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Registered number: 10115796









SAVERA GROUP UK LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAVERA GROUP UK LTD
 
 
COMPANY INFORMATION


Directors
Sarnpal S Johal 
Iqbal S Johal 
Jasbir S Johal 
Balraj S Johal 
Balkar S Johal 




Registered number
10115796



Registered office
Rsc
Penns Lane

Sutton Coldfield

B76 1LH




Independent auditors
Adler Shine LLP
Chartered Accountants and Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
SAVERA GROUP UK LTD
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9 - 10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Notes to the Financial Statements
15 - 32


 
SAVERA GROUP UK LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the Group continued to be that of the operation of hotels.

Business review
 
The Group plans to continue to provide asylum accommodation services and expect to continue to see demand grow in the coming years as there is still significant demand to accommodate asylum seekers on a short term basis.

Principal risks and uncertainties
 
Liquidity risk
The Group is undergoing a period of growing profits, this money has been invested in reducing a significant amount of the Group’s debt, meaning liquidity risk has diminished significantly.
Employee turnover
The success of the business is partly dependent on key members of staff and failure to retain key personnel could impact the quality of service. The company limits this risk by implementing appropriate performance management rewards and incentives, and through offering comprehensive training programmes.
Competition Risk
Maintaining strong relationships with the government contract provider has mitigated the risk of competitive bids who may look to undercut the current agreed rates, whilst reducing the Group’s debts ensures it is prepared for all new ventures and opportunities as they arise. 

Financial key performance indicators
 
The directors are of the opinion that the financial key performance indicators for assessing the Group are turnover, gross margin (GM) and operating margin (OM).
Turnover £18,645k (2022: £17,928k)
GM 77% (2022: 81%)
OM: 60% (2022: 70%)
As set out in the business review above, the hotel is operating with strong and reliable revenue but must ensure vigilant cost controls, which are reflected in the financial KPIs. Considering this, the directors are satisfied with the results and KPIs for the year under review.

Other key performance indicators
 
The directors are of the opinion that other key performance indicators for assessing the Group are customer satisfaction levels, assessed via online reviews. 


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



Jasbir S Johal
Director

Date: 11 October 2024

Page 1

 
SAVERA GROUP UK LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


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

make judgements 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 group will continue in business.

The directors are 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £8,151,366 (2022 - £10,063,873).

Dividends for the year amounted to £Nil (2022 - £1,500,000).

Directors

The directors who served during the year were:

Sarnpal S Johal 
Iqbal S Johal 
Jasbir S Johal 
Balraj S Johal 
Balkar S Johal 

Future developments

The Directors are not aware, at the date of this report, of any likely major changes in the Group's future activities.

Page 2

 
SAVERA GROUP UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director 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 and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

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

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





Jasbir S Johal
Director

Date: 11 October 2024

Page 3

 
SAVERA GROUP UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA GROUP UK LTD
 

Opinion


We have audited the financial statements of Savera Group UK Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
SAVERA GROUP UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA GROUP UK LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SAVERA GROUP UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA GROUP UK LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any 
instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the 
financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 6

 
SAVERA GROUP UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA GROUP UK LTD (CONTINUED)


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.





Engin Zekia Bsc FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants and Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

11 October 2024
Page 7

 
SAVERA GROUP UK LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,644,523
17,927,570

Cost of sales
  
(4,286,972)
(3,409,100)

Gross profit
  
14,357,551
14,518,470

Administrative expenses
  
(2,905,932)
(1,979,990)

Exceptional administrative expenses
 11 
(301,290)
-

Other operating income
 5 
-
12,096

Operating profit
  
11,150,329
12,550,576

Amounts written off investments
  
(100)
-

Interest payable and similar expenses
 8 
(122,875)
(160,328)

Profit before taxation
  
11,027,354
12,390,248

Tax on profit
 9 
(2,875,988)
(2,326,375)

Profit for the financial year
  
8,151,366
10,063,873

Profit for the year attributable to:
  

Owners of the parent company
  
8,151,366
10,063,873

  
8,151,366
10,063,873

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 32 form part of these financial statements.

