| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Central Park Hotel Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Central Park Hotel Limited |
| Central Park Hotel Limited (Registered number: 06704529) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 7 |
| Balance Sheet | 8 |
| Statement of Changes in Equity | 9 |
| Cash Flow Statement | 10 |
| Notes to the Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12 |
| Central Park Hotel Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 128 Ebury Street |
| London |
| SW1W 9QQ |
| Central Park Hotel Limited (Registered number: 06704529) |
| Strategic Report |
| for the Year Ended 30 September 2024 |
| The director presents his strategic report for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The company possesses the necessary management expertise to monitor and manage its business risks. The company has an efficient marketing department which constantly monitors price fluctuations in the market to remain competitive. The company's credit risk is minimised by ensuring that credit terms are only granted to customers who meet the company's stringent credit checks and have an established business track record with the company. |
| The results for the year ended 30 September 2024 show 20% decrease in revenue due to the refurbishment of one hotel. This has resulted is an overall loss before tax for the year of £926,639 (2023:profit £162,100) which is set out on page 7. The director considers that the result for the year is in line with expectations. |
| The balance sheet on page 8 shows that the financial position, net liabilities of £616,249 (2023: net assets£265,868). |
| The key areas of continued operational focus include the achievement of high standards of customer service and investment in the training and development of our hotel managers and staff. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key risk remains the health of the UK economy and its effect on the tourist industry, adverse movement in GBP/EUR and GBP/USD exchange rates impacting on the competitiveness of the United Kingdom as a tourist and business travel destination. International geo-political events having a negative impact on international travel.The company's most significant activity, hotel accomodation, the tourist industry is constantly evolving and the major threats are from changing visitor requirements and growth of new destinations, particularly overseas. |
| In monitoring the company's performance, the director and management have regard to a range of key performance indicators, including: |
| - Revenue per available room which combine two key sub-measures; Occupancy percentage and average daily rate per room sold |
| - Direct operating costs: cost of sales, payroll and other direct cost ratios and |
| - Indirect operating costs and overhead expenses |
| Management set targets for each of these measures and monitor them on a monthly basis as part of the budgeting and management accounting process. |
| FUTURE DEVELOPMENTS |
| The director aims to continue with the management policies and expect to grow rvenues and profitability both organically and acquisition of new hotel. |
| ON BEHALF OF THE BOARD: |
| Central Park Hotel Limited (Registered number: 06704529) |
| Report of the Director |
| for the Year Ended 30 September 2024 |
| The director presents his report with the financial statements of the company for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company during the year was that of hoteliers.The company operates Central Park hotel, Royal Eagle Hotel and Hyde Park Boutique Hotel in London. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 September 2024. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTOR |
| GOING CONCERN |
| The director has assessed whether the going concern basis of preparation is appropriate by reference to current trading condition and the position of the parent company, as the company is reliant on financial support from the parent.The director has received an undertaking from the parent company that it will make available such funds as are needed by the company and in particular will not seek repayment of the amounts currently made available. This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. |
| DIRECTOR'S RESPONSIBILITIES STATEMENT |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Rawi & Co Associates Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Central Park Hotel Limited |
| Opinion |
| We have audited the financial statements of Central Park Hotel Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| 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 company 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| Central Park Hotel Limited |
| Responsibilities of director |
| As explained more fully in the Director's Responsibilities Statement set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and in-house legal counsel about their own identification and assessment of the risks of irregularities. |
| We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that: |
| • had a direct effect on the determination of material amounts and disclosures in the financial statements; and those which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included UK Companies Act 2006 and HMRC tax legislation. |
| We discussed with the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
| As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address them are described below: |
| • manual journal posting to revenue: we obtained a relevant understanding of the relevant controls in place to |
| mitigate the risk of material misstatement and we substantively tested all differences above our de minimus threshold between the hotel reservation and general ledger system for room revenue, and the food and beverage till system and the general ledger system for food and beverage revenue. |
| In common with all audit under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusal or outside the normal course of business. |
| In addition to the above, our procedures to respond to the risks identified included the following: |
| • reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. |
| • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Central Park Hotel Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| 128 Ebury Street |
| London |
| SW1W 9QQ |
| Central Park Hotel Limited (Registered number: 06704529) |
| Statement of Comprehensive Income |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| (936,938 | ) | 151,974 |
| Other operating income |
| OPERATING (LOSS)/PROFIT and |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 6 | ( |
) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Central Park Hotel Limited (Registered number: 06704529) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The financial statements were approved by the director and authorised for issue on |
| Central Park Hotel Limited (Registered number: 06704529) |
| Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 September 2024 | ( |
) | ( |
) |
| Central Park Hotel Limited (Registered number: 06704529) |
| Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Net cash from investing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year | 2 | 1,556,627 |
| Cash and cash equivalents at end of year | 2 | 1,385,345 | 1,564,242 |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| (Loss)/profit before taxation | ( |
) |
| Depreciation charges |
| (907,417 | ) | 221,865 |
| Increase in stocks | ( |
) | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 1,385,345 | 1,564,242 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 1,564,242 | 1,556,627 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,564,242 | (178,897 | ) | 1,385,345 |
| 1,564,242 | ( |
) | 1,385,345 |
| Total | 1,564,242 | (178,897 | ) | 1,385,345 |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Central Park Hotel Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
| Going concern |
| As at 30 September 2024, the company has a net liabilities of £616,248 (2023: net assets £265,868). These financial statements are prepared on the going concern basis as Cenral Park Property Ltd, the Compny's intermediate holding company, has confirmed in writing its intention to continue to support the Company for a period of not less than 18 months from the date of approval of these financial statements, by providing sufficient funds to enable it to meet its liabilities as they fall due. On this basis, the director have concluded that it remains appropriate to prepare the financial statements on a going concern basis. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Turnover |
| Turnover represents amounts receivable from customers for services provided in the normal course of business excluding value added tax and discounts and is confined to the United Kingdom |
| Revenue from the sale of food and beverages is recognised at the point of sale. Revenue from room sales and other guest services is recognised when rooms are occupied and services are provided. Deferred revenue consisting of deposits paid in advance are recognised on the day that services are performed. |
| Tangible fixed assets |
| Tangible assets are initially recognised at cost and include all expenditure directly attributable to bringing the asset to the location and working condition for its intended use.Subsequent measurement is at cost less accumulated depreciation and impairment losses. |
| Subsequent expenditure is capitalised only when it is probable that it will give rise to future benefits i.e, maintenance expenditure is excluded but enhancement costs that meet the criteria are capitalised. |
| Tangible assets are depreciated to their residual value over their useful life on a straight-line basis. Estimates of the useful life and residual value, as well as the method of depreciation, are reviewed as a minimum at the end of each reporting period. Any changes are classified as a change in accounting estimate and so are applied prospectively. |
| The useful lives applied by the company are as follows: |
| Leasehold properties Over the term of the lease |
| Leasehold improvements 10 years |
| Plant and machinery 4 years |
| Impairment of tangible fixed assets |
| Fixtures, fittings and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The company recognises any impairment loss resulting from these reviews in seperately disclosed items in the profit and loss account. Impairment losses may be reversed in subsequent periods. However, the revised carrying value of the asset may not exceed the carrying value had the original impairment not arisen. |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
| Debtors |
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
| Creditors |
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| Cash at bank and in hand |
| Cash at bank and in hand comprise cash balances. |
| Taxation |
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
| Provisions and contingent liabilities |
| A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
| Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of an outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurence or non-occurence of one or more future events, are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote. |
| Foreign currency translation |
| Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. |
| At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
| Leased assets |
| A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| Obligations for contributions to defined contribution pension schemes are recognised as an expense in the statement of profit and loss as services from employees are received. Under such schemes, the company has no obligation to make further contributions to these schemes beyond the contracted amount. Prepaid contributions are recognised as an assets to the extent that the employee service has not yet been received. Accrual contributions are recognised as a liability. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
| 3. | EMPLOYEES AND DIRECTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Administration | 8 | 11 |
| Sales and maintenance | 41 | 53 |
| 4. | DIRECTORS' EMOLUMENTS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Director's remuneration |
| 5. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Audit fees |
| Key management personnel (including director's emmoluments) |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the loss for the year was as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on (loss)/profit | ( |
) |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| (Loss)/profit before tax | ( |
) |
| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Utilisation of tax losses |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Deferred tax adjustment | (76 | ) | (5,734 | ) |
| Total tax (credit)/charge | (44,522 | ) | 38,713 |
| 7. | TANGIBLE FIXED ASSETS |
| Leasehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 8. | STOCKS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Stock | 19,714 | 18,570 |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Deferred tax asset |
| Deferred tax asset |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax B/Fwd | 8,910 | 3,176 |
| Deferred tax charges | 76 | 5,734 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary shares | 1 | 100 | 100 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Deficit for the year | ( |
) |
| At 30 September 2024 | ( |
) |
| Central Park Hotel Limited (Registered number: 06704529) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 13. | OTHER FINANCIAL COMMITMENTS |
| Total future minimum lease payments under non-cancellable operating leases: |
| Land and buildings | Land and buildings |
| 2024 | 2023 |
| £ | £ |
| Falling due: |
| within one year | 4,866,801 | 5,200,000 |
| within two to five years | 23,644,532 |
| 28,511,333 | 5,200,000 |
| 14. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of the exemption in FRS 102 section 33.1A from the requirement to disclose the transactions with its 100 % parent. (Central Park Property Limited, a company incorporated in the British Virgin Islands). |
| The company paid rents of £1,800,000 (2023 - £2,005,107) to fellow subsidiary companies. |
| At the year end the director's account was overdrawn by £Nil (2023: £3,847) . |
| Certain borrowings of the parent company and fellow subsidiary companies are secured by fixed and floating charges over the assets of the company. |
| The ultimate parent entity is Redfort Ltd, a company registered in British Virgin Island . |
| In the director's opinion, the ultimate controlling parties are Harch Holding Trust and Spring Holding Trust, both registered in Jersey, Channel Islands. |
| 15. | POST BALANCE SHEET EVENTS |
| There have been no significant post balance sheet events affecting the financial position of the company which would require an adjustment to or a disclosure thereon in these financial statements. |