Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-01-010truefalse0falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05120141 2023-01-01 2023-12-31 05120141 2022-01-01 2022-12-31 05120141 2023-12-31 05120141 2022-12-31 05120141 2022-01-01 05120141 1 2023-01-01 2023-12-31 05120141 1 2022-01-01 2022-12-31 05120141 d:CompanySecretary1 2023-01-01 2023-12-31 05120141 d:Director1 2023-01-01 2023-12-31 05120141 d:RegisteredOffice 2023-01-01 2023-12-31 05120141 e:CurrentFinancialInstruments 2023-12-31 05120141 e:CurrentFinancialInstruments 2022-12-31 05120141 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05120141 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05120141 e:ShareCapital 2023-01-01 2023-12-31 05120141 e:ShareCapital 2023-12-31 05120141 e:ShareCapital 2022-01-01 2022-12-31 05120141 e:ShareCapital 2022-12-31 05120141 e:ShareCapital 2022-01-01 05120141 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05120141 e:RetainedEarningsAccumulatedLosses 2023-12-31 05120141 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05120141 e:RetainedEarningsAccumulatedLosses 2022-12-31 05120141 e:RetainedEarningsAccumulatedLosses 2022-01-01 05120141 e:FinancialAssetsAmortisedCost 2023-12-31 05120141 e:FinancialAssetsAmortisedCost 2022-12-31 05120141 e:FinancialLiabilitiesAmortisedCost 2023-12-31 05120141 e:FinancialLiabilitiesAmortisedCost 2022-12-31 05120141 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05120141 d:OrdinaryShareClass1 2023-12-31 05120141 d:OrdinaryShareClass1 2022-12-31 05120141 d:FRS102 2023-01-01 2023-12-31 05120141 d:Audited 2023-01-01 2023-12-31 05120141 d:FullAccounts 2023-01-01 2023-12-31 05120141 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05120141 4 2023-01-01 2023-12-31 05120141 6 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05120141










SPA MANAGEMENT LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023





















 
SPA MANAGEMENT LIMITED
 
 
Company Information


Director
A Mankowski 




Company secretary
M Mankowski



Registered number
05120141



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW




Independent auditors
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
SPA MANAGEMENT LIMITED
 

Contents



Page
Director's report
 
1 - 2
Independent auditors' report
 
3 - 7
Statement of comprehensive income (incorporating the profit and loss account)
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Analysis of net funds
 
12
Notes to the financial statements
 
13 - 19


 
SPA MANAGEMENT LIMITED
 
 
 
Director's report
For the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the period was that of investing in overseas hotel and leisure businesses.

Results and dividends

The loss for the year, after taxation, amounted to £136,775 (2022 - loss £12,656,840).

Director

The director who served during the year was:

A Mankowski 

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
SPA MANAGEMENT LIMITED
 
 
 
Director's report (continued)
For the Year Ended 31 December 2023

Auditors

The auditorsSayers Butterworth LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 September 2024 and signed on its behalf.
 





M Mankowski
Secretary

Page 2

 
SPA MANAGEMENT LIMITED
 
 
 
Independent auditors' report to the members of Spa Management Limited
 

Disclaimer of opinion


We were engaged to audit the financial statements of Spa Management Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion


As set out in note 8, investments in the company's subsidiary undertaking, Polenac S.à r.l., are included at a carrying amount of £78,293,811 in the financial statements. Information and accounting records for this subsidiary are held overseas and we have been unable to obtain sufficient appropriate audit evidence to determine whether there should be any provision against these balances or whether they are correctly included at their carrying value in these financial statements. As a result of these matters, we were unable to determine whether any adjustments might have been necessary to the profit and loss account and balance sheet.
As explained in note 2 the company has not prepared consolidated financial statements for its group which are required by section 399 of the Companies Act 2006 and Financial Reporting Standard No 2 'Accounting for Subsidiary Undertakings'. As a consequence the financial statements do not give all the information about the economic activities of the group of which the company is the parent. It is not practicable to quantify the effects of the departure from this requirement.










