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23 October 2024
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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
2,313,721
2,313,721
2,313,721
xbrli:pure
xbrli:shares
iso4217:GBP
10245177
2023-04-01
2024-03-31
10245177
2024-03-31
10245177
2023-03-31
10245177
2022-04-01
2023-03-31
10245177
2023-03-31
10245177
2022-03-31
10245177
core:Subsidiary1
2023-04-01
2024-03-31
10245177
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
10245177
bus:Director2
2023-04-01
2024-03-31
10245177
bus:Director6
2023-04-01
2024-03-31
10245177
core:WithinOneYear
2024-03-31
10245177
core:WithinOneYear
2023-03-31
10245177
core:AfterOneYear
2024-03-31
10245177
core:AfterOneYear
2023-03-31
10245177
core:ShareCapital
2024-03-31
10245177
core:ShareCapital
2023-03-31
10245177
core:RetainedEarningsAccumulatedLosses
2024-03-31
10245177
core:RetainedEarningsAccumulatedLosses
2023-03-31
10245177
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
10245177
core:Non-currentFinancialInstruments
2024-03-31
10245177
core:Non-currentFinancialInstruments
2023-03-31
10245177
bus:SmallEntities
2023-04-01
2024-03-31
10245177
bus:Audited
2023-04-01
2024-03-31
10245177
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
10245177
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
10245177
bus:FullAccounts
2023-04-01
2024-03-31
10245177
bus:OrdinaryShareClass1
2024-03-31
10245177
bus:OrdinaryShareClass1
2023-03-31
COMPANY REGISTRATION NUMBER:
10245177
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Investments |
4 |
2,313,721 |
2,313,721 |
|
|
|
|
Current assets
Debtors |
5 |
217,524 |
87,314 |
Cash at bank and in hand |
299,562 |
1,850 |
|
--------- |
-------- |
|
517,086 |
89,164 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
63,405 |
45,184 |
|
--------- |
-------- |
Net current assets |
453,681 |
43,980 |
|
------------ |
------------ |
Total assets less current liabilities |
2,767,402 |
2,357,701 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
2,843,724 |
2,843,724 |
|
------------ |
------------ |
Net liabilities |
(
76,322) |
(
486,023) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
1,000 |
1,000 |
Profit and loss account |
(
77,322) |
(
487,023) |
|
-------- |
--------- |
Shareholders deficit |
(
76,322) |
(
486,023) |
|
-------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2024
, and are signed on behalf of the board by:
AN Sia |
H H Deng |
Director |
Director |
|
|
Company registration number:
10245177
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis despite the fact that the company has net current liabilities. The directors believe this basis is appropriate as the parent company has indicated their continuing support for the foreseeable future. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Seacare Hospitality (UK) Limited which can be obtained from 4 Broadgate, Broadway Business Park, Oldham, OL9 9XA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
2,313,721 |
|
------------ |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 March 2024 |
2,313,721 |
|
------------ |
At 31 March 2023 |
2,313,721 |
|
------------ |
|
|
Subsidiaries, associates and other investments
|
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
Scorpio Hotel Management Limited |
Ordinary |
100 |
|
|
|
Registered address: C/O Edwards Veeder (UK) Limited Ground Floor, 4 Broadgate, Broadway BusinessPark, Chadderton, Oldham UK OL9 9XA
The results and capital and reserves for the year are as follows:
|
Capital and reserves |
Profit/(loss) for the year |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
Subsidiary undertakings |
|
|
|
|
Scorpio Hotel Management Limited |
2,193,958 |
2,187,830 |
497,353 |
62,846 |
|
------------ |
------------ |
--------- |
-------- |
|
|
|
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
217,279 |
87,069 |
Other debtors |
245 |
245 |
|
--------- |
-------- |
|
217,524 |
87,314 |
|
--------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,263 |
120 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
59,633 |
42,822 |
Other creditors |
2,509 |
2,242 |
|
-------- |
-------- |
|
63,405 |
45,184 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,843,724 |
2,843,724 |
|
------------ |
------------ |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
9.
Summary audit opinion
The auditor's report dated
23 October 2024
was
unqualified
.
The senior statutory auditor was
Andrew Wadsworth FCCA
, for and on behalf of
Edwards Veeder (UK) Limited
.
10.
Related party transactions
Included within creditors is a loan account balance of £2,893,517 (2023: £2,876,635) due to Seacare Hospitality (UK) Limited. The balance is unsecured and repayable on demand. Interest is charged at 3.25% per annum. Included within creditors are loan account balances of £7,874 and £1,966 (2023: £7,874 and £2,037) in respect of Seacare Scarborough Limited and Seacare Hospitality Pte Limited. These balances are unsecured, interest free and repayable on demand. Included within debtors is a loan account balance of £217,279 (2023: £87,069) due from Scorpio Hotel Management Limited. This balance is unsecured, interest free and redeemable on demand.
11.
Controlling party
The immediate parent company is Seacare Hospitality (UK) Limited, a company incorporated in England & Wales, whose registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham OL9 9XA. Seacare Holdings Private Limited (incorporated in Singapore) owns the 100% shareholding of Seacare Hospitality (UK) Limited and is the parent company.