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COMPANY REGISTRATION NUMBER: 10622900
TITANIC SPA LIMITED
FINANCIAL STATEMENTS
31 December 2022
TITANIC SPA LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
Contents
Pages
Officers and professional advisers 1
Strategic report 2
Directors' report 3 to 4
Independent auditor's report to the members 5 to 8
Consolidated statement of comprehensive income 9
Consolidated statement of financial position 10
Balance sheet 11
Consolidated statement of changes in equity 12
Statement of changes in shareholders funds 13
Consolidated statement of cash flows 14
Notes to the financial statements 15 to 27
TITANIC SPA LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
W R Burton
D J Oates
Registered office
28 Kirkgate
Silsden
Keighley
West Yorkshire
BD20 0AL
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
TITANIC SPA LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2022
The directors present the strategic report for the year ended 31 December 2022 Review of the business The directors are pleased to present the financial statements for 2022. The company's subsidiary, Property Renaissance Limited, which operates as a destination spa complex with the trading name Titanic Spa, continues to rebuild after the covid pandemic and energy crisis. The directors' believe that the profitability of the group will be constrained in 2024 as the ramifications of inflation, work their way through the economy. The group has continued to recover from the measures implemented by the government in response to the COVID 19 pandemic. Company sales have recovered and remain resilient. We continue to reinvest in the business to maintain and improve our product offering. This investment has earned a further five industry recognition awards, including a seventh Award for Excellence. Looking to the future, we have a loyal client base and a strong management team to ensure sales continue and the group achieves its forecasts. The directors are confident the group will cope with any new challenges and we will continue to have an effective strategy to absorb and manage rising costs, including the next round of minimum wages increase.
This report was approved by the board of directors on 12 April 2024 and signed on behalf of the board by:
W R Burton
Director
TITANIC SPA LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements of the group for the year ended 31 December 2022 .
Principal activities
The principal activity of the company and group during the year is that of a holding company of a trading group which operates a destination spa complex.
Directors
The directors who served the company during the year were as follows:
W R Burton
D J Oates
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 12 April 2024 and signed on behalf of the board by:
W R Burton
Director
TITANIC SPA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TITANIC SPA LIMITED
YEAR ENDED 31 DECEMBER 2022
Opinion
We have audited the financial statements of Titanic Spa Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, balance sheet, consolidated statement of changes in equity, statement of changes in shareholders funds, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 December 2022 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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. Without modifying our opinion, we draw attention to the directors' assessment of going concern a set out at note 3 to the financial statements.
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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 directors' responsibilities statement, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from out commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: https: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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.
David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
12 April 2024
TITANIC SPA LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
£
£
Turnover
4
5,821,747
3,414,180
Cost of sales
1,330,847
903,640
------------
------------
Gross profit
4,490,900
2,510,540
Administrative expenses
3,553,160
2,875,172
Other operating income
5
761,311
------------
------------
Operating profit
6
937,740
396,679
Provisions made against loans due from connected companies
( 596,128)
( 388,157)
Other interest receivable and similar income
10
22,164
32,196
Interest payable and similar expenses
11
152,744
100,148
------------
------------
Profit/(loss) before taxation
211,032
( 59,430)
Tax on profit/(loss)
12
187,584
112,222
------------
------------
Profit/(loss) for the financial year
23,448
( 171,652)
------------
------------
Tax related to other comprehensive income
(114,300)
------------
------------
Total comprehensive income for the year
23,448
( 285,952)
------------
------------
All the activities of the group are from continuing operations.
