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Registered number: 08889959









RESERVIA LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RESERVIA LIMITED
 

CONTENTS



Page
Company Information
1
Directors' Report
2 - 4
Independent Auditors' Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12 - 13
Notes to the Financial Statements
14 - 23

 
RESERVIA LIMITED
 
 
COMPANY INFORMATION


Directors
D J Fairbrother 
A P Ingram 
H M O'Donnell (resigned 30 September 2023)
G Wilding (resigned 31 October 2023)
G C Peires (appointed 30 September 2023)




Company secretary
Mapa Management & Administration Services Limited



Registered number
08889959



Registered office
Hallswelle House
1 Hallswelle Road London

London

NW11 0DH




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA




Bankers
Barclays Bank plc
1250 High Road

Whetstone

London

N20 0PB




Solicitors
PCB Lawyers LLP
Cavendish Court

11-15 Wigmore Street

London

W1U 1PF




Page 1

 
RESERVIA LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company is that of hotels and similar accomodation which is carried out in Spain.

Results and dividends

The profit for the year, after taxation, amounted to 23,426 (2022 - 24,037).

The directors do not propose payment of a dividend (2022: €Nil).   

Directors

The directors who served during the year were:

D J Fairbrother 
A P Ingram 
H M O'Donnell (resigned 30 September 2023)
G Wilding (resigned 31 October 2023)
G C Peires (appointed 30 September 2023)

Page 2

 
RESERVIA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

The directors are fully aware of their duty to assess the Company’s going concern status and have attended to this with particular care in consideration of the current economic outlook. The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, Chipstead Ltd, has confirmed its intention to continue to provide ongoing support to the Company as required. Having considered the ability of Chipstead Ltd to provide that support, based on the confirmation received, the directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.  
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Principal risks and uncertainties

Liquidity risk
In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the Company uses group debt finance.

Credit risk
Credit risk is the risk that one party of a financial instrument will cause a financial loss for that other party by failing to discharge obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate history and satisfy credit worthiness procedures. Details of the Company's debtors are shown in Note 8 to the financial statements.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Page 3

 
RESERVIA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 24 January 2025 and signed on its behalf.
 





G C Peires
Director

Page 4

 
RESERVIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESERVIA LIMITED
 

Opinion


We have audited the financial statements of Reservia Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 5

 
RESERVIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESERVIA LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the annual reportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinion 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.


Page 6

 
RESERVIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESERVIA LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.


Page 7

 
RESERVIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESERVIA LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; 
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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 Auditors' Report.


Page 8

 
RESERVIA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESERVIA LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

24 January 2025
Page 9

 
RESERVIA LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
 3 
537,144
590,482

Gross profit
  
537,144
590,482

Administrative expenses
  
(505,727)
(580,180)

Operating profit
  
31,417
10,302

Interest receivable and similar income
  
-
21,374

Profit before tax
  
31,417
31,676

Tax on profit
 5 
(7,991)
(7,639)

Profit for the financial year
  
23,426
24,037

Other comprehensive income for the year
  

Total comprehensive income for the year
  
23,426
24,037

The notes on pages 14 to 23 form part of these financial statements.
Page 10

 
RESERVIA LIMITED
REGISTERED NUMBER: 08889959

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 6 
571,665
-

  
571,665
-

Current assets
  

Stocks
 7 
-
577,324

Debtors: amounts falling due within one year
 8 
903,935
1,180,648

Cash at bank and in hand
 9 
6,133
3,385

  
910,068
1,761,357

Creditors: amounts falling due within one year
 10 
(1,830,720)
(2,133,770)

Net current liabilities
  
 
 
(920,652)
 
 
(372,413)

Total assets less current liabilities
  
(348,987)
(372,413)

  

Net liabilities
  
(348,987)
(372,413)


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
(348,988)
(372,414)

  
(348,987)
(372,413)


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 were approved and authorised for issue by the board and were signed on its behalf on 24 January 2025.




