Company registration number 5633176 (England and Wales)
ASCOT HYDE PARK HOTEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
ASCOT HYDE PARK HOTEL LIMITED
COMPANY INFORMATION
Directors
R Meshreky
R Andraous
Company number
5633176
Registered office
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
United Kingdom
W1T 4RN
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
United Kingdom
W1T 4RN
Business address
16-18 Penywern Road
London
England
SW5 9SU
ASCOT HYDE PARK HOTEL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
ASCOT HYDE PARK HOTEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Principal activities

The principal activity of the company and its consolidated subsidiaries is the ownership, operation, and management of hotel properties across central London. The group continues to focus on delivering high-quality hospitality services while maximising value from its freehold and leasehold asset base.

Review of the business

The year ended 31 October 2024 marked a notable recovery for the Group, despite continued macroeconomic pressures. While total revenue decreased modestly to £7.73 million (2023: £7.92 million), the Group delivered a significantly stronger financial performance.

This performance was achieved through disciplined cost control, operational realignment, and improved financial management in response to external headwinds including rising wage costs, energy price inflation, and general increases in supplier rates.

In particular:

These initiatives enabled the Group to offset most of the inflationary pressure and preserve margins without compromising the guest experience.

Overall, the Group has emerged leaner and more resilient, with a cost base better aligned to current trading conditions and long-term strategic goals.

Principal risks and uncertainties

The group uses financial instruments compromising bank and other borrowings and various net working capital items such as trade debtors and trade creditors, to finance its operations not funded by way of equity. The main risks identified with using these financial instruments are the management of cash flow and exposure to interest rate fluctuations.

 

The group meets its day to day working capital requirements through bank facilities which are renewed regularly. The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group will be able to operate within the level of its current facility and accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Going concern

In determining the appropriate basis of preparation of the Financial Statements, the directors are required to consider whether the group can continue in operational existence for the foreseeable future.

 

The Group’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the Group will be able to operate within the level of its current facilities.

 

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements

ASCOT HYDE PARK HOTEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Key performance indicators

 

2024        2023

 

Turnover            £7.73m        £7.92m

Gross Profit            £4.56m        £4.89m

 

Gross Profit Margin        59.0%        61.8%

 

EBITDA                £2.02m        £1.25m

 

EBITDA Margin            26.1%        15.8%

 

Net Profit/(Loss) before tax     £607k        (£167k)

Outlook

 

The directors remain optimistic about the year ahead. With key refinancing arrangements completed and a more efficient cost structure in place, the Group is well-positioned to benefit from the continued resilience of the London hospitality market.

 

A core focus for the coming year is strategic investment in technology to enhance operational efficiency and guest satisfaction. The Group is upgrading its check-in process by introducing electronic ID scanners, automated payment processing, and digital check-in functionality. These enhancements are designed to improve security, reduce manual intervention, and provide a smoother, more convenient experience for guests.

 

In addition, the Group is advancing its yield management strategy by investing in intelligent benchmarking and dynamic pricing tools. These systems enable real-time monitoring of competitor rates, demand trends, local event calendars, and other supply-and-demand factors. As a result, room pricing can be adjusted dynamically to optimise occupancy and maximise revenue throughout the year.

 

With these initiatives in place, the Group aims to reinforce its competitive position, maintain margin discipline, and deliver sustainable growth in an evolving market environment.

 

On behalf of the board

R Andraous
Director
13 June 2025
ASCOT HYDE PARK HOTEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Meshreky
R Andraous
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

Goodman Jones LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ASCOT HYDE PARK HOTEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R Andraous
Director
13 June 2025
ASCOT HYDE PARK HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASCOT HYDE PARK HOTEL LIMITED
- 5 -
Opinion

We have audited the financial statements of Ascot Hyde Park Hotel Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

ASCOT HYDE PARK HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASCOT HYDE PARK HOTEL LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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 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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

