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Company registration number: 02758997
Kingsridge Limited
Financial statements
31 December 2024
Kingsridge Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the member
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Kingsridge Limited
Directors and other information

| Directors | Bhagwant Singh Gurtata
|  | Hardip Kaur Gurtata
|  | Pradeep Singh Gurtata
|  | Ravi Singh Gurtata
| Secretary | Hardip Kaur Gurtata
| Company number | 02758997
| Registered office | 30 Leinster Gardens
|  | London
|  | W2 3AN
| Auditor | Anderson Shaw
|  | Chartered Certified Accountants
|  | Statutory Auditors
|  | Scottish Provident House
|  | 76 - 80 College Road
|  | Harrow, Middlesex
|  | HA1 1BQ

Kingsridge Limited
Strategic report
Year ended 31 December 2024
The directors present the Strategic report of the company for the year ended 31 December 2024.
Business review
In 2024 overall revenue was maintained at the same level as last year.
Due to the impact of ongoing geopolitical conflicts in Ukraine, Israel-Hamas with the macro-economic challenges we face, our financial outlook for 2025 is certainly challenging. Our core priorities are to maintain high room occupancy, drive up the average room yield, focus on managing rising costs and continue re-building additional revenue by maximizing our food & beverage departments.
Key performance indicators
The company regularly compares the performance of its hotels on achieved room rate, occupancy and RevPar against a selected group of Hotels which are broadly comparable in location and quality. This information is confidential. The company's hotels perform well in comparison with the selected group of Hotels.
Results for the year as % of Turnover: 2024 2023
Gross profit 80.12% 78.76%
Operating profit 26.37% 28.33%
Net profit before tax 13.42% 16.26%
Principal risk and uncertainties facing the company
The global economy has seen high level of market volatility in connection with the geopolitical disruptions, the implementation of USA tariffs and the wider impact of current wars which is very much unknown. The Russian-Ukraine conflict has caused increase in energy costs which in turn has contributed to high level of inflation globally.
In order to manage the situation during these unprecedented times, the key to survive is being resilient, adapting to changing environment, using strengths to avail new opportunities and finding alternative sources of income. We will continue to monitor the evolving macro-economic and geopolitical landscape and continue to seek new avenues on an ongoing basis for enhancing our profitability.
Future developments
Currently, given we are in unprecedented times, we will continue to remain focused and committed to protecting our assets and trading to the maximum potential.
This report was approved by the board of directors on 29 August 2025 and signed on behalf of the board by:
Bhagwant Singh Gurtata
Director
Kingsridge Limited
Directors report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024.
Directors
The directors who served the company during the year were as follows:

Bhagwant Singh Gurtata
Hardip Kaur Gurtata
Pradeep Singh Gurtata
Ravi Singh Gurtata

Dividends
Particulars of dividends paid are detailed in note 11 to the financial statements.
Financial instruments
Details of the company's financial risk management objectives and policies are included in note 3 to the financial statements.
The company is exposed to the usual credit risk and cashflow risk associated with selling on credit and manages this through strict credit control procedures.
Disclosure of information in the strategic report.
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 29 August 2025 and signed on behalf of the board by:
Bhagwant Singh Gurtata
Director
Kingsridge Limited
Independent auditor's report to the member of
Kingsridge Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Kingsridge Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of our planning process: - We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud. - We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health and Safety, Environmental, Employment Laws, Licensing Laws and UK Tax laws and regulations - We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. - Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. The key procedures we undertook to detect irregularities including fraud during the course of the audit included: - Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. - Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. - Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to carrying values of fixed assets. - Assessing the extent of compliance, or lack of, with the relevant laws and regulations. - Testing key revenue lines for evidence of management bias. - Performing a physical verification of fixed assets. - Obtaining third-party confirmation of bank and loan balances. - Documenting and verifying all significant related party balances and transactions. - Reviewing documentation including the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. - Reviewing and challenging the assumptions and judgements made by management in their consideration of the company's ability to continue as a Going Concern. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the director. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to him in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
Bharatkumar L Shah (Senior Statutory Auditor)
For and on behalf of
Anderson Shaw
Chartered Certified Accountants and Statutory Auditors
Scottish Provident House
76 - 80 College Road
Harrow, Middlesex
HA1 1BQ
29 August 2025
Kingsridge Limited
Statement of comprehensive income
Year ended 31 December 2024

