Registered number: 08662742
EAST LODGE SERVICES (UK) LTD
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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EAST LODGE SERVICES (UK) LTD
COMPANY INFORMATION
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AM Lumsden (appointed 28 January 2025)
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EAST LODGE SERVICES (UK) LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
The director who served during the year was:
N Gaze (resigned 28 January 2025)
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AM Lumsden was appointed as a director on 28 January 2025.
Small companies exemption
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In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 25 April 2025 and signed on its behalf.
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EAST LODGE SERVICES (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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(Loss)/profit for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 4 to 10 form part of these financial statements.
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REGISTERED NUMBER:08662742
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EAST LODGE SERVICES (UK) LTD
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.
The notes on pages 4 to 10 form part of these financial statements.
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
East Lodge Services (UK) Ltd is a private company limited by shares incorporated in the United Kingdom and registered in England & Wales. The company's registered address is Wellington House, 125-130 Strand, London, WC2R 0AP. The company's principal activity was the provision of services to East Lodge Capital Partners LLP, a partnership of which the company is a corporate member.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. Due to the straightforward nature of the business, management consider that no key accounting estimates or critical judgements have been made in applying the company's accounting policies.
These accounts have not been prepared on a going concern basis. As the assets under management of the firm declined during 2022-23 the decision was made to liquidate the remaining assets in an orderly manner with a view to closing the firm, and the firm ceased to trade on 31 March 2024.
When preparing the accounts, the director has considered whether the change in basis materially affects the carrying value of any of the assets or liabilities of the company. No changes were made to the carrying value of the assets or liabilities of the company following the change in basis.
Turnover comprises revenue recognised by the company in respect of services provided during the year, exclusive of value added tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments held as fixed assets are shown at fair value.
The company does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other debtors so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Rentals under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Interest income is recognised in profit or loss using the effective interest method.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 13).
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year differs from the small profits rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
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(Income)/Expenses not deductible for tax purposes
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Super deduction on fixed assets
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Unrelieved tax losses carried forward
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Other fixed asset investments
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Other fixed asset investments represented the company's share of partnership capital of East Lodge Capital Partners LLP (81%), a partnership incorporated in England & Wales. The company did not have control over the partnership.
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Amounts owed by related undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to related undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Excess of capital allowances over depreciation on fixed assets
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EAST LODGE SERVICES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1
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Commitments under operating leases
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At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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During the year, the company recharged expenses of £1,735,713 (2023: £3,984,744) to East Lodge Capital Partners LLP ('ELCP'), an entity in which the company is a corporate member. The amount due from ELCP at the year end was £243,658 (2023: £691,218).
During the period ended 31 March 2015 the company received a loan of £1,030,000 from East Lodge Capital Management Ltd, its immediate parent undertaking. The full balance was fully repaid as at 31 March 2024. The loan was interest free and was repayable on demand.
Amounts owed by related undertakings (note 7) and amounts owed to related undertakings (note 8) comprise expenses paid behalf of entities which are under common control. Significant assets/(liabilities) forming part of these totals include:
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East Lodge Capital Management Limited - incorporated in the Cayman Islands
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East Lodge Credit Opportunities Fund - incorporated in Luxembourg
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The Company's immediate parent undertaking is East Lodge Capital Management Limited, a company incorporated in the Cayman Islands. The ultimate controlling party is A Lumsden.
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