Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3117true2022-04-01falseNo description of principal activity17trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09502370 2022-04-01 2023-03-31 09502370 2021-04-01 2022-03-31 09502370 2023-03-31 09502370 2022-03-31 09502370 c:Director2 2022-04-01 2023-03-31 09502370 d:Buildings 2022-04-01 2023-03-31 09502370 d:Buildings 2023-03-31 09502370 d:Buildings 2022-03-31 09502370 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09502370 d:FurnitureFittings 2022-04-01 2023-03-31 09502370 d:FurnitureFittings 2023-03-31 09502370 d:FurnitureFittings 2022-03-31 09502370 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09502370 d:ComputerEquipment 2022-04-01 2023-03-31 09502370 d:ComputerEquipment 2023-03-31 09502370 d:ComputerEquipment 2022-03-31 09502370 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09502370 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09502370 d:Goodwill 2023-03-31 09502370 d:Goodwill 2022-03-31 09502370 d:CurrentFinancialInstruments 2023-03-31 09502370 d:CurrentFinancialInstruments 2022-03-31 09502370 d:Non-currentFinancialInstruments 2023-03-31 09502370 d:Non-currentFinancialInstruments 2022-03-31 09502370 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09502370 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09502370 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09502370 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09502370 d:ShareCapital 2023-03-31 09502370 d:ShareCapital 2022-03-31 09502370 d:OtherMiscellaneousReserve 2023-03-31 09502370 d:OtherMiscellaneousReserve 2022-03-31 09502370 d:RetainedEarningsAccumulatedLosses 2023-03-31 09502370 d:RetainedEarningsAccumulatedLosses 2022-03-31 09502370 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09502370 c:OrdinaryShareClass1 2023-03-31 09502370 c:OrdinaryShareClass1 2022-03-31 09502370 c:FRS102 2022-04-01 2023-03-31 09502370 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09502370 c:FullAccounts 2022-04-01 2023-03-31 09502370 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09502370 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09502370









FULCRUM HOSPITALITY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FULCRUM HOSPITALITY LIMITED
REGISTERED NUMBER: 09502370

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,334,987
4,334,655

  
4,334,987
4,334,655

Current assets
  

Debtors: amounts falling due within one year
 6 
38,330
56,362

Cash at bank and in hand
 7 
287,018
135,939

  
325,348
192,301

Creditors: amounts falling due within one year
 8 
(1,586,973)
(1,736,294)

Net current liabilities
  
 
 
(1,261,625)
 
 
(1,543,993)

Total assets less current liabilities
  
3,073,362
2,790,662

Creditors: amounts falling due after more than one year
 9 
(3,716,857)
(3,436,796)

  

Net liabilities
  
(643,495)
(646,134)


Capital and reserves
  

Called up share capital 
 10 
1
1

Other reserves
  
9,164
9,164

Profit and loss account
  
(652,660)
(655,299)

  
(643,495)
(646,134)


Page 1

 
FULCRUM HOSPITALITY LIMITED
REGISTERED NUMBER: 09502370
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Mishra
Director

Date: 16 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Fulcrum Hospitality Limited is a private company limited by shares incorporated in England & Wales (registered number: 09502370). 
The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH, and the principal place of business is Kingsland Hotel, Kenton Road, Kingsbury Circle, London, NW9 9RR. 
The principal activity of the company continued to be that of a hotel.
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The Company is dependent on the director and shareholders for financial support, which the director is confident will continue for a period of at least another 12 months from the date of approval of these financial statements.
 
The director and shareholders have indicated their present intention to provide adequate finance to enable the Company to continue in operational existence, and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
 
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the director and shareholders.

Page 3

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight line method
Computer equipment
-
33%
Straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 17).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
972,273



At 31 March 2023

972,273



Amortisation


At 1 April 2022
972,273



At 31 March 2023

972,273



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 6

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
4,333,530
35,198
2,199
4,370,927


Additions
-
958
119
1,077



At 31 March 2023

4,333,530
36,156
2,318
4,372,004



Depreciation


At 1 April 2022
-
34,074
2,199
36,273


Charge for the year on owned assets
-
714
30
744



At 31 March 2023

-
34,788
2,229
37,017



Net book value



At 31 March 2023
4,333,530
1,368
89
4,334,987



At 31 March 2022
4,333,530
1,124
-
4,334,654


6.


Debtors

2023
2022
£
£


Other debtors
6,303
1,677

Prepayments and accrued income
32,027
54,685

38,330
56,362



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
287,018
135,939

287,018
135,939


Page 7

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,368
5,455

Trade creditors
112,038
84,949

Corporation tax
466
783

Other taxation and social security
140,178
87,421

Other creditors
1,242,653
1,500,855

Accruals and deferred income
85,270
56,831

1,586,973
1,736,294



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
39,268
43,296

Other creditors
3,677,589
3,393,500

3,716,857
3,436,796


Page 8

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



1 (2022 - 1) Ordinary share of £1.00
1
1



11.


Controlling party

The parent company is Fulcrum Advisory PTE Limited, a company incorporated in Singapore. The ultimate controlling party is Deepak Mishra.

 
Page 9