The Abbey Hotel Golf & Country Club Limited Company accounts

COMPANY REGISTRATION NUMBER: 03471254

The Abbey Hotel Golf & Country Club Limited

Financial Statements

31 December 2024

The Abbey Hotel Golf & Country Club Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	3

Independent auditor's report to the member	5

Statement of income and retained earnings	8

Statement of financial position	9

Notes to the financial statements	10

The Abbey Hotel Golf & Country Club Limited

Officers and Professional Advisers

Director	Sir D Michels

Registered office	2nd Floor
	32-33 Gosfield Street
	Fitzrovia
	London
	W1W 6HL

Auditor	Baker Friend Audit Limited
	Chartered accountants & statutory auditor
	2nd Floor
	32-33 Gosfield Street
	Fitzrovia
	London
	W1W 6HL

The Abbey Hotel Golf & Country Club Limited

Strategic Report

Year ended 31 December 2024

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW The principal activity of the company during the year was the ownership and operation of an hotel. RESULTS AND DIVIDENDS The proift for the period, after taxation, amounted to £404,731 (2023: £559,617). The director has not recommended a dividend. PRINCIPAL RISKS AND UNCERTAINTIES 2024 has seen a slight decline in revenue with an increase cost in energy prices, bank interest charge, and payroll cost thereby contributing to the loss for the current year. The board does not foresee any changes to the strategy of the business for the next three years and therefore does not anticipate anu significant changes to the structure of the company

This report was approved by the board of directors on 25 September 2025 and signed on behalf of the board by:

Sir D Michels
Director

Registered office:

2nd Floor

32-33 Gosfield Street

Fitzrovia

London

W1W 6HL

The Abbey Hotel Golf & Country Club Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the financial statements of the company for the year ended 31 December 2024 .

Director

The director who served the company during the year was as follows:

Sir D Michels

Dividends

The director does not recommend the payment of a dividend.

Future developments

The hotel continues to perform well and in line with projections. There is no major refurbishment planned, apart from the normal repairs and renewals.

Financial instruments

The company uses various financial instruments. These include loans from shareholders, bank loans and various items, such as trade debtors and trade creditors, which arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations and to fund extensive refurbishments to the hotel. The existence of these financial instruments exposes the company to a number of financial risks, the principal ones of which are liquidity risk and credit risk.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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. He is 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 25 September 2025 and signed on behalf of the board by:

Sir D Michels
Director

Registered office:

2nd Floor

32-33 Gosfield Street

Fitzrovia

London

W1W 6HL

The Abbey Hotel Golf & Country Club Limited

Independent Auditor's Report to the Member of The Abbey Hotel Golf & Country Club Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of The Abbey Hotel Golf & Country Club Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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; - 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.

Our evaluation of the directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included the review of the forecast for the next 5 years.

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 entity'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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have 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 director's 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; and - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors reports and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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 them in an auditor's 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.

Jeffrey Baker

(Senior Statutory Auditor)

For and on behalf of

Baker Friend Audit Limited

Chartered accountants & statutory auditor

2nd Floor

32-33 Gosfield Street

Fitzrovia

London

W1W 6HL

25 September 2025

The Abbey Hotel Golf & Country Club Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	5,405,946	5,489,700

Cost of sales	589,855	630,161
	------------	------------
Gross profit	4,816,091	4,859,539

Administrative expenses		4,155,512	4,274,098
		------------	------------
Operating profit	5	660,579	585,441

	------------	------------
Profit before taxation	660,579	585,441

Tax on profit	8	255,848	25,830
		---------	---------
Profit for the financial year and total comprehensive income		404,731	559,611
		---------	---------

Retained earnings/(losses) at the start of the year	366,141	( 193,470)
	---------	---------
Retained earnings at the end of the year	770,872	366,141
	---------	---------

All the activities of the company are from continuing operations.

The Abbey Hotel Golf & Country Club Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	9	8,117,049	8,092,830

Current assets

Stocks	10	62,442	52,761
Debtors	11	5,183,165	3,428,131
Cash at bank and in hand		329,837	994,373
		------------	------------
		5,575,444	4,475,265

Creditors: amounts falling due within one year	12	12,107,562	11,382,177
		-------------	-------------
Net current liabilities		6,532,118	6,906,912
		------------	------------
Total assets less current liabilities		1,584,931	1,185,918

Creditors: amounts falling due after more than one year	13	–	12,992

Provisions	15	189,059	181,785
		------------	------------
Net assets		1,395,872	991,141
		------------	------------

Capital and reserves

Called up share capital	18	625,000	625,000
Profit and loss account		770,872	366,141
		------------	---------
Shareholder funds		1,395,872	991,141
		------------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Sir D Michels
Director

Company registration number: 03471254

The Abbey Hotel Golf & Country Club Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor, 32-33 Gosfield Street, Fitzrovia, London, W1W 6HL. The Financial Statements cover a period of 12 months to 31 December 2024.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In preparing the financial statements, the directors are required to assess the ability of the company to continue as a going concern. The directors have prepared a cash flow forecast for the company which covers 12 months period from the date of signing this financial statement. We considered implications for the company's going concern assessment and appropriate disclosure in the Financial Statements, by developing stress test scenarios to model potential impacts. Based on the above and the current cash reserve, the director believes that will be able to continue trading in the next 12 months

