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Registered number: 04539112










HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
REGISTERED NUMBER: 04539112

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
581,353
595,639

  
581,353
595,639

Current assets
  

Stocks
  
1,243
1,572

Debtors: amounts falling due within one year
 6 
247,473
51,756

Cash at bank and in hand
  
580,555
86,999

  
829,271
140,327

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(3,707,461)
(4,563,207)

Net current liabilities
  
 
 
(2,878,190)
 
 
(4,422,880)

Total assets less current liabilities
  
(2,296,837)
(3,827,241)

  

Net liabilities
  
(2,296,837)
(3,827,241)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(2,296,838)
(3,827,242)

  
(2,296,837)
(3,827,241)

Page 1

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
REGISTERED NUMBER: 04539112
    
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 12 form part of these financial statements.
Page 2

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
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 04539112. 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

 
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

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.

Page 3

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.

 
2.5

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.

 
2.6

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 the Profit and Loss Account when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Taxation

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.

 
2.8

Exceptional items

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

 
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.

Page 5

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (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:

Long-term leasehold property improvements
-
4% Straight-line per annum
Plant and machinery
-
25% Straight-line per annum
Fixtures and fittings
-
25% Straight-line per annum
Computer equipment
-
20% Straight-line per annum

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Creditors

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

Page 6

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.
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 26 (2023: 31).

Page 7

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Exceptional items

2024
2023
£
£


Write-off of intercompany balances
-
12,960

-
12,960

Exceptional items relate to the write-off of intercompany balances between Group companies.


5.


Tangible fixed assets





Long-term leasehold property improvements
Plant and machinery
Fixtures and fittings
Computer equipment

£
£
£
£



Cost or valuation


At 1 April 2023
447,707
608,691
142,955
13,449


Additions
-
29,725
45,693
-



At 31 March 2024

447,707
638,416
188,648
13,449



Depreciation


At 1 April 2023
8,885
497,217
100,533
10,528


Charge for the year
17,908
37,658
31,448
2,690



At 31 March 2024

26,793
534,875
131,981
13,218



Net book value



At 31 March 2024
420,914
103,541
56,667
231



At 31 March 2023
438,822
111,474
42,422
2,921
Page 8

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
1,212,802


Additions
75,418



At 31 March 2024

1,288,220



Depreciation


At 1 April 2023
617,163


Charge for the year
89,704



At 31 March 2024

706,867



Net book value



At 31 March 2024
581,353



At 31 March 2023
595,639

Page 9

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
13,637
11,549

Other debtors
72,008
13,410

Prepayments and accrued income
161,828
26,797

247,473
51,756



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
46,546
11,117

Amounts owed to Group undertakings
1,469,883
3,103,868

Corporation tax
169,952
125,126

Other taxation and social security
1,340,401
500,676

Other creditors
377,963
495,501

Accruals and deferred income
302,716
326,919

3,707,461
4,563,207


At the year end HSBC held a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.


8.


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 £1,810 (2023: £1,907) were payable to the fund at the balance sheet date.

Page 10

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
600,000
600,000

Later than 1 year and not later than 5 years
1,700,000
2,300,000

2,300,000
2,900,000

As referenced in note 2.2 should managements intention complete there will be no future leasehold commitment as the property and trade will be transferred into the same sister company.


10.


Related party transactions

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


2024
2023
£
£

Balances due from other related parties
32,895
138,164
Purchases from other related parties
723,247
955,507

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. 

11.


Post balance sheet events

As noted in note 2.2 it is the Director's intention to transfer the trade, assets and liabilities to an associated sister company, with the exceptions of those liabilities described in note 2.2.

12.

Controlling party

The Company is a wholly owned subsidiary undertaking of First Inn Venture Swindon Limited, a Company incorporated in the British Virgin Islands. The registered office and principal place of business of First Inn Venture Swindon Limited is Nerine Chambers, Quastisky Building, Road Town, Tortola, British Virgin Islands.

The ultimate parent Company is 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. No group entity prepares consolidated financial statements.
Page 11

 
HOSPITALITY AND CAPITAL MANAGEMENT SWINDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Auditor's information

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

In their report, the auditor emphasised the following matter without qualifying their report:

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 liabilities 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.

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

 
Page 12