IRIS Accounts Production v25.1.4.42 04659208 Board of Directors 1.1.24 31.12.24 31.12.24 16/6/2025 true false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046592082023-12-31046592082024-12-31046592082024-01-012024-12-31046592082022-12-31046592082023-01-012023-12-31046592082023-12-3104659208ns15:EnglandWales2024-01-012024-12-3104659208ns14:PoundSterling2024-01-012024-12-3104659208ns10:Director12024-01-012024-12-3104659208ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3104659208ns10:SmallEntities2024-01-012024-12-3104659208ns10:Audited2024-01-012024-12-3104659208ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3104659208ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3104659208ns10:FullAccounts2024-01-012024-12-310465920812024-01-012024-12-3104659208ns10:Director22024-01-012024-12-3104659208ns10:Director32024-01-012024-12-3104659208ns10:Director42024-01-012024-12-3104659208ns10:Director52024-01-012024-12-3104659208ns10:RegisteredOffice2024-01-012024-12-3104659208ns5:CurrentFinancialInstruments2024-12-3104659208ns5:CurrentFinancialInstruments2023-12-3104659208ns5:Non-currentFinancialInstruments2024-12-3104659208ns5:Non-currentFinancialInstruments2023-12-3104659208ns5:ShareCapital2024-12-3104659208ns5:ShareCapital2023-12-3104659208ns5:RetainedEarningsAccumulatedLosses2024-12-3104659208ns5:RetainedEarningsAccumulatedLosses2023-12-3104659208ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3104659208ns5:IntangibleAssetsOtherThanGoodwill2023-12-3104659208ns5:IntangibleAssetsOtherThanGoodwill2024-12-3104659208ns5:IntangibleAssetsOtherThanGoodwill2023-12-3104659208ns5:LandBuildings2023-12-3104659208ns5:PlantMachinery2023-12-3104659208ns5:LandBuildings2024-01-012024-12-3104659208ns5:PlantMachinery2024-01-012024-12-3104659208ns5:LandBuildings2024-12-3104659208ns5:PlantMachinery2024-12-3104659208ns5:LandBuildings2023-12-3104659208ns5:PlantMachinery2023-12-3104659208ns5:CostValuation2023-12-3104659208ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-12-3104659208ns5:CostValuation2024-12-3104659208ns5:Subsidiary12024-01-012024-12-31046592081ns5:Subsidiary12024-01-012024-12-3104659208ns5:Subsidiary12024-12-3104659208ns5:Subsidiary12023-12-3104659208ns5:Subsidiary12023-12-3104659208ns5:Subsidiary12023-01-012023-12-3104659208ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3104659208ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3104659208ns5:WithinOneYear2024-12-3104659208ns5:WithinOneYear2023-12-310465920812024-01-012024-12-31
REGISTERED NUMBER: 04659208 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BAGLIONI (UK) LIMITED

BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

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 3


BAGLIONI (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J G Chapur Dajer
O Chapur Becil
J Chapur Becil
M Baldo
A Chapur Becil





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 04659208 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and
Statutory Auditors
38 Craven Street
London
WC2N 5NG

BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - 307,766
Tangible assets 6 - 694,039
Investments 7 - 391,425
- 1,393,230

CURRENT ASSETS
Stocks - 76,255
Debtors 8 1,033,160 1,290,830
Cash in hand 49,019 1,811,106
1,082,179 3,178,191
CREDITORS
Amounts falling due within one year 9 (8,936,919 ) (9,788,456 )
NET CURRENT LIABILITIES (7,854,740 ) (6,610,265 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,854,740

)

(5,217,035

)

CREDITORS
Amounts falling due after more than one
year

10

(8,759

)

(20,295

)

PROVISIONS FOR LIABILITIES - (15,000 )
NET LIABILITIES (7,863,499 ) (5,252,330 )

CAPITAL AND RESERVES
Called up share capital 4,633,682 4,633,682
Retained earnings (12,497,181 ) (9,886,012 )
SHAREHOLDERS' FUNDS (7,863,499 ) (5,252,330 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





M Baldo - Director


BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Baglioni (UK) Limited 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.

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
The Company's room, food and beverage and meeting and events revenues are recognized when the rooms are occupied and the services are performed.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses.

Amortization is recognized so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Software & development 20% straight line
Other 10% straight line

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold 5% - 20% straight line
Plant and machinery etc. 8% - 40% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks 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 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.


BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The company made a loss after taxation of £2,611,169 (2023:£1,857,854) and has net liabilities of £7,863,499 (2023: £5,252,330) as at 31 December 2024. The financial statements have been prepared on the going concern basis. The company is reliant on its immediate parent company Baglioni SpA for financial support.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2023 - 79 ) .

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

21,000

21,000
Other non- audit services 12,000 4,000

BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 725,128
Additions 8,464
Disposals (733,592 )
At 31 December 2024 -
AMORTISATION
At 1 January 2024 417,362
Charge for year 316,228
Eliminated on disposal (733,590 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 307,766

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 1,710,930 6,128,903 7,839,833
Additions - 2,365 2,365
Disposals (1,710,930 ) (6,131,268 ) (7,842,198 )
At 31 December 2024 - - -
DEPRECIATION
At 1 January 2024 1,680,738 5,465,056 7,145,794
Charge for year 29,966 666,438 696,404
Eliminated on disposal (1,710,704 ) (6,131,494 ) (7,842,198 )
At 31 December 2024 - - -
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 30,192 663,847 694,039

BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024 391,425
Impairments (391,425 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 391,425

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Baglioni Maldives Private Limited
Registered office:
Nature of business: Hotels and similar accommodation
%
Class of shares: holding
Ordinary 10.00
31/12/23 31/12/22
£    £   
Aggregate capital and reserves (12,213,863 ) (7,768,229 )
Loss for the year (4,860,854 ) (1,677,718 )

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 109,148 42,077
Amounts owed by group undertakings 33,459 42,815
Other debtors 890,553 1,205,938
1,033,160 1,290,830

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,836 9,836
Trade creditors 76,255 300,278
Amounts owed to group undertakings 8,596,650 8,626,114
Taxation and social security 20,530 325,022
Other creditors 233,648 527,206
8,936,919 9,788,456

BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 8,759 20,295

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 2,200,000

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
At year ended 31 December 2024, the company had a total amount of cash in hand of £49,010. In the reconciliation process an amount of £212,453 was written off in order to reconcile the final figure with the December bank statement. That amount was included in the Administrative expenses. We have been unable to satisfy ourselves of the accuracy of this transaction.
Consequently, we are unable to determine whether any adjustments were necessary to the Income Statement and Balance Sheet, had we obtained the appropriate audit evidence and support and audited these balances.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Baglioni (UK) Limited is included within the consolidated group accounts of Palace Company Europe Srl (previously known as Baglioni Hotel SpA) which are available from Via Pontaccio, 10 , 20121, Milano, Italy.

During the year the company directors remuneration was nil (2023:£143,331).

14. POST BALANCE SHEET EVENTS

After the reporting date, the Company received capital contributions from its parent company (Palace Company Europe Srl (ex Baglioni SpA) totalling £1.9 million (€2.3mn). These funds were provided to support the Company's ongoing operations and strengthen its financial position.

BAGLIONI (UK) LIMITED (REGISTERED NUMBER: 04659208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. ULTIMATE CONTROLLING PARTY

The Ultimate parent company of Baglioni (UK) Limited is Operadora Palace Resort by virtue of their controlling shareholding in Cogeta Palace Gestioni SpA and Palace Company Europe Srl (ex Baglioni SpA)- immediate parent company of Baglioni (UK) Limited.