Company Registration No. 08384806 (England and Wales)
WOODLEY HOTELS (KENSINGTON) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia (Colchester)
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
WOODLEY HOTELS (KENSINGTON) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
WOODLEY HOTELS (KENSINGTON) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,064
11,957
Investment property
5
34,400,000
34,300,000
Investments
6
100
100
34,409,164
34,312,057
Current assets
Debtors
7
4,142,665
4,418,538
Cash at bank and in hand
22,118
7,651
4,164,783
4,426,189
Creditors: amounts falling due within one year
8
(17,808,587)
(17,550,789)
Net current liabilities
(13,643,804)
(13,124,600)
Total assets less current liabilities
20,765,360
21,187,457
Provisions for liabilities
9
(1,244,751)
(1,219,751)
Net assets
19,520,609
19,967,706
Capital and reserves
Called up share capital
10
11,000,001
11,000,001
Profit and loss reserves
11
8,520,608
8,967,705
Total equity
19,520,609
19,967,706

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:
Hoh Chin Yiep
Director
Company registration number 08384806 (England and Wales)
WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Woodley Hotels (Kensington) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7-10 Adam Street, London, WC2N 6AA.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Heeton Holdings Limited. These consolidated financial statements are available from its registered office, 60 Paya Lebar Road, #08-36 Paya Lebar Square, Singapore 409051.

WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern

The Company is in a net current trueliability position of £13,643,804 at the balance sheet date which includes inter-company debtor balances owed of £4,142,664 which the ultimate parent has confirmed in writing to the Directors of parent company Heeton Capital Pte. Ltd it will guarantee these amounts should the related companies be unable to repay if called upon.

 

A third party loan balance of £17,052,658 is due for repayment in March 2025 and hence classified as a current liability. Management have successfully re-negotiated this loan post year end in April 2025 with a minimum commitment of £18m for a period of three years from the effective date.

 

At the balance sheet date, £595,549 is due to connected companies, which the ultimate parent undertaking has confirmed in writing to the directors of parent company Heeton Capital Pte. Ltd it will not recall until the company is in a position to repay this and for at least 12 months from the date these financial statements are signed.

 

The directors have considered the forecasted future operations of the Company and that the ultimate parent undertaking has agreed to provide continuing financial support to the Company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Turnover

Turnover is the total income receivable net of VAT from the rental activities of the property. Rental income is recognised on a straight line basis over the lease term.

1.4
Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery
10% - 20% straight line
Fixtures & fittings
20% 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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

 

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

1.6
Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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

1.7
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.

1.8
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.

1.9
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.

1.10
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.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
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.

WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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 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.

1.12
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 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.

Investment properties are valued annually by the directors using an actual performance approach and input from third party valuation specialists. This uses market values of similar properties in the area of size and value but there is an inevitable degree of judgement involved in that each property is unique and value can ultimately be reliably tested in the market itself.

Key inputs to the valuations were:

- Price-per-room analysis based on an average of £291,525 per room.

- The property has 118 rooms.

- A leasehold agreement is in place which has monthly rentals of £80,000.

 

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Employees
(Continued)
- 6 -

The Company has no employees and the Company's directors are not remunerated for the work performed for the entity.

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
22,404
Depreciation
At 1 January 2024
10,447
Depreciation charged in the year
2,893
At 31 December 2024
13,340
Carrying amount
At 31 December 2024
9,064
At 31 December 2023
11,957
5
Investment property
2024
£
Fair value
At 1 January 2024
34,300,000
Revaluations
100,000
At 31 December 2024
34,400,000

Investment property comprises of land and buildings. The investment property was valued at £34,400,000 at 31 December 2024 by Savills, Chartered Surveyors - regulated by the Royal Institution of Chartered Surveyors. The directors have used this valuation along with reference to market evidence of transaction prices for similar properties to determine an open market value basis at 31 December 2024.

 

 

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,142,665
4,326,574
Prepayments and accrued income
-
0
91,964
4,142,665
4,418,538

The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due to the company from other group companies. This was confirmed via written support to the Directors of parent company Heeton Capital Pte. Ltd and covers a period of at least 12 months from the date these financial statements are signed. These balances are included in other debtors and amount to £4,142,665 (2023: £4,326,573).

 

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
17,052,658
17,052,658
Corporation tax
61,715
-
0
Other taxation and social security
32,000
31,795
Other creditors
662,214
466,336
17,808,587
17,550,789

A charge has been registered at companies house by way of a security agreement between the company and United Overseas Bank, London Branch in relation to the loan facility over the freehold property at 15-25 Hogarth Road, Earls Court, Kensington, London SW5 0QJ. Chatteris Kensington Limited (subsidiary) and Chatteris Developments Limited (immediate parent) are chargors to the above agreement.

 

The loan facility terminates in 2025 and hence classified as due within one year. Post year end, the loan was refinanced in April 2025 with a minimum commitment of £18m for three years from the effective date.

The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies. This was confirmed via written support to the Directors of parent company Heeton Capital Pte. Ltd and covers a period of at least 12 months from the date these financial statements are signed. These balances are included in other creditors and amount to £595,549 at year end (2023: £447,258).

 

 

WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
1,244,751
1,219,751
2024
Movements in the year:
£
Liability at 1 January 2024
1,219,751
Charge to profit or loss
25,000
Liability at 31 December 2024
1,244,751
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,000,001
11,000,001
11,000,001
11,000,001
11
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
8,967,705
7,059,630
(Loss)/profit for the year
(447,097)
1,908,075
At the end of the year
8,520,608
8,967,705

Profit and loss reserves contain £6,719,867 of non-distributable reserves relating to the fair value movements of the property.

12
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:
Shaun Roberts
Statutory Auditor:
Affinia (Colchester)
Date of audit report:
24 June 2025
WOODLEY HOTELS (KENSINGTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
13
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
1,760,000
2,720,000
14
Parent company

The immediate parent of the Company is Heeton Capital Pte. Ltd, a company incorporated in Singapore.

 

The ultimate controlling parent of the company is Heeton Holdings Limited, a company incorporated in Singapore.

 

The smallest group into which Woodley Hotels (Kensington) Ltd is consolidated is Heeton Holdings Limited.

15
Directors' transactions

There were no guarantees with the directors in the year.

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