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REGISTERED NUMBER: 11567589 (England and Wales)















Financial Statements

for the Year Ended 31 December 2024

for

Keele Hotel Tenant Ltd

Keele Hotel Tenant Ltd (Registered number: 11567589)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Keele Hotel Tenant Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: G S Mills
N H Pope
B P Riley
P S P Going





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 11567589 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Keele Hotel Tenant Ltd (Registered number: 11567589)

Statement of Financial Position
31 December 2024

31/12/24 31/12/23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 52,563 51,862

CURRENT ASSETS
Inventories 11,548 10,757
Debtors 6 322,214 288,751
Cash at bank 59,248 321,286
393,010 620,794
CREDITORS
Amounts falling due within one year 7 (474,831 ) (592,914 )
NET CURRENT (LIABILITIES)/ASSETS (81,821 ) 27,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,258

)

79,742

CREDITORS
Amounts falling due after more than one
year

8

(1,115,190

)

(919,838

)
NET LIABILITIES (1,144,448 ) (840,096 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (1,144,450 ) (840,098 )
SHAREHOLDERS' FUNDS (1,144,448 ) (840,096 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Keele Hotel Tenant Ltd (Registered number: 11567589)

Statement of Financial Position - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





N H Pope - Director


Keele Hotel Tenant Ltd (Registered number: 11567589)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Keele Hotel Tenant Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements and going concern
The financial statements have been prepared under the historical cost convention.

At the year end, the company had net current liabilities of £81,821 and a deficit on its shareholder funds of £1,144,450. Creditors include £960,588 due to related companies under arrangements that they will not seek repayment of any amounts owed until such time as cashflow permits. The company operates a hotel at Keele University, who have provided a guarantee to underwrite the company's lease to the long leaseholder until its expiry in 2058. As per Note 10, rent payable under the lease at the year end was £867,668 per annum. In April 2025, Keele University provided the company with £300,000 as a contribution to the company's running costs and the directors expect that Keele University will continue to provide funds to the company to enable commitments under the lease to be paid. The directors have considered these matters together with the company's future plans and cashflows and consider that that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next twelve months and have concluded that it is appropriate to continue to prepare the financial statements on a going concern basis.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the period of the lease
Fixtures and fittings - 10% on cost and Straight line over 5 years
Computer equipment - Straight line over 3 years

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Keele Hotel Tenant Ltd (Registered number: 11567589)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 33 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
Cost
At 1 January 2024 21,648 41,493 1,507 64,648
Additions - - 7,317 7,317
At 31 December 2024 21,648 41,493 8,824 71,965
Depreciation
At 1 January 2024 1,707 10,493 586 12,786
Charge for year 585 4,357 1,674 6,616
At 31 December 2024 2,292 14,850 2,260 19,402
Net book value
At 31 December 2024 19,356 26,643 6,564 52,563
At 31 December 2023 19,941 31,000 921 51,862

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade debtors 76,669 53,327
Other debtors 245,545 235,424
322,214 288,751

Keele Hotel Tenant Ltd (Registered number: 11567589)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade creditors 75,605 122,716
Taxation and social security 27,649 31,888
Other creditors 371,577 438,310
474,831 592,914

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/24 31/12/23
£    £   
Other creditors 1,115,190 919,838

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans repayable in over
5 years - 919,838
- 919,838

9. LEASING AGREEMENTS
The company entered into an operating lease on hotel premises at Keele University ending on 31 January 2058. At the year end, the minimum rent payable throughout the lease period was £867,668 per annum, totalling £28.7m over the remaining period of the lease. The lease includes an annual RPI increase (maximum 5%) taking effect each February. Keele University have provided a guarantee to underwrite the company's lease to the long leaseholder throughout the lease period.