Page 8

 
SAVERA GROUP UK LTD
REGISTERED NUMBER: 10115796

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
(as restated)
Note
£
£

Fixed assets
  

Tangible assets
 12 
14,847,473
14,852,330

  
14,847,473
14,852,330

Current assets
  

Stocks
 14 
20,585
22,386

Debtors: amounts falling due within one year
 15 
13,956,092
8,039,737

Cash at bank and in hand
 16 
3,202,053
1,003,225

  
17,178,730
9,065,348

Creditors: amounts falling due within one year
 17 
(6,969,303)
(7,152,008)

Net current assets
  
 
 
10,209,427
 
 
1,913,340

Total assets less current liabilities
  
25,056,900
16,765,670

Creditors: amounts falling due after more than one year
 18 
-
(28,354)

Provisions for liabilities
  

Deferred taxation
 21 
(231,848)
(63,630)

  
 
 
(231,848)
 
 
(63,630)

Net assets excluding pension asset
  
24,825,052
16,673,686

Net assets
  
24,825,052
16,673,686


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
 23 
4,448,060
4,616,278

Profit and loss account
 23 
20,376,892
12,057,308

Equity attributable to owners of the parent company
  
24,825,052
16,673,686

  
24,825,052
16,673,686


Page 9

 
SAVERA GROUP UK LTD
REGISTERED NUMBER: 10115796
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




Jasbir S Johal
Director

Date: 11 October 2024

The notes on pages 15 to 32 form part of these financial statements.

Page 10

 
SAVERA GROUP UK LTD
REGISTERED NUMBER: 10115796

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022 
(as restated)
Note
£
£

Fixed assets
  

Investments
 13 
1,000,395
1,000,495

  
1,000,395
1,000,495

Current assets
  

Debtors: amounts falling due within one year
 15 
3,279,381
3,695,145

Cash at bank and in hand
 16 
-
650

  
3,279,381
3,695,795

Creditors: amounts falling due within one year
 17 
(3,268,869)
(3,679,428)

Net current assets
  
 
 
10,512
 
 
16,367

Total assets less current liabilities
  
1,010,907
1,016,862

  

  

Net assets
  
1,010,907
1,016,862


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account brought forward
  
1,016,762
178,443

(Loss)/profit for the year
  
(5,955)
2,338,319

Other changes in the profit and loss account

  

-
(1,500,000)

Profit and loss account carried forward
  
1,010,807
1,016,762

  
1,010,907
1,016,862


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




Jasbir S Johal
Director

Date: 11 October 2024

The notes on pages 15 to 32 form part of these financial statements.

Page 11

 
SAVERA GROUP UK LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022 (as restated)
100
4,616,278
3,543,258
8,159,636

Prior year adjustment - correction of error
-
-
(49,823)
(49,823)


At 1 January 2022 (as restated)
100
4,616,278
3,493,435
8,109,813


Comprehensive income for the year

Profit for the year
-
-
10,063,873
10,063,873


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,500,000)
(1,500,000)



At 1 January 2023
100
4,616,278
12,057,308
16,673,686


Comprehensive income for the year

Profit for the year
-
-
8,151,366
8,151,366

Transfer to/from profit and loss account
-
(168,218)
168,218
-


At 31 December 2023
100
4,448,060
20,376,892
24,825,052


The notes on pages 15 to 32 form part of these financial statements.

Page 12

 
SAVERA GROUP UK LTD
 

COMPANY 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 2022 (as restated)
100
178,443
178,543


Comprehensive income for the year

Profit for the year (as restated)
-
2,338,319
2,338,319


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,500,000)
(1,500,000)



At 1 January 2023 (as restated)
100
1,016,762
1,016,862


Comprehensive income for the year

Loss for the year
-
(5,955)
(5,955)


At 31 December 2023
100
1,010,807
1,010,907


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 
SAVERA GROUP UK LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
8,151,366
10,063,873

Adjustments for:

Depreciation of tangible assets
63,900
69,544

Government grants
-
(12,096)

Interest paid
122,875
160,328

Taxation charge
2,875,988
2,326,375

Decrease in stocks
1,801
13,639

(Increase) in debtors
(5,916,355)
(5,791,669)

