Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01falseHotels and similar accommodation1110trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 9461124 2022-03-01 2023-02-28 9461124 2023-02-28 9461124 2022-02-28 9461124 2022-03-01 2023-02-28 9461124 2021-03-01 2022-02-28 9461124 2023-02-28 9461124 2022-02-28 9461124 2021-03-01 9461124 c:Director1 2022-03-01 2023-02-28 9461124 d:PlantMachinery 2022-03-01 2023-02-28 9461124 d:PlantMachinery 2023-02-28 9461124 d:PlantMachinery 2022-02-28 9461124 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 9461124 d:FurnitureFittings 2022-03-01 2023-02-28 9461124 d:FurnitureFittings 2023-02-28 9461124 d:FurnitureFittings 2022-02-28 9461124 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 9461124 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 9461124 d:Goodwill 2022-03-01 2023-02-28 9461124 d:Goodwill 2023-02-28 9461124 d:Goodwill 2022-02-28 9461124 d:CurrentFinancialInstruments 2023-02-28 9461124 d:CurrentFinancialInstruments 2022-02-28 9461124 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 9461124 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 9461124 d:ShareCapital 2022-03-01 2023-02-28 9461124 d:ShareCapital 2023-02-28 9461124 d:ShareCapital 2021-03-01 2022-02-28 9461124 d:ShareCapital 2022-02-28 9461124 d:ShareCapital 2021-03-01 9461124 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 9461124 d:RetainedEarningsAccumulatedLosses 2023-02-28 9461124 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 9461124 d:RetainedEarningsAccumulatedLosses 2022-02-28 9461124 d:RetainedEarningsAccumulatedLosses 2021-03-01 9461124 c:FRS102 2022-03-01 2023-02-28 9461124 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 9461124 c:FullAccounts 2022-03-01 2023-02-28 9461124 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 9461124 d:Goodwill d:OwnedIntangibleAssets 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 9461124









SOMANI HOTELS (CROYDON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SOMANI HOTELS (CROYDON) LIMITED
REGISTERED NUMBER: 9461124

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
27,327
40,991

Tangible assets
 5 
3,513
3,112

  
30,840
44,103

Current assets
  

Stocks
  
420
380

Debtors: amounts falling due within one year
 6 
1,676,776
1,725,552

Cash at bank and in hand
 7 
164,912
76,603

  
1,842,108
1,802,535

Creditors: amounts falling due within one year
 8 
(818,245)
(764,866)

Net current assets
  
 
 
1,023,863
 
 
1,037,669

Total assets less current liabilities
  
1,054,703
1,081,772

  

Net assets
  
1,054,703
1,081,772


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,054,603
1,081,672

  
1,054,703
1,081,772


Page 1

 
SOMANI HOTELS (CROYDON) LIMITED
REGISTERED NUMBER: 9461124
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 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 on 9 November 2023.




Hassanali Somani
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
SOMANI HOTELS (CROYDON) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2021
100
890,536
890,636


Comprehensive income for the year

Profit for the year

-
341,136
341,136


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
341,136
341,136


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)


Total transactions with owners
-
(150,000)
(150,000)



At 1 March 2022
100
1,081,672
1,081,772


Comprehensive income for the year

Profit for the year

-
122,931
122,931


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
122,931
122,931


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)


Total transactions with owners
-
(150,000)
(150,000)


At 28 February 2023
100
1,054,603
1,054,703


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Somani Hotels (Croydon) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is  Roebuck Inn, London Road, Stevenage, Hertfordshire, SG2 8DS. Company's principal activity during the year under review was that of hotelier.

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

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.

 
2.3

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.

 
2.4

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.

Page 4

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 reporting date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

 
2.8

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.

Page 5

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Reducing balance
Fixtures and fittings
-
25% Reducing balance

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless
Page 6

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 10).


4.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
136,639



At 28 February 2023

136,639



Amortisation


At 1 March 2022
95,648


Charge for the year on owned assets
13,664



At 28 February 2023

109,312



Net book value



At 28 February 2023
27,327



At 28 February 2022
40,991



Page 7

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures, fittings & Equipments
Total

£
£
£



Cost or valuation


At 1 March 2022
2,902
10,086
12,988


Additions
-
1,573
1,573



At 28 February 2023

2,902
11,659
14,561



Depreciation


At 1 March 2022
1,548
8,328
9,876


Charge for the year on owned assets
339
833
1,172



At 28 February 2023

1,887
9,161
11,048



Net book value



At 28 February 2023
1,015
2,498
3,513



At 28 February 2022
1,354
1,758
3,112


6.


Debtors

2023
2022
£
£


Trade debtors
78,819
68,106

Other debtors
1,592,772
1,651,425

Prepayments and accrued income
5,185
6,021

1,676,776
1,725,552


Page 8

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
164,912
76,603

164,912
76,603



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
42,072
17,213

Corporation tax
633,813
583,852

Other taxation and social security
90,141
18,481

Other creditors
46,746
137,268

Accruals and deferred income
5,473
8,052

818,245
764,866


2023
2022
£
£

Other taxation and social security

PAYE/NI control
11,219
12,295

VAT control
78,922
6,186

90,141
18,481



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £187,268 (2022: £5,444).  Contributions totaling £7,837 (2022: £1,595) were payable to the fund at the reporting date and are included in creditors.

Page 9

 
SOMANI HOTELS (CROYDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Related party transaction

The Company carried out its operation from the property owned by the director. The director does not charge any rent to the Company.
During the year, the director repaid its advances totaling  £102,698 (2022: £nil) to the company. Amount owed by the director at year end was £45,302 (2022: £148,000). These are interest free unsecured advances which are repayable on demand.
During the year, the Company advanced £70,475 to a company under common control. Also a company under common control repaid £20,000 to the company. These advances are interest free unsecured advances which are repayable on demand. Amounts owed to the company from the companies under common control  at year end were £1,498,800 (2022: £1,448,324).



11.


Controlling party

The company is controlled by the director and his spouse by virtue of their majority shareholding in the Company. 

 
Page 10