0 false false false false true false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 709,897 326,841 15,816,504 15,816,504 15,816,504 xbrli:pure xbrli:shares iso4217:GBP 10802385 2023-04-01 2024-03-31 10802385 2024-03-31 10802385 2023-03-31 10802385 2022-04-01 2023-03-31 10802385 2023-03-31 10802385 2022-03-31 10802385 core:Subsidiary1 2023-04-01 2024-03-31 10802385 core:Subsidiary2 2023-04-01 2024-03-31 10802385 core:Subsidiary3 2023-04-01 2024-03-31 10802385 core:Subsidiary4 2023-04-01 2024-03-31 10802385 bus:RegisteredOffice 2023-04-01 2024-03-31 10802385 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 10802385 bus:Director1 2023-04-01 2024-03-31 10802385 bus:Director2 2023-04-01 2024-03-31 10802385 bus:Director4 2023-04-01 2024-03-31 10802385 bus:Director5 2023-04-01 2024-03-31 10802385 bus:Director8 2023-04-01 2024-03-31 10802385 bus:Director3 2023-04-01 2024-03-31 10802385 bus:Director7 2023-04-01 2024-03-31 10802385 bus:Director8 2024-03-31 10802385 bus:Director3 2024-03-31 10802385 core:WithinOneYear 2024-03-31 10802385 core:WithinOneYear 2023-03-31 10802385 core:AfterOneYear 2024-03-31 10802385 core:AfterOneYear 2023-03-31 10802385 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10802385 core:RetainedEarningsAccumulatedLosses 2023-03-31 10802385 core:RetainedEarningsAccumulatedLosses 2022-03-31 10802385 core:RetainedEarningsAccumulatedLosses 2024-03-31 10802385 core:RetainedEarningsAccumulatedLosses 2023-03-31 10802385 core:ShareCapital 2024-03-31 10802385 core:ShareCapital 2023-03-31 10802385 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 10802385 core:Non-currentFinancialInstruments 2024-03-31 10802385 core:Non-currentFinancialInstruments 2023-03-31 10802385 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 10802385 bus:SmallEntities 2023-04-01 2024-03-31 10802385 bus:Audited 2023-04-01 2024-03-31 10802385 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10802385 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10802385 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 10802385
Seacare Scarborough Limited
Financial Statements
31 March 2024
Seacare Scarborough Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Directors' report
1
Independent auditor's report to the members
3
Statement of income and retained earnings
6
Statement of financial position
7
Notes to the financial statements
8
Seacare Scarborough Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
HP Sim
R Moham
CT Lim
MYM Wong
MH Peck
(Appointed 1 March 2024)
KHJ Tay
(Resigned 1 September 2023)
SWG Foo
(Served from 1 September 2023 to 11 February 2024)
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 October 2024 and signed on behalf of the board by:
HP Sim
CT Lim
Director
Director
Registered office:
4 Broadgate
Broadway Business Park
Chadderton
Oldham
OL9 9XA
Seacare Scarborough Limited
Independent Auditor's Report to the Members of Seacare Scarborough Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Seacare Scarborough Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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: - Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud. - Auditing the risk of management of override controls, including through testing journal entries and other adjustments for appropriateness. - Challenging assumptions and judgments made by management in their significant accounting estimates. Because of the field in which the client operates, we identified that employment law, health and safety legislation and compliance with the UK Companies Act are most likely to have a material impact on the financial statements. Owing to the inherent limitations of an audit, there's an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). For instance, the further removed non-compliances from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. 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. Use of our report
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.
Andrew Wadsworth FCCA
(Senior Statutory Auditor)
For and on behalf of
Edwards Veeder (UK) Limited
Chartered accountants & statutory auditor
4 Broadgate
Broadway Business Park
Chadderton
Oldham
OL9 9XA
20 October 2024
Seacare Scarborough Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Administrative expenses
16,413
24,080
--------
--------
Operating loss
( 16,413)
( 24,080)
Income from shares in group undertakings
250,200
Interest payable and similar expenses
5
693,484
552,961
---------
---------
Loss before taxation
( 709,897)
( 326,841)
Tax on loss
---------
---------
Loss for the financial year and total comprehensive income
( 709,897)
( 326,841)
---------
---------
Dividends paid and payable
( 250,000)
Retained earnings at the start of the year
766,552
1,343,393
---------
------------
Retained earnings at the end of the year
56,655
766,552
---------
------------
All the activities of the company are from continuing operations.
Seacare Scarborough Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
6
15,816,504
15,816,504
Current assets
Debtors
7
8,119
8,119
Cash at bank and in hand
48,102
436
--------
-------
56,221
8,555
Creditors: amounts falling due within one year
8
1,986,673
1,743,652
------------
------------
Net current liabilities
1,930,452
1,735,097
-------------
-------------
Total assets less current liabilities
13,886,052
14,081,407
Creditors: amounts falling due after more than one year
9
13,828,397
13,313,855
-------------
-------------
Net assets
57,655
767,552
-------------
-------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
56,655
766,552
--------
---------
Shareholders funds
57,655
767,552
--------
---------
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 20 October 2024 , and are signed on behalf of the board by:
HP Sim
CT Lim
Director
Director
Company registration number: 10802385
Seacare Scarborough Limited
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 historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
1,620
1,500
-------
-------
5. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
442,851
419,121
Other interest payable and similar charges
250,633
133,840
---------
---------
693,484
552,961
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
15,816,504
-------------
Impairment
At 1 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
15,816,504
-------------
At 31 March 2023
15,816,504
-------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Event Assure Limited
Ordinary
100
The Crown Spa Hotel Limited
Ordinary
100
The Crown Spa Limited
Ordinary
100
Chariet Limited
Ordinary
100
Registered address for all subsidiaries: 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
Event Assure Limited
1
1
The Crown Spa Hotel Limited
1
1
The Crown Spa Limited
1
1
Chariet Limited
13,461,441
13,027,612
383,341
591,090
-------------
-------------
---------
---------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,874
7,874
Other debtors
245
245
-------
-------
8,119
8,119
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
129,402
737,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,841,675
976,115
Other creditors
15,596
30,537
------------
------------
1,986,673
1,743,652
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,171,419
8,656,877
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,656,978
4,656,978
-------------
-------------
13,828,397
13,313,855
-------------
-------------
The bank loan is secured by way of a charge over the assets of the company and an intercompany guarantee from the subsidiary company.
10. Related party transactions
Included within creditors is a loan account balance of £10,984,173 (2023: £4,735,778) due to Seacare Hospitality (UK) Limited. This balance is unsecured and repayable on demand. Interest is charged at 3.25% per annum on the loan. Included within creditors are balances of £1,513,539 and £941 (2023: £896,377 and £941) due to Chariet Limited and Seacare Hospitality Pte Limited. These balances is unsecured interest free and repayable on demand. Included within debtors is a balance of £7,874 (2023: £7,874) due from Seacare Leeds Limited. This balance is unsecured interest free and repayable on demand.
11. Controlling party
The company is a wholly owned subsidiary of 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.