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Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present the Strategic Report for the year ended 30 April 2024.
Agate Properties Limited (Agate) is principally a real estate business focused on developing and operating places that make people the best version of themselves. Agate owns a diverse portfolio of residential, serviced apartments, hotels, co-working, and commercial assets directly and via wholly-owned subsidiaries. Agate is the parent company of the Lamington Group (LG) and employs the teams that source, acquire, develop, and operate the operational assets. The group’s diversified portfolio of real estate assets shields the business from industry-specific shocks. The majority of the owned assets are based in West London, UK.
The business performed strongly in the year to April 2024 with revenue increasing 21% to £13.4m. This is in part due to the opening of a new room2 Hometel in Belfast with 175 keys, restaurant, bar and meeting and events space in October 2023. The existing hometels and serviced apartments performance was up last year contributing to the positive performance. In August 2023, Agate acquired Piccadilly (York) Developments Ltd (PYD), a holding company of a hotel asset in York, UK. The transaction resulted in negative goodwill of £0.7m. Agate will develop this asset into a new room2 Hometel. In April 2024, a portfolio valuation was conducted by Knight Frank on the Agate property portfolio. This resulted in a downwards revaluation of the existing property portfolio by £3.8m. The residential properties had small increases but the office assets were impacted heavily based around the negative sentiment of office spaces post Covid-19 pandemic. In the year, Agate acquired a new mixed-use property with strong development potential and completed a conversion of an office building into 6 residential units. Both assets contributed positively to total group revenue. LG launched a new bespoke booking engine for the hometels to better tailor the guest journey in order to increase direct bookings and reduce commission costs. In the year, LG established a Board of Non-Executive Directors made up of external industry experts to support and guide LG through its coming growth phase. LG has ambitious growth plans, the board will provide additional assurance to stakeholders and future partners of the governance of the business.
Debt
Bank loans increased by £3.6m to £33.3m in the year after absorbing the debt in PYD Ltd on acquisition. Interest servicing costs jumped 67% in the year (£933k) due in part to the increased debt but mostly due to the increase in BOE base rate to 5.25%. LG's gearing at year end 30th April 2024 was 36.8%. Environmental, social and governance LG is a pioneer in sustainability and ESG in the hotel industry globally. In the year, LG became a BCorp certified business recognising the efforts and strides taken to be a business for good not just for profit. LG proudly became a Living Wage employer paying a fair wage to all employees across the business. LG has committed to being a Net Zero business by 2030. LG voluntarily releases Green House Gas (GHG) and Sustainability reports to track the progress to Net Zero by 2030 and be transparent about the challenges along the way.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The operational business uses key metrics to target the financial and non financial performance of the hotels and serviced apartments. Standard hotel metrics are used to target top line performance (ADR, Occ, RGI) and rent covers are used to control the bottom line performance. NPS and Trip Advisor rankings are used to cover the guest satisfaction scores.
The hotels average RGI score was over 100 (Revenue Generating Index - performance compared to competitor set) and NPS score was over 78 across all the hotels. Room2 Southampton and Belfast are both ranked #1 on Trip Advisor based on guest review scores for their respective cities.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The profit for the year, after taxation, amounted to £66,623 (2023 - £1,172,577).
The directors who served during the year were:
The HSBC loan in Chiswick Apartment Hotels Ltd expiring in March 2025 was extended until September 2025. Investment into preparing hotel development projects in York and Manchester for construction is ongoing. Further acquisition projects are being consistently assessed for hotel development projects.
In August 2024, Agate Properties Limited and related company, LEK Property Developments Limited, completed a refinancing. A loan of £41m was received from Aldermore Bank PLC on a 5 year term. This refinanced and consolidated all the lenders into Agate Properties Limited. The full balance will be repayable in August 2029.
The loan has been utilised to pay out the Director's loans (£2.8m), obtain full ownership from the joint venture partner in Northside Manchester Ltd (£1.9m), repay the loan secured against the York asset in Piccadilly York Developments Limited. The remaining funds will be deployed to pursue the Group's growth ambitions. The bank loan held in Chiswick Apartment Hotels Limited, which was due to expire in March 2025, has been extended by 6 month and the lenders have indicated their support until new financing is in places.
