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Registered number: 13549284














YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 30 APRIL 2024

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

COMPANY INFORMATION


Directors
G W Godwin (appointed 31 August 2023)
R H Godwin (appointed 1 September 2023)
S T Godwin (appointed 1 September 2023)
P J Ellis (resigned 1 September 2023)
J C Irwin (resigned 19 June 2023)




Registered number
13549284



Registered office
109 Hammersmith Grove

London

England

W6 0NQ




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 10


 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 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 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
REGISTERED NUMBER: 13549284

BALANCE SHEET
AS AT 30 APRIL 2024

30 April
30 August
2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
190,863
190,863

  
190,863
190,863

Current assets
  

Stocks
  
1,263,514
394,021

Debtors: amounts falling due within one year
 5 
5,279,612
5,241,175

Cash at bank and in hand
 6 
96
94

  
6,543,222
5,635,290

Creditors: amounts falling due within one year
 7 
(5,710,055)
(7,275,333)

Net current assets/(liabilities)
  
 
 
833,167
 
 
(1,640,043)

Total assets less current liabilities
  
1,024,030
(1,449,180)

Creditors: amounts falling due after more than one year
  
(280,000)
(68,344)

  

Net assets/(liabilities)
  
744,030
(1,517,524)


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
  
743,830
(1,517,724)

  
744,030
(1,517,524)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
REGISTERED NUMBER: 13549284

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R H Godwin
Director

Date: 15 June 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

York Apartment Hotels Limited (formerly North Star (Piccadilly) Ltd) is a private company limited by shares and incorporated in England and Wales whose registered office is 109 Hammersmith Grove, C/O Lamington, London, W6 0NQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The Directors of Agate Properties Limited ("The Group") have prepared the consolidated cash flow forecasts for a period to 30 April 2026 which show the Group is able to meet its financial obligations as they fall due. The forecast includes management's best estimates of income and costs for the Group, and they show the Group has the liquidity to continue to trade in the period, as well as meet all bank covenants as and when they fall due. The forecasts are based on the assumption that the group has suitable bank funding in place.  In August 2024, the Group and a related company LEK Property Developments Ltd completed a refinance with Aldermore bank on a 5 year term.  A loan agreement with HSBC which expired in March 2025 has been extended to 30 September 2025 and they have indicated their support until the new financing is in place.  The Directors are in discussions with another lender to refinance and increase this facility to support the growth plans of the Group.   Whilst not all the banking facilities are in place for a period of 12 months, the directors have no concerns regarding the ability of the Group to obtain the necessary funding.
Based on the above, the directors have concluded the Company is a going concern and have prepared the financial statements on a going concern basis.

 
2.3

Finance costs

Finance costs are charged to profit or loss 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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.


Page 4

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Valuation of investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

  
2.8

Stocks

Stocks relate to work in progress that comprises of property under development and is stated at the lower of cost and net realisable value.

 
2.9

Debtors

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.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

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 Balance Sheet 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.
 

Page 5

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

 

Page 6

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.


3.


Employees




The average monthly number of employees, including directors, during the period was 3 (2023 - 2).


4.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 31 August 2023
190,863



At 30 April 2024
190,863




Page 7

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

5.


Debtors

30 April
30 August
2024
2023
£
£


Amounts owed by group undertakings
5,197,114
5,189,915

Other debtors
70,690
51,260

Prepayments and accrued income
11,808
-

5,279,612
5,241,175



6.


Cash and cash equivalents

30 April
30 August
2024
2023
£
£

Cash at bank and in hand
96
94

96
94



7.


Creditors: Amounts falling due within one year

30 April
30 August
2024
2023
£
£

Bank loans
3,142,543
3,929,332

Other loans
-
2,631,923

Trade creditors
266,821
380,163

Amounts owed to group undertakings
2,203,669
-

Corporation tax
97,022
-

Other creditors
-
328,915

Accruals and deferred income
-
5,000

5,710,055
7,275,333


The bank loan was fully repaid in November 2024. The loan attracted interest of 10.5% per annum. 

Page 8

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

30 April
30 August
2024
2023
£
£

Bank loans
-
68,344

Other creditors
280,000
-

280,000
68,344



9.


Loans


Analysis of the maturity of loans is given below:


30 April
30 August
2024
2023
£
£

Amounts falling due within one year

Bank loans
3,142,543
3,929,332

Other loans
-
2,631,923


3,142,543
6,561,255

Amounts falling due 1-2 years

Bank loans
-
68,344


-
68,344



3,142,543
6,629,599



10.


Share capital

30 April
30 August
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
100 (2023 - 100) Ordinary B shares of £1.00 each
100
100

200

200


Page 9

 
YORK APARTMENT HOTELS LIMITED (FORMERLY NORTH STAR (PICCADILLY) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


Related party transactions

The Company has taken advantage of exemptions within FRS 102 section 1AC.35 (Related Party Disclosures) which allow exemption from the disclosure of related party transactions with other group companies.


12.


Controlling party

At the period end, Agate Properties Limited is the immediate parent and ultimate parent company.  The address of its registered office is 109 Hammersmith Grove, Hammersmith, London, W6 0NQ.
Group financial statements are prepared and are available from Companies House, register number 00904057.


13.


Auditor's information

The auditor's report on the financial statements for the period ended 30 April 2024 was unqualified.

The audit report was signed on 16 June 2025 by Derek Mair (Senior Statutory Auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 10