Page 3

 
SPA MANAGEMENT LIMITED
 
 
 
Independent auditors' report to the members of Spa Management Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

Notwithstanding our disclaimer of opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Director's report.
Arising from the limitation of our work referred to above:
 
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records have been kept.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made.



Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
SPA MANAGEMENT LIMITED
 
 
 
Independent auditors' report to the members of Spa Management Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.
 
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. 
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 5

 
SPA MANAGEMENT LIMITED
 
 
 
Independent auditors' report to the members of Spa Management Limited (continued)


Auditors’ responsibilities with regard to fraud and irregularities
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity:
1. Those laws and regulations considered to have a direct effect on the financial statements include UK
         financial reporting standards, Company Law and Tax legislation.
2. It is considered that there are no laws and regulations for which non compliance may be fundamental to
         the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. 
No instances of material non compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 6

 
SPA MANAGEMENT LIMITED
 
 
 
Independent auditors' report to the members of Spa Management Limited (continued)





Andrew Burch (Senior statutory auditor)
  
for and on behalf of
Sayers Butterworth LLP
 
Chartered Accountants & Statutory Auditor
  
3rd Floor
12 Gough Square
London
EC4A 3DW

26 September 2024
Page 7

 
SPA MANAGEMENT LIMITED
 
 
Statement of comprehensive income (incorporating the profit and loss account)
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Administrative expenses
  
4,804,388
(9,916,490)

Operating profit/(loss)
 4 
4,804,388
(9,916,490)

Interest payable and expenses
 7 
(4,941,163)
(2,740,350)

Loss before tax
  
(136,775)
(12,656,840)

Loss for the financial year
  
(136,775)
(12,656,840)

  

Total comprehensive income for the year
  
(136,775)
(12,656,840)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income (incorporating the profit and loss account).

The notes on pages 13 to 19 form part of these financial statements.

Page 8

 
SPA MANAGEMENT LIMITED
Registered number: 05120141

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 8 
78,293,811
78,293,811

  
78,293,811
78,293,811

Current assets
  

Cash at bank and in hand
 9 
-
254

  
-
254

Creditors: amounts falling due within one year
 10 
(92,758,178)
(92,621,657)

Net current liabilities
  
 
 
(92,758,178)
 
 
(92,621,403)

Total assets less current liabilities
  
(14,464,367)
(14,327,592)

  

Net liabilities
  
(14,464,367)
(14,327,592)


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
 13 
(14,464,368)
(14,327,593)

  
(14,464,367)
(14,327,592)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




A Mankowski
Director

The notes on pages 13 to 19 form part of these financial statements.

Page 9

 
SPA MANAGEMENT LIMITED
 

Statement of changes in equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
(14,327,593)
(14,327,592)


Comprehensive income for the year

Loss for the year
-
(136,775)
(136,775)
Total comprehensive income for the year
-
(136,775)
(136,775)


At 31 December 2023
1
(14,464,368)
(14,464,367)


The notes on pages 13 to 19 form part of these financial statements.


Statement of changes in equity
For the Year Ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
(1,670,753)
(1,670,752)


Comprehensive income for the year

Loss for the year
-
(12,656,840)
(12,656,840)
Total comprehensive income for the year
-
(12,656,840)
(12,656,840)


At 31 December 2022
1
(14,327,593)
(14,327,592)


The notes on pages 13 to 19 form part of these financial statements.

Page 10

 
SPA MANAGEMENT LIMITED
 

Statement of cash flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(136,775)
(12,656,840)

Adjustments for:

Increase in creditors
7,786
17,247

Increase in amounts owed to group undertaking
128,735
12,639,842

Net cash generated from operating activities

(254)
249




Net (decrease)/increase in cash and cash equivalents
(254)
249

Cash and cash equivalents at beginning of year
254
5

Cash and cash equivalents at the end of year
-
254


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
-
254

-
254


The notes on pages 13 to 19 form part of these financial statements.

