Company Registration No. SC452878 (Scotland)
LATERAL CITY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
LATERAL CITY LIMITED
COMPANY INFORMATION
Directors
C J Stewart
A J Aiton
T M G Allen
Secretary
Davidson Chalmers Stewart (Secretarial Services) Limited
Company number
SC452878
Registered office
12 Hope Street
EDINBURGH
EH2 4DB
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
LATERAL CITY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29
LATERAL CITY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Fair Review of the Business

The Company results for the year continue to improve with a significant growth in demand from prior year. Revenue has increased 22% to £10.1m (2023: £8.3m) with operating profit increasing 33% to £3.2m (2023: £2.4m).

 

Cheval Collection Limited continued to manage Old Town Chambers under the Cheval brand.

 

In January 2024 the restaurant at Roxburgh Court closed and the space converted into further apartments to add to the Old Town Chambers offering. The works completed in August 2024, taking the total number of apartments to 91 (including the accommodation at Abbey Strand).

 

Financing

As part of the Roxburgh Court development, the RBS loan facility was amended to document the conversion of restaurant to apartments. The facility continues to offer flexibility to pay down and redraw debt to enable the group to minimise interest costs and manage cash efficiently. The Company’s share of the Group facility is £27.7m.

 

Property – valuation

Savill’s conducted an independent valuation of the land and buildings during 2023. The valuation has increased by £2.8m since then due to the addition of the Roxburgh apartments.

Principal Risks and Uncertainties

The principal risks and uncertainties affecting the Company include the following:

Development and Performance

Key areas of strategic development and performance of the Company include:

LATERAL CITY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Key Performance Indicators

The Company monitors key financial performance indicators across its sites in order to maximise performance, room rate and occupancy. Performance is benchmarked regularly against hotels in the immediate vicinity.

The Company also monitors key non-financial indicators such as feedback from guests, ratings on guest online surveys and third-party internet feedback sites such as Google, TripAdvisor and Booking.com.

 

2024

2023

Rooms sold

21,061

19,421

Average room rate

£331.71

£301.41

Occupancy

77.8%

73.4%

RevPar (revenue per room available)

£257.95

£221.23

Food and Beverage

The Company uses a range of financial and non-financial key performance indicators to monitor and manage the business. These include:

Sales: daily, weekly and period sales measured against budget and prior period. The conversion of sales to EBITDA ratios for each unit and Cost of Sale % and Wage %.

Management accounts: these are produced monthly for each operating unit with variances to budget and prior period analysed.

Customer feedback: a variety of measures are used to capture feedback and learn from complaints, both at point of sale and via internet and social media sites online.

Employee Turnover and Engagement: this is reviewed monthly, and training and engagement modules are completed online and reviewed regularly by management.

On behalf of the board

C J Stewart
Director
1 April 2025
LATERAL CITY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

 

The company's accounting reference date is 24 June 2024 however the company has taken advantage of the option available under s390(3) of the Companies Act 2006 to prepare its financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company is an operator of short stay serviced apartments and a licensed restaurant.

Results and dividends

The results for the year are set out on page 10.

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

Directors

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

C J Stewart
A J Aiton
T M G Allen
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

The company does not use derivatives for either financial risk management or for speculative purposes. The company's financial risk management objectives, policies and exposure to financial risks are not considered material for the assessment of the company's assets, liabilities, financial position or result for the year and as such, no further disclosure is considered necessary.

Post reporting date events

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.

 

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 provides access to £57.85m of term loan and revolving credit facilities alongside other facility participants. The facility is available to June 2028.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Matters addressed in the Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.

LATERAL CITY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
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 company’s auditor 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 company’s auditor is aware of that information.

Going Concern

The financial statements have been prepared on the going concern basis, notwithstanding the net current liabilities of £9,559,855 (2023: £9,991,858 ) which the Directors believe to be appropriate for the following reasons. The Company is a subsidiary within the group headed by CSG Hotels and Apartments Limited. That group is under the control of Christopher Stewart, along with two other groups, CSG Commercial Limited and CSG Investments Limited. These groups which are involved in real estate development and investment and hotel operation manage their day to day, medium and long-term capital requirements through a combination of cash balances and inter and intra-group borrowings and external borrowings. In considering the going concern assessment of each Company, the Directors prepare forecasts which consider all the companies within their respective group due to the common financing arrangements.

