REGISTERED NUMBER: 04578580 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

54 QUEEN'S GATE HOTEL PROPERTY COMPANY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M M I Mohamed

S Locke

SECRETARY:

S Locke

REGISTERED OFFICE:

54 Queen's Gate

London

SW7 5JW

REGISTERED NUMBER:

04578580 (England and Wales)

ACCOUNTANTS:

Sage & Co

Chartered Accountants

40 High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Tangible assets

4

7,719,011

7,796,981

Investments

5

3

3

7,719,014

7,796,984

CURRENT ASSETS

Debtors

6

720,057

850,602

Cash at bank

25,899

15,247

745,956

865,849

CREDITORS

Amounts falling due within one year

7

2,593,404

2,596,298

NET CURRENT LIABILITIES

(1,847,448

)

(1,730,449

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,871,566

6,066,535

CREDITORS

Amounts falling due after more than one year

8

(804,195

)

(842,373

)

PROVISIONS FOR LIABILITIES

(964,000

)

(964,000

)

NET ASSETS

4,103,371

4,260,162

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

11

3,835,882

3,885,197

Retained earnings

267,488

374,964

SHAREHOLDERS' FUNDS

4,103,371

4,260,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

S Locke - Director

1.	STATUTORY INFORMATION

54 Queen's Gate Hotel Property Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The company has been partly funded by an interest free loan from its parent company. The amount owed at the balance sheet date was £2,558,777 and is included in current liabilities. There are no fixed repayment terms and the parent company is not expected to request repayments until the company's cash flow allows. Due to this parent company support, the directors believe it is appropriate to continue preparing the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about 54 Queen's Gate Hotel Property Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Property Interest - 2% Straight Line

The Leasehold Property Interest is included in the balance sheet at valuation less accumulated depreciation.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Other operating income

Other operating income represents rent received from the letting of properties.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Long

leasehold

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

7,796,981

DEPRECIATION

Charge for year

77,970

At 31 December 2024

77,970

NET BOOK VALUE

At 31 December 2024

7,719,011

At 31 December 2023

7,796,981

The company holds the beneficial title to a 999 year lease on the leasehold property. A 35 year sublease is held by 54 Queen's Gate Hotel Limited.

The legal title for the leasehold is jointly held by 54 Queen's Gate Hotel Nominee 1 Limited and 54 Queen's Gate Hotel Nominee 2 Limited. The legal and beneficial title to the reversionary freehold interest of the property is held by 54 Queen's Gate Hotel Reversionary Company Limited.

Cost or valuation at 31 December 2024 is represented by:

Long

leasehold

£

Valuation in 2004

1,229,912

Valuation in 2009

1,168,240

Valuation in 2014

3,214,823

Valuation in 2020

(2,057,579

)

Valuation in 2023

687,270

Cost

3,554,315

7,796,981

If the leasehold property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

3,554,315

3,554,315

Aggregate depreciation

635,186

606,531

The Leasehold property was valued on market value basis on 2 August 2023 by Colliers International .

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

3

NET BOOK VALUE

At 31 December 2024

3

At 31 December 2023

3

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

679,630

799,630

Other debtors

40,427

50,972

720,057

850,602

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

34,628

31,203

Trade creditors

(1

)

-

Amounts owed to group undertakings

2,558,777

2,558,777

Other creditors

-

6,318

2,593,404

2,596,298

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

804,195

842,373

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

838,823

873,576

The bank loans and overdrafts are secured by a first legal charge over the company's property and a mortgage debenture over all its assets.

Some of the group companies of 54 Queen's Gate Hotel Property Company Limited have provided guarantees supported by debentures over their assets in respect of the bank loans.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Revaluation

reserve

£

At 1 January 2024

3,885,197

Transfer from revaluation

reserve

(49,315

)

At 31 December 2024

3,835,882

12.	CONTINGENT LIABILITIES

The company and other group companies within the UK operate a combined value added tax (VAT) registration and therefore there is a contingent liability for any unpaid VAT arising in other UK group companies.