Company Registration No. SC436357 (Scotland)
CSG GLASGOW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CSG GLASGOW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 12
CSG GLASGOW LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,289,684
41,885,874
Current assets
Stocks
30,385
-
Debtors
5
7,702,011
7,188,948
Cash at bank and in hand
355,839
53,557
8,088,235
7,242,505
Creditors: amounts falling due within one year
6
(31,290,580)
(18,384,665)
Net current liabilities
(23,202,345)
(11,142,160)
Total assets less current liabilities
31,087,339
30,743,714
Creditors: amounts falling due after more than one year
7
(19,385,546)
(30,671,632)
Provisions for liabilities
9
(3,767,313)
(71,081)
Net assets
7,934,480
1,001
Capital and reserves
Called up share capital
11
1
1
Revaluation reserve
12,063,959
Profit and loss reserves
(4,129,480)
1,000
Total equity
7,934,480
1,001
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
C J Stewart
Director
Company Registration No. SC436357
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
CSG Glasgow Limited is a private company limited by shares incorporated in Scotland. The registered office is Chris Stewart Group, The Tower, 7 Advocate's Close, EDINBURGH, EH1 1ND.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
Under section 1A Small Entities of FRS 102 the company is not required to prepare a cash flow statement.
1.2
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding the net current liabilities of £true23,175,647 (2023: £11,142,160) which the directors believe to be appropriate for the following reasons.
The directors have prepared these forecasts for a period in excess of 12 months from the date of signing the financial statements. They are based on management’s latest assumptions including occupancy rates, average daily rate and staff costs. The forecasts have been prepared with reference to latest actual trading results as well as seeking to model the impact of severe but plausible downside risks.
The forecasts for the company assume that its creditors under common control of the ultimate controlling party, Christopher Stewart, will not withdraw amounts forwarded to it. This has been confirmed in writing by those parties.
Following its commencement of trade in November 2023, the company is now an operator of short-stay hotel rooms and a licensed restaurant operator in Glasgow, the outlook for 2025 looks broadly positive with Glasgow benefiting from greater international visitation. Its growing international reputation coupled with the city’s appeal to domestic visitors continue to support the hospitality industry. The company is equally well-placed to benefit from the regularity of significant events in Glasgow which have a positive influence on the tourism and hospitality sector all year round.
Subsequent to the year end on 18 December 2025, the Company’s external debt facility was refinanced as part of a wider group refinancing (see note 14). The completion of the refinancing exercise provides the Directors with confidence that the company will have assess to appropriate funding facilities for at least 12 months from the date of approving the financial statements.
Based on the company’s forecast and projections, access to finance and support from related parties, the directors have a reasonable expectation that the company will have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover
Turnover represents the total invoice value of sales made during the year and is shown net of VAT and other sales related taxes.
Turnover comprises the following streams:
- Sale of goods: Turnover from the sale of food and beverages is recognised at the point of sale.
- Rendering of services: Revenue from room sales and other guest services is recognised when rooms are occupied and as services are provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values. No depreciation has been applied to the company's freehold land and buildings. The directors believe that, given the nature of the property, the residual value is at least equal to the carrying value.
For other assets, depreciation is recognised so as to write off the cost or valuation less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated but subject to annual revaluation exercise
Fixtures and fittings
4-5 years Straight Line
Computers
3-5 years Straight Line
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 credited or charged to the profit and loss account.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in the profit and loss account or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in the profit and loss account.
1.5
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 certain debtors and cash and bank balances, 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.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets
Financial assets 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 the profit and loss account.
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 the profit and loss account.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including certain creditors 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 receipts 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.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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 when the company has 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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 leases 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.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
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.
Carrying value of fixed assets
The company’s freehold land and buildings are carried at valuation. The directors are therefore required to consider the valuations each year to ensure that the carrying value remains appropriately stated. In performing this review, the directors consider a number of factors including valuations performed by Chartered Surveyors in accordance with RICS appraisal and valuation standards.
The carrying value of fixed assets at the reporting date is outlined at note 4.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
49
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023
41,885,874
41,885,874
Additions
1,276,131
2,814,476
4,090,607
Revaluation
11,945,029
11,945,029
Adjustment to cost
(3,631,826)
(3,631,826)
At 30 June 2024
51,475,208
2,814,476
54,289,684
Depreciation and impairment
At 1 July 2023
Depreciation charged in the year
404,971
404,971
Revaluation
(404,971)
(404,971)
At 30 June 2024
Carrying amount
At 30 June 2024
51,475,208
2,814,476
54,289,684
At 30 June 2023
41,885,874
41,885,874
Sale and Leaseback
During the year ended 30 June 2020, the Company entered into a sale and leaseback agreement, secured on its land. Under this agreement, the land is subject to ongoing rental obligations over a period of 150 years, with the option to repurchase the site for £1 at the end of the lease agreement. Further proceeds of £7,322,000 were received during the current year under this sale and lease back agreement, bringing the total proceeds received to £19.3m.
In accordance with FRS 102 Chapter 20, the land continues to be recognised on balance sheet as if the sale and leaseback transactions had not occurred with these transactions accounted for as financing arrangements. Rent payable under the arrangement is subject to annual inflationary increases linked to RPI. The Directors have elected to record the land value at sales price, being £19.3m. The land value will be amortised over the lease term of 150 years down to its residual value of £3.2m.
Included within freehold land and buildings is borrowing costs of £3,408,044 (2023: £2,900,547) directly attributable to the acquisition and development of the assets.