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Michels Ventures 2 Limited which can be obtained from the Registered Office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented.(b) No cash flow statement has been presented for the company.(c) Disclosures in respect of financial instruments have not been presented.(d) Disclosures in respect of share-based payments have not been presented.(e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Estimated useful lives and residual values of fixed assets Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the Directors. Estimated useful lives and residual values are reviewed annually and will be revised as appropriate. The Directors also paid a particular attention to the value of the fixed assets in the accounts and believe, based on their projections that there is no need for any impairment as of 31 December 2024.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Hotel Accommodation Revenue is recognised on customer departure on the basis it is probable the company will receive the consideration, and costs incurred in respect of the transactions can be measure reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Equipment	-	10% to 33% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Hotel services	5,405,946	5,489,700
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	99,773	86,630
	--------	--------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	12,500	12,500
	--------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2024	2023
	No.	No.
Hotel staff	123	123
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,005,517	2,120,965
Social security costs	142,745	131,690
Other pension costs	29,585	28,570
	------------	------------
	2,177,847	2,281,225
	------------	------------

8. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	144,313	–
Adjustments in respect of prior periods	104,261	19,989
	---------	--------
Total current tax	248,574	19,989
	---------	--------

Deferred tax:

Origination and reversal of timing differences	7,274	5,841
	---------	--------
Tax on profit	255,848	25,830
	---------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	660,579	585,441
	---------	---------
Profit on ordinary activities by rate of tax	165,145	137,580
Adjustment to tax charge in respect of prior periods	104,261	(3,158)
Effect of expenses not deductible for tax purposes	–	7,858
Effect of capital allowances and depreciation	5,601	–
Effect of different UK tax rates on some earnings	(2,997)	10,907
Utilisation of tax losses	( 16,162)	( 127,357)
	---------	---------
Tax on profit	255,848	25,830
	---------	---------

9. Tangible assets

	Freehold property	Equipment	Total
	£	£	£
Cost
At 1 January 2024	7,941,541	6,307,705	14,249,246
Additions	–	123,992	123,992
	------------	------------	-------------
At 31 December 2024	7,941,541	6,431,697	14,373,238
	------------	------------	-------------
Depreciation
At 1 January 2024	–	6,156,416	6,156,416
Charge for the year	–	99,773	99,773
	------------	------------	-------------
At 31 December 2024	–	6,256,189	6,256,189
	------------	------------	-------------
Carrying amount
At 31 December 2024	7,941,541	175,508	8,117,049
	------------	------------	-------------
At 31 December 2023	7,941,541	151,289	8,092,830
	------------	------------	-------------

The freehold property is depreciated over 50 years, however as it is maintained to a high standard the residual value is considered to be at least carrying value so no depreciation has been charged in the period.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Equipment
	£
At 31 December 2024	8,639
	-------
At 31 December 2023	8,639
	-------

10. Stocks

	2024	2023
	£	£
Raw materials and consumables	62,442	52,761
	--------	--------

11. Debtors

	2024	2023
	£	£
Trade debtors	111,979	141,732
Amounts owed by group undertakings	4,906,672	3,179,565
Prepayments and accrued income	64,397	61,062
Corporation tax repayable	–	30,282
Other debtors	100,117	15,490
	------------	------------
	5,183,165	3,428,131
	------------	------------

12. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	120,755	249,101
Amounts owed to group undertakings	11,387,831	10,569,796
Accruals and deferred income	320,269	365,310
Corporation tax	73,970	–
Social security and other taxes	147,059	132,629
Obligations under finance leases and hire purchase contracts	12,992	17,800
Other creditors	44,686	47,541
	-------------	-------------
	12,107,562	11,382,177
	-------------	-------------

13. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Obligations under finance leases and hire purchase contracts	–	12,992
	----	--------

14. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2024	2023
	£	£
Not later than 1 year	12,992	17,800
Later than 1 year and not later than 5 years	–	12,992
	--------	--------
	12,992	30,792
	--------	--------

15. Provisions

	Deferred tax (note 16)
	£
At 1 January 2024	181,785
Additions	7,274
	---------
At 31 December 2024	189,059
	---------

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 15)	189,059	181,785
	---------	---------

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

	2024	2023
	£	£
Accelerated capital allowances	189,059	181,785
	---------	---------

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 29,585 (2023: £ 28,570 ).

18. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.05 each	12,500,000	625,000	12,500,000	625,000
	-------------	---------	-------------	---------

19. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Michels & Taylor (London) Ltd	298,655	115,572	–	–
Immediate parent company	–	–	( 7,950,125)	( 7,950,125)
Other group companies	792,057	776,062	( 3,437,705)	( 2,645,648)
Michels Ventures 2 Ltd	1,795,636	3,045,059	4,900,695	3,105,059
	------------	------------	------------	------------

During the period, the company paid hotel management fees to Michels & Taylor (London) Ltd, an associated company.

20. Controlling party

The immediate parent undertaking is RSM Leisure Limited which is 100% owned by Michels Ventures 2 Limited, a company incorporated and registered in England and Wales. The ultimate parent undertaking is London and Regional Group Properties Ltd , a company incorporated in England and Wales. Michels Venture 2 Limited is the parent undertaking of the smallest group of undertakings to consolidate these financial statement as at 31 December 2024. London and Regional Group Properties Ltd is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2024. The consolidated financial statements of London and Regional Group Properties Ltd can be obtained from the company secretary at 8th Floor, South Block, 55 Baker Street, London, United Kingdom, W1U 8EW . The ultimate controlling parties are I.M. Livingstone and R.J. Livingstone through their joint ownership of London and Regional Group Properties Ltd.