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Registered number: 08374119 THE RESIDENT VICTORIA LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE RESIDENT VICTORIA LIMITED REGISTERED NUMBER: 08374119 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 271,814 |  | 223,226
Current assets |  |  |  |  |
Stocks |  | 2,340 |  | 1,645 |
Debtors | 6 | 586,408 |  | 749,906 |
Cash at bank and in hand |  | 1,116,089 |  | 1,523,800 |
|  | 1,704,837 |  | 2,275,351 |
Creditors: amounts falling due within one year | 7 | (1,805,344) |  | (2,959,156) |
Net current liabilities |  |  | (100,507) |  | (683,805)
Total assets less current liabilities |  |  | 171,307 |  | (460,579)
Creditors: amounts falling due after more than one year | 8 |  | (905,787) |  | (854,514)
Net liabilities |  |  | (734,480) |  | (1,315,093)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 325 |  | 325
Distribution reserve | 11 |  | 1,497,131 |  | 1,497,131
Profit and loss account | 11 |  | (2,231,936) |  | (2,812,549)
|  |  | (734,480) |  | (1,315,093)
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 by:
................................................ W Laxton
Director
Date: 29 July 2025
The notes on pages 3 to 10 form part of these financial statements. Page 1
THE RESIDENT VICTORIA LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Distribution reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 325 | 1,497,131 | (3,365,043) | (1,867,587)
Profit for the year | - | - | 552,494 | 552,494
At 1 January 2024 | 325 | 1,497,131 | (2,812,549) | (1,315,093)
Profit for the year | - | - | 580,613 | 580,613
At 31 December 2024 | 325 | 1,497,131 | (2,231,936) | (734,480)
| The notes on pages 3 to 10 form part of these financial statements.
Page 2
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The Resident Victoria Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 08374119 and registered office address is Unit 4, The Whitehouse, 9 Belvedere Road, London, England, SE1 8YS. The principal place of business is 10 Palace Place, Westminster, London, SW1E 5BW. 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
Notwithstanding net current liabilities of £100,507 (2023: net current liabilities of £683,805), 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 Western Heritable Limited, a company under common control which has confirmed that it does not itend to seek repayment of such funds for the period covered by the forecasts, to meet its liabilities as they fall due for that period. Consequently, the directors are confident that the Company will have sufficient funds to contribute 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 the risks and rewards transfer 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. Page 3
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | 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.
| 2.8 | 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 4
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | 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:
|  |  |  | Long-term leasehold property | - | 25 years
|  |  |  | Fixtures and fittings | - | 2-10 years
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.
| 2.9 | 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.
| 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. Page 5
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 payable are loans to shareholders of £905,787 (2023: £854,514) 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 Income Statement recognised in relation to the unwinding of the discounted loan of £51,274 (2023: £48,369).
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil).
Page 6
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 274,830 | 315,679 | 590,509
| Additions | - | 86,576 | 86,576
| At 31 December 2024 | 274,830 | 402,255 | 677,085
| Depreciation |  |  |
| At 1 January 2024 | 76,639 | 290,644 | 367,283
| Charge for the year | 21,360 | 16,628 | 37,988
| At 31 December 2024 | 97,999 | 307,272 | 405,271
| Net book value |  |  |
| At 31 December 2024 | 176,831 | 94,983 | 271,814
| At 31 December 2023 | 198,191 | 25,035 | 223,226
Page 7
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,042 | 402
| Other debtors | 33,453 | 47,210
| Prepayments | 413,302 | 389,526
| Deferred taxation | 138,611 | 312,768
|  | 586,408 | 749,906
| Amounts owed by associates are unsecured, interest free, and payable on demand. In accordance with an agreement dated 13 December 2013, the Company entered into a lease with The Guide Association, for a hotel at 10 Palace Street, London, SW1. The lease is for 25 years and commenced in December 2015.
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other loans | 1,020,062 | 1,405,859
| Trade creditors | 972 | 328,698
| Amounts owed to associates | 352,580 | 395,149
| Other taxation and social security | - | 33,626
| Other creditors | 231,420 | 256,660
| Accruals | 200,310 | 539,164
|  | 1,805,344 | 2,959,156
| Amounts owed by associates are unsecured, repayable on demand and subject to interest payable at 5% per annum.
8. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other loans | 905,787 | 854,514
Page 8
THE RESIDENT VICTORIA 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 | 1,020,062 | 1,405,859
| Amounts falling due 2-5 years |  |
| Other loans | 224,704 | 121,134
| Amounts falling due after more than 5 years |  |
| Other loans | 681,083 | 733,380
|  | 1,925,849 | 2,260,373
| Other loans includes an unsecured loan of £914,783 (2023: £1,364,783), plus accrued interest of £105,279 (2023: £41,076), owed to Western Heritable Limited, a company under common control, which is repayable upon demand. Interest is charged at 5% per annum. Other loans also includes loans from shareholders of £905,787 (2023: £854,514) that are non-interest bearing and unsecured. The loans are repayable at such time and in such amounts as the Company determines.
10. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | 312,768 | 473,379
| Charged to profit or loss | (174,157) | (160,611)
| At end of year | 138,611 | 312,768
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (23,493) | (14,854)
| Short term timing differences | - | (13,455)
| Losses | 162,104 | 341,077
|  | 138,611 | 312,768
Page 9
THE RESIDENT VICTORIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Reserves
Distribution reserve Relates to the amounts discounted from the value of the shareholders loans. Profit and loss account Includes all current and prior period retained profits and losses.
12. | 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 | 1,625,952 | 1,504,832
| Later than 1 year and not later than 5 years | 6,503,808 | 6,018,896
| Later than 5 years | 17,885,472 | 18,432,869
|  | 26,015,232 | 25,956,597
13. | Controlling party
The Company's immediate parent company and ultimate 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.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 29 July 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.
Page 10