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Registered number: 12293956 SAUK OWNER LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SAUK OWNER LIMITED COMPANY INFORMATION
Directors | Justin David Petersen
| Eric Donald Hassberger
| Andrew Jay Weprin
| Benjamin Jason Weprin
Company secretary | Broughton Secretaries Limited
Registered number | 12293956
Registered office | 54 Portland Place,
| London, England
| W1B 1DY
Independent auditor | MHA
| Statutory Auditors
| 2 London Wall Place
| London
| EC2Y 5AU
SAUK OWNER LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10 - 11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13 - 14
Company Statement of Changes in Equity | 15 - 16
Consolidated Statement of Cash Flows | 17
Consolidated Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 35
SAUK OWNER LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Directors present their strategic report of the Group and Company for the year ended 31 December 2024.
Business review
The Group's principal activity is the operation of the Rusacks Hotel in St Andrews, Scotland. The Company's principal activity is the holding of debt and other financial instruments for the Group. The loss for the year, after taxation, amounted to £2,534,344 (2023: loss of £2,219,121).
Principal risks and uncertainties
Some risks are excluded because management considers them not to be material to the Group. Additionally there may be risks and uncertainties not presently known to the management team or which are deemed immaterial to the Group.
Market and industry risks
The Group's operations and its results are subject to a number of factors which could affect the business, many of which are common to the hotel industry and beyond the Group's control, such as a potential global economic downturn; changes in travel patterns in the structure of the travel industry; and the potential increase in acts of terrorism. The impact of any of these factors (or a combination of them) may adversely affect sustained levels of occupancy, room rates and/or hotel values. Although management seeks to identify risks at the earliest opportunity, many of these risks are beyond the control of the Group. The Group has recovery plans in place to enable it to respond to major incidents or crises and takes steps to minimise these exposures to the greatest extent possible.
Borrowings:
As with all loan financing, there is a risk that the Group may be at risk of default under the financing arrangements. To mitigate against this risk, the management team meet regularly to review the performance of the hotel. The covenant ratios within the financing agreement are applied to the hotel and monitored on an ongoing basis.
Fixed operating expenses:
The Group incurs operating expenses such as personnel costs, operating leases, information technology and telecommunications which are to a large extent fixed. As such, operating results may be vulnerable to short-term changes in revenues. The Group has appropriate management systems in place such as staff outsourcing designed to create flexibility in operating cost base so as to optimise operating profits in volatile trading conditions. Page 1
SAUK OWNER LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Key senior personnel and management:
The success of the Group is partially attributable to the efforts and abilities of its senior managers. Failure to retain its senior management teams or other key personnel may threaten the success of the Group's operations. The Group has appropriate systems in place for recruitment, reward and compensation, and performance management. Development and maintenance of the Group's culture also plays a leading role in minimising risk. The key senior management in the hotels is provided by Schulte Hospitality Group UK Ltd and therefore there is a pool of staff available should key personnel leave.
Pricing:
Pricing is established using a bottom-up segmentation analysis of occupancy rates and average daily rates ("ADR"). Baseline assumptions are derived from a variety of third-party sources including Smith Travel Research ("STR") reports, operating budgets provided by the Group's third-party management platform, and historical performance. The Group utilizes this information in conjunction with trends observed at other properties with similar market dynamics.
Cash flow:
The ability to generate cash flow to pay staff, vendors, debt service and all other third parties is crucial for the longevity of the Group. The Group closely monitors all available sources of capital via hotel revenues and reserves to ensure the ability to make payments when due.
Financial key performance indicators
Gross profit is the primary financial key performance indicator ("KPI") utilized by the Group to monitor the operations of the hotel being defined as revenue less cost of sales. This is noted as being £10,018,074 (2023: £8,916,625) for the year. The Group views this metric as its most significant financial KPI as it reflects how effectively it is able to generate profit from hotel operations. Based on the final 2024 budget, the Group did not meet its expectations for the year.
Other key performance indicators
The three other KPIs relevant to the Group and overall hospitality industry are average daily rate ("ADR"), occupancy, and revenue per available room ("RevPAR"). ADR measures the average rental revenue per occupied room and is calculated as total room revenue divided by the number of rooms sold. Occupancy rate is measured by dividing the number of occupied rooms by the number of available rooms. RevPAR measures the amount of revenue generated by a single room and is calculated as room revenue divided by the total number of available rooms. These KPIs are used to monitor success in that the figures reflect the ability to generate guest stays and maximize the amount of associated revenue. ADR met expectations for the year, but Occupancy and RevPAR did not.
Future developments
The directors expect the business to continue operating for the foreseeable future. Page 2
SAUK OWNER LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
Justin David Petersen Director
Date: 9 October 2025
Page 3
SAUK OWNER 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 loss for the year, after taxation, amounted to £2,534,344 (2023: loss £2,219,121). The dividends voted for the year amounted to £NIL (2023: £NIL).
Directors
The directors who served during the year were:
Justin David Petersen
Eric Donald Hassberger
Andrew Jay Weprin
Benjamin Jason Weprin
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
Future developments of the Company and Group are disclosed in the Strategic Report.
Qualifying third party indemnity provisions
Qualifying third party indemnity provision subsists for the benefit of the Directors and was in place throughout the financial period. Page 4
SAUK OWNER LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the directors are aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
Post balance sheet events of the Group have been disclosed in the notes to the financial statements.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Justin David Petersen Director
Date: 9 October 2025
Page 5
SAUK OWNER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAUK OWNER LIMITED
Opinion
We have audited the financial statements of SAUK Owner Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's loss 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 Group 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.
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 Group's or the parent 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. Page 6
SAUK OWNER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAUK OWNER LIMITED (CONTINUED)
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 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.
Opinion 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 Group 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 Group Strategic Report and the Directors' 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and 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 set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 7
SAUK OWNER LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAUK OWNER LIMITED (CONTINUED)
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 Group 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: ∙enquiry of management and those charged with governance around actual and potential litigation and claims; ∙performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; ∙reviewing minutes of meetings of those charged with governance; and ∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 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 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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed. Rajeev Shaunak FCA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditors London, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) 21 October 2025 Page 8
SAUK OWNER LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 15,568,797 | 14,421,110
Cost of sales |  | (5,550,723) | (5,504,485)
Gross profit |  | 10,018,074 | 8,916,625
Administrative expenses |  | (7,151,179) | (7,127,843)
Operating profit |  | 2,866,895 | 1,788,782
Interest receivable and similar income | 7 | 64,773 | -
Interest payable and similar expenses | 8 | (4,534,969) | (4,056,963)
Loss before taxation |  | (1,603,301) | (2,268,181)
Tax on loss | 9 | (931,043) | 49,060
Loss for the financial year |  | (2,534,344) | (2,219,121)
Loss for the year attributable to: |  |  |
Owners of the parent Company |  | (2,534,344) | (2,219,121)
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 19 to 35 form part of these financial statements.
Page 9
SAUK OWNER LIMITED REGISTERED NUMBER: 12293956 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 6,437,033 |  | 7,754,764
Tangible assets | 11 |  | 56,646,485 |  | 57,702,748
|  |  | 63,083,518 |  | 65,457,512
Current assets |  |  |  |  |
Stocks | 13 | 203,913 |  | 204,624 |
Debtors: amounts falling due within one year | 14 | 496,426 |  | 865,037 |
Cash at bank and in hand | 15 | 4,486,806 |  | 5,623,679 |
|  | 5,187,145 |  | 6,693,340 |
Creditors: amounts falling due within one year | 16 | (9,996,974) |  | (60,427,757) |
Net current liabilities |  |  | (4,809,829) |  | (53,734,417)
Debtors: amounts falling due after one year | 14 |  | 22,797 |  | -
Total assets less current liabilities |  |  | 58,296,486 |  | 11,723,095
Provisions for liabilities |  |  |  |  |
Deferred taxation | 18 | (4,358,471) |  | (3,427,428) |
|  |  | (4,358,471) |  | (3,427,428)
Creditors: amounts falling due after more than one year | 17 |  | (48,176,692) |  | -
Net assets |  |  | 5,761,323 |  | 8,295,667
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 240,001 |  | 240,001
Share premium account | 20 |  | 23,760,000 |  | 23,760,000
FF&E reserve | 20 |  | 710,643 |  | 602,918
Profit and loss account | 20 |  | (18,949,321) |  | (16,307,252)
|  |  | 5,761,323 |  | 8,295,667
Page 10
SAUK OWNER LIMITED REGISTERED NUMBER: 12293956 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Justin David Petersen
Director
Date: 9 October 2025
The notes on pages 19 to 35 form part of these financial statements. Page 11
SAUK OWNER LIMITED REGISTERED NUMBER: 12293956 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 12 |  | 50,222,638 |  | 50,222,638
|  |  | 50,222,638 |  | 50,222,638
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 12,943,069 |  | 19,437,423 |
Cash at bank and in hand | 15 | - |  | 537 |
|  | 12,943,069 |  | 19,437,960 |
Creditors: amounts falling due within one year | 16 | (7,563,162) |  | (57,569,118) |
Net current assets/(liabilities) |  |  | 5,379,907 |  | (38,131,158)
Creditors: amounts falling due after more than one year | 17 |  | (48,176,692) |  | -
Net assets |  |  | 7,425,853 |  | 12,091,480
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 240,001 |  | 240,001
Share premium account | 20 |  | 23,760,000 |  | 23,760,000
Profit and loss account | 20 |  | (16,574,148) |  | (11,908,521)
|  |  | 7,425,853 |  | 12,091,480
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Justin David Petersen
Director
Date: 9 October 2025
The notes on pages 19 to 35 form part of these financial statements. Page 12
SAUK OWNER LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | FF&E reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 240,001 | 23,760,000 | 602,918 | (16,307,252) | 8,295,667
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (2,534,344) | (2,534,344)
Transfer to FF&E reserve | - | - | 107,725 | (107,725) | -
At 31 December 2024 | 240,001 | 23,760,000 | 710,643 | (18,949,321) | 5,761,323
| The notes on pages 19 to 35 form part of these financial statements.
