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REGISTERED NUMBER: 06858991 (England and Wales)




















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: G Cohen
Y Cohen
A Kohen





REGISTERED OFFICE: 152 -156 Finchley Road
London
NW3 5HS





REGISTERED NUMBER: 06858991 (England and Wales)





ACCOUNTANTS: Orcom Civvals Limited
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 18,000,000 18,000,000

CURRENT ASSETS
Debtors 5 1,013,167 1,059,917
Cash at bank 2,736 6,178
1,015,903 1,066,095
CREDITORS
Amounts falling due within one year 6 (5,932,565 ) (5,698,203 )
NET CURRENT LIABILITIES (4,916,662 ) (4,632,108 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,083,338

13,367,892

CREDITORS
Amounts falling due after more than
one year

7

(15,585,833

)

(15,585,833

)
NET LIABILITIES (2,502,495 ) (2,217,941 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 (3,174,284 ) (2,893,947 )
Retained earnings 8 671,689 675,906
SHAREHOLDERS' FUNDS (2,502,495 ) (2,217,941 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 March 2025 and were signed on its behalf by:




Y Cohen - Director G Cohen - Director




A Kohen - Director


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 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
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 as modified by the revaluation of certain assets.

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 18,000,000
Additions 280,337
Revaluations (280,337 )
At 31 March 2024 18,000,000
NET BOOK VALUE
At 31 March 2024 18,000,000
At 31 March 2023 18,000,000

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 3,827 3,327
1,013,167 1,059,917

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 15,000
Amounts owed to group undertakings 1,361,892 1,391,892
Amounts owed to participating interests 346,587 349,062
Other creditors 26,488 26,488
Accruals and deferred income 4,190,097 3,909,760
Accrued expenses 7,501 6,001
5,932,565 5,698,203

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 12,782,466 12,782,466
15,585,833 15,585,833

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 675,906 (2,893,947 ) (2,218,041 )
Deficit for the year (284,554 ) (284,554 )
Transfer of unrealised fair
value adjustments 280,337 (280,337 ) -
At 31 March 2024 671,689 (3,174,284 ) (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.