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Lifealike Limited
Registered number: 06554630
Annual Report
For the year ended 31 December 2024
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LIFEALIKE LIMITED
COMPANY INFORMATION
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PricewaterhouseCoopers LLP
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Chartered Accountants and Statutory Auditors
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LIFEALIKE LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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LIFEALIKE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors presents the Strategic Report for Lifealike Limited (the "Company") for the year ended 31 December 2024.
Lifealike Limited’s principal activity is as an intermediary facilitating a licence to occupy accommodation between individual private owners and guests, in short-and medium-term rentals.
Lifealike Limited is the parent company for a number of international subsidiaries and owns and operates the Company’s online platform, as well as the onefinestay trademark.
The Company operates in the private home rental segment providing high end accommodation to leisure and business guests.
The lodging market has traditionally been dominated by international and local hotel groups operating under well- known brands and offering a uniformity and consistency of guest experience and room type. Increasingly, guests are seeking local, authentic experiences and more flexible accommodation better suited to their needs that allows them to enjoy cities and other destinations in a more intimate and personal manner. The Company currently offers homes for rent predominantly in London. With some villa rentals in Thailand,Singapore and Spain
An important factor driving the Company's business has been the growing use of internet and mobile technology as a preferred channel for guests to research and book travel and accommodation. The Company's ability to list a large number of properties and related information, supported by a 24/7 call centre to answer queries and support guests during their stay, has enabled it to reach a wide audience and successfully market its offer throughout London, through its own website and third party online and offline travel agents.
Revenue decreased by 5% in 2024 predominantly due to the transfer of operations relating to certain geographic markets to new legal entities which is now complete. For the main operation, which is the London market, revenues were only down by 2%. The Company is still generating an operating loss as the level of support required in delivering these services remains the same. As turnover grows, the support costs are expected to stay level, thus increasing profitability.
The key financial indicators during the year were as follows:
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LIFEALIKE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Impact of Transfer Pricing
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Lifealike Limited is the predominant legal entity in the onefinestay group of companies. It houses the sales, brand/marketing, finance, tax, insurance, concierge services, and partnerships teams supporting a global group of companies within the onefinestay infrastructure. All global supply contracts are processed through Lifealike Limited and support many other legal entities outside of the UK. The proportion of centralised costs deemed to be attributable to the provision of support services to the other companies of the group has been determined upon the advice of Moore Kingston Smith, a firm of chartered accountants. These attributable costs have been allocated with appropriate mark-ups to the French, US and Italian legal entities, using their revenue as an allocation key.
The total income recognised by Lifealike Limited from the transfer pricing was £2,251,304 (2023: £nil).
The counter impact of this was that centralised costs from onefinestay France and onefinestay travel inc. (US) were also recharged to Lifealike Limited and are included within administrative expenses in the Statement of Comprehensive Income.
Future developments
The Company intends to concentrate on continued growth in the existing UK market. As part of the indirect business, the Company is expanding to new destinations including other destinations outside the UK such as Asia Pacific and Spain. The main focus is on capturing a larger share of the London market, providing an enhanced service to both guests and homeowners and driving the medium term rentals business in the UK as well. In the 5 year business plan, the trajectory is to break even in 2026 with obtaining profitability in 2027.
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LIFEALIKE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Principal risks and uncertainties
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Travel industry risks
Turnover is sensitive to economic conditions in the markets in which the Company operates. The Company’s operations and its results are subject to a number of factors beyond the Company’s control such as global economic downturn, such as that experienced as a result of inflation, and other geopolitical factors such as the changes in the US Economy post-election and the crises in the Ukraine and Palestine. These factors may adversely affect travel intentions, levels of occupancy and, therefore, the Company’s business.
Competitive risks and consumer preferences
The markets in which the Company operates are becoming increasingly competitive. The lodging market continues to be impacted by consumer preferences which are increasingly moving towards curated home stays. The competitive landscape will continue to evolve in this changing environment.
People
Retaining and attracting good people is key to delivering superior performance and customer service. Staff turnover has the ability to impact our ability to maintain the appropriate quality of service to our homeowners and guests and could adversely impact our financial performance.
Regulatory environment
Good governance practices are important to the Company. Failure to comply with the frequently changing regulatory environment at the city and national level could result in reputational damage or financial penalty. We monitor regulatory and legislation changes to ensure our policies and practices comply with relevant legislation.
The Company works closely with local authorities to ensure we continue to comply with changes and developments in local reporting standards.
IT security and data protection
Failure to comply with data privacy legislation and regulation or breaches in internet security could result in a major loss of customer data, affect the Company’s ability to take business through its web and technology platform, impact relationships with key suppliers and partners, and cause reputational damage to our business and financial loss. The Company has put in place expert management, procedures and infrastructure to mitigate these risks and ensure that the business is compliant with all relevant legislation and regulation and the threat from any potential breach of data security is minimised.
