Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseChain of hotels and providing housing under contracts211truetruefalse 14340247 2023-04-01 2024-03-31 14340247 2022-04-01 2023-03-31 14340247 2024-03-31 14340247 2023-03-31 14340247 c:Director1 2023-04-01 2024-03-31 14340247 d:Buildings 2023-04-01 2024-03-31 14340247 d:Buildings 2024-03-31 14340247 d:Buildings 2023-03-31 14340247 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 14340247 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 14340247 d:PlantMachinery 2023-04-01 2024-03-31 14340247 d:PlantMachinery 2024-03-31 14340247 d:PlantMachinery 2023-03-31 14340247 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 14340247 d:FurnitureFittings 2023-04-01 2024-03-31 14340247 d:FurnitureFittings 2024-03-31 14340247 d:FurnitureFittings 2023-03-31 14340247 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 14340247 d:ComputerEquipment 2023-04-01 2024-03-31 14340247 d:ComputerEquipment 2024-03-31 14340247 d:ComputerEquipment 2023-03-31 14340247 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 14340247 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 14340247 d:OtherPropertyPlantEquipment 2024-03-31 14340247 d:OtherPropertyPlantEquipment 2023-03-31 14340247 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 14340247 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 14340247 d:CurrentFinancialInstruments 2024-03-31 14340247 d:CurrentFinancialInstruments 2023-03-31 14340247 d:Non-currentFinancialInstruments 2024-03-31 14340247 d:Non-currentFinancialInstruments 2023-03-31 14340247 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 14340247 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 14340247 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 14340247 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 14340247 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 14340247 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 14340247 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 14340247 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 14340247 d:ShareCapital 2024-03-31 14340247 d:ShareCapital 2023-03-31 14340247 d:RetainedEarningsAccumulatedLosses 2024-03-31 14340247 d:RetainedEarningsAccumulatedLosses 2023-03-31 14340247 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 14340247 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 14340247 c:FRS102 2023-04-01 2024-03-31 14340247 c:Audited 2023-04-01 2024-03-31 14340247 c:FullAccounts 2023-04-01 2024-03-31 14340247 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14340247 d:OtherRelatedParties d:OtherTransactionType1 2023-04-01 2024-03-31 14340247 d:OtherRelatedParties d:OtherTransactionType1 2024-03-31 14340247 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14340247 7 2023-04-01 2024-03-31 14340247 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 14340247










HCM MIDLANDS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HCM MIDLANDS LTD
REGISTERED NUMBER: 14340247

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,000,812
-

  
16,000,812
-

Current assets
  

Stocks
  
3,817
-

Debtors: amounts falling due within one year
 5 
723,905
1

Cash at bank and in hand
  
2,658,748
-

  
3,386,470
1

Creditors: amounts falling due within one year
 6 
(13,461,347)
-

Net current (liabilities)/assets
  
 
 
(10,074,877)
 
 
1

Total assets less current liabilities
  
5,925,935
1

Creditors: amounts falling due after more than one year
 7 
(4,956,250)
-

Provisions for liabilities
  

Deferred tax
 9 
(144,802)
-

  
 
 
(144,802)
 
 
-

Net assets
  
824,883
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
824,882
-

  
824,883
1


Page 1

 
HCM MIDLANDS LTD
REGISTERED NUMBER: 14340247
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 profit and loss account 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: 




................................................
M H Manji
Director

Date: 10 October 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The entity is a private company, limited by shares, which is incorporated in England and Wales, registration number 14340247. The registered office is 200 High Street, Colliers Wood, London, SW19 2BH.
Principal activity
The principal activity of the Company during the year is that of a chain of hotels.

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 Section 1A of 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 Company's functional and presentational currency in British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company's forecasts and projections, the Director has a reasonable expectation that the Company has adequate resources and support to continue in operational existence for the foreseeable future. The Director's intention is to transfer the trade, assets and liabilities in from sister companies within 12 months of approval of the financial statements. A connected party and the ultimate owner have confirmed their intention to support HCM Midlands Limited for a period of 12 months from the signing of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial information. 

 
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.

