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Company No: 02694595 (England and Wales)

HOSPITALITY LINE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HOSPITALITY LINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HOSPITALITY LINE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
HOSPITALITY LINE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr M Street
Mrs J Toulson
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 02694595 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
HOSPITALITY LINE LIMITED

BALANCE SHEET

As at 31 December 2023
HOSPITALITY LINE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 249,200 269,204
Tangible assets 4 28,326 5,886
277,526 275,090
Current assets
Debtors 5 1,279,112 1,004,692
Cash at bank and in hand 2,221,721 1,361,331
3,500,833 2,366,023
Creditors: amounts falling due within one year 6 ( 3,448,545) ( 2,259,233)
Net current assets 52,288 106,790
Total assets less current liabilities 329,814 381,880
Creditors: amounts falling due after more than one year 7 ( 130,357) ( 280,357)
Net assets 199,457 101,523
Capital and reserves
Called-up share capital 6,000 6,000
Profit and loss account 193,457 95,523
Total shareholder's funds 199,457 101,523

For the financial year ending 31 December 2023 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 Hospitality Line Limited (registered number: 02694595) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

Mrs J Toulson
Director
HOSPITALITY LINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HOSPITALITY LINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Hospitality Line 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 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 company has taken advantage of the exemption, under the terms of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries/entities within the group.

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.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for goods and services net of value added tax.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

Tangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The company has amended its amortisation policy from 5 years to 10 years. This has been applied prospectively from 01 January 2019.

Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

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, 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.

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, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 18

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 545,162 545,162
Additions 25,571 25,571
At 31 December 2023 570,733 570,733
Accumulated amortisation
At 01 January 2023 275,958 275,958
Charge for the financial year 45,575 45,575
At 31 December 2023 321,533 321,533
Net book value
At 31 December 2023 249,200 249,200
At 31 December 2022 269,204 269,204

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 January 2023 32,675 374,996 407,671
Additions 0 27,273 27,273
At 31 December 2023 32,675 402,269 434,944
Accumulated depreciation
At 01 January 2023 32,445 369,340 401,785
Charge for the financial year 229 4,604 4,833
At 31 December 2023 32,674 373,944 406,618
Net book value
At 31 December 2023 1 28,325 28,326
At 31 December 2022 230 5,656 5,886

5. Debtors

2023 2022
£ £
Trade debtors 419,296 225,889
Amounts owed by Parent undertakings 538,950 540,800
Corporation tax 29,092 29,286
Other debtors 291,774 208,717
1,279,112 1,004,692

Within debtors amount of £538,950 (2022: £540,800) from parent company is receivable after 12 months.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 150,000 150,000
Trade creditors 1,530,337 1,320,191
Taxation and social security 125,610 27,679
Other creditors 1,642,598 761,363
3,448,545 2,259,233

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 130,357 280,357

There is a fixed and floating charge entitled to Barclays Bank PLC that covers all the property and undertakings of the company.