(Decrease) in creditors
(244,492)
(723,448)

Corporation tax (paid)
(2,636,177)
(44,184)

Net cash generated from operating activities

2,418,906
6,062,362


Cash flows from investing activities

Purchase of tangible fixed assets
(59,042)
(70,467)

Government grants received
-
12,096

Net cash from investing activities

(59,042)
(58,371)

Cash flows from financing activities

Issue of ordinary shares
-
(5)

Repayment of loans
(38,161)
(5,717,384)

Dividends paid
-
(1,500,000)

Interest paid
(122,875)
(160,328)

Net cash used in financing activities
(161,036)
(7,377,717)

Net increase/(decrease) in cash and cash equivalents
2,198,828
(1,373,726)

Cash and cash equivalents at beginning of year
1,003,225
2,376,951

Cash and cash equivalents at the end of year
3,202,053
1,003,225


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,202,053
1,003,225

3,202,053
1,003,225


The notes on pages 15 to 32 form part of these financial statements.

Page 14

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Savera Group UK Ltd is a private company limited by shares. The company is incorporated in England and Wales and its registered address is RSC, Penns Lane, Sutton Coldfield, B76 1LH.

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 financial statements are prepared in pound sterling, rounded to the nearest £1. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Having reviewed the Group's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has 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. 

Page 15

 
SAVERA GROUP UK LTD
 
 
 
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 group 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:

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 group 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 Consolidated 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.

Page 16

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

 
2.11

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.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Freehold property
-
No depreciation
Fixtures and fittings
-
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.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 weighted average 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.

 
2.15

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 18

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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 Consolidated 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 group's cash management.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

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

The group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the group's Balance Sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 19

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 20

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, set out in note 2 above, the Directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabiliaties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both curent and future periods.
The key assumptions and other key sources of uncertainty that have a significant effect of the amounts recognised in the financial statements are described below:
Tangible fixed assets
Judgements have been made in relation to the lives of tangible fixed assets, in particular the valuation, the useful economic life and residual value of assets. The Directors are also required to consider the carrying value of assets and whether any impairment is required.
The Directors have concluded that the asset values and residual values are appropriate and are satisfied that assets are fairly stated at the balance sheet date.
Stocks
Key judgements are made by management in estimating the level of provisioning required for slow moving stocks. In arriving at their conclusion, the Directors consider stock ageing and stock turn analysis.
The Directors have concluded that the stock values are fairly stated at the balance sheet date.
Recoverability of debtors
Judgements have been made in relation to the recoverability of debtors. The Directors asses and consider the probability of recovery of debts and, where there is any doubt over the recoverability of debtors, the level of provision required.
The Directors have concluded that the carrying amount of debtors, net of provisions, are appropriate and are satisfied that debtors stated at the balance sheet date are considered recoverable


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Hotel accommodation
18,644,523
17,927,570


All turnover arose within the United Kingdom.

Page 22

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
12,096



6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
35,000
49,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,796,669
2,212,655
-
-

Social security costs
244,418
239,038
-
-

Cost of defined contribution scheme
18,609
30,659
-
-

3,059,696
2,482,352
-
-


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


        2023
        2022
            No.
            No.







Employees & Directors
120
112

Page 23

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
382
156,066

Other interest payable
122,493
4,262

122,875
160,328


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,689,657
2,332,390

Adjustments in respect of previous periods
18,112
-


2,707,769
2,332,390


Total current tax
2,707,769
2,332,390

Deferred tax


Origination and reversal of timing differences
168,219
(6,015)

Total deferred tax
168,219
(6,015)


Tax on profit
2,875,988
2,326,375
Page 24

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25%/19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
11,027,354
12,390,248


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%/19% (2022 - 19%)
2,593,689
2,354,147

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
119,054
106

Capital allowances for year in excess of depreciation
(16,846)
(4,095)

Utilisation of tax losses
(101)
-

Adjustments to tax charge in respect of prior periods
18,112
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(108)
(93)

Other timing differences leading to an increase (decrease) in deferred taxation
168,218
-

Changes in provisions leading to an increase (decrease) in the tax charge
(6,030)
(23,690)

Total tax charge for the year
2,875,988
2,326,375


10.


