Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falseNo description of principal activity2024-01-0100falsetruefalse 09908057 2024-01-01 2024-12-31 09908057 2023-01-01 2023-12-31 09908057 2024-12-31 09908057 2023-12-31 09908057 2023-01-01 09908057 1 2024-01-01 2024-12-31 09908057 1 2023-01-01 2023-12-31 09908057 5 2024-01-01 2024-12-31 09908057 5 2023-01-01 2023-12-31 09908057 9 2024-01-01 2024-12-31 09908057 9 2023-01-01 2023-12-31 09908057 d:Director1 2024-01-01 2024-12-31 09908057 e:Buildings 2024-01-01 2024-12-31 09908057 e:Buildings 2024-12-31 09908057 e:Buildings 2023-12-31 09908057 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09908057 e:FurnitureFittings 2024-01-01 2024-12-31 09908057 e:FurnitureFittings 2024-12-31 09908057 e:FurnitureFittings 2023-12-31 09908057 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09908057 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09908057 e:CurrentFinancialInstruments 2024-12-31 09908057 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09908057 e:ShareCapital 2023-12-31 09908057 e:ShareCapital 2023-01-01 09908057 e:CapitalRedemptionReserve 2024-01-01 2024-12-31 09908057 e:CapitalRedemptionReserve 2024-12-31 09908057 e:CapitalRedemptionReserve 1 2024-01-01 2024-12-31 09908057 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 09908057 e:CapitalRedemptionReserve 2023-12-31 09908057 e:CapitalRedemptionReserve 2023-01-01 09908057 e:RevaluationReserve 2024-01-01 2024-12-31 09908057 e:RevaluationReserve 2024-12-31 09908057 e:RevaluationReserve 1 2024-01-01 2024-12-31 09908057 e:RevaluationReserve 5 2024-01-01 2024-12-31 09908057 e:RevaluationReserve 9 2024-01-01 2024-12-31 09908057 e:RevaluationReserve 2023-01-01 2023-12-31 09908057 e:RevaluationReserve 2023-12-31 09908057 e:RevaluationReserve 2023-01-01 09908057 e:RevaluationReserve 1 2023-01-01 2023-12-31 09908057 e:RevaluationReserve 5 2023-01-01 2023-12-31 09908057 e:RevaluationReserve 8 2023-01-01 2023-12-31 09908057 e:RevaluationReserve 9 2023-01-01 2023-12-31 09908057 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Registered number: 09908057










THE RESIDENT COVENT GARDEN LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
THE RESIDENT COVENT GARDEN LIMITED
REGISTERED NUMBER: 09908057

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
42,200,000
38,410,000

Current assets
  

Stocks
  
1,649
2,248

Debtors
 6 
105,652
104,857

Cash and bank in hand
  
1,980,394
1,611,735

  
2,087,695
1,718,840

Creditors: amounts falling due within one year
 7 
(1,432,168)
(1,780,144)

Net current assets/(liabilities)
  
 
 
655,527
 
 
(61,304)

Total assets less current liabilities
  
42,855,527
38,348,696

Creditors: amounts falling due after more than one year
 8 
(26,907,247)
(26,874,023)

Provisions for liabilities
  

Deferred tax
 10 
(3,971,658)
(2,729,929)

  
 
 
(3,971,658)
 
 
(2,729,929)

Net assets
  
11,976,622
8,744,744


Capital and reserves
  

Called up share capital 
 11 
96,161
96,161

Revaluation reserve
 12 
12,599,234
9,477,604

Distribution reserve
 12 
4,971,704
5,448,253

Cash flow hedge reserve
 12 
(35,754)
(329,122)

Profit and loss account
 12 
(5,654,723)
(5,948,152)

  
11,976,622
8,744,744


Page 1

 
THE RESIDENT COVENT GARDEN LIMITED
REGISTERED NUMBER: 09908057
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2025.


................................................
W Laxton
Director

Page 2

 
THE RESIDENT COVENT GARDEN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Distribution reserve
Revaluation reserve
Cash flow hedge reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 January 2024
96,161
5,448,253
9,477,604
(329,122)
(5,948,152)
8,744,744



Loss for the year
-
-
-
-
(216,439)
(216,439)

Taxation in respect of items of other comprehensive income
-
-
-
(97,791)
-
(97,791)

Surplus on revaluation of freehold property
-
-
4,095,887
-
-
4,095,887

Deferred tax on property revaluations
-
-
(940,938)
-
-
(940,938)

Fair value movement on interest rate swap
-
-
-
391,159
-
391,159
Total comprehensive income for the year
-
-
3,154,949
293,368
(216,439)
3,231,878

Transfer to/from profit and loss account
-
(476,549)
(33,319)
-
509,868
-


At 31 December 2024
96,161
4,971,704
12,599,234
(35,754)
(5,654,723)
11,976,622


The notes on pages 5 to 17 form part of these financial statements.