ASCOT HYDE PARK HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASCOT HYDE PARK HOTEL LIMITED
- 7 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. The further removed instances of non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Charlotte Tong (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
United Kingdom
13 June 2025
ASCOT HYDE PARK HOTEL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
7,728,701
7,921,573
Cost of sales
(3,166,231)
(3,029,785)
Gross profit
4,562,470
4,891,788
Administrative expenses
(2,970,431)
(4,162,917)
Operating profit
4
1,592,039
728,871
Interest payable and similar expenses
8
(984,544)
(895,859)
Profit/(loss) before taxation
607,495
(166,988)
Tax on profit/(loss)
9
(176,965)
-
0
Profit/(loss) for the financial year
430,530
(166,988)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
ASCOT HYDE PARK HOTEL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£
£
Profit/(loss) for the year
430,530
(166,988)
Other comprehensive income
Tax relating to other comprehensive income
(582,973)
191,582
Total comprehensive income for the year
(152,443)
24,594
Total comprehensive income for the year is all attributable to the owners of the parent company.
ASCOT HYDE PARK HOTEL LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
35,756,723
36,384,728
Current assets
Stocks
14
4,500
4,500
Debtors
15
7,561,567
7,922,932
Cash at bank and in hand
3,083,549
2,720,664
10,649,616
10,648,096
Creditors: amounts falling due within one year
16
(16,187,376)
(5,523,818)
Net current (liabilities)/assets
(5,537,760)
5,124,278
Total assets less current liabilities
30,218,963
41,509,006
Creditors: amounts falling due after more than one year
17
(1,265,833)
(12,713,930)
Provisions for liabilities
Deferred tax liability
19
6,036,334
5,453,361
(6,036,334)
(5,453,361)
Net assets
22,916,796
23,341,715
Capital and reserves
Called up share capital
21
100
100
Revaluation reserve
9,170,933
10,026,382
Profit and loss reserves
13,745,763
13,315,233
Total equity
22,916,796
23,341,715

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
13 June 2025
R Andraous
Director
Company registration number 5633176 (England and Wales)
ASCOT HYDE PARK HOTEL LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
152,232
231,073
Investments
11
6,984,514
6,984,514
7,136,746
7,215,587
Current assets
Stocks
14
1,500
1,500
Debtors
15
403,149
383,062
Cash at bank and in hand
765,384
651,530
1,170,033
1,036,092
Creditors: amounts falling due within one year
16
(6,654,820)
(6,617,095)
Net current liabilities
(5,484,787)
(5,581,003)
Net assets
1,651,959
1,634,584
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
1,651,859
1,634,484
Total equity
1,651,959
1,634,584

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £17,375 (2023 - £166,074).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
13 June 2025
R Andraous
Director
Company registration number 5633176 (England and Wales)
ASCOT HYDE PARK HOTEL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
100
9,834,800
13,482,221
23,317,121
Year ended 31 October 2023:
Loss for the year
-
-
(166,988)
(166,988)
Other comprehensive income:
Tax relating to other comprehensive income
-
191,582
-
0
191,582
Total comprehensive income
-
191,582
(166,988)
24,594
Balance at 31 October 2023
100
10,026,382
13,315,233
23,341,715
Year ended 31 October 2024:
Profit for the year
-
-
430,530
430,530
Other comprehensive income:
Tax relating to other comprehensive income
-
(582,973)
-
0
(582,973)
Total comprehensive income
-
(582,973)
430,530
(152,443)
Other movements
-
(272,476)
-
(272,476)
Balance at 31 October 2024
100
9,170,933
13,745,763
22,916,796
ASCOT HYDE PARK HOTEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
100
1,468,410
1,468,510
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
166,074
166,074
Balance at 31 October 2023
100
1,634,484
1,634,584
Year ended 31 October 2024:
Profit and total comprehensive income
-
17,375
17,375
Balance at 31 October 2024
100
1,651,859
1,651,959
ASCOT HYDE PARK HOTEL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,045,454
2,358,018
Interest paid
(984,544)
(895,859)
Income taxes paid
(232,001)
(9,799)
Net cash inflow from operating activities
828,909
1,452,360
Investing activities
Purchase of tangible fixed assets
(71,764)
(356,278)
Proceeds from disposal of tangible fixed assets
-
16,074
Net cash used in investing activities
(71,764)
(340,204)
Financing activities
Repayment of bank loans
(394,260)
(313,591)
Net cash used in financing activities
(394,260)
(313,591)
Net increase in cash and cash equivalents
362,885
798,565
Cash and cash equivalents at beginning of year
2,720,664
1,922,099
Cash and cash equivalents at end of year
3,083,549
2,720,664
ASCOT HYDE PARK HOTEL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
222,444
325,600
Income taxes paid
(82,001)
(9,799)
Net cash inflow from operating activities
140,443
315,801
Investing activities
Purchase of tangible fixed assets
(26,589)
(68,847)
Purchase of subsidiaries
-
0
(100)
Net cash used in investing activities
(26,589)
(68,947)
Net increase in cash and cash equivalents
113,854
246,854
Cash and cash equivalents at beginning of year
651,530
404,676
Cash and cash equivalents at end of year
765,384
651,530
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
1
Accounting policies
Company information

Ascot Hyde Park Hotel Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.

