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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
This report provides an overview of the current year performance, position and main issues that have been considered by the directors.
The principal activities of the group are the operation and development of the GuestHouse luxury hotel group. Guest Holdings Ltd acts as a holding company for the group.
Group turnover levels have increased to £10,832 thousand (2024: £8,199 thousand), mostly as a result of the opening of a second hotel. Net losses have also increased to £4,650 thousand (2024: £3,671 thousand) due to continued investment in the group. This includes significant investment in the operating entities as well as the ongoing development of new sites. The group currently comprises four hotel entities, three of which were fully operational throughout the year ended 31 March 2025, in Bath, York and Margate. The fourth site, Brighton, commenced operations part-way through the financial year in November 2024. The GuestHouse hotels boast excellent restaurants and bars, and during the year the group has launched a new restaurant concept called Pearly Cow, initially trialled in York, then in Margate, and soon to be opened in Brighton, with the idea of creating destination restaurants. Management is attentive to arising potential growth opportunities and is open to appropriate expansion.
Principal risks and uncertainties include those generally associated with the hospitality industry, the most important of which is the risk of reduced occupancy levels. This is particularly significant in the current economy with the cost of living crisis having an impact on the market.
Inflation, particularly food inflation, is a concern for the group as it is currently at higher levels than can be passed on to customers. The group is monitoring the situation and adjusting prices to remain competitive. Staff retention and staff shortages are always a risk in the hospitality industry. A fair wage structure and positive working environment is behind the group's favourable staff retention levels. The active cross-training of skills and attractive culture is of a benefit to the group and staff equally.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
For operating hotels, the group has invested in a bespoke balanced scorecard which highlights over 40 KPIs within the group. Any areas falling below expectations will quickly be identified. The balanced scorecard looks at four areas:
∙Performance for rooms, F&B and spa, including:
°Occupancy, revenues per room, average room rates;
°Covers, F&B margins, average spend; and
°Spa capture rate, therapist utilisation rate, repeat guests.
∙Brand, for example website hit rates, conversion percentages, database size and social media influence.
∙Product, for example customer reviews, scores and ranking from Net Promotor, TripAdvisor and Google.
∙People, for example staff turnover, cost per hire, absence days, revenue per employee.
For non-operating sites, KPIs include build timelines and budgets, completion of operational aspects and recruitment levels.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
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.
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.
The loss for the year, after taxation, amounted to £4,650 thousand (2024 - loss £3,671 thousand).
No dividends were paid in the 2025 or 2024 financial years.
The directors who served during the year were:
The group is continuously reviewing its business to stay aligned to the challenging hospitality market. Management is monitoring possible opportunities for future growth. On the basis of risk analysis and adequate operational processes, the directors have faith that the group will be able to tackle the challenges ahead and to stay on top of its operations.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Group since the year end.
The auditors, Warrener Stewart, 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUEST HOLDINGS LTD
We have audited the financial statements of Guest Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, 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).
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 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUEST HOLDINGS LTD (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 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUEST HOLDINGS LTD (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 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:
Our assessment of the susceptibility of the entity's financial statements is considered to be low. We reached this conclusion after consideration of the following:
∙A high level of review of the group's environment of systems and controls;
∙A high level of review of key performance and similar indicators; and
∙There are a number of individuals which comprise "management" and therefore there is no single individual who is likely to be able to override controls to commit fraud.
We designed our audit procedures to respond to identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:
∙The review of control accounts and journal entries for large, unusual or unauthorised entries;
∙The analytical review of the detailed profit and loss account for unexpected variances or items that fell outside our understanding of the business; and
∙Obtaining and reviewing a list of connected persons and entities and reviewing ledgers for undisclosed related party transactions.
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUEST HOLDINGS LTD (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
Chartered Accountants
Harwood House
43 Harwood Road
SW6 4QP
Date:
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 35 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The group comprises private companies, limited by shares, incorporated in England and Wales. The principal activity of the companies are hotel and hospitality provision. The principal place of business is 31 Ruvigny Gardens, London, England, SW15 1JR.
The principal activities of the group are the operation and development of the GuestHouse luxury hotel group. Guest Holdings Ltd acts as a holding company for the group.
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 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.
The following principal accounting policies have been applied:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
For the purposes of assessing whether 'going concern' is an appropriate basis for preparing the financial statements, the directors have reviewed projections for the next 12 months using assumptions which the directors consider to be appropriate to the current financial position of the Group with regards to revenue, cost of sales, borrowing and debt repayment plans.
During the year ended 31 March 2025 the Group incurred a loss after tax of £4,650 thousand, giving rise to a balance sheet deficit of £17,107 thousand at the year end. Included within this are loans from directors, included within other creditors, of £60,288 thousand. The directors have confirmed that they will continue to provide such financial support as is required whilst the Group strengthens its own financial position. During the year the group has invested significantly in the refurbishment of the hotels, three of which were fully operational and one of which began operating part-way through the year in November 2024. Management has prepared projections that, over the coming year, demonstrate that the company is unlikely to achieve positive earnings. However, the directors acknowledge their awareness of this and emphasise their continued financial support. In light of the above and, after taking into account all information that could reasonably be expected to be available, the directors are confident that the Group will continue in operation for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the Group's accounts. Accommodation Revenue from accommodation represents fees receivable in respect of overnight stays in the Group's hotels. Food and beverage Revenue from food and beverage represents fees receivable in respect of food and beverage served in the hotels' restaurants and bars, or by room service. Spa Revenue from spa represents fees receivable in respect of spa treatments and therapy services within the hotels' spas. Other Other revenue includes non-core revenue, such as private events, parking, concierge services and marketing event sales.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
The estimated useful lives range as follows:
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.
Artwork is determined to be non-depreciating and therefore no depreciation is charged on artwork.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Management have made the following significant judgment in applying the Group's accounting policies within the financial statements for the current year: Depreciation Management, using experience and following best-practice guidance, have set a Group accounting policy for depreciation, estimating the useful lives of assets held within the group. This includes, in particular, freehold property of significant value, which is depreciated over the estimated useful life of 50 years, thus resulting in the recognition of similarly significant depreciation charges. Management continue to review the depreciation policies for their appropriateness. The following estimates are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the Balance Sheet date: Valuation of assets The Group employs external property valuations to assist with business decisions. The valuations, in turn, are utilised in calculating the goodwill on any company purchase, thus affecting the fair value of the assets held, the goodwill and the associated amortisation.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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