REGISTERED NUMBER: |
Stay Belvedere Hotels Ltd |
Strategic Report, Directors' Report and |
Audited Financial Statements |
for the period |
1 October 2021 to 31 March 2022 |
REGISTERED NUMBER: |
Stay Belvedere Hotels Ltd |
Strategic Report, Directors' Report and |
Audited Financial Statements |
for the period |
1 October 2021 to 31 March 2022 |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Contents of the Financial Statements |
for the period 1 October 2021 to 31 March 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Stay Belvedere Hotels Ltd |
Company Information |
for the period 1 October 2021 to 31 March 2022 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Solicitors: |
Africa House |
70 Kingsway |
London |
WC2B 6AH |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Strategic Report |
for the period 1 October 2021 to 31 March 2022 |
The directors present their strategic report for the period 1 October 2021 to 31 March 2022. |
Review of business |
Throughout the period, Stay Belvedere Hotels Limited (SBHL) has expanded its housing supply by providing contingency bed spaces across the U.K. This growth represents a significant increase compared to the previous period. Moreover, SBHL has implemented complete digital software across its full estate to manage every aspect of the housing arrangements, ensuring real-time access to data. Additionally, SBHL has maintained an excellent level of service by increasing food quality and production capability. |
Gross profit is seen as a key performance indicator as margins for the business need to be healthy due to the significant staff agency costs and contract end term overheads eroding margins. |
In the current period the gross profit margin was 10.03% with the previous year amounting to 8.97%. An increase of 1.06%. Other KPIs are revenue growth showing a substantial increase due to demand placed on the business, and net profit margin, increasing from 6.56% in the prior period to 7.25% in this financial period. |
SBHL has more than doubled its workforce and the team's satisfaction has increased considerably. This can be measured through regular surveys and feedback mechanisms that allow contracted staff to voice their opinions on their work environment, management practices, and overall job satisfaction. By monitoring and addressing workforce satisfaction, SBHL can ensure that its team is motivated, engaged, and productive, which can ultimately lead to better user outcomes. In addition, SBHL can also track its progress in increasing bed-space capacity. SBHL identify areas for improvement and make necessary adjustments to its operations. By prioritising workforce and user satisfaction, SBHL can achieve its goal of expanding its bed-space capacity while maintaining high-quality levels of service. |
Principal risks and uncertainties |
The principal risks facing SBHL are significant and must be actively managed in order to ensure the company's long-term success. These risks include economic and market volatility, technological disruption, regulatory compliance, cybersecurity threats, and reputational risks. To effectively mitigate these risks, SBHL must maintain a strong risk management framework that includes regular risk assessments, effective risk monitoring and reporting, and the implementation of appropriate risk mitigation strategies. Additionally, SBHL must continue to invest in technology, innovation, and talent to remain competitive in an ever-changing business landscape. By taking proactive measures to manage these principal risks, SBHL can ensure a sustainable future for the company and its stakeholders. SBHL manages exposure to the usual credit risk and cash flow associated with credit sales through robust credit control procedures. |
Future outlook |
From 1 October 2022 SBHL transitioned to a new agency model. Moving forward, SBHL aims to procure extended stay facilities for the principal in order to shift away from the short-term approach of providing emergency beds and instead prioritise a longer-term accommodation solution. |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Strategic Report |
for the period 1 October 2021 to 31 March 2022 |
Section 172(1) statement |
The Directors of Stay Belvedere Hotels Limited (SBHL) follow a clear framework to act in the way they consider good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so, have regard (amongst other matters) to: |
The likely consequences of any decision in the long term |
The Directors understand the evolving nature of the business; they ensure that all the decisions made are for the overall benefit of the company both in the short and long term. |
The interests of the company's workforce |
The Directors aim for SBHL to be supportive of our workforce's needs, including their financial needs and health and safety in their workplace. All decisions made ensure that the workforce of the business interests are protected; it is the view of the Directors that the successful operation of the company is recruiting and retaining great individuals and talent. SBHL is a Living Wage Employer, ensuring all the workforce receive above the minimum wage. All staff that work with SBHL are provided training, and are encouraged to progress their careers within the organisation. |
The need to foster the company's business relationships with suppliers, customers, and others |
Delivering our company's objectives of housing people in the best possible environment; SBHL requires strong, mutually beneficial relationships with our landlords, suppliers & clients. SBHL seeks to engage with all stakeholders in the business in a manner that is open, honest and deals with all our customers/suppliers in a way of integrity & honesty. All residents housed within SBHL properties are treated with the utmost respect. |
The impact of the company's operations on the community and the environment |
All property acquisitions require local authority engagement and are consulted on proposed accommodation. SBHL continue to engage with local authorities and community organisations in areas of occupation and work proactively to maintain strong relationships. |
SBHL works to minimise the adverse effect it may have on the environment by educating our staff/customers and procuring better, more environmentally friendly buildings/products. |
The desirability of the company to maintain a reputation for high standards of business conduct |
SBHL aims to exceed expectations and improve service levels continuously. SBHL monitors compliance in real time to ensure all relevant policies are met. |
The need to act fairly as between members of the company |
Directors act fairly as between the company's members. |
On behalf of the board: |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Directors' Report |
for the period 1 October 2021 to 31 March 2022 |
The directors present their report with the financial statements of the company for the period 1 October 2021 to 31 March 2022. |
Principal activity |
The principal activity of the company in the period under review was that of providing accommodation services to persons in the UK. |
Dividends |
Dividends for the period ended 31 March 2022 were £16,568K. |
Directors |
The directors shown below have held office during the whole of the period from 1 October 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
Streamlined energy and carbon reporting |
The company's energy usage is below the threshold at which this reporting is required. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Directors' Report |
