Company Registration No. 05155009 (England and Wales)
The Arthouse Glasgow Limited
Financial statements
for the period ended 29 December 2024
Pages for filing with the registrar
The Arthouse Glasgow Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
The Arthouse Glasgow Limited
Statement of financial position
As at 29 December 2024
1
29 December 2024
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,665,654
4,894,000
Current assets
Stocks
6
10,031
10,854
Debtors
7
85,615
69,019
Cash at bank and in hand
48,327
48,998
143,973
128,871
Creditors: amounts falling due within one year
8
(1,869,776)
(1,736,020)
Net current liabilities
(1,725,803)
(1,607,149)
Net assets
2,939,851
3,286,851
Capital and reserves
Called up share capital
9
4,020,321
4,020,321
Share premium account
8,808,380
8,808,380
Profit and loss reserves
(9,888,850)
(9,541,850)
Total equity
2,939,851
3,286,851

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Shelley Wadey
Director
Company Registration No. 05155009
The Arthouse Glasgow Limited
Statement of changes in equity
For the period ended 29 December 2024
2
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 2 January 2023
4,020,321
8,808,380
(7,836,773)
4,991,928
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(1,705,077)
(1,705,077)
Balance at 31 December 2023
4,020,321
8,808,380
(9,541,850)
3,286,851
Period ended 29 December 2024:
Loss and total comprehensive income
-
-
(347,000)
(347,000)
Balance at 29 December 2024
4,020,321
8,808,380
(9,888,850)
2,939,851
The Arthouse Glasgow Limited
Notes to the financial statements
For the period ended 29 December 2024
3
1
Accounting policies
Company information

The Arthouse Glasgow Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Queen Square, Bath, BA1 2HA.

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 £1.

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

 

The financial statements of the company are drawn up to either a 52 or 53 week period each year which is in accordance with the company management accounts. This is in line with the Companies Act 2006 as the period end is never more than seven days before or after the year end date of 31 December each year.

The Arthouse Glasgow Limited constitutes a qualifying entity, as set out within FRS 102 Section 1 "Scope", due to it being a 100% subsidiary of Andrew Brownsword Hotels Limited, and is included within the consolidated accounts of that company, which can be located at Companies House.

 

As the company meets the criteria of a qualifying entity, it has taken advantage of the following exemptions available to it:

 

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, particularly given that the ultimate parent company, The Bath Priory Limited, is prepared to fully support the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

 

1.3
Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes or duty. The following criteria must be met before revenue is recognised:

 

Accommodation revenue is recognised when a room is occupied; food and beverage revenue is recognised when food and beverages are sold; sundry and other revenues, consisting of items such as room hire, are recognised at the point of sale.

1.4
Tangible fixed assets

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

The Arthouse Glasgow Limited
Notes to the financial statements (continued)
For the period ended 29 December 2024
1
Accounting policies (continued)
4

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

Land and buildings freehold
Nil - 20% straight line
Plant and machinery
5 - 20% straight line
Fixtures, fittings & equipment
10 - 25% straight line
Computer equipment
20 - 33% straight line

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 credited or charged to profit or loss.

In accordance with normal practice in the UK hotel industry, no depreciation is provided on the company's freehold property acquired at cost. It is the company's practice to maintain its property in a continual state of sound repair and to make improvements thereto from time to time. Accordingly, the directors consider that the life of the asset and residual value, based on the price prevailing at the time of acquisition, is such that its depreciation would be insignificant.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.6
Stocks

Stocks comprise raw materials and finished goods which are food and beverages respectively. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

1.7
Cash at bank and in hand

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.

The Arthouse Glasgow Limited
Notes to the financial statements (continued)
For the period ended 29 December 2024
1
Accounting policies (continued)
5
1.8
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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.

Basic financial liabilities

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

 

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. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Arthouse Glasgow Limited
Notes to the financial statements (continued)
For the period ended 29 December 2024
1
Accounting policies (continued)
6
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

1.11
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.

1.12
Retirement benefits

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the period in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the period are shown either as accruals or prepayments at the period end.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

The Arthouse Glasgow Limited
Notes to the financial statements (continued)
For the period ended 29 December 2024
7
3
Operating loss
Period ended
Period ended
29 December 2024
31 December 2023
Operating loss for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,530
8,200
Depreciation of owned tangible fixed assets
58,384
56,142
Impairment of owned tangible fixed assets
171,919
1,399,651
4
Employees

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

Period ended
Period ended
29 December 2024
31 December 2023
Number
Number
Employees
28
28
5
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
7,157,488
940,561
1,185,545
145,860
9,429,454
Additions
-
0
(197)
2,156
-
0
1,959
Disposals
-
0
-
0
-
0
(1,153)
(1,153)
At 29 December 2024
7,157,488
940,364
1,187,701
144,707
9,430,260
Depreciation and impairment
At 1 January 2024
2,386,908
874,752
1,138,020
135,774
4,535,454
Depreciation charged in the period
21,760
16,860
15,214
4,550
58,384
Impairment losses
171,919
-
0
-
0
-
0
171,919
Eliminated in respect of disposals
-
0
-
0
-
0
(1,151)
(1,151)
At 29 December 2024
2,580,587
891,612
1,153,234
139,173
4,764,606
Carrying amount
At 29 December 2024
4,576,901
48,752
34,467
5,534
4,665,654
At 31 December 2023
4,770,580
65,809
47,525
10,086
4,894,000
The Arthouse Glasgow Limited
Notes to the financial statements (continued)
For the period ended 29 December 2024
8
6
Stocks
29 December 2024
31 December 2023
£
£
Raw materials and consumables
2,904
3,178
Finished goods and goods for resale
7,127
7,676
10,031
10,854
7
Debtors
29 December 2024
31 December 2023
Amounts falling due within one year:
£
£
Trade debtors
17,077
1,602
Prepayments and accrued income
68,538
67,417
85,615
69,019
8
Creditors: amounts falling due within one year
As restated
29 December 2024
31 December 2023
£
£
Trade creditors
139,719
117,071
Amounts owed to group undertakings
1,560,049
1,460,049
Taxation and social security
40,502
31,942
Other creditors
160
1,622
Accruals and deferred income
129,346
125,336
1,869,776
1,736,020