As indicated in note 26 subsequent to year-end the company together with certain group and related party undertakings entered into a revised group facility agreement with RBS. The company’s allocation of the group facility provides access to £57.85m of term loan and revolving credit facilities alongside other facility participants. Financial covenants on the financing facility are cashflow cover, leverage, loan to value and loan to cost.

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 net current liability position in the Company has arisen as a result of amounts owing to its parent entity, CSG Hotels and Apartments Ltd. The company’s parent has indicated that it will continue to provide financial support to the Company and will not call for the repayment of the amount owing for at least a period of 12 months from the signing of the financial statements.

Based on the Company’s forecast and projections, 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.

On behalf of the board
C J Stewart
Director
1 April 2025
LATERAL CITY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors are responsible for preparing the strategic report, directors' 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 company and the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LATERAL CITY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LATERAL CITY LIMITED
- 6 -
Opinion

We have audited the financial statements of Lateral City Limited ('the company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and notes to the financial statements, including significant accounting policies. The financial statement that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Report Standard 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 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 or 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 the audit:

 

LATERAL CITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LATERAL CITY LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

 

We have nothing to report in respect of the following matters in relation to which 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 set out on page 5, 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 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 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.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

LATERAL CITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LATERAL CITY LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

LATERAL CITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LATERAL CITY LIMITED
- 9 -

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.

James Hamilton (Senior Statutory Auditor)
for and on behalf of Johnston Carmichael LLP
1 April 2025
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
LATERAL CITY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
10,086,252
8,336,540
Cost of sales
(3,978,586)
(3,717,808)
Gross profit
6,107,666
4,618,732
Administrative expenses
(2,943,080)
(2,204,375)
Operating profit
4
3,164,586
2,414,357
Interest receivable and similar income
7
3,952
-
0
Interest payable and similar expenses
8
(2,218,922)
(1,937,306)
Fair value gain on investment properties
-
125,000
Profit before taxation
949,616
602,051
Tax on profit
9
(365,796)
105,705
Profit for the financial year
583,820
707,756

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LATERAL CITY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
£
£
Profit for the year
583,820
707,756
Other comprehensive income
Revaluation of tangible fixed assets
-
0
331,701
Tax relating to other comprehensive income
-
0
(57,688)
Other comprehensive income for the year
-
0
274,013
Total comprehensive income for the year
583,820
981,769
LATERAL CITY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
55,385,583
52,750,000
Investment properties
11
500,000
2,408,570
Investments
12
2
2
55,885,585
55,158,572
Current assets
Stocks
14
42,281
51,885
Debtors
15
2,751,188
2,172,982
Cash at bank and in hand
219,290
325,125
3,012,759
2,549,992
Creditors: amounts falling due within one year
16
(12,572,614)
(12,541,850)
Net current liabilities
(9,559,855)
(9,991,858)
Total assets less current liabilities
46,325,730
45,166,714
Creditors: amounts falling due after more than one year
17
(26,773,985)
(26,564,585)
Provisions for liabilities
Deferred tax liability
19
5,429,382
5,063,586
(5,429,382)
(5,063,586)
Net assets
14,122,363
13,538,543
Capital and reserves
Called up share capital
21
1
1
Revaluation reserve
22
10,203,517
10,203,517
Profit and loss reserves
23
3,918,845
3,335,025
Total equity
14,122,363
13,538,543
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
C J Stewart
Director
Company Registration No. SC452878
LATERAL CITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
1
9,835,754
2,721,019
12,556,774
Year ended 30 June 2023:
Profit for the year
-
-
707,756
707,756
Other comprehensive income:
Revaluation of tangible fixed assets
-
331,701
-
331,701
Tax relating to other comprehensive income
-
(57,688)
-
0
(57,688)
Total comprehensive income for the year
-
0
274,013
707,756
981,769
Transfers
-
93,750
(93,750)
-
Balance at 30 June 2023
1
10,203,517
3,335,025
13,538,543
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
583,820
583,820
Balance at 30 June 2024
1
10,203,517
3,918,845
14,122,363
LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Lateral City Limited is a private company limited by shares incorporated in Scotland. The registered office is 12 Hope Street, EDINBURGH, EH2 4DB.