for the period 1 October 2021 to 31 March 2022 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
Stay Belvedere Hotels Ltd |
Opinion |
We have audited the financial statements of Stay Belvedere Hotels Ltd (the 'company') for the period ended 31 March 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of 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 March 2022 and of its profit for the period 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. |
Basis for opinion |
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 Auditors' 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Stay Belvedere Hotels Ltd |
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 Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, 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 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 intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Independent Auditors' Report to the Members of |
Stay Belvedere Hotels Ltd |
Auditors' 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 Auditors' 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud, included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates and challenged the assumptions and judgements made by management in its significant accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Use of our 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 Auditors' 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Statement of Comprehensive |
Income |
for the period 1 October 2021 to 31 March 2022 |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit and |
Profit before taxation |
Tax on profit | 7 | ( |
) | ( |
) |
Profit for the financial period |
Other comprehensive income | - | - |
Total comprehensive income for the period |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Balance Sheet |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 |
Current assets |
Debtors | 10 |
Cash in hand |
Creditors |
Amounts falling due within one year | 11 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 12 |
Retained earnings | 13 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Statement of Changes in Equity |
for the period 1 October 2021 to 31 March 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Cash Flow Statement |
for the period 1 October 2021 to 31 March 2022 |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 16 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
17 |
8,904,209 |
Cash and cash equivalents at end of period |
17 |
152,349,937 |
27,710,923 |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Notes to the Financial Statements |
for the period 1 October 2021 to 31 March 2022 |
1. | Statutory information |
Stay Belvedere Hotels Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The directors have identified no material uncertainties that cast significant doubt about the ability of the company to continue as a going concern. The directors have reviewed their cash flow analysis to take into account changes to their business activity going forward, and based on the resources available concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. |
The company accepts responsibility for any damage or losses caused throughout the time that they are housing service users in rented accommodation. The accrual for this cost is calculated using data provided by an external and qualified surveyor, as well as management information on the hotels and number of hotel rooms in use at the end of the financial period. Whilst every attempt is made to ensure the estimated costs are as accurate as possible, there remains a risk that the accrual will not match the level of costs which will eventually be incurred. |
There are no other estimates that are considered key in preparing the financial statements. |
Turnover |
Turnover represents amounts receivable for the provision of accommodation services and is stated net of VAT. Turnover is recognised in the period which accommodation services are provided. |
Tangible fixed assets |
Motor vehicles | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2022 |
2. | Accounting policies - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | Turnover |
The turnover and profit before taxation are attributable to one principal activity of the company and all relates to activities within the United Kingdom. |
4. | Employees and directors |
There were no staff costs for the period ended 31 March 2022 nor for the period ended 30 September 2021. |
The average number of employees during the period was as follows: |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
Directors |
5. | Directors' emoluments |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
£ | £ |
Directors' remuneration |
6. | Operating profit |
The operating profit is stated after charging: |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditor fees |
Auditor fees - non audit |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2022 |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Other timing differences | 976 | (3,086 | ) |
Total tax charge | 5,279,989 | 1,608,051 |
8. | Dividends |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
£ | £ |
Ordinary shares of £1 each |
Final |
Interim |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2022 |
9. | Tangible fixed assets |
Motor |
vehicles |
£ |
Cost |
At 1 October 2021 |
and 31 March 2022 |
Depreciation |
Charge for period |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
At 30 September 2021 |
10. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
11. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
VAT | 14,589,633 | 1,932,512 |
Other creditors |
Accruals and deferred income |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
13. | Reserves |
Retained |
earnings |
£ |
At 1 October 2021 |
Profit for the period |
Dividends | ( |
) |
At 31 March 2022 |
Stay Belvedere Hotels Ltd (Registered number: 09943110) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2022 |
14. | Ultimate parent company |
The ultimate parent company by virtue of its majority shareholding is TheSet Ltd, whose registered office is 190 High Street, London, E15 2NE. |
15. | Related party disclosures |
In the ordinary course of business, the company incurred charges relating to accommodation, management and related services from entities which are jointly controlled by the shareholders and directors of the company. Outstanding balances with such entities are unsecured and interest free. |
At 31 March 2022 debtors included amounts owed by shareholders totalling £17,307K. |
Refer to note 13 for dividends paid to shareholders in the financial year. |
16. | Reconciliation of profit for the financial period to cash generated from operations |
Period | Period |
1/10/21 | 1/4/21 |
to | to |
31/3/22 | 30/9/21 |
£ | £ |
Profit for the financial period |
Depreciation charges |
Loss on disposal of fixed assets |
Taxation |
27,692,128 | 8,484,474 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
17. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2022 |
31/3/22 | 1/10/21 |
£ | £ |
Cash and cash equivalents | 152,349,937 | 27,710,923 |
Period ended 30 September 2021 |
30/9/21 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 27,710,923 | 8,904,209 |
18. | Analysis of changes in net funds |
At 1/10/21 | Cash flow | At 31/3/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 27,710,923 | 124,639,014 | 152,349,937 |
27,710,923 | 152,349,937 |
Total | 27,710,923 | 124,639,014 | 152,349,937 |