TITANIC SPA LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
13
843,638
992,516
Tangible assets
14
4,946,966
5,056,445
------------
------------
5,790,604
6,048,961
Current assets
Stocks
16
53,817
39,639
Debtors
17
1,244,829
1,935,233
Cash at bank and in hand
256,354
150,950
------------
------------
1,555,000
2,125,822
Creditors: amounts falling due within one year
18
( 2,567,584)
( 2,790,638)
------------
------------
Net current liabilities
( 1,012,584)
( 664,816)
------------
------------
Total assets less current liabilities
4,778,020
5,384,145
Creditors: amounts falling due after more than one year
19
( 5,148,047)
( 5,777,233)
Provisions
20
( 465,635)
( 466,022)
------------
------------
Net liabilities
( 835,662)
( 859,110)
------------
------------
Capital and reserves
Called up share capital
25
600,004
600,004
Revaluation reserve
26
( 363,195)
( 122,300)
Profit and loss account
26
( 1,072,471)
( 1,336,814)
------------
------------
Shareholders deficit
( 835,662)
( 859,110)
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
W R Burton
Director
Company registration number: 10622900
TITANIC SPA LIMITED
BALANCE SHEET
31 December 2022
2022
2021
Note
£
£
Fixed assets
Investments
15
6,046,875
6,046,875
Current assets
Debtors
17
1,408,364
1,525,695
Cash at bank and in hand
49,719
37,527
------------
------------
1,458,083
1,563,222
Creditors: amounts falling due within one year
18
( 673,710)
( 605,801)
------------
------------
Net current assets
784,373
957,421
------------
------------
Total assets less current liabilities
6,831,248
7,004,296
Creditors: amounts falling due after more than one year
19
( 5,148,047)
( 5,777,233)
------------
------------
Net assets
1,683,201
1,227,063
------------
------------
Capital and reserves
Called up share capital
25
600,004
600,004
Profit and loss account
26
1,083,197
627,059
------------
------------
Shareholders funds
1,683,201
1,227,063
------------
------------
The profit for the financial year of the parent company was £ 456,138 (2021: £ 245,411 ).
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
W R Burton
Director
Company registration number: 10622900
TITANIC SPA LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2022
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 January 2021
600,004
( 8,000)
( 1,165,162)
( 573,158)
Loss for the year
( 171,652)
( 171,652)
Other comprehensive income for the year:
Tax related to other comprehensive income
(114,300)
(114,300)
------------
------------
------------
------------
Total comprehensive income for the year
( 114,300)
( 171,652)
( 285,952)
At 31 December 2021
600,004
( 122,300)
( 1,336,814)
( 859,110)
Profit for the year
23,448
23,448
Other comprehensive income for the year:
Transfer of depreciation
(240,895)
240,895
------------
------------
------------
------------
Total comprehensive income for the year
( 240,895)
264,343
23,448
------------
------------
------------
------------
At 31 December 2022
600,004
( 363,195)
( 1,072,471)
( 835,662)
------------
------------
------------
------------
TITANIC SPA LIMITED
STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS
YEAR ENDED 31 DECEMBER 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2021
600,004
381,648
981,652
Profit for the year
245,411
245,411
------------
------------
------------
Total comprehensive income for the year
245,411
245,411
At 31 December 2021
600,004
627,059
1,227,063
Profit for the year
456,138
456,138
------------
------------
------------
Total comprehensive income for the year
456,138
456,138
------------
------------
------------
At 31 December 2022
600,004
1,083,197
1,683,201
------------
------------
------------
TITANIC SPA LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2022
2022
2021
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
23,448
( 171,652)
Adjustments for:
Depreciation of tangible assets
158,199
179,144
Amortisation of intangible assets
148,878
148,878
Government grant income
( 350,273)
Provisions made against loans due from connected companies
596,128
388,157
Other interest receivable and similar income
( 22,164)
( 32,196)
Interest payable and similar expenses
152,744
100,148
Tax on profit
187,584
112,222
Changes in:
Stocks
( 14,178)
21,054
Trade and other debtors
105,535
83,446
Trade and other creditors
( 270,063)
293,784
------------
------------
Cash generated from operations
1,066,111
772,712
Interest paid
( 152,744)
( 100,148)
Interest received
22,164
32,196
Tax paid
( 149,839)
( 10,653)
------------
------------
Net cash from operating activities
785,692
694,107
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 48,720)
( 13,240)
------------
------------
Net cash used in investing activities
( 48,720)
( 13,240)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 631,568)
( 681,151)
Government grant income
350,273
------------
------------
Net cash used in financing activities
( 631,568)
( 330,878)
------------
------------
Net increase in cash and cash equivalents
105,404
349,989
Cash and cash equivalents at beginning of year
150,950
(199,039)
------------
------------
Cash and cash equivalents at end of year
256,354
150,950
------------
------------
TITANIC SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Kirkgate, Silsden, Keighley, West Yorkshire, BD20 0AL.