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, modified to include the revaluation of freehold land and buildings and investment properties carried at fair value. The principal accounting policies adopted are set out below.

This 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 where applicable to the entity:

 

 

The financial statements of the company are consolidated in the financial statements of CSG Hotels and Apartments Limited. These consolidated financial statements are available from its registered office, 12 Hope Street, Edinburgh, EH2 4DB.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern

The financial statements have been prepared on the going concern basis, notwithstanding the net current liabilities of £true9,559,855 (2023: £9,991,858 ) which the Directors believe to be appropriate for the following reasons. The Company is a subsidiary within the group headed by CSG Hotels and Apartments Limited. That group is under the control of Christopher Stewart, along with two other groups, CSG Commercial Limited and CSG Investments Limited. These groups which are involved in real estate development and investment and hotel operation manage their day to day, medium and long-term capital requirements through a combination of cash balances and inter and intra-group borrowings and external borrowings. In considering the going concern assessment of each Company, the Directors prepare forecasts which consider all the companies within their respective group due to the common financing arrangements.

As indicated in note 26 subsequent to year-end the company together with certain group and related party undertakings entered into a revised group facility agreement with RBS. The company’s allocation of the group facility provides access to £57.85m of term loan and revolving credit facilities alongside other facility participants. Financial covenants on the financing facility are cashflow cover, leverage, loan to value and loan to cost.

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 net current liability position in the Company has arisen as a result of amounts owing to its parent entity, CSG Hotels and Apartments Ltd. The company’s parent has indicated that it will continue to provide financial support to the Company and will not call for the repayment of the amount owing for at least a period of 12 months from the signing of the financial statements.

Based on the Company’s forecast and projections, 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.

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 properties, the residual value is at least equal to the properties' 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 an annual revaluation exercise.
Fixtures, fittings and equipment
20-25% straight line
Website and computer equipment
33% straight line
LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

1.7
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.

1.8
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.

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. Losses arising on revaluation are recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. Any excess is recognised in the profit and loss account.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.9
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.

 

Stock is valued on an average cost basis.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
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.

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.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, bank loans and loans from fellow group companies and related parties, 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 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 company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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 leased asset are consumed.

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.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
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 and investment property are carried at valuation. The directors are therefore required to consider the valuations each year to ensure that this remains appropriately stated. In performing this review, the directors consider a number of factors including recent valuations of the land and buildings 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 notes 10 and 11.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Room Sales and Guest Services
7,598,962
6,142,675
Commercial Rent
150,641
133,183
Food and Beverage
2,336,649
2,060,682
10,086,252
8,336,540
2024
2023
£
£
Other significant revenue
Interest income
3,952
-

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,500
10,000
Depreciation of owned tangible fixed assets
275,634
352,209
Operating lease charges
84,980
81,949
LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
5
Employees

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

2024
2023
Number
Number
Management and administration
5
6
Hotel operations
29
33
Food and beverage
50
55
Total
84
94

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,931,743
1,807,173
Social security costs
129,660
123,261
Pension costs
26,607
28,326
2,088,010
1,958,760
6
Directors' remuneration

Director remuneration cost was borne by other companies within the group and was not recharged.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,952
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,218,922
1,937,306
LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
410,068
(105,705)
Adjustment in respect of prior periods
(44,272)
-
0
Total deferred tax
365,796
(105,705)

