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COMPANY REGISTRATION NUMBER: 02690085
Suites Hotel Knowsley Limited
Financial Statements
31 March 2024
Suites Hotel Knowsley Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Statement of income and retained earnings
7
Statement of financial position
8
Notes to the financial statements
9
Suites Hotel Knowsley Limited
Strategic Report
Year ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2022.
The principal activity of the company during the year continued to be that of a hotel operator. The results for the year and financial position of the company are shown in the annexed financial statements. Future developments
The company is committed to protecting the environment predominantly through recycling.
The company's principal risk is that of competitor price competition. In light of this the company's emphasis on service levels is key to retaining customers.
This report was approved by the board of directors on 20 October 2024 and signed on behalf of the board by:
J H Foo
CC Lee
Director
Director
Registered office:
C/O Edwards Veeder (UK) Limited
Ground Floor, 4 Broadgate
Broadway Business Park
Chadderton
Oldham
England
OL9 9XA
Suites Hotel Knowsley 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:
J H Foo
H Singh
G Bagga
CC Lee
P W Ang
(Appointed 24 December 2023)
H E Guo
(Resigned 24 December 2023)
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors Report) Regulation 2013 of the company chosen to include the strategic report information as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. The directors have chosen to disclose information regarding the future developments and risks exposure of the company within their strategic report on page 2 of these financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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.
This report was approved by the board of directors on 20 October 2024 and signed on behalf of the board by:
J H Foo
CC Lee
Director
Director
Registered office:
C/O Edwards Veeder (UK) Limited
Ground Floor, 4 Broadgate
Broadway Business Park
Chadderton
Oldham
England
OL9 9XA
Suites Hotel Knowsley Limited
Independent Auditor's Report to the Members of Suites Hotel Knowsley Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Suites Hotel Knowsley 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 profit 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 of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Conclusions relating to going concern
We draw attention to the note to the financial statements, which discusses the Directors assessment of the impact of the global economic crisis as a result of the war in Ukraine on the Company. As stated in the note these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have 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 strategic report or 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.
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
(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
Suites Hotel Knowsley Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
3,567,443
4,681,990
Cost of sales
( 796,644)
( 1,708,398)
------------
------------
Gross profit
2,770,799
2,973,592
Administrative expenses
( 1,042,812)
( 1,285,529)
------------
------------
Operating profit
5
1,727,987
1,688,063
Other interest receivable and similar income
8
5,434
------------
------------
Profit before taxation
1,733,421
1,688,063
Tax on profit
9
( 395,609)
( 309,262)
------------
------------
Profit for the financial year and total comprehensive income
1,337,812
1,378,801
------------
------------
Dividends paid and payable
10
( 1,700,000)
( 1,600,000)
Retained earnings at the start of the year
1,858,731
2,079,930
------------
------------
Retained earnings at the end of the year
1,496,543
1,858,731
------------
------------
All the activities of the company are from continuing operations.
