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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
COMPANY INFORMATION
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GATEWAY HOLYROOD EDINBURGH LIMITED
CONTENTS
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GATEWAY HOLYROOD EDINBURGH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Director presents the strategic report together with the audited financial statements for the year ended 31 December 2024.
The Company made a profit of £380,376 (2023: loss of £278,190) for the year ended 31 December 2024. The year end position is set out on the balance sheet. The directors expect the Company's lead of activities to remain unchanged during the year ending 31 December 2025.
The hotel increased its revenue in the year by £1,719,027 due to the implementation of effective and dynamic commercial strategies and the benefits generated from opening of the rooms for trading that were refurbished in the previous financial year. This result combined by a tight control of expenditure and payroll saw profits from operations increase by £1,125,074. As a result profit after tax increased to £380,376 for the year reflecting the absorption of inflationary cost pressures, particularly in food, utilities, and payroll/labour, the latter driven mainly by competitive market pressures and the UK Government’s increase in the national living wage. Financial key performance indicators The Company seeks to maximise its revenues and optimise its profit conversion through the active management of average daily rates and monitoring the costs associated with each revenue stream. Turnover: £8,343,198 (2023: £6,624,171) Operating profit/(loss): £846,884 (2023: (£278,190)) Profit/(loss) before tax: £380,376 (2023: (£278,190)) Shareholder’s funds: £9,884,048 (2023: £9,503,672) As the prime measure of our economic output, revenue growth is key to measuring shareholder return and the success of our expansion and repositioning strategies. Operating profit is the prime indicator used to measure the performance year-on-year of the hotel. The Directors also monitor non-financial KPI's such as employee engagement, guest satisfaction and market benchmarking but do not disclose the results as they are considered to be proprietary information.
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GATEWAY HOLYROOD EDINBURGH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company’s activities expose it to a number of financial risks including cash flow risk, liquidity risk and price risk. The use of financial derivatives to manage risks is subject to Board approval and no financial derivatives are used for speculative purposes.
Competitive risks Hotels are generally location driven and there are no new hotels planned within the immediate vicinity of the Company’s hotel affect hotel profitability. Management review the hotel against a selected group of competitor hotel. These reports allow the Company to compare accommodation occupancy percentage, average rate and revenue per available room against the competitive group. Currency risk The hotel business is affected by the strength of sterling, with a strong sterling adversely impacting the effective rates to international guests. Credit risk The Company’s principal financial assets are bank balances and cash, trade and other receivables. The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based upon previous experience is considered to be irrecoverable. Price risk The Company is exposed to commodity price risk, particularly in relation to energy costs. The Company manages its exposure to energy cost price risks by using fixed rate contracts where appropriate to ensure consistent levels of costs. Economic environment The Company operates in a competitive environment influenced by the UK economy. Adverse economic and financial market developments could lead to lower revenues and higher costs. Experience shows a recession lessens both leisure and business travel. Other risks Other risks facing the hotel industry are include ones that reduce or prevent travel. The continuing threat of terrorism and the economic uncertainty can impact hotel performance. The reliance of hotels on economic growth as well as consumer confidence also plays a role.
This report was approved by the board on 25 September 2025 and signed on its behalf.
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GATEWAY HOLYROOD EDINBURGH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Results and Dividends The profit for the year, after taxation, amounted to £380,376 (2023 - loss £511,139) No dividends were paid or declared during the year (2023: £NIL).
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
There are no significant future developments to disclose. The Company will continue to operate the hotel which is in the process of being refurbished and and rebranded.
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GATEWAY HOLYROOD EDINBURGH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Auditors
On 18 November 2024 the Company's auditor changed its name from Haysmacintyre to HaysMac LLP. The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
There have been no significant events affecting the Company since the year end.
This report was approved by the board on
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GATEWAY HOLYROOD EDINBURGH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GATEWAY HOLYROOD EDINBURGH LIMITED
We have audited the financial statements of Gateway Holyrood Edinburgh Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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GATEWAY HOLYROOD EDINBURGH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GATEWAY HOLYROOD EDINBURGH LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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 have been prepared in accordance with applicable legal requirements.
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.
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GATEWAY HOLYROOD EDINBURGH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GATEWAY HOLYROOD EDINBURGH LIMITED (CONTINUED)
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 Auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to food standards and minimum wage regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙evaluating management's controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted to revenue, postings significantly impacting profit, postings with unusual account combinations and postings around the year-end; and
∙challenging assumptions and judgements made by management in their critical accounting estimates, in particular in respect of their assessments of impairment of investments in subsidiaries and the recoverability of amounts owed by group undertakings.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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GATEWAY HOLYROOD EDINBURGH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GATEWAY HOLYROOD EDINBURGH LIMITED (CONTINUED)
This report is made solely to the Company's members, 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 members those matters we are required to state to them 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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GATEWAY HOLYROOD EDINBURGH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
REGISTERED NUMBER: 06030293
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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GATEWAY HOLYROOD EDINBURGH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Gateway Holyrood Edinburgh Limited is a private company, limited by shares, incorporated in England and Wales (registration number: 06030293). The registered office is Suite 3.01 Hx1 Harbour Exchange Square, London, E14 9GE. The trading address is The Holyrood Hotel, 81 Holyrood Road, Edinburgh, United Kingdom, EH8 8AU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Gateway Investment Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company meets its day to day working capital requirements from operational cashflows together with an intercompany loan and trading balances with the group headed by Gateway Financial Holdings Limited, the immediate parent company.
The Company has prepared cashflow forecasts and performed a going concern assessment which indicates that the Company will have sufficient funds to meet its liabilities as they fall due during the going concern assessment period. The cashflow forecasts cover a period of 12 months from the date of signing these financial statements are based upon monthly operating budgets which take into account the expected occupancy and rate based upon the known calendar of events in the year and a targeted marketing strategy. The budgets take into account anticipated inflationary increases in costs and particularly in the increase to the National Living Wage. These forecasts are dependent on the Company’s immediate parent company, Gateway Financial Holdings Limited not seeking repayment of the amounts currently due. Gateway Financial Holdings has indicated that it does not intend to seek repayment of the amounts currently due to the Company during the going concern assessment period unless there is sufficient surplus cash in the Company. Consequently the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Revenue from sales of food and beverages is recognised at the point at which the goods are provided to the customer. Revenue from spa and leisure is recognised at the point at which the services are provided to the customer and any deposits or payments in advance are held as deferred income until the relevant services are provided. Other income is recognised at the point in which risk and reward transfers from the Company to the customer.
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting period end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial Liabilities
Financial liabilities including short-term creditors are measured at the transaction price.
The costs of ‘short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key judgements made by management include: Useful lives of tangible fixed assets Depreciation is provided in order to write down to estimated residual value the cost of each asset over its estimated useful economic life. These useful economic lives require the use of management judgement. These estimates are regularly reviewed. Based on the directors' assessment of the useful economic life of tangible fixed assets of £11,287,485 (2023: £6,466,058), a depreciation charge of £337,147 has been recognised within administrative expenses during the year (2023: £364,406). Impairment of tangible fixed assets Each cash generating unit (CGU) is reviewed annually for indicators of impairment. In assessing whether an asset has been impaired, the carrying value of the CGU is compared to its recoverable amount. The recoverable amount is the higher of its fair value less costs to sell and its value in use. Where value in use is estimated, this is calculated using a discounted cash flow model, which includes assumptions around future performance and the use of an appropriate discount rate. Future projections are compared to actual performance on a regular basis to assess the accuracy of such projections. Based on this, it has been concluded that there are are no impairments of tangible fixed assets for the year ended 31 December 2024 (2023: £NIL). Impairment of investments Investments in subsidiaries of £18,492,581 (2023: £18,492,581) are reviewed annually for indicators of impairment. In assessing whether they have been impaired, the carrying value of the investment is compared to its recoverable amount. The recoverable amount is the higher of its fair value less costs to sell and its value in use. Where value in use is estimated, this is calculated using a discounted cash flow model, which includes assumptions around future performance and the use of an appropriate discount rate. Future projections are compared to actual performance on a regular basis to assess the accuracy of such projections. Based on this, it has been concluded there are are no impairments of investments in subsidiaries for the year ended 31 December 2024 (2023: £NIL). Recoverability of debtors At 31 December 2024, the Company had an amount of £1,140,106 (2023: £NIL) owed from group undertakings. Management has assessed the recoverability of this balance by considering the group companies' financial position, future cash flow forecasts, and the continued availability of financial support from the winder group. Based on this, it has been concluded that all amounts are fully recoverable and so no bad debt provisions have been recognised in respect of amounts owed by group undertakings (2023: £NIL).
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.Taxation (continued)
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,931 (2023: £38,269). Contributions totalling £Nil (2023: £203) were payable to the fund at the reporting date.
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GATEWAY HOLYROOD EDINBURGH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent is Gateway Financial Holdings Limited (registered number: 13637148), incorporated in England & Wales. The registered address of Gateway Financial Holdings Limited is 4th Floor, Phoenix House, 1 Station Hill, Reading, Berkshire, RG1 1NB.
Gateway Investments Holdings Limited (registered number: 13636718) is the ultimate UK parent company and the ultimate parent company and controlling party is Zetland Special Situations Fund ll SCSp SICAV RAIF, based in Luxembourg. Gateway Financial Holdings Limited and Gateway Investment Holdings Limited both prepare consolidated financial statements which are available from Companies House.
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