REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MARYLEBONE FINCO LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MARYLEBONE FINCO LIMITED |
MARYLEBONE FINCO LIMITED (REGISTERED NUMBER: 09991004) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MARYLEBONE FINCO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
MARYLEBONE FINCO LIMITED (REGISTERED NUMBER: 09991004) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £'000 | £'000 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | (18,610 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
MARYLEBONE FINCO LIMITED (REGISTERED NUMBER: 09991004) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Marylebone Finco Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have adopted the going concern basis in preparing these financial statements, notwithstanding net current liabilities of £21.4m. This assessment takes into account the successful refinancing arrangements, including £157.7m from Alverstone European Opportunities Designated Activity Company and have a revised maturity of 36 months from the respective dates of first utilisation. |
Taxation |
Taxation for the year comprises current and deferred trecognized recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Interest receivable |
Interest receivable is recognised in the profit and loss as it accrues, using the effective interest method. |
Interest payable |
Interest payable is recognised in the profit and loss as it accrues, using the effective interest method. |
Investments |
Investments are recorded at cost less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
MARYLEBONE FINCO LIMITED (REGISTERED NUMBER: 09991004) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Oriel House, York Lane, St. Helier, JE2 4YH, Jersey |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£'000 | £'000 |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
The above investment has been recognised at cost of £101 (2023: £101). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£'000 | £'000 |
Amounts owed by group undertakings |
Refer to Note 4 on details of restatement. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£'000 | £'000 |
Taxation and social security |
Other creditors |
Refer to Note 4 on details of restatement. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£'000 | £'000 |
Other creditors |
The above loan is from HC Finance S.a.r.l, bearing interest at a rate of 15% per annum. The loan will be repayable in full on 18 June 2024. As of the year-end, since the loan was due within 12 months, it has been reclassified from "creditors - amounts falling due after more than one year" to "creditors - amounts falling due within one year." Subsequently, the loan was refinanced on 31 January 2025, and the revised maturity date is 36 months from the date of first utilization. |
MARYLEBONE FINCO LIMITED (REGISTERED NUMBER: 09991004) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | SECURED DEBTS |
Solutus Advisors Limited as security trustee for the lender has created a negative pledge, fixed and floating charge covering all the property or undertaking of the Company. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | 1 | 201 | 201 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company has taken exemption, per clause 1AC.35 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | ULTIMATE CONTROLLING PARTY |
The company is jointly owned by Marylebone Lane Hold Co Limited & Kailas Hotel Holdings Limited both companies registered in Jersey. The ultimate controlling parties are the Trustees of The Ram Trust. |