 

The group consists of Ascot Hyde Park Hotel Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ascot Hyde Park Hotel Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
Not depreciated
Leasehold land and buildings
Over the period of the lease
Plant and equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets and depreciation

The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual economic lives differ materially from the estimates used to calculate depreciation, that charge is added retrospectively. Due to the significance of tangible fixed assets to the company, variances between actual and estimated useful economic lives could impact on the operating results both positively or negatively.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Hotel Sales
7,291,506
7,558,301
Rent Receivable
146,982
126,579
Other Income
290,213
236,693
7,728,701
7,921,573

All income was generated in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
427,293
524,387
Profit on disposal of tangible fixed assets
-
(9,039)
Operating lease charges
400,471
255,157
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,575
11,000
Audit of the financial statements of the company's subsidiaries
12,475
14,500
30,050
25,500
For other services
All other non-audit services
13,250
11,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
38
56
15
17

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
783,878
1,304,100
199,206
279,485
Social security costs
55,982
91,994
11,151
16,445
Pension costs
15,510
12,531
1,001
531
855,370
1,408,625
211,358
296,461

Key Management Personnel

 

Key management personnel include the company’s directors and senior operational executives with authority over strategic and financial decision-making. This includes the Managing Director and the Hotel General Manager.

 

During the year, the group paid remuneration totalling £72,700 (2023: £60,000) to key management personnel. There were no transactions that were not at arm's length.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
21,000
16,800
Company pension contributions to defined contribution schemes
12,000
12,000
33,000
28,800
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
938
Other interest on financial liabilities
984,544
894,921
984,544
895,859
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
176,965
-
0

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
607,495
(166,988)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
151,874
(31,728)
Tax effect of expenses that are not deductible in determining taxable profit
165,496
27,272
Unutilised tax losses carried forward
(140,405)
4,456
Taxation charge
176,965
-
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 25 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
582,973
(191,582)

Factors that may affect future tax charges

 

At the Spring Budget 2021, the Corporation Tax main rate for non-ring fence profits was increased to 25% for profits above £250,000. A small profits rate of 19% was also announced for companies with profits of £50,000 or less. Companies with profits between £50,000 and £250,000 will pay tax at the main rate, reduced by a marginal relief.

 

The deferred taxation liability has therefore been calculated at 25%, being the rate substantively enacted at the Balance Sheet date.

10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
34,911,376
782,240
5,082,640
40,171
40,816,427
Additions
-
0
10,800
60,964
-
0
71,764
Revaluation
(272,476)
-
0
-
0
-
0
(272,476)
At 31 October 2024
34,638,900
793,040
5,143,604
40,171
40,615,715
Depreciation and impairment
At 1 November 2023
-
0
668,712
3,754,001
8,986
4,431,699
Depreciation charged in the year
-
0
72,096
347,401
7,796
427,293
At 31 October 2024
-
0
740,808
4,101,402
16,782
4,858,992
Carrying amount
At 31 October 2024
34,638,900
52,232
1,042,202
23,389
35,756,723
At 31 October 2023
34,911,376
113,528
1,328,639
31,185
36,384,728
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 November 2023
782,240
466,718
1,248,958
Additions
10,800
15,788
26,588
At 31 October 2024
793,040
482,506
1,275,546
Depreciation and impairment
At 1 November 2023
668,712
349,173
1,017,885
Depreciation charged in the year
72,096
33,333
105,429
At 31 October 2024
740,808
382,506
1,123,314
Carrying amount
At 31 October 2024
52,232
100,000
152,232
At 31 October 2023
113,528
117,545
231,073

Land, buildings and associated plant and machinery with a carrying amount of £39.3m were revalued in 2024 by independent valuers not connected with the company on the basis of market value.

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
6,984,514
6,984,514
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
6,984,514
Carrying amount
At 31 October 2024
6,984,514
At 31 October 2023
6,984,514
12
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Perlflag Hotels Limited
England and Wales
Hoteliers
Ordinary
100.00
Perlflag Hospitality Limited
England and Wales
Dormant
Ordinary
100.00

The registered office of the above named subsidiaries is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN.

 

13
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial assets
Financial assets measured at amortised cost
10,393,846
10,453,082
981,645
892,824
Financial liabilities
Financial liabilities measured at amortised cost
17,228,394
17,861,399
6,545,041
6,516,668

Financial instruments measured at amortised cost comprise trade debtors, accrued income, other loans, sundry debtors, amounts owing from related parties and cash at bank.

 

Financial liabilities measured at amortised cost comprise borrowings, accruals, trade creditors, amounts owing to related parties, provisions and other creditors.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
4,500
4,500
1,500
1,500
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
48,992
65,175
48,992
65,175
Corporation tax recoverable
55,036
-
0
39,075
-
0
Other debtors
7,261,305
7,667,243
167,269
176,119
Prepayments and accrued income
196,234
190,514
147,813
141,768
7,561,567
7,922,932
403,149
383,062

There are no formal arrangements in place for the repayment of amounts owed by related parties and interest is not charged on these balances.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
12,000,416
946,579
-
0
-
0
Trade creditors
260,992
367,485
70,426
64,356
Amounts owed to group undertakings
-
0
-
0
5,274,802
5,274,802
Other taxation and social security
174,687
361,955
75,495
86,033
Deferred income
50,128
14,394
34,284
14,394
Other creditors
3,657,575
3,803,449
1,180,013
1,172,890
Accruals
43,578
29,956
19,800
4,620
16,187,376
5,523,818
6,654,820
6,617,095