Suites Hotel Knowsley Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
11
5,728,774
5,508,908
Current assets
Stocks
12
17,389
5,986
Debtors
13
107,728
202,710
Cash at bank and in hand
292,983
828,698
---------
------------
418,100
1,037,394
Creditors: amounts falling due within one year
14
613,238
654,798
---------
------------
Net current (liabilities)/assets
( 195,138)
382,596
------------
------------
Total assets less current liabilities
5,533,636
5,891,504
Creditors: amounts falling due after more than one year
15
2,851,261
2,921,261
Provisions
16
185,832
111,512
------------
------------
Net assets
2,496,543
2,858,731
------------
------------
Capital and reserves
Called up share capital
19
1,000,000
1,000,000
Profit and loss account
20
1,496,543
1,858,731
------------
------------
Shareholders funds
2,496,543
2,858,731
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
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:
J H Foo
CC Lee
Director
Director
Company registration number: 02690085
Suites Hotel Knowsley 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 C/O Edwards Veeder (UK) Limited, Ground Floor, 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
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, Chadderton, 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.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
50 years straightline
Plant and machinery
-
5 years straightline
Fixtures and fittings
-
5 to 25 years straightline
Equipment
-
3 to 25 years straightline
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
632,425
1,461,006
Rendering of services
2,935,018
3,220,984
------------
------------
3,567,443
4,681,990
------------
------------
The whole of the turnover is derived from the United Kingdom. An analysis of turnover by business operation is given below:
2024
2023
£
£
Hotel
4,433,942
Gym and spa
248,048
----
------------
4,681,990
----
------------
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
282,747
262,760
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
4,825
3,675
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
28
53
Management staff
5
8
----
----
33
61
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
531,074
939,239
Social security costs
33,817
55,434
Other pension costs
6,153
10,865
---------
------------
571,044
1,005,538
---------
------------
8. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
5,434
-------
----
9. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
321,289
282,513
Deferred tax:
Origination and reversal of timing differences
74,320
26,749
---------
---------
Tax on profit
395,609
309,262
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,733,421
1,688,063
------------
------------
Profit on ordinary activities by rate of tax
433,355
319,233
Effect of capital allowances and depreciation
( 38,011)
4,010
Utilisation of tax losses
( 74,055)
( 40,730)
Deferred tax
74,320
26,749
------------
------------
Tax on profit
395,609
309,262
------------
------------
10. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,700,000
1,600,000
------------
------------
11. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
8,884,535
694,205
3,102,171
259,881
12,940,792
Additions
425,873
76,740
502,613
------------
---------
------------
---------
-------------
At 31 March 2024
8,884,535
694,205
3,528,044
336,621
13,443,405
------------
---------
------------
---------
-------------
Depreciation
At 1 April 2023
3,871,236
655,208
2,730,726
174,714
7,431,884
Charge for the year
68,219
22,594
172,342
19,592
282,747
------------
---------
------------
---------
-------------
At 31 March 2024
3,939,455
677,802
2,903,068
194,306
7,714,631
------------
---------
------------
---------
-------------
Carrying amount
At 31 March 2024
4,945,080
16,403
624,976
142,315
5,728,774
------------
---------
------------
---------
-------------
At 31 March 2023
5,013,299
38,997
371,445
85,167
5,508,908
------------
---------
------------
---------
-------------
12. Stocks
2024
2023
£
£
Raw materials and consumables
17,389
5,986
--------
-------
13. Debtors
2024
2023
£
£
Trade debtors
18,505
110,067
Amounts owed by group undertakings
3,134
Prepayments and accrued income
14,008
89,509
Other debtors
75,215
---------
---------
107,728
202,710
---------
---------
14. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
181,477
240,935
Amounts owed to group undertakings
8,476
2,214
Accruals and deferred income
41,259
77,085
Corporation tax
321,289
282,513
Social security and other taxes
15,227
13,831
Other creditors
45,510
38,220
---------
---------
613,238
654,798
---------
---------
15. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
2,851,261
2,921,261
------------
------------
16. Provisions
Deferred tax (note 17)
£
At 1 April 2023
111,512
Additions
74,320
---------
At 31 March 2024
185,832
---------
17. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 16)
185,832
111,512
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
185,832
111,512
---------
---------
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 6,153 (2023: £ 10,865 ).
19. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000,000
1,000,000
1,000,000
1,000,000
------------
------------
------------
------------
20. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Related party transactions
Included within creditors are loan account balances of £2,851,261 (2023 : £2,921,261) and £8,476 (2023: £2,214) in respect of Suites Hotel Holding Limited and Seacare Hospitality (UK) Limited respectively. These balances are unsecured and repayable on demand. Interest is charged at 3.25%pa on the loans.
22. Controlling party
On 22 December 2019, the company is a wholly owned subsidiary of Suites Hotel Holding Limited, a company incorporated in England & Wales. On that date, Seacare Holdings Private Limited (incorporated in Singapore) became the parent company.