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COMPANY REGISTRATION NUMBER: 12527198
Swansea Hospitality Solutions Limited
Filleted Unaudited Financial Statements
30 June 2023
Swansea Hospitality Solutions Limited
Financial Statements
Year ended 30 June 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Swansea Hospitality Solutions Limited
Officers and Professional Advisers
Director
Mrs M Thomas
Registered office
The Grand Hotel
Ivey Place
Swansea
SA1 1NX
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Swansea Hospitality Solutions Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
130,966
8,388
CURRENT ASSETS
Stocks
6
18,619
31,214
Debtors
7
200,002
226,521
Cash at bank and in hand
878,113
428,994
------------
---------
1,096,734
686,729
CREDITORS: amounts falling due within one year
8
405,976
309,807
------------
---------
NET CURRENT ASSETS
690,758
376,922
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
821,724
385,310
PROVISIONS
2,837
2,097
---------
---------
NET ASSETS
818,887
383,213
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
1
1
Profit and loss account
818,886
383,212
---------
---------
SHAREHOLDERS FUNDS
818,887
383,213
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Swansea Hospitality Solutions Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Michelle Thomas
Director
Company registration number: 12527198
Swansea Hospitality Solutions Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. GENERAL INFORMATION
Swansea Hospitality Solutions Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 June 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 9 for the net carrying amount of the debtors and associated impairment provision.
(iii) Stock provisioning
The company sells accommodation and food and drink services and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Operating leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Equipment
-
15% straight line
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 37 (2022: 34 ).
5. TANGIBLE ASSETS
Property Improvements
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
5,625
2,871
8,496
Additions
119,616
4,550
124,166
---------
------
------
---------
At 30 June 2023
119,616
5,625
7,421
132,662
---------
------
------
---------
Depreciation
At 1 July 2022
108
108
Charge for the year
844
744
1,588
---------
------
------
---------
At 30 June 2023
844
852
1,696
---------
------
------
---------
Carrying amount
At 30 June 2023
119,616
4,781
6,569
130,966
---------
------
------
---------
At 30 June 2022
5,625
2,763
8,388
---------
------
------
---------
6. STOCKS
2023
2022
£
£
Raw materials and consumables
18,619
31,214
--------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
1,186
48,337
Other debtors
198,816
178,184
---------
---------
200,002
226,521
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
89,389
66,781
Amounts owed to group undertakings and undertakings in which the company has a participating interest
20,460
Corporation tax
123,760
58,973
Social security and other taxes
89,000
90,890
Other creditors
83,367
93,163
---------
---------
405,976
309,807
---------
---------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
----
----
----
----
10. DIRECTORS' ADVANCES, CREDIT AND GUARANTEES
The balance owed by the directors to the company at the year end was £nil (2022: £4,500). No interest has been charged in relation to these balances.
11. RELATED PARTY TRANSACTIONS
The transactions with related parties during the year are as follows; Other related parties
2023 2022
£ £
Balance due (to) other related parties (35,393)
Balance due from other related parties 175,000 150,000
No interest has been charged on these balances. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12. PARENT COMPANY
The ultimate parent company is Phirsk Hotels Limited, a company incorporated in England and Wales. It's registered office is the same as that displayed on page 1 of these financial statements.