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

2024
2023
£
£
Profit before taxation
949,616
602,051
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
237,404
123,420
Tax effect of expenses that are not deductible in determining taxable profit
172,452
34,250
Tax effect of income not taxable in determining taxable profit
-
0
(25,620)
Effect of change in corporation tax rate
-
0
121
Depreciation on assets not qualifying for tax allowances
-
0
(354)
Deferred tax adjustments in respect of prior years
(44,272)
-
0
Other differences
212
(93,940)
Other tax adjustments and transfers
-
0
(143,582)
Taxation charge/(credit) for the year
365,796
(105,705)

In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
57,688

A change in the UK Corporation tax rate to 25% took effect from 1 April 2023. This change has had a consequential effect on the company's tax charge in the comparative year with the standard rate of tax reflective of a marginal tax rate arising from the company's comparative period straddling the 19% and 25% tax rates. Deferred tax has been calculated at 25%.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
10
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Website and computer equipment
Total
£
£
£
£
Cost or valuation
At 1 July 2023
52,215,024
1,192,617
273,966
53,681,607
Additions
886,711
115,461
475
1,002,647
Transfer from investment property
1,908,570
-
0
-
0
1,908,570
At 30 June 2024
55,010,305
1,308,078
274,441
56,592,824
Depreciation and impairment
At 1 July 2023
-
0
709,518
222,089
931,607
Depreciation charged in the year
-
0
250,855
24,779
275,634
At 30 June 2024
-
0
960,373
246,868
1,207,241
Carrying amount
At 30 June 2024
55,010,305
347,705
27,573
55,385,583
At 30 June 2023
52,215,024
483,099
51,877
52,750,000

Included within freehold land and buildings is borrowing costs of £216,042 (2023: £216,042) directly attributable to the acquisition and development of the assets.

Freehold land and buildings were independently valued in April 2023 by Savills, independent property agents not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. Having considered the valuation performed, the directors are satisfied that this valuation remains applicable at the balance sheet date and is an accurate reflection of the fair value of the company's freehold land and buildings at this time.

The transfer from investment property relates to certain property which no longer meet the definition of investment property. In accordance with FRS 102 Section 16.9A, the transfer has been reflected at the fair value of the property at the date of change in use.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
25,880,325
24,129,439
LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
11
Investment property
2024
£
Fair value
At 1 July 2023
2,408,570
Transfers to owner-occupied property
(1,908,570)
At 30 June 2024
500,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the balance sheet date and informed by a valuation conducted in April 2023 by Savills, independent property agents, who are not connected with the company.

On the 21 January 2024 the El Cartel Roxburgh restaurant ceased trading and the premises was transferred to fixed assets as owner-occupied property. The directors have committed in converting this premises into serviced apartments to compliment the current offering at Old Town Chambers.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
£
Cost
250,000
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
2
2
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Urbanite Investments Limited
See below
Non-trading (*)
Ordinary
100.00

The registered office of Urbanite Investments Limited 12 Hope Street, Edinburgh, EH2 4DB.

 

(*) - The principal activity of Urbanite Investments Limited was formerly the purchase and development of property for letting and resale. Following a corporate restructuring of the wider group, the company transferred its trade and assets to the company during the prior year and following transfer, ceased to trade.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
14
Stocks
2024
2023
£
£
Food and beverage stocks
24,581
33,535
Finished goods and goods for resale
17,700
18,350
42,281
51,885
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
272,860
117,535
Amounts owed by group undertakings
76,467
-
0
Amounts owed by related parties
1,340,278
1,179,946
Other debtors
557,927
501,298
Prepayments and accrued income
503,656
374,203
2,751,188
2,172,982
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
471,150
1,178,303
Other borrowings
18
-
0
525
Trade creditors
484,737
600,484
Amounts owed to group undertakings
8,998,901
9,035,087
Amounts owed to related parties
902,851
28,862
Taxation and social security
373,194
548,949
Other creditors
49,974
77,254
Accruals and deferred income
1,291,807
1,072,386
12,572,614
12,541,850
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
18
26,773,985
26,564,585

