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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
COMPANY INFORMATION
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MAR HALL HOSPITALITY LIMITED
CONTENTS
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MAR HALL HOSPITALITY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present the Strategic Report of Mar Hall Hospitality Limited (the 'Company') for the period ended 31 December 2024.
The financial statements cover the results of the Company for the period from the Company's date of incorporation of 5 December 2023 to 31 December 2024.
The Company's principal activity is the ownership and operation of Mar Hall Golf & Spa Resort (“the Hotel”). The Hotel was acquired by the Company during the period.
The Company made a loss of £2,050,590 for the period ended 31 December 2024 and had a net asset position at the reporting date of £11,949,410.
In the period, the Hotel’s trading was challenging. This was primarily due to the Hotel’s aged and underinvested state, which proved unattractive for guests. The low business on the books as a result of the previous owner’s administration provided additional headwinds. During 2024, the refurbishment of the Hotel commenced in a phased manner. Firstly, the spa and leisure areas were renovated and the golf course was improved. Both of these actions resulted in a healthy increase in memberships. The main refurbishment of the Hotel commenced in December 2024, comprising the rooms accommodation, public areas and back of house. The hotel was closed during these works and re-opened in May 2025. Following the refurbishment, the hotel is now positioned as a luxury 5 star property. The response from sales channels and guests has been encouraging and performance is expected to improve during 2026. Expansion of rooms accommodation is planned with the addition of luxury lodge accommodation expected to come online in 2026. The directors have reviewed the cash requirements for the Company and consider that capital expenditures and any funding for operations will be sourced via the Company’s bankers, Emirates NBD or from the Company’s ultimate parent company.
The Company’s risks can be broadly defined as commercial and financial. The principal commercial risks and uncertainties faced by the Company include general macroeconomic conditions in the UK and globally, putting potential further inflationary pressure on staffing and supply chain costs.
The directors have considered the impact of the financial statement of market risk, credit risk and liquidity risk. The directors believe that any adverse changes in the market to the parameters that determine the effects of these financial risks will not be expected to have a significant impact to the financial performance and the position of the Company. The forecast hotel market performance has been analysed and accounted for in forecasting the performance of the hotel going forward.
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MAR HALL HOSPITALITY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Company's key performance indicators ('KPIs') and other performance indicators during the period were as follows:
- Revenue for the period was £3,864,897 - Loss before tax for the period was £2,625,123 - Cash and bank balances at the reporting date totalled £31,767 - Net assets at the reporting date totalled £11,949,410
This report was approved by the board and signed on its behalf.
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MAR HALL HOSPITALITY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for Mar Hall Hospitality Limited (the 'Company') for the period ended 31 December 2024.
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 judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The 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.
The loss for the period, after taxation, amounted to £2,050,590.
No dividends were paid in the period. The directors do not recommend the payment of any final dividends.
The directors who served during the period were:
The hotel will continue with the refurbishment program with an anticipated spend over the next 24 months of £15.3m.
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MAR HALL HOSPITALITY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
HaysMac LLP were appointed as auditor to the Company in the period and 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.
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MAR HALL HOSPITALITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAR HALL HOSPITALITY LIMITED
We have audited the financial statements of Mar Hall Hospitality Limited (the 'Company') for the period 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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MAR HALL HOSPITALITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAR HALL HOSPITALITY 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 period 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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MAR HALL HOSPITALITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAR HALL HOSPITALITY 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 the principal risks of non-compliance with laws and regulations related to the Company, 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, corporation tax, and VAT. 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;
∙consideration of known or suspected instances of non-compliance with laws and regulations through discussions with management, review of board minutes, and review of Food Standards Agency website;
∙evaluating management controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with high value transactions or rounded entries; and
∙challenging assumptions and judgements made by management in their critical accounting estimates.
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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MAR HALL HOSPITALITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAR HALL HOSPITALITY 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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MAR HALL HOSPITALITY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
REGISTERED NUMBER: 15329764
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 by:
The notes on pages 12 to 24 form part of these financial statements.
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MAR HALL HOSPITALITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Mar Hall Hospitality Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 15329764 and registered office address is 1 Park Row, Leeds, United Kingdom, LS1 5AB.
The Company's principal activity is disclosed in the Strategic Report.
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 financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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 Dubai Transport Co LLC as at 31 December 2024 and these financial statements may be obtained from PO Box 233, Dubai, United Arab Emirates.
The financial statements cover the results of the Company for the 13 month period from the Company's date of incorporation of 5 December 2023 to 31 December 2024.
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The Company made a loss of £2,050,590 for the period ended 31 December 2024 and had a net asset position at the reporting date of £11,949,410. The directors are confident that there will be no significant changes to the operations of the Company that would impact the Company's cash flow forecasts. Based on their review, the directors do not consider there to be any material uncertainty with regards to the going concern of the Company. Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 24 months from the date of approval of the financial statements and have prepared the financial statements on a going concern basis. Rendering of services Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from the rendering of services (such as the accommodation and use of facilities) is recognised when services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time vvhen the goods are delivered to customers.
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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 bases:
Land is not depreciated.
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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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Company 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 Company will continue to recognise the value of the portion of the risks and rewards retained.
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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. The directors consider the following key sources of estimation uncertainty to potentially impact the financial statements: Useful economic lives of tangible fixed assets Judgement is required in assessing the depreciation rates for tangible fixed assets based on the expected life of the asset itself. Any change in useful economic life, which drives the depreciation rates, could lead to a material change in value of fixed assets. Based on the estimated useful lives of the tangible fixed assets held by the Company, a depreciation charge of £294,667 has been recognised in the Statement of Comprehensive Income. Impairment of tangible fixed assets The factors considered when the directors make a judgement around whether there are any indicators of impairment of the Company's tangible fixed assets include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash generating unit, the viability and expected future financial performance of that unit. Recoverability of trade debtors Trade debtors are recognised to the extent that they are judged recoverable. Director reviews are performed to estimate the level of provisions required for irrecoverable debt, considering customer credit worthiness, current economic trends and changes in customer payment terms. Provisions are made specifically against invoices where recoverability is uncertain. Total trade debtors as at the reporting date are £51,763, which includes a provision against bad debts of £22,767. During the period, bad debt write offs of £22,767 have been recognised in the Statement of Comprehensive Income.
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Ordinary shares have attached to them, full voting and distribution rights. The Ordinary shares do not confer any rights of redemption.
The Company was incorporated on 5 December 2023 with £100 of A Ordinary shares of £1.00 each. The total consideration for these shares was £100. On 15 December 2023, a further 12,599,900 A Ordinary shares and 400,000 B Ordinary shares were allotted with nominal value of £1.00 for total consideration of £12,999,900.
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MAR HALL HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Capital contribution reserve
Profit and loss account
The Company operates a defined contribution 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 £19,433. Contributions totalling £6,160 were payable to the fund at the reporting date and are included within other creditors.
The Company's immediate parent undertaking is Dutco UK Holding Limited, a company incorporated in the UK.
The smallest and largest group in which the results of the Company are consolidated is that headed by its ultimate parent undertaking Dubai Transport Co LLC, a company incorporated in the United Arab Emirates. The consolidated financial statements of Dubai Transport Co LLC can be obtained from its registered office address of PO Box 233, Dubai, United Arab Emirates. The directors confirm there to be no single ultimate controlling party.
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