|  |  |  | 2024 |  | 2023 |  |
|  | Note |  | £ |  | £ |  |
Turnover |  | 4 |  | 14,512,712 |  | 14,398,342 |  |
Cost of sales |  |  |  | ( 2,885,652) |  | ( 3,057,550) |  |
|  |  |  | _______ |  | _______ |  |
Gross profit |  |  |  | 11,627,060 |  | 11,340,792 |  |
Administrative expenses |  |  |  | ( 7,837,519) |  | ( 7,261,126) |  |
Other operating income |  | 5 |  | 37,218 |  | - |  |
|  |  |  | _______ |  | _______ |  |
Operating profit |  | 6 |  | 3,826,759 |  | 4,079,666 |  |
Gain/(loss) on financial assets at fair value through profit or loss |  |  |  | - |  | ( 148,282) |  |
Other interest receivable and similar income |  |  |  | 42,749 |  | 35,308 |  |
Interest payable and similar expenses |  | 9 |  | ( 1,922,082) |  | ( 1,625,993) |  |
|  |  |  | _______ |  | _______ |  |
Profit before taxation |  |  |  | 1,947,426 |  | 2,340,699 |  |
Tax on profit |  | 10 |  | ( 429,310) |  | ( 493,728) |  |
|  |  |  | _______ |  | _______ |  |
Profit for the financial year and total comprehensive income |  |  |  | 1,518,116 |  | 1,846,971 |  |
|  |  |  | _______ |  | _______ |  |

All the activities of the company are from continuing operations.
Kingsridge Limited
Statement of financial position
31 December 2024

|  |  | 2024 |  |  |  | 2023 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 12 | 105,117,873 |  |  |  | 105,588,792 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 105,117,873 |  |  |  | 105,588,792
Current assets |  |  |  |  |  |  |  |  |
Stocks |  | 13 | 4,992 |  |  |  | 6,814 |  |
Debtors |  | 14 | 838,705 |  |  |  | 244,227 |  |
Cash at bank and in hand |  |  | 2,507,008 |  |  |  | 2,595,166 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 3,350,705 |  |  |  | 2,846,207 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 15 | ( 3,326,006) |  |  |  | ( 2,750,192) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 24,699 |  |  |  | 96,015
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 105,142,572 |  |  |  | 105,684,807
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 16 |  |  | ( 24,200,000) |  |  |  | ( 24,750,000)
Provisions for liabilities |  | 17 |  |  | ( 10,645,051) |  |  |  | ( 10,655,402)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 70,297,521 |  |  |  | 70,279,405
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 21 |  |  | 100 |  |  |  | 100
Revaluation reserve |  | 22 |  |  | 60,591,862 |  |  |  | 60,820,613
Profit and loss account |  | 22 |  |  | 9,705,559 |  |  |  | 9,458,692
|  |  |  |  | _______ |  |  |  | _______
Shareholder funds |  |  |  |  | 70,297,521 |  |  |  | 70,279,405
|  |  |  |  | _______ |  |  |  | _______

