
-
0
3,797,229
3,247,095
70,713
67,817

There is a wages and salaries expense for the company Seven Tides UK Holding Limited but no employee numbers. This is due to wages and salaries expenses being recharged from the parent company, Seven Tides International LLC.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,276,498
3,186,096
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
61,831
-
0
Deferred tax
Origination and reversal of timing differences
56,363
16,986
Total tax charge
118,194
16,986

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
738,150
(1,987,283)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
184,538
(377,584)
Tax effect of expenses that are not deductible in determining taxable profit
61,090
336,504
Permanent capital allowances in excess of depreciation
-
(58,462)
Depreciation on assets not qualifying for tax allowances
52,194
50,135
Movement in deferred tax not recognised
(179,628)
51,446
Other movement
-
0
6,122
Remeasurement in deferred tax for changes in tax rates
-
(8,161)
Deferred tax
-
16,986
Taxation charge
118,194
16,986
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
9
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Arts and antiques
Total
£
£
£
£
£
£
Cost
At 1 April 2023
39,467,338
821,743
4,772,580
5,921,968
180,904
51,164,533
Additions
12,719,662
64,146
206,317
65,017
-
0
13,055,142
Disposals
-
0
(7,750)
(440,016)
(764,378)
-
0
(1,212,144)
At 31 March 2024
52,187,000
878,139
4,538,881
5,222,607
180,904
63,007,531
Depreciation and impairment
At 1 April 2023
-
0
250,659
4,488,168
5,739,963
-
0
10,478,790
Depreciation charged in the year
-
0
77,413
63,645
89,585
-
0
230,643
Eliminated in respect of disposals
-
0
(7,750)
(440,016)
(764,378)
-
0
(1,212,144)
At 31 March 2024
-
0
320,322
4,111,797
5,065,170
-
0
9,497,289
Carrying amount
At 31 March 2024
52,187,000
557,817
427,084
157,437
180,904
53,510,242
At 31 March 2023
39,467,338
571,084
284,412
182,005
180,904
40,685,743
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
25,681,220
25,681,220
Loans to subsidiaries
11
-
0
-
0
27,658,851
13,672,113
-
0
-
0
53,340,071
39,353,333
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
Cost
At 1 April 2023
25,681,220
13,672,113
39,353,333
Decrease in loan
-
13,986,738
13,986,738
At 31 March 2024
25,681,220
27,658,851
53,340,071
Carrying amount
At 31 March 2024
25,681,220
27,658,851
53,340,071
At 31 March 2023
25,681,220
13,672,113
39,353,333
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Dukes Hotel Limited
35-38 St James's Place, London, SW1A 1NY
Hotel
Ordinary
100
12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Food, beverages and other consumables
106,013
57,077
-
0
-
0
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
291,532
240,464
-
0
-
0
Amounts owed by group undertakings
55,614
62,576
-
-
Other debtors
2,078,896
140,242
-
0
-
0
Prepayments and accrued income
450,056
211,603
-
0
-
0
2,876,098
654,885
-
-
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
As restated
As restated
Trade creditors
791,603
570,643
-
0
-
0
Amounts owed to group undertakings
8,107,819
7,937,393
6,937,819
6,767,393
Corporation tax payable
73,403
11,572
-
0
-
0
Other taxation and social security
73,659
285,651
-
-
Other creditors
23,573,578
8,766,588
22,131,302
7,246,959
Accruals and deferred income
946,868
1,066,291
65,904
72,444
33,566,930
18,638,138
29,135,025
14,086,796
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
As restated
As restated
Bank loans
16
23,335,342
23,235,342
23,335,342
23,235,342
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
23,335,342
23,235,342
23,335,342
23,235,342
Payable after one year
23,335,342
23,235,342
23,335,342
23,235,342

The loans are secured by a fixed and floating charge over the assets of Dukes Hotel Limited and guaranteed by Seven Tides International LLC and a personal guarantee by Sultan Ahmad Bin Sulayem.

On 22 November 2022, bank facilities were agreed for the group of £27,000,000 and £8,000,000, relating to a term loan and capex facility respectively. The maturity date is 3 years from the utilisation date of the loan. The facilities offered are a loan facility and a capital expenditure loan with interest on the respective portions being 4.23% + reference rate. The first drawdown on the term loan was carried out on 22 November 2022, totalling £23,500,000 (including the arrangement fee). The group has not drawdown any amounts on the capex facility.

