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Registered number: 06043919
SOUTH PLACE HOTEL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2025
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SOUTH PLACE HOTEL LIMITED
REGISTERED NUMBER: 06043919
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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SOUTH PLACE HOTEL LIMITED
REGISTERED NUMBER: 06043919
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is 16 Kirby Street, London, EC1N 8TS and the principal place of business is 3 South Pl, London, EC2M 2AF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Amendments to FRS 102
The FRC issued Amendments to FRS 102 The Financial Reporting Standard applicable in the UK in March 2024. The amendments focused on updating accounting requirements to reflect changes in International Financial Reporting Standards, particularly with respect to revenue and leases. Whilst the amendments are not applicable in the current year, they will result in significant changes for the accounting period commencing 1 January 2026.
The primary change for the company is in the treatment of leases which are currently classified as operating leases. Right-of-use assets and lease liabilities (net of discounting) will be added to the balance sheet for leases previously classified as operating leases. The impact on the profit and loss account and related disclosures will be to replace rental expense with depreciation on right-of-use assets and include interest payable on unwinding of lease liabilities. The financial impact of adjustments required as a result of the change in FRS 102 has not yet been determined. The following principal accounting policies have been applied:
The company is party to funding arrangements covering various entities within the Bresand Leisure Limited group (the "Group"). The company has provided a cross-guarantee to this banking group and so is bound by the covenant requirements of the banking group as a whole.
In assessing the going concern basis of preparation of the financial statements for the 15 month period ended 31 December 2025, the directors have taken into consideration detailed cash flow forecasts for the business and the forecast compliance with bank covenants covering a period of at least 12 months from the date these financial statements were authorised for issue.
The forecasts indicate that the group has sufficient liquidity to realise its assets and meet its liabilities as they fall due for a period of at least 12 months from the date these financial statements were authorised for issue. The banking covenant (based on minimum liquidity) will be met for that period. The current trading performance of the group provides comfort to the directors in their forecasts.
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Going concern (continued)
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As part of the assessment of the going concern principal, management have considered the risks to the liquidity of the group. Even in severe but plausible downside scenarios the group has means available to it to manage its cashflows, such that it has sufficient liquidity to meet its covenants, realise its assets and meet its liabilities as they fall due. In only the most extreme case involving a prolonged reduction in sales, which it does not regard as reasonably likely based on the recent performance of the group, would the group require additional liquidity. Should this need arise the business has the ability within the current facility agreement to provide additional liquidity necessary, such that the covenants remain achieved. Based on discussions the Board have had with shareholders and investors of the group, they are confident any short-term funding required would be made available, however it is not currently needed.
Based on the forecasts prepared and the scenarios modelled, in the directors view the risk of default of bank facilities, and therefore inability to meet liabilities as they fall due, is not considered a reasonably likely one and so the level of uncertainty is not considered material. Given the above and the current trading performance of the group, the directors are satisfied preparing the financial statements on a going concern basis is appropriate.
The Company is dependent on the continuing provision of the financial support that it has received from its parent undertaking, Bresand Leisure Limited. The parent has committed to provide continuing support for at least the next 12 months from the date of the authorisation for issuance of these financial statements, through the provision of a formal support letter signed by deed. The directors of both the company and parent undertaking have a reasonable expectation that the Company and the parent undertaking will have access to adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue represents sales to outside customers at invoiced amounts excluding discretionary service charge and Value Added Tax.
Revenue represents amounts receivable in respect of the provision of hotel accommodation, conference facilities, food and beverages, excluding value added tax. Income for accommodation and conferencing facilities is recognised on a daily basis as the customers use the hotel. Food and beverage income is recognised at the point of sale to the customer.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company does not operate its own pension scheme. The Company makes contributions to certain senior employees’ personal pension schemes, which are charged to the profit and loss account as they fall due. The Group operates a defined contribution scheme. The assets of the plan attributable to individuals participating in the plan are independently administered and managed by a third party. The amounts charged against profit represent the contributions payable to the scheme in respect of the accounting period.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. 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 operates and generates 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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Over the shorter of the lease period and 25 years, having consideration to provisions contained in the lease for future potential lease renewals
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Fixtures, fittings and equipment
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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.
Fixed assets are measured at each reporting date to determine whether there is any indication that the assets are impaired.
Stocks consist of raw materials and consumables, crockery and linen. 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.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the impairment loss is recognised immediately in profit or loss.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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A member of the Group, D&D Management Limited, is the employer for all group companies. The entity is recharged for employees working for the entity. On this basis, the average monthly number of employees, including directors was 123 (2024: 139).
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Fixtures, fittings and equipment
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Charge for the period on owned assets
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Raw materials and consumables
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Prepayments and accrued income
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Cash and cash equivalents
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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SOUTH PLACE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
10.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Fixed asset timing differences
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Tax losses carried forward
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Parent and Group undertaking
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The immediate parent company during the period was CGL Restaurant Holdings Limited, a company incorporated in England. The ultimate parent company during the period was Bresand Leisure Limited, a company incorporated in England.
The group for which consolidated financial statements are prepared which include the results of this company is that headed by Bresand Leisure Limited. Copies of the financial statements for Bresand Leisure Limited can be obtained from its registered office at 14th Floor, 33 Cavendish Square, London, W1G 0PW.
The auditors' report on the financial statements for the period ended 31 December 2025 was unqualified.
The audit report was signed on 14 May 2026 by Andrew G. Hill (Senior statutory auditor) on behalf of Sumer Auditco Limited.
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