These financial statements were approved by the board of directors and authorised for issue on 29 August 2025 , and are signed on behalf of the board by:
Bhagwant Singh Gurtata
Director
Company registration number: 02758997
Kingsridge Limited
Statement of changes in equity
Year ended 31 December 2024

|  | Called up share capital |  | Revaluation reserve |  | Profit and loss account | Total |  |  |
|  | £ |  | £ |  | £ | £ |  |  |
At 1 January 2023 |  | 100 |  | 61,040,893 |  | 10,391,441 | 71,432,434 |  |  |
Profit for the year |  |  |  |  |  | 1,846,971 | 1,846,971 |  |  |
Other comprehensive income for the year: |  |  |  |  |  |  |  |  |  |
Difference between historical cost depreciation charge and the actual charge for the year calculated on the revalued amount |  |  |  | ( 220,280) |  | 220,280 | - |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total comprehensive income for the year |  | - |  | ( 220,280) |  | 2,067,251 | 1,846,971 |  |  |
Dividends paid |  |  |  |  |  | ( 3,000,000) | ( 3,000,000) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total investments by and distributions to owners |  | - |  | - |  | ( 3,000,000) | ( 3,000,000) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
At 31 December 2023 and 1 January 2024 |  | 100 |  | 60,820,613 |  | 9,458,692 | 70,279,405 |  |  |
Profit for the year |  |  |  |  |  | 1,518,116 | 1,518,116 |  |  |
Other comprehensive income for the year: |  |  |  |  |  |  |  |  |  |
Difference between historical cost depreciation charge and the actual charge for the year calculated on the revalued amount |  |  |  | ( 228,751) |  | 228,751 | - |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total comprehensive income for the year |  | - |  | ( 228,751) |  | 1,746,867 | 1,518,116 |  |  |
Dividends paid |  |  |  |  |  | ( 1,500,000) | ( 1,500,000) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
Total investments by and distributions to owners |  | - |  | - |  | ( 1,500,000) | ( 1,500,000) |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |
At 31 December 2024 |  | 100 |  | 60,591,862 |  | 9,705,559 | 70,297,521 |  |  |
|  | _______ |  | _______ |  | _______ | _______ |  |  |

Kingsridge Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
Kingsridge Limited is a company limited by shares, incorporated in England and Wales. Its registered office is 30 Leinster Gardens, London, W2 3AN. The principal activity of the company is that of hoteliers. The company operates Blakemore Hyde Park Hotel and Norfolk Towers Paddington Hotel .
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis, except for the modification of certain financial assets measured at fair value through profit or loss and freehold hotel properties revaluation as specified in the following accounting policies. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors have carefully considered the impact of the macroeconomic and geopolitical uncertainties, including the conflicts in Ukraine and Israel-Hamas on the Company's financial position, liquidity and future performance.The lender bank renewed the Loan facilities in February 2024 with a reduced ratio on the interest cover financial covenant.The Company's lender bank issues waiver of any breach of loan financial covenants where applicable.The Directors, at the time of signing the financial statements, have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the Directors have considered the financial position of the Company with a particular focus on: - cash and the overall liquidity;- the continued financial support of the lender bank including, if required, continuation of the loan financial covenants waiver;- rolling trading forecasts and cashflow projections for 12 months from the signing date of the financial statements.
Disclosure exemptions
The company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Countess Holdings Limited which can be obtained from the Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:- No cash flow statement has been presented for the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the provision of services rendered, net of discounts and Value Added Tax.Revenue is recognised as turnover at the point at which accommodation and related services are provided.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold hotel properties | - | Freehold land - nil; Freehold building - straight line over 50 years |
| Long leasehold property | - | Straight line over the life of the lease |
| Fittings fixtures and equipment | - | 15 % | straight line
| Motor vehicles | - | 25 % | reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs being generally determined on the basis of first-in, first-out method.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered fund.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

|  |  | 2024 | 2023
|  |  | £ | £
| Other operating income |  | 37,218 | -
|  |  | _______ | _______

6. Operating profit
Operating profit is stated after charging/(crediting):

|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Depreciation of tangible assets |  |  | 731,109 | 723,212
| (Gain)/loss on disposal of tangible assets |  |  | ( 7,813) | -
| Operating lease rentals |  |  | 43,247 | 36,728
| Fees payable for the audit of the financial statements |  |  | 30,000 | 25,000
|  |  |  | _______ | _______

