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Registered number: 10405718









SAVERA HEATHROW HOTEL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAVERA HEATHROW HOTEL LIMITED
REGISTERED NUMBER: 10405718

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
229,228
242,382

  
229,228
242,382

Current assets
  

Stocks
  
42,197
50,314

Debtors: amounts falling due within one year
 5 
4,558,154
4,045,144

Cash at bank and in hand
 6 
563,094
94,594

  
5,163,445
4,190,052

Creditors: amounts falling due within one year
 7 
(2,238,639)
(2,277,086)

Net current assets
  
 
 
2,924,806
 
 
1,912,966

Total assets less current liabilities
  
3,154,034
2,155,348

Creditors: amounts falling due after more than one year
 8 
(5,556)
(9,643)

  

Net assets
  
3,148,478
2,145,705


Capital and reserves
  

Called up share capital 
  
5
5

Profit and loss account
  
3,148,473
2,145,700

  
3,148,478
2,145,705


Page 1

 
SAVERA HEATHROW HOTEL LIMITED
REGISTERED NUMBER: 10405718
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The  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  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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The  were approved and authorised for issue by the board and were signed on its behalf by: 




Balraj Singh Johal
Director

Date: 2 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private limited liability company limited by shares, incorporated in England and Wales. The registered office is Ramada Ruislip Long Drive, Station Approach, South Ruislip, Middlesex, HA4 0HN.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

Having reviewed the company's financial forecasts and expected cash flows, the directors have a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Thus, the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2023.

 
2.3

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.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.6

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 4

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

2023
2022
£
£

Wages and salaries
2,600,675
2,030,669

Social security costs
237,549
182,467

Cost of defined contribution scheme
34,341
24,885

2,872,565
2,238,021


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
100
106

Page 6

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
338,817


Additions
63,255



At 31 December 2023

402,072



Depreciation


At 1 January 2023
96,435


Charge for the year on owned assets
70,315


Charge for the year on financed assets
6,094



At 31 December 2023

172,844



Net book value



At 31 December 2023
229,228



At 31 December 2022
242,382


5.


Debtors

2023
2022
£
£


Trade debtors
19,600
12,952

Amounts owed by group undertakings
1,696,344
355,817

Other debtors
2,755,856
3,428,315

Prepayments and accrued income
86,354
248,060

4,558,154
4,045,144


Page 7

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
563,094
94,594



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
451,281
541,773

Other taxation and social security
122,751
118,649

Obligations under finance lease and hire purchase contracts
4,087
3,888

Other creditors
1,557,061
161,856

Accruals and deferred income
103,459
1,450,920

2,238,639
2,277,086



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
5,556
9,643

5,556
9,643



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,087
3,888

Between 1-5 years
5,556
9,643

9,643
13,531

Page 8

 
SAVERA HEATHROW HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,341 (2022: £24,885). Contributions totalling £14,316 (2022: £8,290) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of the Group. 
At the balance sheet date, the total amount due from connected entities was £4,286,915 (2022 -  £3,649,746) and the total  amount due to connected entities was £1,413,907 (2022: £NIL). These amounts are interest free and repayable on demand.
 


12.


Controlling party

The immediate parent company is Savera London Holdings Limited, a company incorporated in England and Wales. The registered office of Savera London Holdings Limited is Ramada Ruislip Long Drive, Station Approach, South Ruislip, Middlesex, HA4 0HN.


13.


Auditors' information

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

The audit report was signed on 2 October 2024 by Engin Zekia Bsc FCA (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 9