Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-04-01truefalseNo description of principal activity817false 09502370 2023-04-01 2024-03-31 09502370 2022-04-01 2023-03-31 09502370 2024-03-31 09502370 2023-03-31 09502370 c:Director2 2023-04-01 2024-03-31 09502370 d:Buildings 2023-04-01 2024-03-31 09502370 d:Buildings 2024-03-31 09502370 d:Buildings 2023-03-31 09502370 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09502370 d:PlantMachinery 2023-04-01 2024-03-31 09502370 d:FurnitureFittings 2023-04-01 2024-03-31 09502370 d:FurnitureFittings 2024-03-31 09502370 d:FurnitureFittings 2023-03-31 09502370 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09502370 d:OfficeEquipment 2023-04-01 2024-03-31 09502370 d:ComputerEquipment 2023-04-01 2024-03-31 09502370 d:ComputerEquipment 2024-03-31 09502370 d:ComputerEquipment 2023-03-31 09502370 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09502370 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09502370 d:Goodwill 2024-03-31 09502370 d:Goodwill 2023-03-31 09502370 d:CurrentFinancialInstruments 2024-03-31 09502370 d:CurrentFinancialInstruments 2023-03-31 09502370 d:Non-currentFinancialInstruments 2024-03-31 09502370 d:Non-currentFinancialInstruments 2023-03-31 09502370 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09502370 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09502370 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09502370 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09502370 d:ShareCapital 2024-03-31 09502370 d:ShareCapital 2023-03-31 09502370 d:OtherMiscellaneousReserve 2024-03-31 09502370 d:OtherMiscellaneousReserve 2023-03-31 09502370 d:RetainedEarningsAccumulatedLosses 2024-03-31 09502370 d:RetainedEarningsAccumulatedLosses 2023-03-31 09502370 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09502370 c:OrdinaryShareClass1 2024-03-31 09502370 c:OrdinaryShareClass1 2023-03-31 09502370 c:FRS102 2023-04-01 2024-03-31 09502370 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09502370 c:FullAccounts 2023-04-01 2024-03-31 09502370 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09502370 2 2023-04-01 2024-03-31 09502370 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09502370









FULCRUM HOSPITALITY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FULCRUM HOSPITALITY LIMITED
REGISTERED NUMBER: 09502370

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,339,526
4,334,987

  
4,339,526
4,334,987

Current assets
  

Debtors: amounts falling due within one year
 6 
62,932
38,330

Cash at bank and in hand
 7 
181,791
287,018

  
244,723
325,348

Creditors: amounts falling due within one year
 8 
(1,262,462)
(1,586,973)

Net current liabilities
  
 
 
(1,017,739)
 
 
(1,261,625)

Total assets less current liabilities
  
3,321,787
3,073,362

Creditors: amounts falling due after more than one year
 9 
(3,960,226)
(3,716,857)

  

Net liabilities
  
(638,439)
(643,495)


Capital and reserves
  

Called up share capital 
 10 
1
1

Other reserves
  
9,164
9,164

Profit and loss account
  
(647,604)
(652,660)

  
(638,439)
(643,495)


Page 1

 
FULCRUM HOSPITALITY LIMITED
REGISTERED NUMBER: 09502370
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




D Mishra
Director

Date: 21 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fulcrum Hospitality Limited is a private company limited by shares incorporated in England & Wales (registered number: 09502370). 
The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH, and the principal place of business is Kingsland Hotel, Kenton Road, Kingsbury Circle, London, NW9 9RR. 
The principal activity of the company continued to be that of a hotel.
The financial statements are presented in Sterling, which is the functional currency of the Company.

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

The financial statements have been prepared on the going concern basis. The Company is dependent on the director and shareholders for financial support, which the director is confident will continue for a period of at least another 12 months from the date of approval of these financial statements.
 
The director and shareholders have indicated their present intention to provide adequate finance to enable the Company to continue in operational existence, and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
 
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the director and shareholders.

Page 3

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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:

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Straight line method
Fixtures and fittings
-
25%
Straight line method
Office equipment
-
33%
Straight line method
Computer equipment
-
33%
Straight line method

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.

 
2.10

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.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 17).

Page 5

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
972,273



At 31 March 2024

972,273



Amortisation


At 1 April 2023
972,273



At 31 March 2024

972,273



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 6

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
4,333,530
36,156
2,318
4,372,004


Additions
-
6,374
-
6,374



At 31 March 2024

4,333,530
42,530
2,318
4,378,378



Depreciation


At 1 April 2023
-
34,788
2,229
37,017


Charge for the year on owned assets
-
1,795
40
1,835



At 31 March 2024

-
36,583
2,269
38,852



Net book value



At 31 March 2024
4,333,530
5,947
49
4,339,526



At 31 March 2023
4,333,530
1,368
89
4,334,987


6.


Debtors

2024
2023
£
£


Other debtors
28,434
6,303

Prepayments and accrued income
34,498
32,027

62,932
38,330



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
181,791
287,018

181,791
287,018


Page 7

 
FULCRUM HOSPITALITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,368
6,368

Trade creditors
168,300
112,038

Corporation tax
587
466

Other taxation and social security
157,298
140,178

Other creditors
753,861
1,242,653

Accruals and deferred income
176,048
85,270

1,262,462
1,586,973



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
35,921
39,268

Other creditors
3,924,305
3,677,589

3,960,226
3,716,857



10.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



1 (2023 - 1) Ordinary share of £1.00
1
1



11.


Controlling party

The parent company is Fulcrum Advisory PTE Limited, a company incorporated in Singapore. The ultimate controlling party is Deepak Mishra.

 
Page 8