54 Queen's Gate Hotel Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04501688 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

54 QUEEN'S GATE HOTEL LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M M I Mohamed

S Locke

SECRETARY:

S Locke

REGISTERED OFFICE:

54 Queen's Gate

London

SW7 5JW

REGISTERED NUMBER:

04501688 (England and Wales)

AUDITORS:

Sage & Co

Chartered Accountants

& Statutory Auditors

40 High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

1,058,810

1,152,709

1,058,810

1,152,709

CURRENT ASSETS

Stocks

4,149

4,494

Debtors

6

647,662

574,086

Cash at bank and in hand

347,182

356,037

998,993

934,617

CREDITORS

Amounts falling due within one year

7

1,871,910

2,012,234

NET CURRENT LIABILITIES

(872,917

)

(1,077,617

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

185,893

75,092

CAPITAL AND RESERVES

Called up share capital

8

2

Retained earnings

185,891

75,090

SHAREHOLDERS' FUNDS

185,893

75,092

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 26 September 2025 and were signed on its behalf by:

S Locke - Director

1.	STATUTORY INFORMATION

54 Queen's Gate Hotel 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors believe that the following are positive factors regarding the company's future prospects:

- Trading has improved since the end of the Covid-19 pandemic and the company has been trading profitably after 2021.

- Trading in 2026 is expected to continue to be profitable.

- In 2023, a group company obtained a bank loan the proceeds of which were utilised to repay the company's existing bank loans and overdrafts. The amount owed to this group company at the balance sheet date was £679,630 and is included in current liabilities. There are no fixed repayment terms and the company is not expected to make repayments in excess of £100,000 per annum for the foreseeable future.

- Current liabilities include an interest free loan of £948,033. There are no fixed repayment terms and the loan provider has agreed that the company need only make repayments when the company's cash flow allows.

The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and believe it is appropriate to continue preparing the financial statements on a going concern basis.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when rooms are occupied and food and beverages are sold.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over period of lease

Fixtures and fittings

-

10% on cost

Equipment

-

20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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 12 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

55,000

AMORTISATION

At 1 January 2024

and 31 December 2024

55,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Equipment

Totals

£

COST

At 1 January 2024

1,477,632

1,087,380

87,667

2,652,679

Additions

-

3,167

-

3,167

Disposals

-

(16,406

)

-

(16,406

)

At 31 December 2024

1,477,632

1,074,141

87,667

2,639,440

DEPRECIATION

At 1 January 2024

440,622

977,267

82,081

1,499,970

Charge for year

73,881

20,841

2,344

97,066

Eliminated on disposal

-

(16,406

)

-

(16,406

)

At 31 December 2024

514,503

981,702

84,425

1,580,630

NET BOOK VALUE

At 31 December 2024

963,129

92,439

3,242

1,058,810

At 31 December 2023

1,037,010

110,113

5,586

1,152,709

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

-

(6,839

)

Amounts owed by group undertakings

584,834

483,508

Other debtors

3,328

Prepayments and accrued income

59,500

94,089

647,662

574,086

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

10,112

29,735

Amounts owed to group undertakings

679,630

799,630

VAT

45,890

29,283

Other creditors

949,426

952,401

Accruals and deferred income

186,852

201,185

1,871,910

2,012,234

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

2

Ordinary

£1

2

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sunil Sangani FCA (Senior Statutory Auditor)

for and on behalf of Sage & Co

10.	CONTINGENT LIABILITIES

The company has given a guarantee supported by debentures over company assets in respect of the bank loan of a group company.

11.	OTHER FINANCIAL COMMITMENTS

A fellow group company has granted a lease to the company for its use of the hotel property however no rent was charged to the company for the year and the lessor has confirmed that no rent will be charged for the foreseeable future.

At the year end, the company had total commitments under operating leases over the remaining life of those leases of approximately £1,174 (2023: £2,074).