Page 3

 
THE RESIDENT COVENT GARDEN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Distribution reserve
Revaluation reserve
Cash flow hedge reserve
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 January 2023
96,161
5,384,575
8,934,031
(109,533)
(5,828,058)
8,477,176



Loss for the year
-
-
-
-
(2,326)
(2,326)

Taxation in respect of items of other comprehensive income
-
-
-
83,746
-
83,746

Surplus on revaluation of freehold property
-
-
509,441
-
-
509,441

Deferred tax on property revaluations
-
-
(19,958)
-
-
(19,958)

Fair value movement on interest rate swap
-
-
-
(303,335)
-
(303,335)
Total comprehensive income for the year
-
-
489,483
(219,589)
(2,326)
267,568

Transfer to/from profit and loss account
-
63,678
54,090
-
(117,768)
-


At 31 December 2023
96,161
5,448,253
9,477,604
(329,122)
(5,948,152)
8,744,744


The notes on pages 5 to 17 form part of these financial statements.

Page 4

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The Resident Covent Garden Limited is a private company, limited by shares, and registered in England and Wales. The Company's registered number is 09908057 and registered office address is Unit 4, The Whitehouse, 9 Belvedere Road, London, England, SE1 8YS. The principal place of business is 51 Bedford Street, London, WC2R 0PZ.
The principal activity of the Company is that of a hotelier.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds, through continued funding from its bankers, to meet its liabilities as they fall due for that period.  
Consequently, the directors are confident that the Company will have sufficient funds to continue to meets its liabilities as they fall due for a period of 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

  
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from accommodation, food and beverages and other ancillary services are recognised on the date of delivery of the service, as this is the date on which risk and reward transfers from the Company to the customer. Any amounts received before the end of the reporting period in respect of the provision of accommodation and services after the reporting period are treated accordingly as deferred revenues.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property
-
50 years straight line
Fixtures and fittings
-
2 - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in Other Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
 

Page 8

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.14

Hedge accounting

The Company uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its bank loan. These derivatives are measured at fair value at each Statement of Financial Position date. The fair value is determined by the lender based on the mid-market price for the instrument as at the close of business at the Statement of Financial Position date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in Other Comprehensive Income and presented in a separate Cash Flow Hedge Reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the Company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.
On an ongoing basis, the Company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.
Going concern
The directors have used judgement in determining that the Company is a going concern. See note 2.2 for further details. 
 
Present value of shareholder loans
Included within Other loans are loans to shareholders of £5,250,428 (2023: £5,137,062) which are non-interest bearing and are repayable at such time and in such amounts as the Company determines. They are accounted for at the present value of estimated future cash flows and in recognising their present value management are required to estimate both the future cash flows and the market rate of interest of 6% for a similar financial liability to discount the loan with. Slight changes in these assumptions could have a material impact on the present value of shareholders loan and the interest payable in the Statement of Comprehensive Income recognised in relation to the unwinding of the discounted loan of £336,817 (2023: £333,552). 
The estimation of future loan repayments is particularly prone to estimation uncertainty, with the impact of COVID-19 on the business in recent years for example resulting in significant revisions to the timing and amounts of estimated future cash flows. As a result of these changes there has been a £113,199 increase in the present value of shareholder loans during 2024 (2023: £77,907 decrease).
 
Page 9

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.Judgements in applying accounting policies (continued)

Revaluation of freehold property
The Company holds freehold property, including fixtures and fittings, of £42,200,000 (2023: £38,410,000) which are accounted for under the revaluation model. Valuation of freehold property is a significant area of estimation. Directors' valuations are based upon the most recent external valuations available by external professional valuers' and directors' expertise and knowledge of current market conditions. The valuation of freehold property is inherently subjective, as it is based upon valuer assumptions and members' assessment of market conditions which may prove to be inaccurate. Slight changes in these assumptions could have a material impact on the financial statements. The revaluation gain for the year was £4,095,887 (2023: £509,441) during the year and is recognised in Other Comprehensive Income.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil).
Page 10

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2024
38,336,177
662,523
38,998,700


Additions
-
67,326
67,326


Revaluations
3,763,756
-
3,763,756



At 31 December 2024

42,099,933
729,849
42,829,782



Depreciation


At 1 January 2024
-
588,700
588,700


Charge for the year
332,130
41,082
373,212


On revalued assets
(332,130)
-
(332,130)



At 31 December 2024

-
629,782
629,782



Net book value



At 31 December 2024
42,099,933
100,067
42,200,000



At 31 December 2023
38,336,177
73,823
38,410,000


Cost or valuation at 31 December 2024 is as follows:


Land and buildings

£

At cost:
26,969,053

At valuation:

Revaluation surplus based on third party valuation provided by Avison Young on a value in use basis at 31 December 2024
15,130,880

42,099,933






 
Page 11

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:


2024
2023

£
£

Cost
26,963,859
26,963,859

Accumulated depreciation
(1,597,317)
(1,231,868)

25,366,542
25,731,991


6.