Foreign exchange rate risk
The Company may incur currency transaction risk in the event that a transaction is entered into using a different currency from its functional currency.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer fails to meet its financial obligations. Customer credit risk is very low due to the Company’s payment policy. Our historical experience of collecting receivables is that credit risk is low across the Company, however, balances are considered for impairment on a monthly basis.
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LIFEALIKE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities and funding its normal operations, in addition to this the ultimate parent company has provided a Letter of Support to provide financial assistance necessary to ensure that the Company is able to meet its obligations as they fall due. The Company's cashflow reflects the seasonal nature of its business and therefore the cash position is carefully monitored.
Onefinestay has been closely monitoring liquidity and is taking measures to protect cash, including:
∙Implementing exceptional payment control measures
∙Taking advantage of tax deferrals and other reliefs
Economic impact of global events
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UK businesses are currently facing many uncertainties such as changes in attitudes towards environmental sustainability and geopolitical events such as the Russian invasion of Ukraine and the Israeli-Palestinian conflict, as well as the potential economic impact of proposed US Tariffs. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
This report was approved by the board and signed on its behalf by:
Date:
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LIFEALIKE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Annual report and the audited financial statements for Lifealike Limited (''the Company'') for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also 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 to enable them to ensure that the financial statements comply with the Companies Act 2006.
The Company’s principal activity is as an intermediary facilitating a licence to occupy accommodation between individual private owners and guests, in short and medium term rentals.
The Company is the top company of all group subsidiaries and owns and operates the Company’s online platform, as well as the onefinestay trademark.
The loss for the year, after taxation, amounted to £4,314,758 (2023: loss of £6,235,958).
The directors do not recommend the payment of a dividend for the year (2023: £nil).
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LIFEALIKE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year and up to the date of this report were:
The directors have reviewed the Company's future funding requirements and identified that the Company and its subsidiaries will require further funding within the next twelve months. The directors are satisfied that this funding, as required, is provided from the ultimate parent company which has provided a Letter of Support. Even though the Letter of Support is not subject to a legal deed, parental support with whatever financial assistance necessary to ensure that the Company is able to meet its obligations as they fall due, for at least twelve months from the date of signing these financials, is provided as it has been in prior years. This letter confirms the future financial commitment from the parent Accor Luxury & Lifestyle SAS.
The directors of the Company believe the parent company will provide any further funding that may be required, in the normal operation of its business. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and financial statements.
Matters covered in the Strategic Report
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As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Director's Report have been omitted as they are included in the Strategic Report on pages 1 to 4. These matters relate to future developments.
In the case of each director in office at the date the Directors' Report is approved, the director has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and
∙they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditors, PricewaterhouseCoopers LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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LIFEALIKE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf by:
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LIFEALIKE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIFEALIKE LIMITED
Report on the audit of the financial statements
Opinion
In our opinion, Lifealike Limited’s financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Statement of Financial Position as at 31 December 2024; the Statement of Comprehensive Income and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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 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.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LIFEALIKE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIFEALIKE LIMITED
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.
With respect to the Strategic Report and Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Strategic report and Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors' report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Directors' responsibilities statement the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.
Auditors’ 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 auditors’ 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.
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.
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LIFEALIKE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIFEALIKE LIMITED
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to General Data Protection Regulation (GDPR) and UK employment regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and UK taxation rules. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the manipulation of financial statement line items through manual journal postings and management bias in determining accounting estimates. Audit procedures performed by the engagement team included:
∙Discussion with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations impacting the statement of comprehensive income;
∙Reviewing board minutes and details of legal expenses incurred in the year; and
∙Reviewing the financial statement disclosures and agreeing to underlying supporting information.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
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LIFEALIKE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIFEALIKE LIMITED
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
∙we have not obtained all the information and explanations we require for our audit; or
∙adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Alex Lazarus (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
2 May 2025
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LIFEALIKE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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Other comprehensive income
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Total comprehensive expense for the year
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The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 15 to 35 form part of these financial statements.
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LIFEALIKE LIMITED
REGISTERED NUMBER: 06554630
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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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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Share-based payments reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 35 form part of these financial statements.
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LIFEALIKE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Share-based payments reserve
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Comprehensive expense for the year
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Total comprehensive expense for the year
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Comprehensive expense for the year
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Total comprehensive expense for the year
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The notes on pages 15 to 35 form part of these financial statements.
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lifealike Limited ("the Company") is a private Company, limited by shares and incorporated in England and Wales. The Company's registered number is 06554630. The address of the registered office is C/O Forvis Mazars LLP, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire, MK9 1FF. The principal place of business is the UK.