Dividends

2023
2022
£
£


Ordinary share dividends
-
1,500,000


11.


Exceptional items

2023
2022
£
£


Court settlement fee
301,290
-

301,290
-

Page 25

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
14,291,483
859,187
15,150,670


Additions
-
59,042
59,042



At 31 December 2023

14,291,483
918,229
15,209,712



Depreciation


At 1 January 2023
-
298,339
298,339


Charge for the year on owned assets
-
63,900
63,900



At 31 December 2023

-
362,239
362,239



Net book value



At 31 December 2023
14,291,483
555,990
14,847,473



At 31 December 2022
14,291,483
560,847
14,852,330




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
14,291,483
14,291,483

14,291,483
14,291,483




Page 26

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
9,811,423
9,811,423

Net book value
9,811,423
9,811,423


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,000,495


Disposals
(100)



At 31 December 2023
1,000,395





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Sutton Coldfield Hotel Limited
80-90 Holyhead Road, Coventry, UK CV1 3AS
Ordinary
100%
Savera Coventry Limited
Rsc, Penns Lane, Sutton Coldfield, UK B76 1LH
Ordinary
100%
Savera Warwick Limited
As above
Ordinary
100%
Wise Sutton Coldfield Limited
As above
Ordinary
100%

Wise Sutton Coldfield Limited was dissolved on 19 December 2023.

Page 27

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
20,585
22,386

20,585
22,386


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts owed by group undertakings
-
-
2,895,979
3,361,744

Other debtors
13,697,951
7,705,041
383,402
333,401

Prepayments and accrued income
258,141
334,696
-
-

13,956,092
8,039,737
3,279,381
3,695,145



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,202,053
1,003,225
-
650

3,202,053
1,003,225
-
650


Page 28

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022 
(as restated) 
2023
2022 
(as restated) 
£
£
£
£

Bank loans
-
9,807
-
-

Trade creditors
756,208
614,540
-
-

Amounts owed to group undertakings
-
-
2,954,964
3,283,328

Corporation tax
2,903,867
2,832,277
-
-

Other taxation and social security
873,165
1,139,033
-
-

Other creditors
2,055,819
2,303,478
303,905
386,100

Accruals and deferred income
380,244
252,873
10,000
10,000

6,969,303
7,152,008
3,268,869
3,679,428



18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
-
28,354




Page 29

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
-
9,807

Amounts falling due 1-2 years

Bank loans
-
10,052


-
10,052

Amounts falling due 2-5 years

Bank loans
-
18,302


-
18,302


-
38,161



20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
16,900,002
8,701,332
383,401
334,051




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents and trade and other receivables. 

Page 30

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group



2023 
(as restated)


£






At beginning of year
(63,630)


Charged to profit or loss
(168,218)



At end of year
(231,848)

Company


2023






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
(as restated)
£
£

Valuation
(231,848)
(63,630)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



23.


Reserves

Revaluation reserve

The revaluation reserve relates to amounts arising on the revaluation of freehold property, net of deferred
tax. The reserve is not distributable.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 31

 
SAVERA GROUP UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Prior year adjustment

Dividends of £1,500,000 payable by a subsidiary in 2022 was incorrectly excluded from the 2022 accounts. 
Deferred tax brought forward of £1,075,132 has been restated to £63,630.
An intercompany creditor balance of £1,000,000 was incorrectly included in the 2022 accounts. 


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £18,609 (2022 - £30,659). Contributions totalling £4,729 (2022 - £3,692) were payable to the fund at the balance sheet date and are included in creditors.


26.


Related party transactions

The company has taken advantage of exemptions available from disclosing transactions with wholly owned members of the group.
Related parties include entities under the common control of the directors. At the balance sheet date, the total amount due from connected entities was £13,697,844 (2022 - £7,698,102 ) and the total amount due to connected entities was £2,022,292 (2022 - £2,054,323). These amounts are interest free and repayable on demand.


27.


Controlling party

In the opinion of the Directors, there is no controlling party. 

 
Page 32