7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

|  |  | 2024 | 2023
| Administration |  | 13 | 12
| Operations |  | 56 | 44
|  |  | _______ | _______
|  |  | 69 | 56
|  |  | _______ | _______

The aggregate payroll costs incurred during the year were:

|  |  | 2024 | 2023
|  |  | £ | £
| Wages and salaries |  | 2,124,659 | 1,827,283
| Social security costs |  | 208,029 | 191,282
| Other pension costs |  | 34,509 | 33,452
|  |  | _______ | _______
|  |  | 2,367,197 | 2,052,017
|  |  | _______ | _______

8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:

|  |  | 2024 | 2023
|  |  | £ | £
| Remuneration |  | 853,988 | 478,371
| Company contributions to pension schemes in respect of qualifying services |  | 5,283 | 4,953
|  |  | _______ | _______
|  |  | 859,271 | 483,324
|  |  | _______ | _______

The number of directors who accrued benefits under company pension plans was as follows:

|  |  | 2024 | 2023
|  |  | Number | Number
| Defined contribution plans |  | 4 | 4
|  |  | _______ | _______

Remuneration of the highest paid directors in respect of qualifying services:

|  |  | 2024 | 2023
|  |  | £ | £
| Aggregate remuneration |  | 283,049 | 158,161
| Company contributions to pension plans in respect of qualifying services |  | 1,321 | 1,321
|  |  | _______ | _______
|  |  | 284,370 | 159,482
|  |  | _______ | _______

9. Interest payable and similar expenses

|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Bank loans and overdrafts |  |  | 1,922,082 | 1,625,993
|  |  |  | _______ | _______

10. Tax on profit
Major components of tax expense

|  |  | 2024 | 2023
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense |  | 439,661 | 513,245
| Adjustments in respect of previous periods |  | - | ( 556)
|  |  | _______ | _______
| Total current tax |  | 439,661 | 512,689
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | ( 10,351) | ( 18,961)
|  |  | _______ | _______
| Tax on profit |  | 429,310 | 493,728
|  |  | _______ | _______

Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 23.52%).

|  |  | 2024 | 2023
|  |  | £ | £
| Profit before taxation |  | 1,947,426 | 2,340,699
|  |  | _______ | _______
| Profit multiplied by rate of tax |  | 486,857 | 550,532
| Adjustments in respect of prior periods |  | - | ( 556)
| Effect of expenses not deductible for tax purposes |  | 6,245 | 5,779
| Effect of capital allowances and depreciation |  | 98,545 | 95,897
| Rounding on tax charge |  | - | 12
| Group relief |  | ( 151,986) | ( 138,975)
| Deferred tax |  | ( 10,351) | ( 18,961)
|  |  | _______ | _______
| Tax on profit |  | 429,310 | 493,728
|  |  | _______ | _______

11. Dividends
Equity dividends

|  |  | 2024 | 2023
|  |  | £ | £
| Dividends paid during the year |  | 1,500,000 | 3,000,000
|  |  | _______ | _______

12. Tangible assets

|  | Freehold hotel properties | Fixtures, fittings and equipment | Motor vehicles | Total |  |  |
|  | £ | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |  |
| At 1 January 2024 | 104,723,870 | 7,582,404 | 40,840 | 112,347,114 |  |  |
| Additions | 50,278 | 219,603 | - | 269,881 |  |  |
| Disposals | - | - | ( 40,840) | ( 40,840) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 104,774,148 | 7,802,007 | - | 112,576,155 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 January 2024 | 339,711 | 6,387,462 | 31,149 | 6,758,322 |  |  |
| Charge for the year | 352,776 | 378,333 | - | 731,109 |  |  |
| Disposals | - | - | ( 31,149) | ( 31,149) |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2024 | 692,487 | 6,765,795 | - | 7,458,282 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2024 | 104,081,661 | 1,036,212 | - | 105,117,873 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2023 | 104,384,159 | 1,194,942 | 9,691 | 105,588,792 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |

Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

|  | Freehold hotel properties | Total |  |  |  |  |
|  | £ | £ |  |  |  |  |
| At 31 December 2024 |  |  |  |  |  |  |
| Aggregate cost | 34,377,172 | 34,377,172 |  |  |  |  |
| Aggregate depreciation | (1,400,941) | (1,400,941) |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| Carrying amount | 32,976,231 | 32,976,231 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| At 31 December 2023 |  |  |  |  |  |  |
| Aggregate cost | 34,325,128 | 34,325,128 |  |  |  |  |
| Aggregate depreciation | (1,276,916) | (1,276,916) |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| Carrying amount | 33,048,212 | 33,048,212 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |

The freehold hotel properties were professionally valued as at 6 March 2023 by the external valuers, Messrs Colliers International Property Consultants Limited at a combined £106,050,000 on the basis of Fair Values, as fully equipped and operational trading entities inclusive of land and trade furniture, furnishings and equipment. The valuations have been prepared in accordance with the RICS Valuation - Global Standards, effective 31 January 2022 ("the Red Book") issued by the Royal Institution of Chartered Surveyors (RICS) and incorporating the IVSC International Valuation Standards. After taking into account the above, the directors (who are not professionally qualified) have reviewed the fair value of the freehold hotels properties as at 31 December 2024. They are of the opinion that the valuation of the freehold hotels properties is not materially different to the fair value at 31 December 2023. Accordingly, no fair valuation adjustment arise as at 31 December 2024.The directors valuation was arrived at by reference to market evidence of the transaction prices for similar for similar properties in their location.Included within the carrying value of freehold hotel properties at 31 December 2024 is £13,000,000 of non-depreciated land.The company had previously taken advantage of the transitional rules of FRS102 to carry the freehold hotel properties at deemed cost based on the valuations at the time.
13. Stocks

|  |  | 2024 | 2023
|  |  | £ | £
| Food and beverages |  | 4,992 | 6,814
|  |  | _______ | _______

14. Debtors

|  |  | 2024 | 2023
|  |  | £ | £
| Trade debtors |  | 9,098 | 8,184
| Prepayments and accrued income |  | 287,117 | 115,921
| Derivative financial assets |  | - | 56,166
| Other debtors |  | 542,490 | 63,956
|  |  | _______ | _______
|  |  | 838,705 | 244,227
|  |  | _______ | _______

Included in other debtors are loans to directors in the sum of £339,373 (2023: £Nil) which are repayable on demand and bear interest at the statutory rate (Note 25).
15. Creditors: amounts falling due within one year

|  |  | 2024 | 2023
|  |  | £ | £
| Bank loans |  | 550,000 | 550,000
| Trade creditors |  | 969,036 | 518,369
| Amounts owed to group undertakings |  | 537,968 | 397,902
| Accruals and deferred income |  | 576,546 | 712,274
| Corporation tax |  | 65,120 | -
| Social security and other taxes |  | 596,177 | 571,647
| Other creditors |  | 31,159 | -
|  |  | _______ | _______
|  |  | 3,326,006 | 2,750,192
|  |  | _______ | _______

Amounts owed to group undertakings are interest free and repayable on demand .
16. Creditors: amounts falling due after more than one year

|  |  | 2024 | 2023
|  |  | £ | £
| Bank loans |  | 24,200,000 | 24,750,000
|  |  | _______ | _______