Included within trade creditors and other creditors are amounts owed to connected parties that are interest free and repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,265,833
12,713,930
-
0
-
0
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
13,266,249
13,660,509
-
0
-
0
Payable within one year
12,000,416
946,579
-
0
-
0
Payable after one year
1,265,833
12,713,930
-
0
-
0

Included within bank loans, are government-backed Coronavirus Business Interruption Loans (CBIL) totalling £1,343,333 (2023: £1,420,833) with interest charges of 7.4% per annum. These loans will be repaid in July 2026 and February 2027.

 

Included within bank loans is a loan totalling £11,922,916 (2023: £12,239,676) with interest charges of 6.6%

per annum. This loan was refinanced in November 2024, and the new loan is due for repayment in December

2029.

 

The loans are secured by fixed and floating charges over property, assets and rights, unlimited debentures from the company, and legal charge over freehold land and buildings.

 

 

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Tax losses
-
(201,884)
Revaluations
6,036,334
5,655,245
6,036,334
5,453,361
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
5,453,361
-
Charge to other comprehensive income
582,973
-
Liability at 31 October 2024
6,036,334
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,510
12,531

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
812,500
775,000
812,500
775,000
Between two and five years
3,522,500
3,100,000
3,522,500
3,100,000
In over five years
2,440,000
3,675,000
2,440,000
3,675,000
6,775,000
7,550,000
6,775,000
7,550,000
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
23
Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33 from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared.

 

Included within other debtors are balances due from St Paul Hotel Ltd of £16,648 (2023: £23,648), London Boutique Hotels Ltd of £519,777 (2023: £519,777), Merit Residence Limited of £3,533,247 (2023: £3,571,924), Mansfield Hotel Ltd of £125,362 (2023: £4,212), Simply Rooms & Suites Ltd of £630,659 (2023: £630,659) and Penyfirst Limited of £1,917,212 (2023: £1,917,212), who have common owners. The balances are interest free and repayable on demand.

 

Included within other debtors are balances due from The Old Mill Hotel Limited of £Nil (2023: £278,087), Meshreky Property & Hospitality Ltd of £Nil (2023: £60,000), Property Management & Cleaning Services Limited £128,255 (2023: £128,255), and Holland Park Residence Ltd £200,000 (2023: £200,000), who have common directors. The balances are interest free and repayable on demand.

 

Included within other creditors are balances due to St Paul Management Ltd of £911,491 (2023: £1,062,439) and Wembley Hill Hotels Ltd of £277,971 (2023: £277,971), who have common owners. The balances are interest free and repayable on demand.

 

Included within other creditors are balances due to Perlflag Management Ltd of £134,440 (2023: £33,603), and Exhibit Properties Limited of £2,152,042 (2023: £2,152,042), who have common directors. The balances are interest free and repayable on demand.

 

During the year, the group paid rental expenses totalling £307,200 (2023: £249,200) to Merit Residence Limited.

 

During the year, the group paid £4,133 (2023: £Nil) for services to Prestigio Hospitality Ltd, a company under the control of a close family member. There were no amounts outstanding as at the year end date (2023: £Nil).

 

During the year, the group paid £539,117 (2023: £Nil) for housekeeping services to Merit Hospitality Ltd, a company under the control of a close family member. There were no amounts outstanding as at the year end date (2023: £Nil).

24
Controlling party

The ultimate controlling parties are the directors.

ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
25
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
430,530
(166,988)
Adjustments for:
Taxation charged
176,965
-
0
Finance costs
984,544
895,859
Gain on disposal of tangible fixed assets
-
(9,039)
Depreciation and impairment of tangible fixed assets
427,293
524,387
Movements in working capital:
Decrease in debtors
416,401
1,779,537
Decrease in creditors
(426,013)
(676,038)
Increase in deferred income
35,734
10,300
Cash generated from operations
2,045,454
2,358,018
26
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
17,375
166,074
Adjustments for:
Taxation charged
42,926
-
0
Depreciation and impairment of tangible fixed assets
105,429
110,294
Movements in working capital:
Decrease in debtors
18,988
515,566
Increase/(decrease) in creditors
17,835
(476,634)
Increase in deferred income
19,891
10,300
Cash generated from operations
222,444
325,600
27
Analysis of changes in net debt - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
2,720,664
362,885
3,083,549
Borrowings excluding overdrafts
(13,660,509)
394,260
(13,266,249)
(10,939,845)
757,145
(10,182,700)
ASCOT HYDE PARK HOTEL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 33 -
28
Analysis of changes in net funds - company
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
651,530
113,854
765,384
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