Page 3

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Profit and Loss Account 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.6

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 and Loss Account 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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account 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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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

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

Page 4

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
4% Straight-line per annum
Freehold land
-
Not depreciated
Plant and machinery
-
25% Straight-line per annum
Fixtures and fittings
-
25% Straight-line per annum
Computer equipment
-
25% Straight-line per annum
Assets under construction
-
Not depreciated

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 the Proft and Loss Account.

 
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.

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 the Profit and Loss Account.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, 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. 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.

Page 5

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transation price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.14

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.

 
2.15

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a  inancing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate  or measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


 
Page 6

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023: 1).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


Additions
11,400,190
93,245
83,298
556
4,722,458
16,299,747



At 31 March 2024

11,400,190
93,245
83,298
556
4,722,458
16,299,747



Depreciation


Charge for the year
276,965
9,622
12,255
93
-
298,935



At 31 March 2024

276,965
9,622
12,255
93
-
298,935



Net book value



At 31 March 2024
11,123,225
83,623
71,043
463
4,722,458
16,000,812



At 31 March 2023
-
-
-
-
-
-

Page 7

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
51,439
-

Amounts owed by Group undertakings
932
-

Other debtors
219,996
1

VAT repayable
191,356
-

Prepayments and accrued income
260,182
-

723,905
1



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
200,000
-

Trade creditors
1,176,023
-

Amounts owed to Group undertakings
11,677,140
-

Corporation tax
223,223
-

Other taxation and social security
9,045
-

Other creditors
86,031
-

Accruals and deferred income
89,885
-

13,461,347
-


Bank loans amounting to £200,000 (2023: £nil) are secured with fixed and floating charges and a negative pledge against the freehold land and buildings.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,956,250
-

4,956,250
-


Bank loans amounting to £4,956,250 (2023 : £nil) are secured with fixed and floating charges and a negative pledge against the freehold land and buildings.

Page 8

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
200,000
-


200,000
-

Amounts falling due 1-2 years

Bank loans
200,000
-


200,000
-

Amounts falling due 2-5 years

Bank loans
4,756,250
-


4,756,250
-


5,156,250
-


Bank loans amounting to £5,156,250 (2023: £nil) are secured with fixed and floating charges and a negative pledge against the freehold land and buildings.


9.


Deferred taxation




2024


£






Charged to profit or loss
144,802



At end of year
144,802

Page 9

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(144,802)
-

(144,802)
-


10.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
3,653,723
-

3,653,723
-


11.


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. Contributions totalling £2,870 (2023: £Nil) were payable to the fund at the balance sheet date.


12.


Related party transactions

Transactions and balances with related parties under common control are as follows:


2024
2023
£
£

Balances due to other related parties
80,936
-
Purchases from other related parties
389,099
-

During the year, as part of a debt finance restructure within the Group, the Company transferred in a Hotel from an associated sister Company at NBV.
The Company has taken advantage of the exemption available under FRS102, section 1AC.35 not to disclose transactions with wholly owned subsidiaries of the Group. 

Page 10

 
HCM MIDLANDS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Post balance sheet events

Post year end, the Director has the intention to transfer in the trade, assets and liabilities from associate sister companies as part of a proposed restructuring of the Group's operations.
In addition, the Company continued to invest in the development of the hotel chain post year end, see note 10 for capital commitments. In order to fund these transactions they have an agreed loan facility of £5,600,000 with the bank, of which £1,256,250 had been drawndown at the balance sheet date.


14.


Controlling party

The Company is a wholly owned subsidiary undertaking of Mariada Holdings Limited, a Company incorporated in the British Virgin Islands. The registered office and principal place of business of Mariada Holdings Limited is 7 Rue du Rhone, Geneva, Switzerland.


15.


Comparative information

The current year figures are for 12 months, whereas the comparative figures are for 7 months, from 6 September 2022 to 31 March 2023, due to the Company changing its reporting period. 
The previous periods accounts were dormant, whereas in this year the trade of the Burton hotel previously held in Hospitality and Capital Managment Limited has been transferred to this Company following a restructure, the trading period in the current year being 1 August 2023 to 31 March 2024.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 11 October 2024 by Shelley Harvey FCCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11