Heathcock Court Op Co Ltd
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 11985371 (England and Wales)
Heathcock Court Op Co Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 9
Heathcock Court Op Co Ltd
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
unaudited
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,909,772
56,916
Current assets
Stock
3
41,841
40,381
Debtors
4
2,436,665
849,480
Cash at bank and in hand
375,933
1,061,226
2,854,439
1,951,087
Creditors: amounts falling due within one year
5
(1,241,856)
(1,340,933)
Net current assets
1,612,583
610,154
Total assets less current liabilities
12,522,355
667,070
Provisions for liabilities
(2,724,207)
(14,229)
Net assets
9,798,148
652,841
Capital and reserves
Called up share capital
7
1
1
Revaluation reserve
8,152,482
Profit and loss reserves
1,645,665
652,840
Total equity
9,798,148
652,841
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 23 April 2025 and are signed on its behalf by:
M Gudka
Director
Company Registration No. 11985371
Heathcock Court Op Co Ltd
Statement of Changes in Equity
For the year ended 31 March 2024
Page 2
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1
(237,661)
(237,660)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
890,501
890,501
Balance at 31 March 2023
1
652,840
652,841
Year ended 31 March 2024:
Loss for the year
-
-
(1,724,693)
(1,724,693)
Other comprehensive income:
Revaluation of tangible fixed assets
-
10,870,000
-
10,870,000
Total comprehensive income for the year
-
10,870,000
(1,724,693)
9,145,307
Transfers
-
(2,717,518)
2,717,518
-
Balance at 31 March 2024
1
8,152,482
1,645,665
9,798,148
Heathcock Court Op Co Ltd
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information
Heathcock Court Op Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor 88 Baker Street, London, England, W1U 6TQ.
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 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 leasehold properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a profit before tax in the year of £985,285 (2023: restated £976,362) and had net assets at the reporting date of £9,798,148 (2023: restated £652,841). A fellow group company has a bank loan amounting to £32.7m that is due for repayment in December 2025 for which the company's assets are provided as security, being less than 12 months from approval of these financial statements. The directors expect the loan to be refinanced and extended beyond December 2025.
The Directors of the company have assessed the company's financial position, budgets and cash flow forecasts to May 2026. The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for more than one year from the signing of these accounts. As as result the company has prepared financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliably measured.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover in respect of accommodation is recognised at the point of the customers stay whilst other sales, including food and beverage revenues, are recognised at the point of purchase. Payments made at the time of booking are recognised in creditors and released to turnover during the customer's stay
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 over their useful lives on the following bases:
Leasehold land and buildings
Period of the lease
Fixtures and fittings
3 years straight line
Computers
3 years straight line
Food and beverage equipment
3 years straight line
Heathcock Court Op Co Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
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 profit or loss.
1.5
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 profit or loss, 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 profit or loss, 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.
1.6
Stock
Stock is 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 stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Heathcock Court Op Co Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.8
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 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.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Heathcock Court Op Co Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
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.
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.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.
Heathcock Court Op Co Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Food and beverage equipment
Total
£
£
£
£
Cost
At 1 April 2023 (unaudited)
104,480
6,891
111,371
Additions
5,000
8,017
13,017
Revaluation
10,870,000
10,870,000
At 31 March 2024
10,875,000
112,497
6,891
10,994,388
Depreciation and impairment
At 1 April 2023 (unaudited)
49,884
4,571
54,455
Depreciation charged in the year
27,864
2,297
30,161
At 31 March 2024
77,748
6,868
84,616
Carrying amount
At 31 March 2024
10,875,000
34,749
23
10,909,772
At 31 March 2023 (unaudited)
54,596
2,320
56,916
The leasehold property was valued on an open market basis by the directors as at 31 March 2024, guided by an external valuation obtained from an external firm of professional valuer during the year ended March 2023.
3
Stock
2024
2023
unaudited
£
£
Stock
41,841
40,381
4
Debtors
2024
2023
unaudited
as restated
Amounts falling due within one year:
£
£
Trade debtors
113
Amounts owed by group undertakings
1,548,732
Other debtors
224,356
221,974
Prepayments and accrued income
663,464
627,506
2,436,665
849,480
Heathcock Court Op Co Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
5
Creditors: amounts falling due within one year
2024
2023
unaudited
as restated
£
£
Trade creditors
68,051
73,209
Amounts owed to group undertakings
31,185
Taxation and social security
62,606
87,590
Other creditors
965,753
920,663
Accruals and deferred income
145,446
228,286
1,241,856
1,340,933
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
unaudited
2024
2023
Balances:
£
£
Accelerated capital allowances
6,689
14,229
Revaluations
2,717,518
-
2,724,207
14,229
2024
Movements in the year:
£
Liability at 1 April 2023 (unaudited)
14,229
Charge to profit or loss
2,709,978
Liability at 31 March 2024
2,724,207
7
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
Heathcock Court Op Co Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
8
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.
Senior Statutory Auditor:
Katherine Edwards
Statutory Auditor:
Moore Kingston Smith LLP
9
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge over the assets of the company held as security for borrowings held in the parent company.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
unaudited
£
£
109,549,033
111,195,950
11
Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Included within creditors is an amount of £25,969 (2023: £778) due to companies under common control and included in debtors is an amount of £143,121 (2023: £205,096). During the year the company incurred management fees of £182,824 (2023: £186,985) from companies under common control.
12
Parent company
The immediate parent company is Heathcock Court Holdings Limited, company registered in Isle of Man. In the opinion of the directors there is no ultimate controlling party.
13
Prior period adjustment
Certain comparative disclosures have been amended, as indicated in the profit and loss account, and notes 4 and 5, to ensure consistency with current year disclosures. These restatements have had £nil impact on the overall profit reported for the prior period or the overall net asset position as at 31 March 2023.
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