Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe principal activity of the Company is the marketing, designing and selling of custom grade carpeting to the hospitality industry which includes end users such as casinos, theatres, 5 star hotel properties and various other high end flooring customers.98truetruefalse 04573581 2023-01-01 2023-12-31 04573581 2022-01-01 2022-12-31 04573581 2023-12-31 04573581 2022-12-31 04573581 c:Director2 2023-01-01 2023-12-31 04573581 d:PlantMachinery 2023-01-01 2023-12-31 04573581 d:PlantMachinery 2023-12-31 04573581 d:PlantMachinery 2022-12-31 04573581 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04573581 d:CurrentFinancialInstruments 2023-12-31 04573581 d:CurrentFinancialInstruments 2022-12-31 04573581 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04573581 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04573581 d:ShareCapital 2023-12-31 04573581 d:ShareCapital 2022-12-31 04573581 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04573581 d:RetainedEarningsAccumulatedLosses 2023-12-31 04573581 d:RetainedEarningsAccumulatedLosses 2022-12-31 04573581 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04573581 c:OrdinaryShareClass1 2023-12-31 04573581 c:OrdinaryShareClass1 2022-12-31 04573581 c:FRS102 2023-01-01 2023-12-31 04573581 c:Audited 2023-01-01 2023-12-31 04573581 c:FullAccounts 2023-01-01 2023-12-31 04573581 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04573581 d:WithinOneYear 2023-12-31 04573581 d:WithinOneYear 2022-12-31 04573581 d:BetweenOneFiveYears 2023-12-31 04573581 d:BetweenOneFiveYears 2022-12-31 04573581 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04573581 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 04573581











________________________________________________________________________________________


OW HOSPITALITY LIMITED

________________________________________________________________________________________



ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
31 DECEMBER 2023

 
OW HOSPITALITY LIMITED
REGISTERED NUMBER:04573581

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,045
2,118

Current assets
  

Stocks
 5 
310,966
252,703

Debtors: amounts falling due within one year
 6 
342,617
308,362

Cash at bank and in hand
  
845,059
631,643

  
1,498,642
1,192,708

Creditors: amounts falling due within one year
 7 
(9,678,915)
(10,045,906)

Net current liabilities
  
 
 
(8,180,273)
 
 
(8,853,198)

Total assets less current liabilities
  
(8,175,228)
(8,851,080)

  

Net liabilities
  
(8,175,228)
(8,851,080)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
(8,175,229)
(8,851,081)

  
(8,175,228)
(8,851,080)


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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements  on pages 1 to 7 were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




M Foley
Director

Page 1

 
OW HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Statement of compliance

The principal activity of the Company is the marketing, designing and selling of custom grade carpeting to the hospitality industry which includes end users such as casinos, theatres, 5 star hotel properties and various other high end flooring customers.
OW Hospitality Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office is 5th Floor, 15 Whitehall, London, SW1A 2DD and its principal place of business is Suite 12, Elgar House, Green Street, Kidderminster, DY10 1JF.

  
1.2

Basis of preparation

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (“FRS 102”) and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The preparation of financial statements requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Company's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

  
1.3

Going concern

The financial statements have been prepared on a going concern basis as the directors have received confirmation that Oriental Weavers Carpet Company will provide financial support to the Company as is necessary for it to continue in operational existence for at least 12 months from the date of signing of these financial statements.

  
1.4

Revenue

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance.  Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax.  The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Interest income
Revenue is recognised as interest accrues using the effective interest method.

Page 2

 
OW HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.5

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
 
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
                Plant & Machinery        -  3 to 5 years

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.6

Stock

Stock is stated at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow-moving stock. Stock is recognised as an expense in the period in which the related revenue is recognised. 

  
1.7

Financial Instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and 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.

Page 3

 
OW HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.8

Operating leases: lessee

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.  Lease incentives are recognised over the lease term on a straight line basis.

  
1.9

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Page 4

 
OW HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.10

Foreign currency translation

Functional and presentation currency
The Company's functional and presentation currency is the pound sterling.
 
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administrative expenses'. All other foreign exchange gains and losses are presented in the Profit and Loss Account under the heading to which they relate.

  
1.11

Share capital

Ordinary shares are classified as equity.

  
1.12

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity.  Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 8).

Page 5

 
OW HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2023
59,602


Additions
4,274



At 31 December 2023

63,876



Depreciation


At 1 January 2023
57,484


Charge for the year on owned assets
1,347



At 31 December 2023

58,831



Net book value



At 31 December 2023
5,045



At 31 December 2022
2,118


5.


Stock

2023
2022
£
£

Finished goods and goods for resale
310,966
252,703



6.


Debtors

2023
2022
£
£


Trade debtors
300,531
280,878

Prepayments and accrued income
42,086
27,484

342,617
308,362


Page 6

 
OW HOSPITALITY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
46,290
62,633

Amounts owed to group undertakings
8,259,148
8,806,899

Other taxation and social security
63,957
116,876

Other creditors
37,233
37,209

Accruals and deferred income
1,272,287
1,022,289

9,678,915
10,045,906



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Reserves

Profit and loss account

The profit and loss account represents retained losses.


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
4,271
10,250

Later than 1 year and not later than 5 years
-
4,271

4,271
14,521


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Jane Lowden (Senior Statutory Auditor) on behalf of   F. W. Smith, Riches & Co..

Page 7

 
OW HOSPITALITY LIMITED
 
 
 Page 8