Registered number: 05120141
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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SPA MANAGEMENT LIMITED
Company Information
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SPA MANAGEMENT LIMITED
Contents
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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.
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
The loss for the year, after taxation, amounted to £136,775 (2022 - loss £12,656,840).
The director who served during the year was:
Page 1
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SPA MANAGEMENT LIMITED
Director's report (continued)
For the Year Ended 31 December 2023
The auditors, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
Page 2
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SPA MANAGEMENT LIMITED
Independent auditors' report to the members of Spa Management Limited
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.
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
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SPA MANAGEMENT LIMITED
Independent auditors' report to the members of Spa Management Limited (continued)
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.
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.
Page 4
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SPA MANAGEMENT LIMITED
Independent auditors' report to the members of Spa Management Limited (continued)
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.
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SPA MANAGEMENT LIMITED
Independent auditors' report to the members of Spa Management Limited (continued)
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).
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 2006. Our 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.
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SPA MANAGEMENT LIMITED
Independent auditors' report to the members of Spa Management Limited (continued)
for and on behalf of
Chartered Accountants & Statutory Auditor
3rd Floor
12 Gough Square
EC4A 3DW
Page 7
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SPA MANAGEMENT LIMITED
Statement of comprehensive income (incorporating the profit and loss account)
For the Year Ended 31 December 2023
Page 8
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SPA MANAGEMENT LIMITED
Registered number: 05120141
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 19 form part of these financial statements.
Page 9
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SPA MANAGEMENT LIMITED
Statement of changes in equity
For the Year Ended 31 December 2023
Statement of changes in equity
For the Year Ended 31 December 2022
Page 10
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SPA MANAGEMENT LIMITED
Statement of cash flows
For the Year Ended 31 December 2023
Page 11
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SPA MANAGEMENT LIMITED
Analysis of Net Debt
For the Year Ended 31 December 2023
Page 12
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
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
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:
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.
Page 13
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 14
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Page 15
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
Page 16
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
Page 17
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
Page 18
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SPA MANAGEMENT LIMITED
Notes to the financial statements
For the Year Ended 31 December 2023
Profit & loss account
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.
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