 

The bank loan is repayable in full in November 2025. Interest is payable at 4.23% + higher of reference rate and Bank of England base rate. An arrangement fee of £300,000 is being amortised over the life of the loan with an amount of £164,658 outstanding as at 31 March 2024 (2023 - £264,658).

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
556,836
502,065
Fair value adjustment on business combination
2,665,231
2,665,231
Short term timing differences
(435,993)
(437,585)
2,786,074
2,729,711
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
2,729,711
-
Charge to profit or loss
56,363
-
Liability at 31 March 2024
2,786,074
-
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,563
38,618

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,001
1,000,001
1,000,001
1,000,001
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
20
Reserves
Capital contribution reserve

The Capital contribution reserve arose on the provision of interest-free loans from the parent company to the group, being the excess of the amount contributed by the parent company over the fair value of the loan at the date of issue. The capital contribution reserve does not form part of the distributable reserves.

Profit & Loss account

The Profit and loss account represents cumulative profits or losses, net of dividend paid and other adjustments.

21
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
700,456
602,040
-
-
Between two and five years
2,800,055
2,400,968
-
-
In over five years
83,982,740
27,478,356
-
-
87,483,251
30,481,364
-
-
22
Related party transactions
Other information

At the balance sheet date the group was owed £55,614 (2023: £55,614) from Seven Tides Limited, a company under common control. There were transactions in the year of £nil (2023 - £nil) relating to invoices paid by the group on behalf of Seven Tides Limited.

 

At the balance sheet date the group owed £8,107,819 (2023: £7,937,393) to its parent undertaking, Seven Tides International LLC. Transactions in the year of £170,426 (2023: £nil) relates to amounts remitted to the group to pay liabilities relating to the extension of the long leasehold property.

 

At the balance sheet date, included within other creditors are amounts of £1,920,000 (2023: £1,920,000) which were due to the directors. Total transactions with the directors were £nil (2023: £nil). This balance relates to the directors remuneration not paid. As well as the amounts above, at the balance sheet date, included within other creditors, are amounts owed to a director, who is also the ultimate shareholder, of £21,331,302 (2023: £6,446,959). Transactions in the year relate to amounts remitted to the group to fund the lease extension of the lease leasehold property.

SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
23
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Creditors due within one year
Other creditors
(2,319,629)
(6,446,959)
(8,766,588)
Creditors due after one year
Other creditors
(6,446,959)
6,446,959
-
Net assets
(2,701,104)
-
(2,701,104)
Capital and reserves
Total equity
(2,701,104)
-
(2,701,104)

In the prior period, amounts owed to the director of £6,446,959 were recognised within creditors due in greater than one year. However, these amounts are repayable on demand and therefore have been restated to be recognised within creditors due in less than one year. The restatement does not impact the statement of comprehensive income, nor the statement of changes in equity.

Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Loss after taxation
(2,004,269)
-
(2,004,269)
Reconciliation of changes in equity - company
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Total adjustments
-
-
Equity as previously reported
1,467,297
2,031,195
Equity as adjusted
1,467,297
2,031,195
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
563,898
Profit as adjusted
563,898
SEVEN TIDES UK HOLDING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
24
Controlling party

The immediate parent undertaking is Seven Tides International LLC, a company incorporated in the United Arab Emirates.

 

The ultimate controlling party is Sultan Ahmad Bin Sulayem.

25
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
619,956
(2,004,269)
Adjustments for:
Taxation charged
118,194
16,986
Finance costs
2,276,498
3,186,096
Depreciation and impairment of tangible fixed assets
230,643
323,198
Movements in working capital:
Increase in stocks
(48,936)
(24,804)
Increase in debtors
(2,221,213)
(222,776)
(Decrease)/increase in creditors
(17,382)
5,388,062
Cash generated from operations
957,760
6,662,493
26
Analysis of changes in net debt - group
1 April 2023
Cash flows
Unwinding arrangement fee
31 March 2024
£
£
£
£
Cash at bank and in hand
504,382
610,463
-
1,114,845
Borrowings excluding overdrafts
(23,235,342)
-
(100,000)
(23,335,342)
(22,730,960)
610,463
(100,000)
(22,220,497)
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