A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGATE PROPERTIES LIMITED
We have audited the financial statements of Agate Properties Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 auditing the financial statements, we have concluded that the directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGATE PROPERTIES LIMITED (CONTINUED)
We have nothing to report in this regard.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGATE PROPERTIES LIMITED (CONTINUED)
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 an Auditor's report 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 Group 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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets;
∙Timing and completeness of revenue recognition;
∙Existence and valuation of stock;
∙Management judgement applied in calculating estimates and provisions; and
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness;
∙Testing a sample of revenue transactions and associated recognition of revenue on projects ongoing across the year end to ensure appropriate;
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims and inspection of relevant correspondence;
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations;
∙Reviewing and sample of year end debtor balances to ensure post year end receipts support debtor recoverability;
∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied;
∙Analytical procedures to identify any unusual or unexpected trends or relationship; and
∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AGATE PROPERTIES LIMITED (CONTINUED)
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 an Auditor's report 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
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
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CONSOLIDATED 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:
The notes on pages 19 to 49 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
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COMPANY 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:
The notes on pages 19 to 49 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Agate Properties Limited ("the Company") is a private limited company incorporated in England and Wales. The registered office is 109 Hammersmith Grove, Hammersmith, London, W6 0NQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2014.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The Group has net current liabilities liabilities of £24.9m which includes bank debt of £13m to be refinanced post year end together with related party loans of £10.6m. However, 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 Group is a going concern and have prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (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:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 Group'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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
Derecognition of financial instruments
Derecognition of financial assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
On an ongoing basis, the Group evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The following paragraphs detail the estimates and judgments the company believes to have the most significant impact on the annual results under FRS 102. Freehold properties (tangible fixed assets) and Investment Properties Judgments and estimates are required in assessing the fair value of the freehold and investment properties. Valuations are carried out by professional valuers based on the market value of the long leasehold and freehold interests in the properties, in their existing condition, assuming individual sales of each unit, with the existing tenancies in-situ or otherwise assuming individual open market lettings on standard 12-month Assured Shorthold Tenancies (ASTs) of the flats, as at the valuation date. Given the significance of the assets, any change in any assumptions could lead to a material difference in the value of fixed assets. Some of the freehold and investment properties valuations are based on available market data and estimates and judgments made by management for example future income, discount rates, capitalisation rates and sales price history per square feet. The estimates and judgments used in property valuations may differ from actual data, and any variances could have a material impact on the accounts given the sensitivity of the assumptions. Property, Plant and Equipment The useful lives of property, plant and equipment are based on the directors best estimate of the useful life of the asset and its residual value. If the actual useful life or the actual residual value differed from these estimates there could be a material impact on the accounts given the value of these assets. During the financial year, the directors determined there were no significant changes in the useful lives and residual values. Recovery of intercompany and joint venture debtors Intercompany balances receivables are reviewed frequently for impairment. Where the net assets of the subsidiary or joint venture do not sufficiently cover the debtor, the directors consider the need to impair.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 33
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Intangible assets (continued)
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16.Tangible fixed assets (continued)
Page 37
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 38
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 39
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The 2024 valuations were made by Savills, on an open market value for existing use basis.
The 2024 valuations were made by Savills, on an open market value for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 41
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 42
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 43
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 44
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
26.Deferred taxation (continued)
Page 45
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Revaluation reserve
Profit and loss account
Page 46
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 47
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
30.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £12,863 (2023 - £13,086) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The loan has been utilised to pay out the Director's loans (£2.8m), obtain full ownership from the joint venture partner in Northside Manchester Ltd (£1.9m), repay the loan secured against the York asset in Piccadilly York Developments Limited. The remaining funds will be deployed to pursue the Group's growth ambitions. The bank loan held in Chiswick Apartment Hotels Limited, which was due to expire in March 2025, has been extended by 6 month and the lenders have indicated their support until new financing is in places.
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