2. Statement of compliance
These financial statements have been prepared in compliance with 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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The group generated an EBITDA of £1.24m for 2022. This level of cash generation is adequate to fund formal debt repayments, corporation tax liabilities and planned capital expenditure. The nature of the business model produces on-going positive working capital to fund day-to-day operations. On this basis, despite the net current and overall liability position reflected in the consolidated balance sheet, the directors consider that the group can meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Titanic Spa Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Long leasehold property
-
2% on valuation
Plant and machinery
-
10% on cost or 25% on cost
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless 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. Financial assets classified as receivable within one year are not amortised. Other financial assets Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Other financial liabilities Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. Derecognition of financial liabilities Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2022
2021
£
£
Rendering of services
5,821,747
3,414,180
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2022
2021
£
£
Management charges receivable
26,000
Government grant income
350,273
Other operating income
385,038
------------
------------
761,311
------------
------------
6. Operating profit
Operating profit or loss is stated after charging:
2022
2021
£
£
Amortisation of intangible assets
148,878
148,878
Depreciation of tangible assets
158,199
179,144
Impairment of trade debtors
37,448
------------
------------
7. Auditor's remuneration
2022
2021
£
£
Fees payable for the audit of the financial statements
19,500
19,580
------------
------------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2022
2021
No.
No.
Total staff
124
107
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2022
2021
£
£
Wages and salaries
1,970,176
1,492,301
Social security costs
194,990
101,209
Other pension costs
33,510
20,619
------------
------------
2,198,676
1,614,129
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2022
2021
£
£
Remuneration
138,622
158,080
Company contributions to defined contribution pension plans
10,935
2,153
------------
------------
149,557
160,233
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2022
2021
No.
No.
Defined contribution plans
2
2
------------
------------
10. Other interest receivable and similar income
2022
2021
£
£
Interest on bank deposits
1
8,500
Other interest receivable and similar income
22,163
23,696
------------
------------
22,164
32,196
------------
------------
11. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
150,252
100,148
Other interest payable and similar charges
2,492
------------
------------
152,744
100,148
------------
------------
12. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
200,572
120,859
Adjustments in respect of prior periods
( 12,601)
------------
------------
Total current tax
187,971
120,859
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 387)
( 8,637)
------------
------------
Tax on profit
187,584
112,222
------------
------------
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit/(loss) on ordinary activities before taxation
211,032
( 59,430)
------------
------------
Profit/(loss) on ordinary activities by rate of tax
40,096
( 11,292)
Adjustment to tax charge in respect of prior periods
(13,054)
Effect of expenses not deductible for tax purposes
141,689
101,366
Effect of capital allowances and depreciation
18,883
18,913
Effect of revenue exempt from tax
( 158)
Effect of different UK tax rates on some earnings
(30)
3,393
------------
------------
Tax on profit
187,584
112,222
------------
------------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
1,488,776
------------
Amortisation
At 1 January 2022
496,260
Charge for the year
148,878
------------
At 31 December 2022
645,138
------------
Carrying amount
At 31 December 2022
843,638
------------
At 31 December 2021
992,516
------------
The company has no intangible assets.
14. Tangible assets
Group
Long leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 January 2022
5,419,921
1,354,399
6,774,320
Additions
48,720
48,720
------------
------------
------------
At 31 December 2022
5,419,921
1,403,119
6,823,040
------------
------------
------------
Depreciation
At 1 January 2022
430,758
1,287,117
1,717,875
Charge for the year
108,393
49,806
158,199
------------
------------
------------
At 31 December 2022
539,151
1,336,923
1,876,074
------------
------------
------------
Carrying amount
At 31 December 2022
4,880,770
66,196
4,946,966
------------
------------
------------
At 31 December 2021
4,989,163
67,282
5,056,445
------------
------------
------------
The company has no tangible assets.
