40 3 June 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 906,000 226,500 181,200 407,700 498,300 679,500 456 456 456 xbrli:pure xbrli:shares iso4217:GBP 10097962 2024-01-01 2024-12-31 10097962 2024-12-31 10097962 2023-12-31 10097962 2023-01-01 2023-12-31 10097962 2023-12-31 10097962 2022-12-31 10097962 core:NetGoodwill 2024-01-01 2024-12-31 10097962 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 10097962 core:FurnitureFittings 2024-01-01 2024-12-31 10097962 bus:Director1 2024-01-01 2024-12-31 10097962 bus:Director4 2024-01-01 2024-12-31 10097962 core:NetGoodwill 2023-12-31 10097962 core:NetGoodwill 2024-12-31 10097962 core:LandBuildings 2023-12-31 10097962 core:FurnitureFittings 2023-12-31 10097962 core:LandBuildings 2024-12-31 10097962 core:FurnitureFittings 2024-12-31 10097962 core:LandBuildings 2024-01-01 2024-12-31 10097962 core:WithinOneYear 2024-12-31 10097962 core:WithinOneYear 2023-12-31 10097962 core:AfterOneYear 2024-12-31 10097962 core:AfterOneYear 2023-12-31 10097962 core:ShareCapital 2024-12-31 10097962 core:ShareCapital 2023-12-31 10097962 core:RetainedEarningsAccumulatedLosses 2024-12-31 10097962 core:RetainedEarningsAccumulatedLosses 2023-12-31 10097962 core:NetGoodwill 2023-12-31 10097962 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 10097962 core:Non-currentFinancialInstruments 2024-12-31 10097962 core:Non-currentFinancialInstruments 2023-12-31 10097962 core:LandBuildings 2023-12-31 10097962 core:FurnitureFittings 2023-12-31 10097962 bus:Director2 2024-01-01 2024-12-31 10097962 bus:SmallEntities 2024-01-01 2024-12-31 10097962 bus:Audited 2024-01-01 2024-12-31 10097962 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10097962 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10097962 bus:FullAccounts 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 10097962
Leopold Hotel Ltd
Filleted Financial Statements
31 December 2024
Leopold Hotel Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
498,300
679,500
Tangible assets
6
3,982,021
4,144,058
Investments
7
456
456
------------
------------
4,480,777
4,824,014
Current assets
Stocks
5,544
5,652
Debtors
8
257,936
178,819
Cash at bank and in hand
115,478
136,153
---------
---------
378,958
320,624
Creditors: amounts falling due within one year
9
1,225,968
1,211,023
------------
------------
Net current liabilities
847,010
890,399
------------
------------
Total assets less current liabilities
3,633,767
3,933,615
Creditors: amounts falling due after more than one year
10
4,375,000
4,375,000
Provisions
63,443
139,380
------------
------------
Net liabilities
( 804,676)
( 580,765)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 804,776)
( 580,865)
---------
---------
Shareholders deficit
( 804,676)
( 580,765)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Leopold Hotel Ltd
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Mr J Murphy
Mr P Dempsey
Director
Director
Company registration number: 10097962
Leopold Hotel Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eden Square East, Retail Unit 1, 7 Hatton Garden, Liverpool, L3 2FE. The principal place of business is Leopold Hotel Sheffield, 2 Leopold St, Sheffield City Centre, S1 2GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on amounts recognised in the financial statements are discussed below: Estimate of useful life for fixed assets Fixed assets, consisting primarily of buildings, fixtures and fittings comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset. The directors annually review the asset lives and adjust them as necessary to reflect current views on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying a group fixed exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Fixtures and fittings
-
10% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
Borrowings
Borrowings are recognised initially at the transaction price and are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar expenses.
Borrowings are classified as current liabilities unless the company has a right to defer settlement of the liability for at least 12 months after the reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value. They are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The assets of the scheme are held separately from those of the company.
Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and annual bonus arrangements.
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2023: 42 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
906,000
---------
Amortisation
At 1 January 2024
226,500
Charge for the year
181,200
---------
At 31 December 2024
407,700
---------
Carrying amount
At 31 December 2024
498,300
---------
At 31 December 2023
679,500
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
3,825,030
2,276,181
6,101,211
Additions
124,004
16,190
140,194
------------
------------
------------
At 31 December 2024
3,949,034
2,292,371
6,241,405
------------
------------
------------
Depreciation
At 1 January 2024
392,147
1,565,006
1,957,153
Charge for the year
61,729
240,502
302,231
------------
------------
------------
At 31 December 2024
453,876
1,805,508
2,259,384
------------
------------
------------
Carrying amount
At 31 December 2024
3,495,158
486,863
3,982,021
------------
------------
------------
At 31 December 2023
3,432,883
711,175
4,144,058
------------
------------
------------
The land and buildings are held on a lease of 150 years (less 10 days) from 22 December 2004.
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
456
----
Impairment
At 1 January 2024 and 31 December 2024
----
Carrying amount
At 31 December 2024
456
----
At 31 December 2023
456
----
The company holds 100% of the share capital of Field Hospitality Ltd, a non-trading company. The unlisted investment is carried at cost less impairment as this approximates to fair value.
8. Debtors
2024
2023
£
£
Trade debtors
23,945
28,851
Amounts owed by group undertakings
25,152
60,000
Other debtors
208,839
89,968
---------
---------
257,936
178,819
---------
---------
Amounts owed by group companies are unsecured, interest free and repayable on demand. Included in other debtors is a derivative financial asset held for interest rate hedging. The fair value is determined on a Mark to Market basis by Deutsche Bank.
2024 2023
£ £
Fair value brought forward 14,469 150,175
Fair value movement through income statement 110,817 (135,706)
--------- ---------
Fair value included in other debtors 125,286 14,469
--------- ---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
206,776
126,349
Amounts owed to group undertakings
762,244
818,212
Social security and other taxes
83,618
114,345
Other creditors
173,330
152,117
------------
------------
1,225,968
1,211,023
------------
------------
Amounts owed to group companies are unsecured, interest free and repayable on demand.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,375,000
4,375,000
------------
------------
The bank facilities are secured by a debenture incorporating fixed and floating charges over the assets of the company. Interest is payable based on SONIA plus 4.5%.
11. Charge on assets
On 30th September 2022 the company created a fixed and floating charge over its property and other assets in favour of Situs Asset Management Ltd in relation to a loan advanced to FRO III Cedar IRE FinCo Ltd, a parent company.
12. Summary audit opinion
The auditor's report dated 3 June 2025 was unqualified .
The senior statutory auditor was Ms. Kate Crossan , for and on behalf of Lenfestey & Co .
13. Related party transactions
The company has taken advantage of the exemption under FRS 102 in relation to disclosure of related party transactions with subsidiary companies within the group.
14. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
15. Controlling party
The company is a wholly owned subsidiary of FRO III Cedar IRE FinCo Ltd , a company incorporated in Republic of Ireland. The company's ultimate parent undertaking is FRO III Cedar Holdings LP , a Cayman Islands Limited Partnership with a registered office at Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The parent of the smallest group in which the results are consolidated is FRO III Cedar Finco I Ltd , a company registered in United Kingdom with a registered office address at 7 Clarges Street, 4th Floor, London, United Kingdom, W1J 8AE . These consolidated financial statements are available to the public from the Companies House UK website.