Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
COMPANY INFORMATION
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
CONTENTS
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The principal activity of the Company during the year continued to be the operation of a chain of hotels.
The Profit and Loss Account for the year ended 31 March 2024, which is set out on page 9, shows a profit before taxation for the year of £2,300,606 (2023: £5,396,356). The Company operates a chain of 4 hotels in the UK which in aggregate delivered revenue of £10,787,383 (2023: £12,334,451), a decrease of 12.5%.
During the year, the Company disposed of its hotel operation in Burton to an associated sister Company as part of a debt finance restructure in the Group, meaning there are 3 hotels operations remaining in the Company.
The principal risks facing the Company are set out below:
Finance
∙The Company having sufficient liquidity to pay for resources required to operate.
The cash flow for the Company is being closely monitored on a regular basis. The Director is confident that the current control and review of cash flows within the Company are adequate to ensure that the Company it able to meet working capital requirements.
∙Reduced profitability due to rising costs of wages and supplies.
The Company reviews costs regularly and enters in to fixed price contracts where appropriate to manage exposure to price inflation. Economic climate
∙An uncertain economic climate can result in GDP decline and a fall in RevPar.
There is a detailed business planning process in place which considers many scenarios to help manage and mitigate risks surrounding the impact to the Company’s operations in the event of a slowing national economy.
The key performance indicators of the Company are as follows:
∙Turnover;
∙Gross profit; and
∙Profit before taxation
During the year, turnover has decreased by £1,547,068 (12.5%) to £10,787,383 compared to £12,334,451 in 2023.
During the year, gross profit has decreased by £1,280,093 (13.4%) to £8,241,229 compared to £9,521,322 in 2023. During the year, profit before taxation has decreased by £3,095,750 (57.4%) to £2,300,606 compared to £5,396,356 in 2023.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This report was approved by the board and signed on its behalf.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Director presents his report and the financial statements for the year ended 31 March 2024.
The profit for the year, after taxation, amounted to £1,752,031 (2023: £5,016,612).
During the year no dividends were paid (2023: £Nil).
The Director who served during the year was:
Post year end, the Company has the intention to transfer it's trade, assets and liabilities to an associate sister Company as part of a proposed restructuring of the Group's operations, see note 2.2 for further information.
There have been no significant events affecting the Company since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board and signed on its behalf.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOSPITALITY & CAPITAL MANAGEMENT LIMITED
We have audited the financial statements of Hospitality & Capital Management Limited (the 'Company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including significant accounting policies. The 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).
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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.
We draw attention to note 2.2 to the financial statements which explains the Director's intention to transfer the trade, assets and liabilities to an associated sister company within the next 12 months, with the exceptions of those liabilites described in note 2.2. The Director therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOSPITALITY & CAPITAL MANAGEMENT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Director is responsible for the other information contained within the Annual Report. Our 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOSPITALITY & CAPITAL MANAGEMENT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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 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:
∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any 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 Auditor's Report.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOSPITALITY & CAPITAL MANAGEMENT LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's 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.
for and on behalf of MHA, Statutory Auditor
Leicester, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 03131812
BALANCE SHEET
AS AT 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 03131812
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The entity is a private company, limited by shares, which is incorporated in England and Wales, registration number 03131812. The registered office is 200 High Street, Colliers Wood, London, SW19 2BH.
Principal activity The principal activity of the Company during the year continued to be that of a chain of hotels.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company's functional and presentational currency is British Pound Sterling (£).
The following principal accounting policies have been applied:
In considering the appropriateness of the going concern basis of preparation of these accounts, the Director has considered the current and future funding requirements of the Company. The Director makes this assessment in respect of a period of at least 12 months from the date of authorisation for issue of the financial statements.
The Director's intention is to transfer the trade, assets and liabilities into a sister company within 12 months of approval of the financial statements, therefore the financial statements have been prepared on a basis other than going concern. The amount due to HMRC in respect of VAT will remain in the company and will be guaranteed by the sister Company. With an orderly transfer of the assets and liabilities of the Company to the associated sister Company, the intention is for the trading assets and liabilities of this Company to be transferred to the recipient at their carrying amounts. The Director anticipates that all liabilities will be settled in full and that the debtors will be recovered as they fall due, there would be no restatement of assets and liabilities required at the date of transfer. If the intended transfer does not occur, then the Company will continue to trade as a going concern in its current form, with the support of the Ultimate Owner.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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:
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 Profit and Loss Account.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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. 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.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Impairment of financial assets The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
The whole of the turnover is attributable to the Company's principal activity.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9.Taxation (continued)
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9.Taxation (continued)
From 1 April 2024, the corporation tax main rate remained at 25% for profits over £250,000. The small profits rate has also remained as at 19% for profits of £50,000 or less. Profits between £50,000 and £250,000 are still taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 £4,876 (2023: £5,547) were payable to the fund at the balance sheet date.
18.Guarantees and commitments
The Company had an unconditional guarantee of $Nil (2023: $50,000).
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HOSPITALITY & CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
sister company, with the exceptions of those liabilities described in note 2.2.
The Company is a wholly owned subsidiary undertaking of
The ultimate parent company is
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