The bank loans and overdraft are secured by a debenture on the company's freehold properties and other assets of the company and first legal charge over the company's freehold properties along with its associated assets. The bank loans and overdraft are also secured by an unlimited inter-company composite guarantee by and between the Company, the parent company Baroness Limited, the ultimate parent company Countess Holdings Limited and the fellow subsidiary Starcrown Hotels Group Limited in support of the bank finance facilities for the company and for Countess Holdings Limited.
Bank loans: - repayable within one year - £550,000 (2023: £550,000). - repayable by instalments between one and five years - £2,200,000 (2023: £2,200,000). - repayable by instalments after five years £137,500 (2023: £687,500). Bank loan repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date is £21,862,500.
Above loans bear commercial rates of interest. During the year, the loan facilities expired and on 14th February 2024 the loan facilities were renewed by a new consolidated loan facility for the same amount. The new loan is repayable by 14th February 2030, with a break option by the bank on the third anniversary.
17. Provisions

|  | Deferred tax (note 18) | Total |  |  |
|  | £ | £ |  |  |
| At 1 January 2024 | 10,655,402 | 10,655,402 |  |  |
| Unused amounts reversed | ( 10,351) | ( 10,351) |  |  |
|  | _______ | _______ |  |  |
| At 31 December 2024 | 10,645,051 | 10,645,051 |  |  |
|  | _______ | _______ |  |  |

'
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:

|  |  | 2024 | 2023
|  |  | £ | £
| Included in provisions (note 17) |  | 10,645,051 | 10,655,402
|  |  | _______ | _______

The deferred tax account consists of the tax effect of timing differences in respect of:

|  |  | 2024 | 2023
|  |  | £ | £
| Accelerated capital allowances |  | 103,159 | 113,510
| Revaluation of tangible assets |  | 10,541,892 | 10,541,892
|  |  | _______ | _______
|  |  | 10,645,051 | 10,655,402
|  |  | _______ | _______

The provision for deferred taxation is based on a corporation tax rate of 25% .
19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 34,509 (2023: £ 33,452 ).
20. Financial instruments
The company was using derivative financial instruments to reduce exposure to interest rate movements. The company does not hold or issue derivative financial instruments for speculative purposes. The company has entered into interest rate cap arrangements to minimise the exposure to interest rate movements. The interest rate cap ended on 14 February 2024. The interest rate cap were measured at fair value with changes in fair value recognised in the statement of comprehensive income as finance costs.
21. Called up share capital
Issued, called up and fully paid

|  |  | 2024 |  |  |  | 2023 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary shares of £ 1.00 each |  | 100 |  | 100 |  | 100 |  | 100
|  |  | _______ |  | _______ |  | _______ |  | _______

22. Reserves
Revaluation reserve:This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account:This reserve records retained earnings and accumulated losses.
23. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| £ | £
Not later than 1 year | 50,800 | 7,507
Later than 1 year and not later than 5 years | 46,062 | 46,757
| _______ | _______
| 96,862 | 54,264
| _______ | _______

24. Guarantees
The bank loans and overdraft are secured by an unlimited inter-company composite guarantee by and between the Company, the parent company Baroness Limited, the ultimate parent company Countess Holdings Limited and the fellow subsidiary Starcrown Hotels Group Limited in support of the bank finance facilities for the Company and for Countess Holdings Limited.
25. Directors advances, credits and guarantees

| During the year the directors entered into the following advances and credits with the company: |  |  |  |  |  |
2024 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Balance o/standing |  |  |
|  | £ | £ | £ |  |  |
| Bhagwant Singh Gurtata and Hardip Kaur Gurtata | - | 339,373 | 339,373 |  |  |
|  | _______ | _______ | _______ |  |  |
2023 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Balance o/standing |  |  |
|  | £ | £ | £ |  |  |
| Bhagwant Singh Gurtata and Hardip Kaur Gurtata | - | - | - |  |  |
|  | _______ | _______ | _______ |  |  |

During the year, above loans were advanced to the named directors. The loans are repayable on demand and bear interest at the statutory rate. The interest charged in the year amounted to £2,280.
26. Controlling party
The company's parent company is Baroness Limited, a company incorporated in the United Kingdom. Countess Holdings Limited, a company incorporated in the United Kingdom, is the company's ultimate parent company.