The directors revalued the leasehold property based on an external professional valuation which was carried out by Pinders, Chartered Surveyors, on an open market basis on 9 February 2018. The directors do not believe any further revaluation is needed this year.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Long leasehold property
£
At 31 December 2022
Aggregate cost
2,827,907
Aggregate depreciation
(920,716)
------------
Carrying value
1,907,191
------------
At 31 December 2021
Aggregate cost
2,827,907
Aggregate depreciation
(864,158)
------------
Carrying value
1,963,749
------------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
6,046,875
------------
Impairment
At 1 January 2022 and 31 December 2022
------------
Carrying amount
At 1 January 2022 and 31 December 2022
6,046,875
------------
At 31 December 2021
6,046,875
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Property Renaissance Limited
Ordinary
100
16. Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Finished goods and goods for resale
53,817
39,639
------------
------------
------------
------------
17. Debtors
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade debtors
126,680
139,329
Amounts owed by group undertakings
1,404,331
1,517,497
Prepayments and accrued income
93,546
71,408
3,213
7,360
Corporation tax repayable
217,938
213,650
Directors loan accounts
715,547
813,384
Other debtors
91,118
697,462
820
838
------------
------------
------------
------------
1,244,829
1,935,233
1,408,364
1,525,695
------------
------------
------------
------------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2022
2021
2022
2021
£
£
£
£
Amounts owed by group undertakings
1,404,331
1,517,497
------------
------------
------------
------------
Part of the corporation tax debtor is recoverable more than one year after the balance sheet date.
18. Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Debenture loans
109,611
111,993
109,611
111,993
Bank loans and overdrafts
389,733
389,733
389,733
389,733
Trade creditors
193,060
164,252
4,921
5,025
Amounts owed to associated undertakings
1,600
1,600
1,600
1,600
Accruals and deferred income
1,328,237
1,593,013
28,000
8,900
Corporation tax
377,838
339,706
139,845
88,550
Social security and other taxes
161,431
139,307
Other creditors
6,074
51,034
------------
------------
------------
------------
2,567,584
2,790,638
673,710
605,801
------------
------------
------------
------------
19. Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Debenture loans
2,004,814
2,234,425
2,004,814
2,234,425
Bank loans and overdrafts
3,143,233
3,542,808
3,143,233
3,542,808
------------
------------
------------
------------
5,148,047
5,777,233
5,148,047
5,777,233
------------
------------
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £1,734,300 (2021: £1,576,275) for the group and £1,734,300 (2021: £1,576,275) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The creditors repayable after more than five years are repayable in monthly installments of £8,928 and are currently interest free.
20. Provisions
Group
Deferred tax (note 21)
£
At 1 January 2022
466,022
Charge against provision
( 387)
------------
At 31 December 2022
465,635
------------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the balance sheet is as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Included in provisions (note 20)
465,635
466,022
------------
------------
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2022
2021
2022
2021
£
£
£
£
Accelerated capital allowances
17,253
17,022
Revaluation of tangible assets
449,000
449,000
Pension plan obligations
( 618)
------------
------------
------------
------------
465,635
466,022
------------
------------
------------
------------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 33,510 (2021: £ 20,619 ).
23. Secured debts
Bank borrowings amounting to £3,182,967 (2021: £3,482,541) are secured by a fixed charge over the subsidiary's long leasehold property and a floating charge over other assets.
24. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
350,273
24,120
------------
------------
------------
------------
25. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
600,004
600,004
600,004
600,004
------------
------------
------------
------------
26. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Jan 2022
Cash flows
At 31 Dec 2022
£
£
£
Cash at bank and in hand
150,950
105,404
256,354
Debt due within one year
(503,326)
2,382
(500,944)
Debt due after one year
(5,777,233)
629,186
(5,148,047)
------------
------------
------------
( 6,129,609)
736,972
( 5,392,637)
------------
------------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
284,448
141,216
Later than 1 year and not later than 5 years
505,951
150,991
Later than 5 years
432,000
------------
------------
------------
------------
1,222,399
292,207
------------
------------
------------
------------
TITANIC SPA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2022
29. Other financial commitments
The company has provided a guarantee and debenture in support of the bank facilities of the subsidiary company.
30. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
W R Burton
389,864
9,457
( 120,000)
279,321
D J Oates
423,520
12,706
436,226
------------
------------
------------
------------
813,384
22,163
( 120,000)
715,547
------------
------------
------------
------------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
W R Burton
268,830
121,034
389,864
D J Oates
259,508
164,012
423,520
------------
------------
------------
------------
528,338
285,046
813,384
------------
------------
------------
------------
These loans are unsecured, repayable on demand and bear interest at the HMRC official rate of interest .
31. Controlling party
There is no one controlling party of the company.