Bank loans stated above are subject to interest and capital repayments with a termination date of June 2028. The loan is secured by standard securities, assignation of rents and a floating charge over the assets of the company.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
18
Loans and overdrafts
2024
2023
£
£
Bank loans
27,245,135
27,245,135
Bank overdrafts
-
0
497,753
Other loans
-
0
525
27,245,135
27,743,413
Payable within one year
471,150
1,178,828
Payable after one year
26,773,985
26,564,585
19
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
1,615,553
1,548,235
Tax losses
(884,012)
(1,183,517)
Revaluations
4,699,386
4,699,386
Short term timing differences
(1,545)
(518)
5,429,382
5,063,586
2024
Movements in the year:
£
Liability at 1 July 2023
5,063,586
Charge to profit or loss
365,796
Liability at 30 June 2024
5,429,382

The company had estimated tax losses of £3.5m (2023: £4.0m) available for carry forward against future trading profits.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,607
28,326

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £6,179 (2023: £5,999) were payable to the fund at the year end and are included within creditors falling due within one year.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
22
Revaluation reserve

Revaluation reserves represent the difference between the fair value and the carrying value on an historic cost basis of assets held at valuation, net of associated deferred tax.

23
Profit and loss reserves

Profit and loss reserves represent the total comprehensive income for the year and prior periods less dividends paid.

24
Financial commitments, guarantees and contingent liabilities

As a condition to the availability of the bank loan and overdraft facilities made available by The Royal Bank of Scotland plc to Lateral City Limited and St Andrew Square (Property) Limited, both related by virtue of common ownership (the “Related Group”), The Royal Bank of Scotland plc (in its capacity as Security Agent) holds a floating charge over all the assets of the company and certain fixed charges over certain assets of the company. Under the terms of these finance documents the Related Group must meet certain financial covenants in relation to the Related Group’s financial position. The company’s liability in respect of these finance documents (including pursuant to the guarantees granted under these finance documents) as at 30 June 2024 amounted to £24.6m.

 

During the year the facility was amended to include the conversion of the restaurant at Roxburgh Court into apartments.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
25
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
37,236
167,881
Between two and five years
134,857
600,000
In over five years
-
0
1,472,877
172,093
2,240,758

The reduction in the company's operating lease commitments follows an operational decision taken on 21 January 2024 to terminate the lease of the unit at 1 Roxburgh Court. The restaurant was closed, and developed into additional apartments for rent.

26
Events after the reporting 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.

 

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 provides access to £57.85m of term loan and revolving credit facilities alongside other facility participants. The facility is available to June 2028.

LATERAL CITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
27
Related party transactions
Transactions with related parties

As at 30 June 2024, the immediate and ultimate parent company and the largest group in which the results are consolidated is CSG Hotels and Apartments Limited, a company registered in Scotland. The accounts of CSG Hotels and Apartments 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.

 

During the year, services of £40,928 (2023: £Nil) were provided by CSG Projects Limited. Amounts totalling £613,617 (2023: £1,450,298 repaid to) were received from CSG Projects Limited. At 30 June 2024 an amount of £600,424 (2023: £13,193 due from) was due to CSG Projects Limited.

 

During the year, a charge of £507,183 (2023: £259,455) was made by FMLY Limited in respect of facilities management services. As at 30 June 2024 £139,662 (2023: £15,931) remained outstanding.

 

During the year goods of £93,300 (2023: £109,313) were purchased from Bacchus & Liber Limited. As at 30 June 2024 £4,213 (2023: £11,715) remained outstanding.

 

At 30 June 2024 an amount of £1,045,458 (2023: £1,045,458) was due from CSG Hamilton Place.

 

Devil’s Advocate recharged costs of £30,845 (2023: £95,051) and was recharged £179,400 (2023: £2,124) in relation to Luckenbooths. As at 30 June 2024 £55,248 (2023: £27,726) remained outstanding from Devil’s Advocate and £1,547 (2023: £Nil) was due to Devil’s Advocate in relation to wages recharges.

 

During the year Lateral City Limited charged rent to Crisp Investment Limited of £59,794 (2023: £Nil). As at 30 June 2024 £26,753 (2023: £Nil) was due from Crisp Investment Limited.

 

The company has taken advantage of the exemption available in FRS 102 Section 33 whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

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