Company No:
Contents
DIRECTORS | Mr P B M Cliff |
Mr P G Davies |
SECRETARIES | Mrs S Cliff |
Mrs L J Davies |
REGISTERED OFFICE | 9 Lady Park Road |
Livermead | |
Torquay | |
TQ2 6UA | |
England | |
United Kingdom |
COMPANY NUMBER | 01913114 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Sigma House | |
Oak View Close | |
Edginswell Park | |
Torquay | |
TQ2 7FF |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5, 12 |
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2,455,261 | 2,472,427 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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713,501 | 648,742 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 615,183 | 588,310 | ||
Total assets less current liabilities | 3,070,444 | 3,060,737 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | 11 |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Warm Welcome Management Limited (registered number:
Mr P B M Cliff
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Warm Welcome Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Fixtures and fittings |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 May 2023 |
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Additions |
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At 30 April 2024 |
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Accumulated depreciation | |||||
At 01 May 2023 |
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Charge for the financial year |
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At 30 April 2024 |
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Net book value | |||||
At 30 April 2024 |
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At 30 April 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 May 2023 |
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As at 30 April 2024 |
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The investment property was revalued on 30 April 2023 by the directors. The basis of this valuation was open market value. The asset has a current value of £250,000 (2023 - £250,000) and a carrying amount at historic cost of £102,397 (2023 - £102,397). The depreciation on this historical cost is £31,900 (2023 - £31,900).
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 May 2023 |
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Disposals | (
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At 30 April 2024 |
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Carrying value at 30 April 2024 |
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Carrying value at 30 April 2023 |
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Loans | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 May 2023 |
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Disposals | (
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At 30 April 2024 |
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Provisions for impairment | |||
At 01 May 2023 |
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At 30 April 2024 |
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Carrying value at 30 April 2024 |
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Carrying value at 30 April 2023 |
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Investments in shares
Details of investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows -
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.04.2024 |
Ownership 30.04.2023 |
Held |
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9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England | Operation of 2 Hotels in Devon, UK |
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Direct |
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9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England | Printing services |
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Direct |
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9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England | Dormant |
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Direct |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Amounts owed by directors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Amounts owed to directors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
The company has guaranteed the bank facilities of its subsidiary Warm Welcome Hotels (Southern) Limited. The directors consider that Warm Welcome Hotels (Southern) Limited will continue to trade within the terms of its facilities and that the guarantee is highly unlikely to be called in. The amount guaranteed is £6,011 (2023 - £5,350).
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Mr P B M Cliff's loan brought forward | (10) | (10) | |
Add: Advances made during the year | 108,186 | 0 | |
Less: Repayments made during the year | (15,186) | 0 | |
Director's loan carried forward | 92,990 | (10) |
Included within the profit and loss account balance carried forward are non-distributable reserves of £135,073 (2023 - £135,073). These reserves represent the cumulative unrealised revaluation gains on the company's investment properties, net of the provision of deferred taxation thereon.
After the year end, the company disposed of its shareholding in Knaphill Print Company Limited.
Parent Company:
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9 Lady Park Road, Livermead, Torquay, TQ2 6UA |