REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WEMBLEY CITY HIX LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WEMBLEY CITY HIX LIMITED |
WEMBLEY CITY HIX LIMITED (REGISTERED NUMBER: 06858991) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WEMBLEY CITY HIX LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
50 Seymour Street |
London |
W1H 7JG |
WEMBLEY CITY HIX LIMITED (REGISTERED NUMBER: 06858991) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 | ( |
) | ( |
) |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WEMBLEY CITY HIX LIMITED (REGISTERED NUMBER: 06858991) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WEMBLEY CITY HIX LIMITED (REGISTERED NUMBER: 06858991) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Wembley City Hix Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
These accounts have been prepared on a going concern basis, which is dependent upon the continued support from the directors and the group undertakings. The directors and the group undertakings have confirmed this support for the foreseeable future. |
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. |
Investment property |
Investment property is included at fair value. Revaluation surpluses and temporary deficits arising on valuation are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No provision for depreciation is made in respect of freehold investment property with over 20 years to expiry. The directors consider that this accounting policy, which is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets, is therefore necessary to provide a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount, which might otherwise have been shown, cannot be separately identified or quantified. |
WEMBLEY CITY HIX LIMITED (REGISTERED NUMBER: 06858991) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | (280,337 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investment properties were valued as at 31 March 2024 on an open market basis by the directors. |
The historical cost of the company's investment properties was £21,153,384 (2023: £20,873,047). |
During the year, borrowing costs of £280,337 (2023: £280,337) were capitalised. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by participating interests | 1,009,340 | 1,056,590 |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 346,587 | 349,062 |
Other creditors |
Accruals and deferred income |
Accrued expenses |
WEMBLEY CITY HIX LIMITED (REGISTERED NUMBER: 06858991) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Preference shares | 2,803,367 | 2,803,367 |
Loan notes |
Loan notes are unsecured, attract interest at a rate of 10% interest per annum and are repayable on or after the later of 31 March 2024 or 12 months after the practical completion of the hotel. |
8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | (2,218,041 | ) |
Deficit for the year | ( |
) | ( |
) |
Transfer of unrealised fair |
value adjustments | 280,337 | (280,337 | ) | - |
At 31 March 2024 | ( |
) | (2,502,595 | ) |
9. | RELATED PARTY DISCLOSURES |
As at 31 March 2024, loan notes amounting to £12,782,466 (2023: £12,782,466) were due to Property Participation Cell C2106D. Interest payable during the year on the loan notes amounted to £nil (2023: £nil). At the balance sheet date accrued interest added to the loan note principal amounted to £6,782,465 (2023: £6,782,465). |
As at 31 March 2024, the company accrued £ 65,537 (2023: £65,537) of dividends on redeemable preference shares payable to Summit Hotels Limited. At the balance sheet date dividends accrued and unpaid amounted to £979,555 (2023: £914,081). |
As at 31 March 2024, the company accrued £214,800 (2023: £214,800) dividends on redeemable preference shares payable to Property Participation Cell C2106D. At the balance sheet date dividends accrued and unpaid amounted to £3,210,542 (2023: £2,995,742). |
As at 31 March 2024, the company owed £1,361,892 (2023: £1,391,892) to Summit Hotels Limited. |
10. | ULTIMATE CONTROLLING PARTY |
The parent undertaking of the company is Summit Hotels Limited. |
The ultimate controlling party is the Summit Trust, a trust in which members of the Cohen family have interests. |