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Registered Number: 05403513
England and Wales

 

 

 

SWAMI HOTELS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 4 16,207,220    16,225,849 
16,207,220    16,225,849 
Current assets      
Debtors 1,055,205    964,672 
Cash at bank and in hand 54,347    8,965 
1,109,552    973,637 
Creditors: amount falling due within one year (335,586)   (226,708)
Net current assets 773,966    746,929 
 
Total assets less current liabilities 16,981,186    16,972,778 
Creditors: amount falling due after more than one year (6,664,856)   (7,003,462)
Net assets 10,316,330    9,969,316 
 

Capital and reserves
     
Called up share capital 5 10,000    10,000 
Reserves 6 9,027,383    9,027,383 
Profit and loss account 1,278,947    931,933 
Shareholder's funds 10,316,330    9,969,316 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 29 September 2023 and were signed on its behalf by:


-------------------------------
Nalin Patel
Director
1
General Information
Swami Hotels Limited is a private company, limited by shares, registered in England and Wales, registration number 05403513, registration address 30-32 ST. GEORGES DRIVE, LONDON SW1V 4BN, SW1V 4BN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 2 Straight Line
Motor Vehicles 25 Reducing Balance
Fixtures and Fittings 15 Reducing Balance
2.

Average number of employees

Average number of employees during the year was 6 (2021 : 6).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2022 550,000    550,000 
Additions  
Disposals  
At 31 December 2022 550,000    550,000 
Amortisation
At 01 January 2022 550,000    550,000 
Charge for year  
On disposals  
At 31 December 2022 550,000    550,000 
Net book values
At 31 December 2022  
At 31 December 2021  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 January 2022 16,841,982      1,192,281    18,034,263 
Additions   99,383      99,383 
Disposals      
At 31 December 2022 16,841,982    99,383    1,192,281    18,133,646 
Depreciation
At 01 January 2022 868,901      771,013    1,639,914 
Charge for year 203,358    19,877    63,277    286,512 
On disposals      
At 31 December 2022 1,072,259    19,877    834,290    1,926,426 
Net book values
Closing balance as at 31 December 2022 15,769,723    79,506    357,991    16,207,220 
Opening balance as at 01 January 2022 15,804,581      421,268    16,225,849 


5.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
10,000 Class A shares of £1.00 each 10,000    10,000 
10,000    10,000 

2