Page 13
SAUK OWNER LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | FF&E reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 240,001 | 23,760,000 | 235,671 | (13,720,884) | 10,514,788
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (2,219,121) | (2,219,121)
Transfer to FF&E reserve | - | - | 367,247 | (367,247) | -
At 31 December 2023 | 240,001 | 23,760,000 | 602,918 | (16,307,252) | 8,295,667
| The notes on pages 19 to 35 form part of these financial statements.
Page 14
SAUK OWNER LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 240,001 | 23,760,000 | (11,908,521) | 12,091,480
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (4,665,627) | (4,665,627)
At 31 December 2024 | 240,001 | 23,760,000 | (16,574,148) | 7,425,853
| The notes on pages 19 to 35 form part of these financial statements.
Page 15
SAUK OWNER LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 240,001 | 23,760,000 | (7,663,667) | 16,336,334
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (4,244,854) | (4,244,854)
At 31 December 2023 | 240,001 | 23,760,000 | (11,908,521) | 12,091,480
| The notes on pages 19 to 35 form part of these financial statements.
Page 16
SAUK OWNER LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (2,534,344) | (2,219,121)
Adjustments for: |  |
Amortisation of intangible assets | 1,317,731 | 1,317,732
Depreciation of tangible assets | 1,822,625 | 1,815,112
Interest paid | 4,166,646 | 3,721,617
Interest received | (64,773) | -
Taxation charge | 931,043 | (49,060)
Decrease/(increase) in stocks | 711 | (35,152)
Decrease in debtors | 345,814 | 724,862
(Decrease)/increase in creditors | (582,489) | 322,041
Net cash generated from operating activities | 5,402,964 | 5,598,031
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (766,362) | (254,401)
Interest received | 64,773 | -
Net cash used in investing activities | (701,589) | (254,401)
Cash flows from financing activities |  |
Other new loans | 5,748,486 | 136,436
New loans from group companies | 39,824 | 70,598
Loans from group companies repaid | (7,459,912) | (500,000)
Interest paid | (4,166,646) | (3,721,617)
Net cash used in financing activities | (5,838,248) | (4,014,583)
Net (decrease)/increase in cash and cash equivalents | (1,136,873) | 1,329,047
Cash and cash equivalents at beginning of year | 5,623,679 | 4,294,632
Cash and cash equivalents at the end of year | 4,486,806 | 5,623,679
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,486,806 | 5,623,679
Page 17
SAUK OWNER LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | Other non-cash changes | At 31 December 2024
| £ | £ | £ | £
Cash at bank and in hand | 5,623,679 | (1,136,873) | - | 4,486,806
Debt due after 1 year | - | (50,000,000) | 1,823,308 | (48,176,692)
Debt due within 1 year | (42,428,206) | 42,600,000 | (171,794) | -
| (36,804,527) | (8,536,873) | 1,651,514 | (43,689,886)
The notes on pages 19 to 35 form part of these financial statements.
