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Company No: 01913114 (England and Wales)

WARM WELCOME MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

WARM WELCOME MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

WARM WELCOME MANAGEMENT LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
WARM WELCOME MANAGEMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
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
WARM WELCOME MANAGEMENT LIMITED

BALANCE SHEET

As at 30 April 2024
WARM WELCOME MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 640 0
Investment property 4 250,000 250,000
Investments 5, 12 2,204,621 2,222,427
2,455,261 2,472,427
Current assets
Debtors 6 101,095 29,038
Cash at bank and in hand 612,406 619,704
713,501 648,742
Creditors: amounts falling due within one year 7 ( 98,318) ( 60,432)
Net current assets 615,183 588,310
Total assets less current liabilities 3,070,444 3,060,737
Net assets 3,070,444 3,060,737
Capital and reserves
Called-up share capital 8 107 107
Share premium account 121,873 121,873
Profit and loss account 11 2,948,464 2,938,757
Total shareholder's funds 3,070,444 3,060,737

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Warm Welcome Management Limited (registered number: 01913114) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

Mr P B M Cliff
Director
WARM WELCOME MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
WARM WELCOME MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

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 instruments

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 May 2023 28,930 0 28,930
Additions 0 752 752
At 30 April 2024 28,930 752 29,682
Accumulated depreciation
At 01 May 2023 28,930 0 28,930
Charge for the financial year 0 112 112
At 30 April 2024 28,930 112 29,042
Net book value
At 30 April 2024 0 640 640
At 30 April 2023 0 0 0

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 250,000
As at 30 April 2024 250,000

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).

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 69,063
Disposals ( 3)
At 30 April 2024 69,060
Carrying value at 30 April 2024 69,060
Carrying value at 30 April 2023 69,063

Loans Total
£ £
Cost or valuation before impairment
At 01 May 2023 2,180,769 2,180,769
Disposals ( 17,803) ( 17,803)
At 30 April 2024 2,162,966 2,162,966
Provisions for impairment
At 01 May 2023 27,405 27,405
At 30 April 2024 27,405 27,405
Carrying value at 30 April 2024 2,135,561 2,135,561
Carrying value at 30 April 2023 2,153,364 2,153,364

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
Warm Welcome Hotels (Southern) Limited 9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England Operation of 2 Hotels in Devon, UK Ordinary shares 100.00% 100.00% Direct
Knaphill Print Company Limited 9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England Printing services Ordinary shares 75.00% 75.00% Direct
Greengage Business Parks Limited 9 Lady Park Road, Livermead, Torquay, TQ2 6UA, England Dormant Ordinary shares 100.00% 100.00% Direct

6. Debtors

2024 2023
£ £
Trade debtors 5,955 23,614
Amounts owed by Group undertakings 0 4,168
Amounts owed by directors 92,990 0
Other debtors 2,150 1,256
101,095 29,038

7. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 25,000 0
Amounts owed to directors 2,990 1,632
Accruals 15,850 40,695
Corporation tax 19,792 85
Other taxation and social security 32,960 16,803
Other creditors 1,726 1,217
98,318 60,432

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,666 Ordinary shares of £ 0.01 each 107 107

9. Financial commitments

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 8,574 9,676
between one and five years 12,260 24,380
after five years 36,780 39,845
57,614 73,901

10. Related party transactions

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)

11. Reserves

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.

12. Events After The Reporting Period

After the year end, the company disposed of its shareholding in Knaphill Print Company Limited.

13. Ultimate controlling party

Parent Company:

Warm Welcome 2022 Limited, incorporated in England and Wales.
9 Lady Park Road, Livermead, Torquay, TQ2 6UA