Company registration number 05098947 (England and Wales)
CAESAR MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CAESAR MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Derby Hotels Collection S L
Mr Jorge Clos Llombart
Secretary
Derby Hotels Collection S L
Company number
05098947
Registered office
The Caesar Hotel 4*
26-33 Queens Gardens
London
W2 3BE
Auditors
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
CAESAR MANAGEMENT LIMITED
CONTENTS
Page
Independent auditor's report
1 - 3
Statement of income and retained earnings
4
Balance sheet
5
Notes to the financial statements
6 - 11
CAESAR MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAESAR MANAGEMENT LIMITED
Opinion
- 1 -
We have audited the financial statements of Caesar Management Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 UK, including the FRC’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.
Conclusions relating to going concern
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
CAESAR MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAESAR MANAGEMENT LIMITED
Matters on which we are required to report by exception
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either are to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the company’s remuneration policies.
- 2 -
CAESAR MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAESAR MANAGEMENT LIMITED
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 auditor's 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.
Keir Singleton (Senior Statutory Auditor)
For and on behalf of Harwood Hutton Limited
Date: 12 September 2022
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
- 3 -
CAESAR MANAGEMENT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
2020
£
£
Turnover
2,071,221
977,599
Cost of sales
(1,236,701)
(931,935)
Gross profit
834,520
45,664
Administrative expenses
(1,456,464)
(1,409,838)
Other operating income
116,884
264,112
Operating loss
(505,060)
(1,100,062)
Interest payable and similar expenses
4
(16,551)
(11,813)
Loss before taxation
(521,611)
(1,111,875)
Tax on loss
103,866
222,293
Loss for the financial year
(417,745)
(889,582)
Retained earnings brought forward
(930,978)
(41,396)
Retained earnings carried forward
(1,348,723)
(930,978)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
- 4 -
CAESAR MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
156,802
147,365
Current assets
Stocks
6
44,322
25,392
Debtors
7
4,336,379
4,596,890
Cash at bank and in hand
395,046
315,976
4,775,747
4,938,258
Creditors: amounts falling due within one year
8
(880,991)
(645,281)
Net current assets
3,894,756
4,292,977
Total assets less current liabilities
4,051,558
4,440,342
Creditors: amounts falling due after more than one year
9
(2,352,364)
(2,352,364)
Provisions for liabilities
(44,916)
(15,955)
Net assets
1,654,278
2,072,023
Capital and reserves
Called up share capital
10
3,003,001
3,003,001
Profit and loss reserves
(1,348,723)
(930,978)
Total equity
1,654,278
2,072,023
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2022 and are signed on its behalf by:
Mr Jorge Clos Llombart
Director
Company Registration No. 05098947
- 5 -
CAESAR MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
Company information
Caesar Management Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is 26-33 Queen's Gardens, London W2 3BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Derby Hotels Collection S.L. These consolidated financial statements are available from its registered office c/Valencia num. 284, 08007 Barcelona, Spain.
1.2
Going concern
Despite the impact of COVID-19 on the company and the wider leisure sector the directors remain confident that the company has adequate resources to continue in operational existence for the foreseeable future and should it be required support is available from the group. The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts provided in the normal course of business and recognised when services have been rendered. Revenue is recognised when rooms are occupied and food and beverages are sold.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
- 6 -
CAESAR MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
4 - 20% on a straight line basis
Fixtures, fittings & equipment
10 - 50% on a straight line basis
Computer equipment
10 - 33% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stock, represented by purchased supplies not yet used, is valued at the lower of cost and net realisable value.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred tax assets are recognised to the extent that it can be assessed with reasonable certainty that the asset will crystalise in the foreseeable future.
- 7 -
CAESAR MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
1.13
Government grants
In response to COVID-19, the UK Government announced a number of initiatives for businesses to assist with cash flow. The company has received financial assistance under the Coronavirus Job Retention Scheme and the amount received has been recognised in the profit and loss account within other operating income.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
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.
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 do not consider there to be any significant judgements or key sources of estimation uncertainty requiring additional disclosure.
- 8 -
CAESAR MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was as follows:
2021
2020
Number
Number
Total
39
35
4
Interest payable and similar expenses
2021
2020
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
16,551
11,813
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
2,334,848
Additions
39,406
At 31 December 2021
2,374,254
Depreciation and impairment
At 1 January 2021
2,187,483
Depreciation charged in the year
29,969
At 31 December 2021
2,217,452
Carrying amount
At 31 December 2021
156,802
At 31 December 2020
147,365
6
Stocks
2021
2020
£
£
Stocks
44,322
25,392
- 9 -
CAESAR MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
75,299
4,536
Amounts owed by group undertakings
3,867,399
4,211,836
Other debtors
65,107
159,771
4,007,805
4,376,143
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
328,574
220,747
Total debtors
4,336,379
4,596,890
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
455,684
481,229
Trade creditors
67,715
8,941
Amounts owed to group undertakings
79,073
44,916
Corporation tax
630
Other taxation and social security
75,327
8,739
Other creditors
203,192
100,826
880,991
645,281
The bank overdraft is secured by a charge over all freehold and leasehold property, including the leasehold premises known as the Caesar Hotel, 26/33 Queens Gardens London, fixed and floating charges over the undertaking and all property and assets present and future.
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Amounts owed to group undertakings
2,352,364
2,352,364
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
3,003,001
3,003,001
3,003,001
3,003,001
- 10 -
CAESAR MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11
Financial commitments, guarantees and contingent liabilities
A supplier has brought a legal claim for £155,373 against the company for breach of contract. The company's solicitors have assessed the level of risk for this claim as 'possible risk' which is defined as between 15% and 50% probability of the claim being successful. These accounts include a provision of £25,000 in regards to this claim which the directors consider is their best estimate.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
840,000
840,000
Between two and five years
3,360,000
3,360,000
In over five years
22,960,000
23,800,000
27,160,000
28,000,000
The lease agreement between the company and its fellow subsidiary, Caesar Property S.A.R.L., contains fixed and variable elements of payment. The financial commitments disclosed above are the fixed elements only.
13
Related party transactions
During the year Derby Hotels Collection S.L., the ultimate parent company, charged management fees of £367,143 (2020: £381,626). At the balance sheet date, the company owed £41,970 (2020: £21,393) to Derby Hotels Collection S.L. No interest is being charged and the balance is repayable on demand.
During the year Anvia-99 S.L., a group company, charged management fees of £1,764 (2020: £386). At balance sheet date, the company owed £1,818 (2020: £nil) to Anvia-99 S.L. No interest is being charged and the balance is repayable on demand.
The company has taken advantage of the exemptions permitted by FRS 102 section 1.AC.35 not to provide disclosures of transactions entered into with other wholly-owned members of the group.
14
Parent company
The immediate parent company is Anfusba XXI S.L., a company incorporated in Spain.
The ultimate controlling party is Derby Hotels Collection S.L., a company incorporated in Spain. Derby Hotels Collection S.L. is the head of the largest and smallest group for which consolidated accounts are drawn up.
Derby Hotels Collection S.L. prepares group financial statements and copies can be obtained from c/Valencia num. 284, 08007 Barcelona, Spain.
- 11 -
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