Page 18
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
SAUK Owner Limited, company number 12293956, is a private company, limited by shares, registered and incorporated in the United Kingdom. The registered office address is 54 Portland Place, London, England, W1B 1DY. The principal activity of the Company is to act as a holding entity for a hotel and hospitality company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. Advantage has also been taken of the disclosure exemption for the parent Company to not present its own Statement of Cash Flows. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Directors confirm that, having reviewed the Group's and Company's cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Group and Company have reasonable expectations that adequate resources will be available to continue operations for the foreseeable future. Therefore, these financial statements have been prepared on the going concern basis. In forming this judgement, the Directors have reviewed forecasts for 2025-26, cash flow projections from the date of the approval of these financial statements, contingency planning and the sufficiency of banking facilities. The Company is reliant on the continued trading performance of the Group, which is in a net assets position. The Directors are comfortable that the Group will generate sufficient value to continue to settle liabilities as they fall due. Page 19
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 20
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 21
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Freehold property | - | over period of 50 years, 2%
|  |  |  | Pre-opening expenditure | - | over period of 1 year and 1 day, 100%
|  |  |  | Fixtures and fittings | - | over period of 8 years, 12.5%
|  |  |  | Computer equipment | - | over period of 3 years, 33.33%
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. Page 22
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may be longer exist or may have decreased.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 23
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying Page 24
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 25
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have applied their judgement in the use of certain critical accounting policies. Assets are typically held at cost and depreciated over their useful economic lives. The exception to this is when purchases are part of a recognised refurbishment period; these are held at cost and are depreciated when they reach a stage of operation. The Group has a policy of capitalising all costs it deems are necessary to operate the hotel for its intended purpose. Pre-opening expenditure relates to costs directly attributable to operational activities and has been depreciated over a period of 1 year and 1 day.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Room sales | 10,126,325 | 9,611,564
| Food and beverage sales | 5,162,664 | 4,560,540
| Retail sales | 232,498 | 172,604
| Parking sales | 47,310 | 76,402
|  | 15,568,797 | 14,421,110
| All turnover arose within the United Kingdom.
5. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 49,750 | 49,750
| Fees payable to the Group's auditors in respect of bookkeeping services | 52,000 | 52,000
| Fees payable to the Group's auditors in respect of tax compliance services | 6,000 | 6,000
Page 26
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Employees
| Staff costs were as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Wages and salaries | 1,815,847 | 1,525,270 | - | -
| Cost of defined contribution scheme | 98,515 | 65,572 | - | -
|  | 1,914,362 | 1,590,842 | - | -
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Employees | 69 | 82 | 1 | 1
7. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 64,773 | -
8. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loan costs | 921,686 | 362,036
| Mortgage interest payable | 3,613,283 | 3,694,927
|  | 4,534,969 | 4,056,963
Page 27
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 763,363 | (37,286)
| Impact of changes in tax rates | 167,680 | (11,774)
| Total deferred tax | 931,043 | (49,060)
| Tax charge/(credit) for the year | 931,043 | (49,060)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19% (2023: 19%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (1,603,301) | (2,268,181)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023: 19%) | (304,627) | (430,954)
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 250,369 | 378,906
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 682,932 | -
| Capital allowances for year in excess of depreciation | (158,836) | -
| Utilisation of tax losses | (469,838) | -
| Adjustments to tax charge in respect of prior periods | 232,375 | 14,762
| Short-term timing difference leading to an increase in taxation | 530,988 | -
| Impact of changes in tax rates | 167,680 | (11,774)
| Total tax charge/(credit) for the year | 931,043 | (49,060)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 28
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 January 2024 | 13,188,152
| At 31 December 2024 | 13,188,152
| Amortisation |
| At 1 January 2024 | 5,433,388
| Charge for the year on owned assets | 1,317,731
| At 31 December 2024 | 6,751,119
| Net book value |
| At 31 December 2024 | 6,437,033
| At 31 December 2023 | 7,754,764
Page 29
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
| Group
|  | Freehold property | Pre-opening expenditure | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 58,456,241 | 318,648 | 4,755,781 | 211,579 | 63,742,249
| Additions | 451,981 | - | 309,756 | 4,625 | 766,362
| At 31 December 2024 | 58,908,222 | 318,648 | 5,065,537 | 216,204 | 64,508,611
| Depreciation |  |  |  |  |
| At 1 January 2024 | 4,153,750 | 318,648 | 1,411,865 | 155,238 | 6,039,501
| Charge for the year on owned assets | 1,172,499 | - | 607,158 | 42,968 | 1,822,625
| At 31 December 2024 | 5,326,249 | 318,648 | 2,019,023 | 198,206 | 7,862,126
| Net book value |  |  |  |  |
| At 31 December 2024 | 53,581,973 | - | 3,046,514 | 17,998 | 56,646,485
| At 31 December 2023 | 54,302,491 | - | 3,343,916 | 56,341 | 57,702,748
| Included in the total net book value of land and property is £1,894,000 (2023: £1,894,000) in respect of land which is not depreciated.
Page 30
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 50,222,638
| At 31 December 2024 | 50,222,638
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| SAUK Operator Limited | 54 Portland Place, London, England, W1B 1DY | Ordinary | 100%
| The above subsidiary is included in the consolidation. The Company's investment in SAUK Operator Limited is direct ownership. The Company has provided SAUK Operator Limited, registration number 05903389, with a parental guarantee in accordance with section 479C of the Companies Act 2006. As such, advantage has been taken of the audit exemption available for SAUK Operator Limited conferred by Section 479A of the Companies Act 2006 relating to the audit of their individual statements.
13. | Stocks
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Raw materials and consumables | 203,913 | 204,624 | - | -
Page 31
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 22,797 | - | - | -
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 302,806 | 372,222 | - | 7,855
| Amounts owed by group undertakings | - | - | 12,943,068 | 19,424,688
| Other debtors | 10,077 | - | - | -
| Called up share capital not paid | 1 | 1 | 1 | 1
| Prepayments and accrued income | 183,542 | 492,814 | - | 4,879
|  | 496,426 | 865,037 | 12,943,069 | 19,437,423
15. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 4,486,806 | 5,623,679 | - | 537
16. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Other loans | - | 42,428,206 | - | 42,428,206
| Trade creditors | 518,128 | 698,713 | - | 9,508
| Amounts owed to group undertakings | 7,091,799 | 14,511,887 | 7,091,799 | 14,511,887
| Other taxation and social security | 141,127 | 144,567 | - | -
| Other creditors | 181,280 | 62,957 | - | -
| Accruals and deferred income | 2,064,640 | 2,581,427 | 471,363 | 619,517
|  | 9,996,974 | 60,427,757 | 7,563,162 | 57,569,118
| Amounts owed to group undertakings are unsecured, bear no interest, and are repayable on demand.
Page 32
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Other loans | 48,176,692 | - | 48,176,692 | -
The Company repaid the £42.6m loan due to Starfin Lux S.a.r.l on 11 June 2024. The loan was repaid using proceeds from a new loan facility totaling £50.0m provided by Starfin Lux 10 S.a r.l. The new loan is secured on the Rusacks Hotel. Interest is charged at 3.45% per annum plus three-month compounded SONIA. The loan is due for repayment on 11 June 2027.
18. | Deferred taxation
| Group
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (3,427,428) | (3,476,488)
| Charged to profit or loss | (931,043) | 49,060
| At end of year | (4,358,471) | (3,427,428)
Page 33
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18.Deferred taxation (continued)
| Company
|  | 2024 | 2023
| At end of year | - | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Accelerated capital allowances | (5,606,031) | (3,476,488)
| Tax losses carried forward | 1,247,560 | -
| Charge to profit and loss account on the origination and reversal of timing differences in the year | - | 37,286
| Impact of changes in tax rate | - | 11,774
|  | 4,358,471 | 3,427,428
| Deferred tax assets are recognised where it is considered more likely than not that there will be suitable profits, from which the future of the underlying timing differences can be deducted. Deferred tax is calculated in full on temporary differences under the liability method using the tax rates that have been substantively enacted for future years, being 25% (2023: 25%). There were no unrecognised deferred tax assets at 31 December 2024 for the Group (2023: no unrecognised deferred tax assets). The company has gross tax losses of £2,862,172 (2023: £7,615,599), giving rise to an unrecognised deferred tax asset of £715,543 (2023: £1,903,900).
19. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 24,000,100 (2023: 24,000,100) Ordinary shares of £0.01 each | 240,001 | 240,001
| Ordinary shareholders have the right to receive notice of, and to attend, speak and vote at all general meetings of the Company and shall receive, vote on and constitute an eligible member for the purposes of all written resolutions of the Company, with the right to cast a vote for each ordinary share of which they are the holder.
Page 34
SAUK OWNER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Reserves
Share premium account This reserve represents the excess of share capital subscriptions over the nominal value of the shares. FF&E reserve This reserve represents an appropriation for future capital purchases. Profit and loss account This reserve represents accumulated profit and losses net of any dividends paid.
21. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £98,515 (2023: £65,572). Contributions totalling £8,592 (2023: £7,955) were payable to the fund at the balance sheet date and are included in creditors.
22. | Related party transactions
| Refer to notes 14 and 16 for disclosures of the related party transactions. All related party transactions were with wholly owned companies within the Group and are therefore exempt from disclosure under FRS102 Section 33.1A.
23. | Post balance sheet events
The Directors consider there to be no adjusting or non-adjusting events to disclose in relation to the entity or its trade.
24. | Controlling party
The Directors consider that the ultimate controlling party and ultimate parent undertaking of the Company is AJ St Andrews Fund LLC (Delaware), headquartered in the United States. This is the largest group to draw up consolidated financial statements, which are available at the Company's address: 20 N. Wacker, Suite 3900, Chicago, Illinois, 60606.
Page 35