| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2023 |
| for |
| Gold Wynn Heathrow Limited |
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2023 |
| for |
| Gold Wynn Heathrow Limited |
| Gold Wynn Heathrow Limited (Registered number: 12525066) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| Gold Wynn Heathrow Limited |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 1 Beauchamp Court |
| 10 Victors Way |
| Barnet |
| Hertfordshire |
| EN5 5TZ |
| Gold Wynn Heathrow Limited (Registered number: 12525066) |
| Statement of Financial Position |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gold Wynn Heathrow Limited (Registered number: 12525066) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Gold Wynn Heathrow Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| Cash and cash equivalents |
| Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid |
| investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value. |
| Trade debtors |
| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary |
| course of business. Trade debtors are recognised initially at the transaction price. They are subsequently |
| measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
| business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Gold Wynn Heathrow Limited (Registered number: 12525066) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | 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. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less any impairment. |
| Provisions |
| Provisions are recognised when the company has a present obligation at the balance sheet date arising from a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
| Going concern |
| The company's activities generated a loss of £,423,281 (2022: loss of £8,800,552) and has a net liability of £9,223,823 (2022 £ 8,800,542). The company's operational existence is still dependent on the ability to raise further funding from its parent company and other group members. |
| After making due enquires, the directors have formed a judgement that there is a reasonable expectation that the company can secure further adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due. |
| For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the directors consider that, based upon the financial projections and dependent upon the success of their efforts to complete these activities, the company will be a going concern for the next twelve months. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Gold Wynn Heathrow Limited (Registered number: 12525066) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Amounts owed by group undertakings |
| Prepayments and accrued income |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Bank loans and overdrafts |
| Accruals and deferred income |
| Amounts owed to group undertakings |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | RELATED PARTY DISCLOSURES |
| Included within 'Amounts Owed by Group Undertakings' is an amount of £17,079,441.80 due to Wynn Weinzweig UK Hold Co Limited, a company under common control. |
| Included within 'Amounts Owed by Group Undertakings' is an amount of £14,219,243.78 due from Heathrow House Holdings Limited, a company under common control. |
| Included within 'Amounts Owed by Group Undertakings' is an amount of £3.00 due from United Properties Limited, a company under common control. |
| Gold Wynn Heathrow Limited (Registered number: 12525066) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The immediate parent undertaking of the company is Wynn Weinzweig UK Hold Co Ltd, whose registered office is at S223 - S224 Churchill House 120 Bunns Lane, London, United Kingdom, NW7 2AS. |
| 10. | CHARGES |
| During the year the company had granted charges in favour of Harbour Lending Limited over its fixed and floating assets covering all property and undertakings. The charges were satisfied on 20th June 2024. |