Amounts owed to group undertakings are repayable on demand with interest payable at 1% over base rate per annum.

The prior period figures are restated due to a reallocation of creditor balances between other creditors and deferred income.
9
Share capital
29 December 2024
31 December 2023
29 December 2024
31 December 2023
as restated
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 25p each
16,081,283
16,081,283
4,020,321
4,020,321
The Arthouse Glasgow Limited
Notes to the financial statements (continued)
For the period ended 29 December 2024
9
Share capital (continued)
9

Shares rank equally for voting purposes. On a show of hands, each member shall have one vote and on a poll each member shall have one vote per share held.

 

The prior year has been restated due to the correction of shares issued.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michael Strong
Statutory Auditors:
Saffery LLP
Date of audit report:
24 June 2025
11
Events after the reporting date

On 3rd February 2025 ownership of the Arthouse Glasgow Limited property and the business operating at the property were transferred to an external party for proceeds of £4.5m.

12
Ultimate controlling party

The Company's immediate parent company is Andrew Brownsword Hotels Limited, which is a wholly-owned subsidiary of The Bath Priory Limited.

 

The Company's ultimate parent company is The Bath Priory Limited, which is incorporated in England and Wales. The ultimate controlling party is Alessandra Brownsword-Matthews, by virtue of her shareholding in the ultimate parent company.

13
Contingent assets

As at the date of signing the financial statements, the company is undergoing a claim against various financial institutions in relation to finance charges. Although settlement is considered probable, the expected settlement cannot be reliably estimated at this stage.

14
Related party transactions

No guarantees have been given or received.

The company has taken advantage of the exemption available under FRS 102 section 33 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

All balances due from or to the parent company and subsidiaries of the group are disclosed in note 8.

 

Andrew Brownsword owns and controls Paxton & Whitfield Limited. During the period, Paxton & Whitfield Limited made sales to The Arthouse Glasgow Limited totalling £nil (period ended 31 December 2023: £84). A balance of £nil (period ended 31 December 2023: £nil) was outstanding at the period end.

2024-12-292024-01-01false24 June 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedJeremy HancockAndrew BrownswordPeter TyrrellMrs Alessandra Brownsword-MatthewsDavid MatthewsMr J P BradleyShelley WadeyShelley Wadeyfalsefalse051550092024-01-012024-12-29051550092024-12-29051550092023-12-3105155009core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-2905155009core:PlantMachinery2024-12-2905155009core:FurnitureFittings2024-12-2905155009core:ComputerEquipment2024-12-2905155009core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3105155009core:PlantMachinery2023-12-3105155009core:FurnitureFittings2023-12-3105155009core:ComputerEquipment2023-12-3105155009core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-2905155009core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105155009core:ShareCapital2024-12-2905155009core:ShareCapital2023-12-3105155009core:SharePremium2024-12-2905155009core:SharePremium2023-12-3105155009core:RetainedEarningsAccumulatedLosses2024-12-2905155009core:RetainedEarningsAccumulatedLosses2023-12-3105155009core:ShareCapital2023-01-0105155009core:SharePremium2023-01-0105155009core:RetainedEarningsAccumulatedLosses2023-01-0105155009bus:Director72024-01-012024-12-2905155009core:RetainedEarningsAccumulatedLosses2023-01-022023-12-31051550092023-01-022023-12-3105155009core:RetainedEarningsAccumulatedLosses2024-01-012024-12-2905155009core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-2905155009core:PlantMachinery2024-01-012024-12-2905155009core:FurnitureFittings2024-01-012024-12-2905155009core:ComputerEquipment2024-01-012024-12-2905155009core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3105155009core:PlantMachinery2023-12-3105155009core:FurnitureFittings2023-12-3105155009core:ComputerEquipment2023-12-31051550092023-12-3105155009core:CurrentFinancialInstruments2024-12-2905155009core:CurrentFinancialInstruments2023-12-3105155009bus:PrivateLimitedCompanyLtd2024-01-012024-12-2905155009bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-2905155009bus:FRS1022024-01-012024-12-2905155009bus:Audited2024-01-012024-12-2905155009bus:Director12024-01-012024-12-2905155009bus:Director22024-01-012024-12-2905155009bus:Director32024-01-012024-12-2905155009bus:Director42024-01-012024-12-2905155009bus:Director52024-01-012024-12-2905155009bus:Director62024-01-012024-12-2905155009bus:CompanySecretary12024-01-012024-12-2905155009bus:FullAccounts2024-01-012024-12-29xbrli:purexbrli:sharesiso4217:GBP