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REGISTERED NUMBER: 13958323 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

SMARSTAY LTD

SMARSTAY LTD (REGISTERED NUMBER: 13958323)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


SMARSTAY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: S N Surani





REGISTERED OFFICE: Manor Hotel
The Beacon
Exmounth
Devon
EX8 2AG





REGISTERED NUMBER: 13958323 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SMARSTAY LTD


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Smarstay Ltd for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Smarstay Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Smarstay Ltd and state those matters that we have agreed to state to the director of Smarstay Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smarstay Ltd and its director for our work or for this report.

It is your duty to ensure that Smarstay Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Smarstay Ltd. You consider that Smarstay Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Smarstay Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


24 January 2025

SMARSTAY LTD (REGISTERED NUMBER: 13958323)

BALANCE SHEET
31 MAY 2024

31/5/24 31/5/23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 56,000 63,000
Tangible assets 5 988,959 1,014,057
1,044,959 1,077,057

CURRENT ASSETS
Stocks 8,663 9,565
Debtors 6 6,828 46,358
Cash at bank 74,335 45,058
89,826 100,981
CREDITORS
Amounts falling due within one year 7 674,682 680,453
NET CURRENT LIABILITIES (584,856 ) (579,472 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

460,103

497,585

CREDITORS
Amounts falling due after more than one
year

8

(430,718

)

(454,399

)

PROVISIONS FOR LIABILITIES 10 (26,245 ) (24,696 )
NET ASSETS 3,140 18,490

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,138 18,488
3,140 18,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SMARSTAY LTD (REGISTERED NUMBER: 13958323)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:





S N Surani - Director


SMARSTAY LTD (REGISTERED NUMBER: 13958323)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Smarstay Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises of revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.

Revenue recognition
Turnover is accrued throughout the guests' stay and room charges are recognised in the profit and loss account prior to checking out of the hotel. All income generated in the restaurants and bars is recognised at the point of sale.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SMARSTAY LTD (REGISTERED NUMBER: 13958323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 June 2023
and 31 May 2024 70,000
AMORTISATION
At 1 June 2023 7,000
Charge for year 7,000
At 31 May 2024 14,000
NET BOOK VALUE
At 31 May 2024 56,000
At 31 May 2023 63,000

SMARSTAY LTD (REGISTERED NUMBER: 13958323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 June 2023 884,080 162,648 1,046,728
Additions - 1,279 1,279
At 31 May 2024 884,080 163,927 1,048,007
DEPRECIATION
At 1 June 2023 - 32,671 32,671
Charge for year - 26,377 26,377
At 31 May 2024 - 59,048 59,048
NET BOOK VALUE
At 31 May 2024 884,080 104,879 988,959
At 31 May 2023 884,080 129,977 1,014,057

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£ £
Trade debtors 6,828 1,826
Amounts owed by connect companies - 44,532
6,828 46,358

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£ £
Bank loans and overdrafts 56,991 56,991
Trade creditors 33,264 29,841
Amounts owed to group undertakings 434,926 443,000
Taxation and social security 32,429 22,232
Other creditors 117,072 128,389
674,682 680,453

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/24 31/5/23
£ £
Bank loans 430,718 454,399

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 88,772 112,453

SMARSTAY LTD (REGISTERED NUMBER: 13958323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

31/5/24 31/5/23
£ £
Bank loans 487,709 511,390

The bank loan is secured by a fixed charge over the freehold properties of the company. The bank loan is due for repayment in full by November 2037. The rate of interest is 2.6% over base rate.

10. PROVISIONS FOR LIABILITIES
31/5/24 31/5/23
£ £
Deferred tax 26,245 24,696

Deferred tax
£
Balance at 1 June 2023 24,696
Provided during year 1,549
Balance at 31 May 2024 26,245

11. RELATED PARTY DISCLOSURES

Included in creditors amounts due within one year is a balance of £110,462 due to the director of the company.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S N Surani.