The Company’s principal activity is as an intermediary facilitating a licence to occupy accommodation between individual private owners and guests, in short and medium term rentals.
The Company is the parent company for a number of international subsidiaries and owns and operates the Company’s online platform, as well as the onefinestay trademark.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been presented in Pound Sterling, unless otherwise stated, as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows and paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Accor SA for the year ended 31 December 2024 and these financial statements may be obtained from 82, rue Henri Farman, CS 20077, 92130 Issy-les-Moulineaux, France.
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The directors have reviewed the Company's future funding requirements and identified that the Company and its subsidiaries will require further funding within the next twelve months. The directors are satisfied that this funding, as required, is provided from the ultimate parent company which has provided a Letter of Support. Even though the Letter of Support is not subject to a legal deed, parental support with whatever financial assistance necessary to ensure that the Company is able to meet its obligations as they fall due, for at least twelve months from the date of signing these financials, is provided as it has been in prior years. This letter confirms the future financial commitment from the parent Accor Luxury & Lifestyle SAS.
The directors of the Company believe the parent company will provide any further funding that may be required, in the normal operation of its business. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is Pound Sterling.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'Interest payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover arises from the provision of services and ancillary goods and services to customers in the ordinary course of business. The Company’s turnover is recorded on a net basis and represents gross proceeds from guest less host disbursements, discounts and taxes. The Company fits the definition of agent rather than a principal.
Turnover and associated expenses are taken to the Statement of Comprehensive Income as earned or incurred which is defined by the Company as when the stay starts. For long stays, over 40 days, the turnover is spread over the affected months. Monies received from guests by the Statement of Financial Position date relating to stays commencing after the period end are included within deferred income.
Transfer pricing income arises as a mark-up on a proportion of the centralised costs of the Company which are deemed to be attributable to the provision of support services to the other companies of the group.
Transfer pricing income is recognised as the attributable costs are incurred, and is presented, gross of the costs of providing the service, as 'other operating income' within the Statement of Comprehensive Income.
The associated costs are presented within 'administrative expenses' in the Statement of Comprehensive Income.
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Operating leases: as a lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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 lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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Interest receivable and similar income
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Interest receivable and similar income is recognised in profit or loss using the effective interest method.
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Interest payable and similar expenses
|
Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
- 17 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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Pensions - Defined contribution pension plans
|
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 18 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Assets under construction
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Assets under construction are not amortised. Amortisation shall commence upon the completion of the construction of the asset, at which time the asset shall be transfered to the relevant category of asset.
Amortisation is charged to the Statement of Comprehensive Income within 'administrative expenses'.
- 19 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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 for different classes of fixtures and fittings is provided on the following basis:
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Fixtures, fittings and equipment
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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.
Depreciation is charged to the Statement of Comprehensive Income within 'administrative expenses'.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 20 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provisions carried in the Statement of Financial Position.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 21 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 22 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when such decisions are made, and are based on historical experience and other factors considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
Critical judgements in applying the Company’s accounting policies
The critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Deferred tax assets
The directors used judgement when considering whether deferred tax assets should be recognised. An asset could be recognised within the Company once the Company is profitable. Although still operating at a loss for the year ending 2024, the Company is on track to break even and become profitable from 2027 onwards. At this point, the Company will be able to utilize any remaining deferred tax assets against profits.
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All turnover has been derived from the provision of services and ancillary goods to luxury rental customers, which is the principal activity of the Company.
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The provision of services and ancillary goods
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Analysis of turnover by country of destination:
- 23 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The Company is reimbursed by other companies within the group, on a cost-plus arrangement, for services provided to the group, by the Company's employees.
The costs associated with these services are included within admnistrative expenses.
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The operating loss is stated after charging/(crediting):
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Loss on disposal of intangible assets
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Amortisation of intangible assets
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Depreciation of tangible assets
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Foreign exchange losses/(gains)
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- 24 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs including the directors consist of:
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The average number of employees (including the directors) during the year was as follows:
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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All directors' remuneration is borne by another company within the group. The amount of remuneration paid to the directors in relation to services provided to the Company cannot be reliably estimated.
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Interest receivable and similar income
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- 25 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest payable and similar expenses
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Current tax on loss for the year
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Adjustments in respect of previous periods
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of25% (2023: 23.52%). The differences are explained below:
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Loss before tax multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
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Expenses not deductible for tax purposes
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Adjustments to brought forward values
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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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- 26 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tax on loss (continued)
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Factors that may affect future tax charges
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In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 December 2024 the weighted average tax rate is 25% (31 December 2023 weighted average tax rate was 23.52%). Deferred taxes at the balance sheet data are measured at 25%.