Page 11

 
SPA MANAGEMENT LIMITED
 

Analysis of Net Debt
For the Year Ended 31 December 2023



At 1 January 2023
Cash flows
£

£

Cash at bank and in hand

254

(254)


254
(254)

The notes on pages 13 to 19 form part of these financial statements.

Page 12

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

SPA Management Limited is a private company limited by shares and is incorporated in England and Wales. The company's registered office address is 3rd Floor, 12 Gough Square, London, EC4A 3DW. The company invests in overseas hotel and leisure businesses.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 financial statements have been prepared on a going concern basis, the director considers that financial support will be provided as and when required for at least twelve months from the approval of these financial statements.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 13

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

 
2.6

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.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.8

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.

Page 14

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are in determining whether there are any circumstances regarding the subsidiary company's ability to meet its financial obligation and whether a provision is provided against the debt. Factors taken into consideration in reaching such a decision include potential economic conditions.


4.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Exchange differences
(4,812,428)
9,899,492

Page 15

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

5.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
3,000
3,000



6.


Employees




The Company has no employees other than the director, who did not receive any remuneration (2022 - £NIL).


7.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
4,941,163
2,740,350

4,941,163
2,740,350

Page 16

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
78,293,811



At 31 December 2023
78,293,811




The investment of £78,293,811 (2022: £78,293,811) represents a holding of 100% of the issued ordinary share capital of Polenac S.à r.l., a private limited company incorporated in Luxembourg. Its registered office address is 11, Avenue de la Porte-Neuve, L-2227 Luxembourg.
The accounts of Polenac S.à r.l. show that the aggregate capital and reserves of the company at 31 December 2023 amounted to €82,856,636 (£71,919,560) and its loss for the year then ended amounted to €19,059 (£16,543).
As at 31 December 2023, Polenac S.à r.l. owned 53% of the issued ordinary share capital of Thermaleo Sp. z o.o., a private limited company incorporated in Poland. The accounts of Thermaleo Sp. z o.o. show that the aggregate capital and reserves of the company at 31 December 2023 amounted to 118,605,263 PLN (£23,706,820) and its loss for the year then ended amounted to 8,175,540 PLN (£1,634,127).
Thermaleo Sp. z o.o. owns 95% of the issued share capital of Uzdrowisko Szczawnica S.A., a private company incorporated in Poland. The accounts of Uzdrowisko Szczawnica S.A. show that the aggregate capital and reserves of the company at 31 December 2023 amounted to a deficit of £10,118,167 PLN, (£2,022,419) and its loss for the year then ended amounted to 3,040,448 PLN (£607,725).






9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
254

-
254


Page 17

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
2,760

Amounts owed to group undertakings
92,697,740
92,569,005

Other creditors
60,438
49,892

92,758,178
92,621,657


Amounts owed to group undertakings consist of a loan from the parent company. Interest is charged at 2.4% plus USD base rate.


11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
78,293,811
78,294,065


Financial liabilities


Financial liabilities measured at amortised cost
92,751,578
92,615,057


Financial assets measured at amortised cost comprise investments in subsidiary undertakings, cash and amounts due from subsidiary undertakings.


Financial liabilities measured at amortised cost comprise other creditors, accruals and amounts due to parent undertakings.

Page 18

 
SPA MANAGEMENT LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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

At the balance sheet date, there was one single class of ordinary shares, which carried full rights in respect of voting, dividends and on winding-up.



13.


Reserves

Profit & loss account

The profit and loss reserve represents all current and prior period retained profits and losses.


14.


Related party transactions

Other than transactions and balances with group undertakings as disclosed in notes 7, 8, and 10, in the opinion of the director, no other transactions with related parties were undertaken, such as are required to be disclosed under FRS 102 section 33.


15.


Controlling party

The company is controlled by its immediate parent company, AMF Limited, a company registered in the Channel Islands, by virtue of its ownership of 100% of the trading share capital of the company. AMF Limited is also the ultimate controlling party.

 
Page 19