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Registered number: 13189748










CHISWICK APARTMENT HOTELS OPCO LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

COMPANY INFORMATION


Directors
G W Godwin 
R H Godwin 
S T Godwin 




Registered number
13189748



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





 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 13

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR 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;


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

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
REGISTERED NUMBER:13189748

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,156
1,250

Tangible assets
 5 
17,255
2,331

  
18,411
3,581

Current assets
  

Stocks
  
6,533
10,528

Debtors: amounts falling due within one year
 6 
1,728,122
1,047,787

Cash at bank and in hand
 7 
69,323
185,400

  
1,803,978
1,243,715

Creditors: amounts falling due within one year
 8 
(243,535)
(363,377)

Net current assets
  
 
 
1,560,443
 
 
880,338

Total assets less current liabilities
  
1,578,854
883,919

Provisions for liabilities
  

Deferred tax
 9 
(4,331)
-

  
 
 
(4,331)
 
 
-

Net assets
  
1,574,523
883,919


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,574,522
883,918

  
1,574,523
883,919


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

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
REGISTERED NUMBER:13189748

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 13 form part of these financial statements.

Page 3

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Chiswick Apartment Hotels Opco Ltd is a private company, limited by shares and incorporated in England
and Wales whose registered address is 109 Hammersmith Grove, Hammersmith, 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.

Page 4

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
10
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 

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

2.Accounting policies (continued)

 
2.14

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.

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 21).

Page 8

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Computer software

£



Cost


At 1 May 2023
1,250



At 30 April 2024

1,250



Amortisation


Charge for the year on owned assets
94



At 30 April 2024

94



Net book value



At 30 April 2024
1,156



At 30 April 2023
1,250



Page 9

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
591
2,200
1,178
3,969


Additions
10,133
7,499
224
17,856



At 30 April 2024

10,724
9,699
1,402
21,825



Depreciation


At 1 May 2023
143
1,231
264
1,638


Charge for the year on owned assets
1,431
1,156
345
2,932



At 30 April 2024

1,574
2,387
609
4,570



Net book value



At 30 April 2024
9,150
7,312
793
17,255



At 30 April 2023
448
969
914
2,331

Page 10

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
85,399
55,238

Amounts owed by group undertakings
1,532,270
786,168

Other debtors
62,356
52,944

Prepayments and accrued income
48,097
153,437

1,728,122
1,047,787


Amounts owed by group undertakings are interest free and repayable on demand.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
69,323
185,400

69,323
185,400



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
62,961
148,908

Other taxation and social security
66,460
70,984

Other creditors
2,536
3,474

Accruals and deferred income
111,578
140,011

243,535
363,377



9.


Deferred taxation




2024


£






Charged to profit or loss
4,331



At end of year
4,331

Page 11

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
4,602
-

Tax losses carried forward
(271)
-

4,331
-


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,558 (2023: £8,607). Contributions totalling £2,021 (2023: £2,020) were payable to the fund at the reporting date.


11.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,204,000
1,204,000

Later than 1 year and not later than 5 years
4,816,000
4,816,000

Later than 5 years
27,391,000
28,595,000

33,411,000
34,615,000


12.


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.

13.


Controlling party

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.

Page 12

 
CHISWICK APARTMENT HOTELS OPCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Auditor's information

The auditor's report on the financial statements for the year 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 13