Debtors

2024
2023
£
£

Amounts owed by group undertakings
12,248
-

Other debtors
26,716
50,142

Prepayments and accrued income
66,688
54,715

105,652
104,857


Page 12

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Other loans
510,908
358,327

Trade creditors
108,689
113,640

Amounts owed to group undertakings
99,054
76,630

Other taxation and social security
133,840
270,992

Other creditors
419,745
411,515

Accruals and deferred income
101,857
99,806

Financial instruments
58,075
449,234

1,432,168
1,780,144



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
22,167,729
22,095,288

Other loans
4,739,518
4,778,735

26,907,247
26,874,023


Page 13

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
510,908
358,327

Amounts falling due 1-2 years

Other loans
510,908
293,177

Amounts falling due 2-5 years

Bank loans
22,167,729
22,095,288

Other loans
1,605,712
781,805

Amounts falling due after more than 5 years

Other loans
2,622,898
3,703,753

27,418,155
27,232,350


Bank loans includes a commercial loan facility. In November 2022 the £55.4m joint term loan with The Resident Kensington Limited, The Resident Liverpool LLP and The Resident Soho Limited was restated and reduced to a £54.8m loan facility. As part of the revised arrangements the loan, which was previously repayable in full in November 2022, is now repayable in November 2027 and the interest rate charged on the loan has been amended to SONIA plus 2.5%.
The commercial loan facility is secured against freehold property owned by the Company and a debenture over the Company's assets. The Company also gave a joint and several guarantee for all sums due to National Westminster Bank plc under this facility. The Resident Covent Garden Holdings Limited, The Resident Kensington Limited, The Resident Kensington Holdings Limited, The Resident Liverpool LLP, The Resident Soho Limited and The Resident Soho Holdings Limited also provided joint and several guarantees.
The balance on the commercial bank loan as at 31 December 2024 is £22,167,729 (2023: £22,095,288). £310,281 (2023: £282,772)
 finance fees incurred in relation to the commercial bank loan have been netted off against the loan liability and are being amortised over the term of the loan.
In November 2022, The Resident Soho Limited entered into a swap agreement of £41.1m, of which £16.9m is allocated to the Company based on its proportion of the year end loan facility, whereby each entity pays interest at 4.24% and receives interest at SONIA. The swap is held at fair value of £58,075 (2023: £449,234) at the date of the Statement of Financial Position.
Other loans represent loans from shareholders that are non-interest bearing and unsecured. Although the loans are repayable at such time and in such amounts as the Company determines, the directors consider that these loans constitute a liability rather than equity due to the existence of a constructive obligation to repay the amounts owed to the shareholders.

Page 14

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Deferred taxation




2024
2023


£

£



At beginning of year
(2,729,929)
(2,453,760)


Charged to profit or loss
(203,000)
(339,957)


Charged to other comprehensive income
(1,038,729)
63,788



At end of year
(3,971,658)
(2,729,929)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(617,090)
(683,250)

Short term timing differences
14,518
112,309

Capital gains
(4,060,048)
(3,119,110)

Tax losses carried forwards
690,962
960,122

(3,971,658)
(2,729,929)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



96,154 (2023: 96,154) ordinary shares of £1.00 each
96,154
96,154
665 (2023: 665) growth shares of £0.01 each
7
7

96,161

96,161


Page 15

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Reserves

Revaluation reserve

This reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same asset. Deferred tax in relation to these increases / decreases in the fair value of land and buildings is also charged / credited to the revaluation reserve.

Profit and loss account

Includes all current year and prior year retained profits and losses, less any distributions.
Distribution reserve
Relates to the amounts discounted from the value of the shareholders loans.
Cash flow hedge reserve
The cash flow hedge reserve is used to record movements in the fair value of derivatives where the Company has applied hedge accounting.


13.


Change in accounting estimate

In accordance with FRS 102 other loans, representing loans from shareholders that are non-interest bearing, were discounted upon initial recognition to reflect the present value of estimated future cash flows based on the effective interest rate.
Subsequent to the initial recognition of these loans, actual cash flows have differed to the original estimates. Therefore during the year ended 31 December 2024 there was a change in accounting estimate of the present value of the remaining future cash flows. As a result of this change in accounting estimate there was an increase in the liability as at 31 December 2024 of £476,549, which has been recognised within interest receivable in the Statement of Comprehensive Income (2023: decrease in the liability of £77,907 which was recognised within interest receivable). This change in estimate will impact on interest payable in future financial years.


14.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,428
1,543

Later than 1 year and not later than 5 years
3,927
1,428

5,355
2,971

Page 16

 
THE RESIDENT COVENT GARDEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Controlling party

The Company's immediate parent company is The Resident Covent Garden Holdings Limited, which is registered in England and Wales. 
The Company's ultimate parent company and controlling party is Mactaggart Hotel Holdings Limited, which is registered in England and Wales at 2 Babmaes Street, London, SW1Y 6HD. 
Mactaggart Hotel Holdings Limited produces consolidated financial statements, which may be obtained from Companies House.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 31 July 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.

Page 17