AGATE PROPERTIES LIMITED(THE)

• ⚠

  Annual accounts overdue

  Due 2026-04-30.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Anderson Anderson & Brown Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“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.”

Group structure

1. AGATE PROPERTIES LIMITED(THE) · parent
   1. Bladecam Limited 100% · London, England, W6 0NQ
   2. Chiswick Apartment Hotels Limited 100% · London, England, W6 0NQ
   3. Chiswick Apartment Hotels Opco Limited 100% · London, England, W6 0NQ
   4. London Apartment Hotels Limited 100% · London, England, W6 0NQ
   5. Southampton Apartment Hotels Limited 100% · London, England, W6 0NQ
   6. Lamington Group Opco Limited 100% · London, England, W6 0NQ
   7. Lost Gardens Manchester Devco Limited 50% · London, England, W6 0NQ
   8. York Apartment Hotels Limited 100% · London, England, W6 0NQ
   9. Piccadilly (York) Developments Limited 100% · London, England, W6 0NQ

Significant events

• “The business performed strongly in the year to April 2024 with revenue increasing 21% to £13.4m. This is in part due to the opening of a new room2 Hometel in Belfast with 175 keys, restaurant, bar and meeting and events space in October 2023.”
• “In August 2023, Agate acquired Piccadilly (York) Developments Ltd (PYD), a holding company of a hotel asset in York, UK. The transaction resulted in negative goodwill of £0.7m. Agate will develop this asset into a new room2 Hometel.”
• “In April 2024, a portfolio valuation was conducted by Knight Frank on the Agate property portfolio. This resulted in a downwards revaluation of the existing property portfolio by £3.8m. The residential properties had small increases but the office assets were impacted heavily based around the negative sentiment of office spaces post Covid-19 pandemic.”
• “In the year, Agate acquired a new mixed-use property with strong development potential and completed a conversion of an office building into 6 residential units.”
• “LG launched a new bespoke booking engine for the hometels to better tailor the guest journey in order to increase direct bookings and reduce commission costs.”
• “In the year, LG established a Board of Non-Executive Directors made up of external industry experts to support and guide LG through its coming growth phase.”
• “Bank loans increased by £3.6m to £33.3m in the year after absorbing the debt in PYD Ltd on acquisition. Interest servicing costs jumped 67% in the year (£933k) due in part to the increased debt but mostly due to the increase in BOE base rate to 5.25%.”
• “In August 2024, Agate Properties Limited and related company, LEK Property Developments Limited, completed a refinancing. A loan of £41m was received from Aldermore Bank PLC on a 5 year term. This refinanced and consolidated all the lenders into Agate Properties Limited. The full balance will be repayable in August 2029.”
• “The loan has been utilised to pay out the Director's loans (£2.8m), obtain full ownership from the joint venture partner in Northside Manchester Ltd (£1.9m), repay the loan secured against the York asset in Piccadilly York Developments Limited.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

17

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +21.4%

  £11,071,263 → £13,440,654

• Cash

  -67.8%

  £2,184,234 → £703,204

• Net assets

  -5.1%

  £41,937,371 → £39,779,807

• Employees

  +86.8%

  76 → 142

  highest in 6 filed years

• Operating profit

  -48.5%

  £3,184,296 → £1,640,956

• Profit before tax

  -136.5%

  £1,806,223 → -£658,377

• Wages

  +42%

  £2,447,962 → £3,475,972

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers