Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-312022-01-01falseThe company is the holding company for a hotel service.44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12414616 2022-01-01 2022-12-31 12414616 2021-01-01 2021-12-31 12414616 2022-12-31 12414616 2021-12-31 12414616 2021-01-01 12414616 c:Director1 2022-01-01 2022-12-31 12414616 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 12414616 d:Buildings d:LongLeaseholdAssets 2022-12-31 12414616 d:Buildings d:LongLeaseholdAssets 2021-12-31 12414616 d:PlantMachinery 2022-01-01 2022-12-31 12414616 d:PlantMachinery 2022-12-31 12414616 d:PlantMachinery 2021-12-31 12414616 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12414616 d:MotorVehicles 2022-01-01 2022-12-31 12414616 d:MotorVehicles 2022-12-31 12414616 d:MotorVehicles 2021-12-31 12414616 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12414616 d:FurnitureFittings 2022-01-01 2022-12-31 12414616 d:FurnitureFittings 2022-12-31 12414616 d:FurnitureFittings 2021-12-31 12414616 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12414616 d:ComputerEquipment 2022-01-01 2022-12-31 12414616 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 12414616 d:OtherPropertyPlantEquipment 2022-12-31 12414616 d:OtherPropertyPlantEquipment 2021-12-31 12414616 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12414616 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12414616 d:CurrentFinancialInstruments 2022-12-31 12414616 d:CurrentFinancialInstruments 2021-12-31 12414616 d:Non-currentFinancialInstruments 2022-12-31 12414616 d:Non-currentFinancialInstruments 2021-12-31 12414616 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12414616 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12414616 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12414616 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12414616 d:ShareCapital 2022-12-31 12414616 d:ShareCapital 2021-12-31 12414616 d:ShareCapital 2021-01-01 12414616 d:SharePremium 2022-12-31 12414616 d:SharePremium 2021-12-31 12414616 d:SharePremium 2021-01-01 12414616 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12414616 d:RetainedEarningsAccumulatedLosses 2022-12-31 12414616 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 12414616 d:RetainedEarningsAccumulatedLosses 2021-12-31 12414616 d:RetainedEarningsAccumulatedLosses 2021-01-01 12414616 c:OrdinaryShareClass1 2022-01-01 2022-12-31 12414616 c:OrdinaryShareClass1 2022-12-31 12414616 c:OrdinaryShareClass1 2021-12-31 12414616 c:FRS102 2022-01-01 2022-12-31 12414616 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12414616 c:FullAccounts 2022-01-01 2022-12-31 12414616 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12414616 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 12414616 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 12414616 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 12414616 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 12414616 d:HirePurchaseContracts d:MoreThanFiveYears 2022-12-31 12414616 d:HirePurchaseContracts d:MoreThanFiveYears 2021-12-31 12414616 2 2022-01-01 2022-12-31 12414616 6 2022-01-01 2022-12-31 12414616 e:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12414616










BWUK OWNER LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BWUK OWNER LTD
REGISTERED NUMBER: 12414616

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,305,961
15,691,481

Investments
 6 
8,116,348
8,116,348

  
23,422,309
23,807,829

Current assets
  

Debtors: amounts falling due within one year
 7 
6,578,418
5,626,077

Cash at bank and in hand
 8 
181,978
719,745

  
6,760,396
6,345,822

Creditors: amounts falling due within one year
 9 
(7,222,858)
(6,519,416)

Net current liabilities
  
 
 
(462,462)
 
 
(173,594)

Total assets less current liabilities
  
22,959,847
23,634,235

Creditors: amounts falling due after more than one year
 10 
(14,976,850)
(14,037,545)

  

Net assets
  
7,982,997
9,596,690


Capital and reserves
  

Called up share capital 
 12 
112,536
112,536

Share premium account
  
11,140,917
11,140,917

Profit and loss account
  
(3,270,456)
(1,656,763)

  
7,982,997
9,596,690


Page 1

 
BWUK OWNER LTD
REGISTERED NUMBER: 12414616
    
BALANCE SHEET (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: 




Justin David Petersen
Director

Date: 29 July 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
BWUK OWNER LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
112,536
11,140,917
(1,656,763)
9,596,690


Comprehensive income for the year

Loss for the year
-
-
(1,613,693)
(1,613,693)


At 31 December 2022
112,536
11,140,917
(3,270,456)
7,982,997


The notes on pages 4 to 11 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2021
112,536
11,140,917
(517,590)
10,735,863


Comprehensive income for the year

Loss for the year
-
-
(1,139,173)
(1,139,173)


At 31 December 2021
112,536
11,140,917
(1,656,763)
9,596,690


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

BWUK Owner Limited, company number 12414616, is a private company limited by shares, registered and incorporated in the United Kingdom. The registered office address is 54 Portland Place, London, United Kingdom, W1B 1DY. The principal activity of the Company is to act as a holding entity for a hotel and hospitality company. 
The Company's functional and presentational currency is GBP rounded to the nearest £1.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having reviewed the Company's cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Company have reasonable expectations that adequate resources will be available to continue operations for the foreseeable future. The Company has also received confirmation of support from its parent, for at least 12 months after the signing of the balance sheet, which provides additional security on the resources available to continue as a going concern. Therefore, these financial statements have been prepared on the going concern basis. In forming this judgement, the directors have reviewed forecasts for 2024-25, cash flow projections from the date of the approval of these financial statements, contingency planning and the sufficiency of banking facilities.

Page 4

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

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

Rendering of services

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

 
2.4

Interest income

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

 
2.5

Finance costs

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

 
2.6

Borrowing costs

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

 
2.7

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such 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. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
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:

Long-term leasehold property
-
hotel itself over period of lease of the property, 3.33%. Building additions over 50 years, 2%.
Plant and machinery
-
over period of 8 years, 12.5%.
Pre-opening expenditure
-
over period of 1 year and 1 day, 100%.
Fixtures and fittings
-
over period of 8 years, 12.5%.
Computer equipment
-
over period of 3 years, 33.33%.

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.
Page 6

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)


The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 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 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 7

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have applied their judgement in the use of certain critical accounting policies. 
Purchases are held in works in progress until they reach a stage of operation. 
The Company has a policy of capitalising all costs it deems necessary to operate the hotel for its intended purpose. Pre-opening expenditure relates to costs directly attributable to operational activities and has been depreciated over a period of 1 year and 1 day.
The cost basis less impairment is used for all tangible fixed assets. The Marine Hotel is sufficiently valued by an independent third party valuer who hold recognised and relevant professional qualifications. Should the NBV be higher than the valuation, an impairment is recognised.

Page 8

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Employees




The average monthly number of employees, including directors, during the year was 4 (2021 - 4).


5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Pre-opening expenditure
Fixtures and fittings
Works in  progress
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
13,527,191
156,624
329,296
2,352,848
210,748
16,576,707


Additions
361,835
-
8,335
63,779
93,903
527,852


Transfers between classes
187,470
-
3,168
20,110
(210,748)
-



At 31 December 2022

14,076,496
156,624
340,799
2,436,737
93,903
17,104,559



Depreciation


At 1 January 2022
614,885
13,052
141,561
115,728
-
885,226


Charge for the year on owned assets
384,258
31,325
196,541
301,248
-
913,372



At 31 December 2022

999,143
44,377
338,102
416,976
-
1,798,598



Net book value



At 31 December 2022
13,077,353
112,247
2,697
2,019,761
93,903
15,305,961



At 31 December 2021
12,912,306
143,572
187,735
2,237,120
210,748
15,691,481

Security is in place on the Marine Hotel in case of default on a loan held by the Company. There were no defaults in the current year.

Page 9

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
8,116,348



At 31 December 2022
8,116,348





7.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
6,215,506
5,406,906

Other debtors
181,412
197,327

Prepayments and accrued income
181,500
21,844

6,578,418
5,626,077



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
181,978
719,745



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
92,374
70,384

Amounts owed to group undertakings
6,894,098
6,217,823

Obligations under finance lease and hire purchase contracts
29,329
26,973

Accruals and deferred income
207,057
204,236

7,222,858
6,519,416


Page 10

 
BWUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.Creditors: Amounts falling due within one year (continued)

Amounts owed to group undertakings are unsecured, bear no interest, and are repayable on demand.


10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
14,831,389
13,865,279

Obligations under finance lease and hire purchase contracts
88,182
117,511

Trade creditors
57,279
54,755

14,976,850
14,037,545



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
29,329
26,973

Between 1-5 years
31,892
29,330

Over 5 years
56,290
88,181

117,511
144,484


12.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



11,253,552 (2021 - 11,253,552) Ordinary shares of £0.01 each
112,536
112,536

Ordinary shareholders have the right to receive notice of, and to attend, speak and vote at all general meetings of the Company, with the right to cast a vote for each Ordinary share of which he is the holder.



13.


Related party transactions

All related party transactions were with wholly owned companies within the group and are therefore exempt from disclosure under FRS 102 Section 33.1A.

 
Page 11