Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31true10worldwide sales and marketing for the hotel industry2022-01-01false15trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11055738 2022-01-01 2022-12-31 11055738 2021-01-01 2021-12-31 11055738 2022-12-31 11055738 2021-12-31 11055738 c:Director3 2022-01-01 2022-12-31 11055738 d:OfficeEquipment 2022-01-01 2022-12-31 11055738 d:OfficeEquipment 2022-12-31 11055738 d:OfficeEquipment 2021-12-31 11055738 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11055738 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 11055738 d:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 11055738 d:Goodwill 2022-12-31 11055738 d:Goodwill 2021-12-31 11055738 d:ComputerSoftware 2022-12-31 11055738 d:ComputerSoftware 2021-12-31 11055738 d:CurrentFinancialInstruments 2022-12-31 11055738 d:CurrentFinancialInstruments 2021-12-31 11055738 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11055738 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11055738 d:ShareCapital 2022-12-31 11055738 d:ShareCapital 2021-12-31 11055738 d:RetainedEarningsAccumulatedLosses 2022-12-31 11055738 d:RetainedEarningsAccumulatedLosses 2021-12-31 11055738 c:OrdinaryShareClass1 2022-01-01 2022-12-31 11055738 c:OrdinaryShareClass1 2022-12-31 11055738 c:OrdinaryShareClass1 2021-12-31 11055738 c:FRS102 2022-01-01 2022-12-31 11055738 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11055738 c:FullAccounts 2022-01-01 2022-12-31 11055738 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11055738 2 2022-01-01 2022-12-31 11055738 d:Goodwill d:OwnedIntangibleAssets 2022-01-01 2022-12-31 11055738 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-01-01 2022-12-31 11055738 d:ComputerSoftware d:OwnedIntangibleAssets 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11055738









GHS GLOBAL HOSPITALITY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GHS GLOBAL HOSPITALITY LIMITED
REGISTERED NUMBER: 11055738

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
125,092
158,377

Tangible assets
 5 
1,294
3,377

  
126,386
161,754

Current assets
  

Debtors: amounts falling due within one year
 6 
566,258
338,043

Cash at bank and in hand
 7 
19,794
88,164

  
586,052
426,207

Creditors: amounts falling due within one year
 8 
(9,834,797)
(8,031,535)

Net current liabilities
  
 
 
(9,248,745)
 
 
(7,605,328)

  

Net liabilities
  
(9,122,359)
(7,443,574)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(9,122,360)
(7,443,575)

  
(9,122,359)
(7,443,574)


Page 1

 
GHS GLOBAL HOSPITALITY LIMITED
REGISTERED NUMBER: 11055738
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider 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 directors acknowledge their 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: 



G A Halatcheva
Director

Date: 14 December 2023

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

Page 2

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

GHS Global Hospitality Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is 10 Norwich Street, London, EC4A 1 BD.
The principal activity of the company is that of worldwide sales and marketing for the hotel industry by catering for the growing needs of independent hotels for personslised, innovative hotel sales, marketing and distribution activities in the increasingly competitive global market place.

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 a going concern basis notwithstanding a net liabilities of £9,122,359 as on 31 December 2022 (2021 - £7,443,574) , which the directors believe is appropriate because of the following reason:
On the basis that the company has financial support from a connected company, through common directorship, and having considered the cash flow forecasts, the directors are confident that the Company will have adequate resources to remain in operation for the next twelve months from the date of approval of these financial statements. Therefore the directors believe that the financial statements should be prepared on going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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 the Statement of comprehensive income 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.

 
2.10

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 10 years.
Development costs
Development costs are capitalised only where they can be identified with specific project that will generate probable future economic benefits and the costs can be reliably measured. Development costs are initially recognised at costs. After recognition, under the cost model, development costs are measured at cost less any accumulated amortisation over their estimated useful life of 3 years on a reducing balance basis and any accumulated impairment losses. All other development costs are expenses to the Statement of comprehensive income as incurred.
Purchased intangible assets
Purchased intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated amortisation and impairment losses. All intangible assets are considered to have a finite useful life. The estimate useful life of customer contracts is 10 years.
At each reporting date, the company assesses whether there is any indication of impairment of intangible assets. If such an indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the Statement of comprehensive income.

 
2.11

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

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Office equipment
-
25%
Straight line

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 the Statement of comprehensive income.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2021 - 15).

Page 6

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Customer contracts
Website
Goodwill
Total

£
£
£
£



Cost


At 1 January 2022
2,026,670
120,683
73,330
2,220,683



At 31 December 2022

2,026,670
120,683
73,330
2,220,683



Amortisation


At 1 January 2022
1,949,754
81,998
30,554
2,062,306


Charge for the year on owned assets
13,186
12,766
7,333
33,285



At 31 December 2022

1,962,940
94,764
37,887
2,095,591



Net book value



At 31 December 2022
63,730
25,919
35,443
125,092



At 31 December 2021
76,916
38,685
42,776
158,377



Page 7

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2022
23,091


Additions
333



At 31 December 2022

23,424



Depreciation


At 1 January 2022
19,714


Charge for the year on owned assets
2,416



At 31 December 2022

22,130



Net book value



At 31 December 2022
1,294



At 31 December 2021
3,377


6.


Debtors

2022
2021
£
£


Trade debtors
422,055
318,430

Other debtors
99,088
19,613

Prepayments and accrued income
45,115
-

566,258
338,043



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
19,794
88,164


Page 8

 
GHS GLOBAL HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
353,382
217,683

Other taxation and social security
31,179
19,122

Other creditors
9,427,566
7,789,368

Accruals and deferred income
22,670
5,362

9,834,797
8,031,535



9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1



10.


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 £8,606 (2021 - £11,350). Contributions totalling £1,713 (2021 - £2,297) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

Included within other creditors, due within one year is an amount of £9,011 (2021 - £20,873) due to a director of the Company.
Included within other creditors, due within one year is an amount of £9,347,010 
(2021 - £7,697,000) due to a connected company by virtue of common directorship. The balance attracts nil rate of interest and is repayable on demand.

 
Page 9