A deferred tax asset relating to trading losses carried forward and timing differences between capital allowances and depreciation of £16,124,087 (2023: £15,390,015) has not been recognised as the recoverability of the asset is not sufficiently certain.
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Assets under construction
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- 27 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Fixtures, fittings and Equipment
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- 28 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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- 29 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following were subsidiary undertakings of the Company:
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C/O Forvis Mazars LLP the Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire,
MK9 1FF, United Kingdom
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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Brummell Galleries LLC **
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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Ferrers Galleries LLC ***
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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82 Rue Henri Farman 92130 Issy-Les-Moulineaux, France
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onefinestay St. Barts ****
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82 Rue Henri Farman 92130 Issy-Les-Moulineaux, France
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onefinestay St. Martin ****
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82 Rue Henri Farman 92130 Issy-Les-Moulineaux, France
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Milano (MI) via Vittor, Pisani 20 CAP 20124, Italy
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- 30 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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onefinestay USA LLC *****
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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OFS Concierge Services LLC *****
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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C/O The Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States
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* These entities are held indirectly via Lifealike USA Ltd.
** These entities are held indirectly via Brummell Holding Inc.
*** These entities are held indirectly via Ferrers Holding Inc.
**** These entities are held indirectly via onefinestay France SAS
***** These entities are held indirectly via onefinestay Travel Inc.
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- 31 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trade debtors are stated net of provision for impairment of £nil (2023: £nil).
Amounts owed by group undertakings are unsecured, interest-free and payable on demand.
Amounts owed by group undertakings are stated net of provision for impairment.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings includes a loan of £42,597,210 (2023: £32,534,149) from Accor SA which bears interest at a rate of SONIA + 0.7% (2023: SONIA + 0.7%) and is repayable on demand.
Apart from the loan from Accor SA, amounts owed to group undertakings of £6,581,945 (2023: £1,375,538) are unsecured, interest-free and repayable on demand.
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- 32 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
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Provisions for liabilities
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The restructuring provisions which include redundancy and liquidation costs were estimated based on the available information from third parties and internal payroll rates.
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Allotted, called up and fully paid
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47,410,602 (2023: 47,410,602) Allotted, called up and fully paid ordinary shares of £0.0001 each
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The Company has one class of ordinary share. Each share carries voting rights but no right to fixed income.
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Share premium account
The share premium account represents the part of any consideration received for shares which was in excess of the nominal value of the shares.
Share-based payment reserve
The share-based payment reserve represents the cumulative movements relating to share options granted to employees of the Company.
Profit and loss account
The profit and loss account represents the cumulative profits and losses of the Company.
- 33 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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As an indirect subsidiary of Accor S.A, performance shares are granted yearly to certain key management personnel. These shares are issued over a vesting period of three years and the value of the shares is calculated as of market close on the date of the grant (Euronext Paris). The value of the shares is amortized monthly over the three-year period as a part of the employee compensation for the key management personnel. The shares are acquired by the employee once fully vested. The definitive number of shares acquired depends on the employee’s presence in the group as well as on the level of achievement of performance conditions within the Accor Group. During the year, £27,548 (2023: £nil) was credited to the the share-based payment reserve in relation to such performance shares.
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Commitments under operating leases
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At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £96,369 (2023: £71,954).
At year end an amount of £19,937 (2023: £16,153) was payable to the pension scheme.
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Related party transactions
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The company has taken advantage of the exemption under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose certain transactions with other wholly-owned members of the group.
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Liability limitation agreement
|
The directors have agreed with the Company's auditors that the auditors' total liability (including interest) to damages for breach of duty in relation to the audit of the Company's financial statements for the year ended 31 December 2024 should be limited to the greater of £5 million or 5 times the total fees payable to the auditors, and that in any event the auditors' liability for damages should be limited to that part of any loss suffered by the Company as is just and equitable having regard to the extent to which the auditors, the Company and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution.
- 34 -
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LIFEALIKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Post balance sheet events
|
There have been no significant events affecting the Company since the year end.
The immediate parent of the Company is Accor Luxury & Lifestyle SAS and the address of the registered office of Accor Luxury & Lifestyle SAS is 82, rue Henri Farman, CS 20077, 92130 Issy-les-Moulineaux, France.
Accor Luxury & Lifestyle SAS is an indirect subsidiary of Accor SA, and the results of the Company are consolidated into the financial statements of Accor SA.
The address of the registered office of Accor SA is 82, rue Henri Farman, CS 20077, 92130 Issy-les-Moulineaux, France. A copy of the consolidated financial statements can be obtained from this address.
The ultimate controlling party is Accor SA.
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