Contractors Settlement
Included as an adjustment to cost for Land and Buildings above is a total of £3,631,826 which relates a settlement that was reached between the company and the main contractor of the development whereby the contractor is obligated to remunerate the company in order to settle liquidated and ascertained damages incurred on the development by the company.
Revaluation of land and buildings
The company's land and buildings have been subject to valuation as at the reporting date. The company's buildings were valued in January 2024 by Knight Frank, independent property agents not connected with the company, on a fully equipped operational hotel basis. The company's land has been revalued at the reporting date by the directors with reference to the company's sale and leaseback arrangement which is with an unconnected third party, completed on an arm's length basis. The valuation of the hotel is £35m that has resulted in an impairment charge of £3.7m being recognised in the year.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Tangible fixed assets
(Continued)
- 9 -
If the company's land was measured using the cost model, the carrying amount would have been approximately £3,204,405 (2023: £3,204,405), being cost of £3,204,405 (2023: £3,204,405) and depreciation £Nil (2023: £Nil).
If the company's buildings and internal fittings were measured using the cost model, the carrying amount would have been approximately £38,735,279 (2023: £38,681,469), being cost of £39,140,250 (2023: £38,681,469) and depreciation £404,971 (2023: £Nil).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
203,750
867
Amounts owed by group undertakings
1,183,704
Amounts owed by related parties
7,048,703
5,864,999
Other debtors
449,558
139,378
7,702,011
7,188,948
Amounts owed by related parties in the current year includes balances which were formerly disclosed as amounts owed by group undertakings in the prior year. This follows a corporate reorganisation where a group entity became connected by common control rather than being part of the same group as the company.
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18,700,000
5,417,037
Obligations under finance leases
8
39,362
8,069
Trade creditors
307,349
425,739
Amounts owed to group undertakings
10,483,450
9,828,700
Taxation and social security
400,894
5,431
Other creditors
401,635
115,698
Accruals and deferred income
957,890
2,583,991
31,290,580
18,384,665
Bank loans are secured by standard securities and a bond and floating charge over the assets of the company. As outlined at note 14, the company's bank loans were refinanced subsequent to the balance sheet date and is repayable in instalments to June 2028.
Amounts owed to group undertakings are interest free and repayable on demand.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
18,700,000
Obligations under finance leases
8
19,385,546
11,971,632
19,385,546
30,671,632
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
530,093
319,750
In two to five years
2,130,130
1,311,297
In over five years
70,845,620
103,431,709
73,505,843
105,062,756
Less: future finance charges
(54,080,935)
(93,083,055)
19,424,908
11,979,701
Analysis of amounts due in over five years
Repayable between five and ten years
2,525,000
1,714,247
Repayable between ten and twenty years
5,050,000
3,695,285
Repayable between twenty and fifty years
15,150,000
13,571,529
Repayable in more than fifty years
48,120,620
84,450,648
70,845,620
103,431,709
Finance lease obligations above includes £19.3m in respect of obligations associated with the company's sale and leaseback arrangement as well as £0.1m relating to obligations associated with other fixtures, fittings and equipment.
As outlined at note 4, the company received further proceeds of £7,322,000 during the current year under the sale and leaseback arrangement entered into during the year ended 30 June 2020.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
3,767,313
71,081
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,732,484
213,220
Tax losses
(1,050,713)
(142,139)
Revaluations
3,087,500
-
Short term timing differences
(1,958)
-
3,767,313
71,081
2024
Movements in the year:
£
Liability at 1 July 2023
71,081
Credit to profit or loss
(325,088)
Charge to other comprehensive income
4,021,320
Liability at 30 June 2024
3,767,313
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was James Hamilton and the auditor was Johnston Carmichael LLP.
13
Financial commitments, guarantees and contingent liabilities
At the reporting date, the company had pension contributions of £13,962 (2023: £1,925) which were outstanding and included within creditors falling due within one year.
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
14
Events after the reporting date
The following events occurred subsequent to the balance sheet date:
On 17 December 2024, by way of special resolution, the company capitalised an amount equal to £10,500,000 standing to credit on the company’s revaluation reserve, applying this amount in paying up, in full, the issue of 10,500,000 Ordinary shares of £1 each. On the same date, by way of a special resolution supported by a directors’ solvency statement, the company reduced its Ordinary share capital from 10,500,001 Ordinary shares of £1 each to 1 Ordinary share of £1 each and applied the amount by which the Ordinary share capital was reduced to the company’s profit and loss reserves.
Also on 17 December 2024, the company paid a dividend in specie of £7.1m to CSG Commercial Limited. The dividend in specie involved the transfer of certain receivables owed from related party undertakings.
On 18 December 2024, the company acquired the entire Ordinary share capital in Love Loan Limited, a former fellow subsidiary undertaking from CSG Commercial Limited for £101. On the same day, the share capital of the company was then transferred from CSG Commercial Limited to CSG Hotels and Apartments Limited, an entity under common control, which became the new ultimate parent undertaking of both the company and Love Loan Limited.
Also on 18 December 2024, the company together with certain group and related party undertakings entered into a revised group facility agreement with RBS which provided available facilities of £84.55m. The company’s allocation of the group facility is £18.7m in the form of a term loan repayable by instalments to June 2028 as well as access to a group revolving credit facility of £5m available over the same period.
15
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.
16
Parent company
As at 30 June 2024, the immediate and ultimate parent company and the smallest and largest group in which the results are consolidated is CSG Commercial Limited, a company whose registered office is 12 Hope Street, Edinburgh, EH2 4DB. The accounts of CSG Commercial Limited can be obtained from the Companies House online register at https://www.gov.uk/government/organisations/companies-house. The ultimate controlling party is Christopher Stewart.
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