AP Euston Hotels Number 1 Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11951920 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

AP Euston Hotels Number 1 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A C Panayiotou

JD Bregman

J Y Chin

M D Giles

REGISTERED OFFICE:

Hilton London Syon Park

Syon Park

London Road

Brentford

Middlesex

TW8 8JF

REGISTERED NUMBER:

11951920 (England and Wales)

AUDITORS:

FLS Accounting Solutions Limited

36 The Metro Centre

Dwight Road

Watford

Hertfordshire

WD18 9SB

FIXED ASSETS

Investments

4

100

100

CURRENT ASSETS

Debtors

5

-

816,030

CREDITORS

Amounts falling due within one year

6

360

816,030

NET CURRENT LIABILITIES

(360

)

-

TOTAL ASSETS LESS CURRENT LIABILITIES

(260

)

100

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

(360

)

-

SHAREHOLDERS' FUNDS

(260

)

100

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 December 2023 and were signed on its behalf by:

J Y Chin - Director

1.	STATUTORY INFORMATION

AP Euston Hotels Number 1 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

AP Euston Hotels Number 1 Limited is a wholly owned subsidiary A.P. The Ability Group Limited, incorporated in Cyprus.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors have considered the company’s financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Preparation of consolidated financial statements

The financial statements contain information about AP Euston Hotels Number 1 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances.

A debtor is subject to impairment test when valid indications exist, at the assessment date, which demonstrate that the customer will not be able to meet his obligations and/or when the flow of receipts decelerates over time. Usually such indications include failure of communication with the customers and indications of significant financial difficulty.

Amounts individually provided for concern claims evaluated individually for impairment based upon management's best estimate of the present value of the cash flows which are expected to be received.

The accuracy of provisions depends on the accuracy of future cash flows for specific allowances and the model assumptions and parameters used in determining collective allowances. While this necessarily involves judgment, management believes that their provisions are reasonable and supportable.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months following the publication of its annual financial statements. The directors have considered the Company's working capital forecasts and projections, support from it's ultimate parent undertaking, taking account of reasonable possible changes in trading performance, impact of Covid-19, the war in Ukraine and the current state of it's operating market, and are satisfied that the Company should be able to remain in operational existence. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Fixed Asset Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

100

NET BOOK VALUE

At 31 December 2022

100

At 31 December 2021

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

AP Euston Hotels Number 2 Ltd

Registered office: England & Wales

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary

100.00

31.12.22

31.12.21

£

£

Aggregate capital and reserves

(211,815

)

(126,706

)

Loss for the year

(85,009

)

(7,866

)

AP Euston Hotels Holdings Ltd

Registered office: England & Wales

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary

100.00

31.12.22

31.12.21

£

£

Aggregate capital and reserves

(260

)

100

Loss for the year

(360

)

-

AP Euston Hotels Limited

Registered office: England & Wales

Nature of business: Operating of own or leased real estate

%

Class of shares:

holding

Ordinary

100.00

31.12.22

31.12.21

£

£

Aggregate capital and reserves

313,694

(280,993

)

Profit/(loss) for the year

594,687

(104,523

)

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed by group undertakings

-

816,030

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed to group undertakings

-

816,030

Accrued expenses

360

-

360

816,030

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary

1

100

100

8.

RESERVES

Retained

earnings

£

Deficit for the year

(360

)

At 31 December 2022

(360

)

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sadikali Gulamabas Premji FCCA (Senior Statutory Auditor)

for and on behalf of FLS Accounting Solutions Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of FRS 102, Section 33.1A, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.

Amounts owed to and from group companies are therefore shown in aggregate.

Included in debtors is an amount of £nil (2021: £816,030) owed by group undertakings.

Included in creditors is an amount of £nil (2021: £816,030) owed to group undertakings.

11.	CONTROLLING PARTY

The controlling party is A.P. The Ability Group Limited, incorporated in Cyprus.

The ultimate controlling party is A.P. The Ability Group Limited,incorporated in Cyprus.

The ultimate parent undertaking is The Costa Panyiotou 1997 (No2) Settlement Trust.