Kingsridge Limited 31/12/2024 iXBRL

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.