G C Peires
Director

The notes on pages 14 to 23 form part of these financial statements.
Page 11

 
RESERVIA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity


At 1 January 2023
1
(372,414)
(372,413)


Comprehensive income for the year

Profit for the year

-
23,426
23,426


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
23,426
23,426


Total transactions with owners
-
-
-


At 31 December 2023
1
(348,988)
(348,987)


The notes on pages 14 to 23 form part of these financial statements.
Page 12

 
RESERVIA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity


At 1 January 2022
1
(396,451)
(396,450)


Comprehensive income for the year

Profit for the year

-
24,037
24,037


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
24,037
24,037


Total transactions with owners
-
-
-


At 31 December 2022
1
(372,414)
(372,413)


The notes on pages 14 to 23 form part of these financial statements.
Page 13

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Reservia Limited is a company incorporated in the United Kingdom under the Companies Act 2006. The Company is a private company limited by shares registered in England and Wales. The address of the Company's registered office is shown in page 1.

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors are fully aware of their duty to assess the Company’s going concern status and have attended to this with particular care in consideration of the current economic outlook.  The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, Chipstead Ltd, has confirmed its intention to continue to provide ongoing support to the Company as required. Having considered the ability of Chipstead Ltd to provide that support, based on the confirmation received, the directors believe that the Ccompany is well placed to manage its business risks successfully despite the current uncertain economic outlook.  
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

Turnover

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 income 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.

 
2.6

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.

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:

Timeshare Weeks
-
2%
straight line

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 profit or loss.

Page 15

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

 
2.10

Creditors

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

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loansand other accounts receivable and payable, are initially measured at present value of the future cash flows 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 financingtransaction, 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.
Investments in non-derivative instruments that are equity to the issuer are measured:
-  at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
-  at cost less impairment for all other investments.
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 Statement of Comprehensive Income.
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 for 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 17

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Cash flow statement

The directors have taken advantage of the exemption available under Financial Reporting Standard No. 1 Cash Flow Statements (revised) for small companies not to produce a cash flow statement for the company.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022

Spain
537,144
590,482

537,144
590,482



4.


Employees

2023
2022

Wages and salaries
2,437
2,437

Social security costs
504
438

2,941
2,875


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 18

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Taxation


2023
2022



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
7,991
7,639

Total deferred tax
7,991
7,639


Taxation on profit on ordinary activities
7,991
7,639

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - the same as) the standard average rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022


Profit on ordinary activities before tax
31,417
31,676


Profit on ordinary activities multiplied by standard average rate of corporation tax in the UK of 23.52% (2022 - 19%)
7,389
6,018

Effects of:


Expenses not deductible for tax purposes
1,460
-

Spanish rate difference
-
1,901

Group relief claimed
(8,849)
-

Tax relief
-
(7,919)

Deferred Tax
7,991
7,639

Total tax charge for the year
7,991
7,639

Page 19

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Timeshare Weeks




Cost or valuation


Additions
577,323



At 31 December 2023

577,323



Depreciation


Charge for the year on owned assets
5,658



At 31 December 2023

5,658



Net book value



At 31 December 2023
571,665



At 31 December 2022
-


7.


Stocks

2023
2022

Stocks
-
577,324

-
577,324


There is no material difference between the balance sheet value of stocks and their replacement cost.

Page 20

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022


Trade debtors
195,634
277,283

Amounts owed by group undertakings
536,383
719,383

Other debtors
162,804
166,877

Deferred taxation
9,114
17,105

903,935
1,180,648



9.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
6,133
3,385

6,133
3,385



10.


Creditors: Amounts falling due within one year

2023
2022

Amounts owed to related parties
1,658,297
1,960,252

Amounts owed by group undertakings
1,080
-

Other taxation and social security
213
208

Accruals and deferred income
171,130
173,310

1,830,720
2,133,770


Amounts owed to related parties are interest free and repayable on demand.

Page 21

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023








At beginning of year
17,105


Charged to profit or loss
(7,991)



At end of year
9,114

The deferred tax asset is made up as follows:

2023
2022


Accelerated capital allowances
9,114
17,105

9,114
17,105


12.


Share capital

2023
2022
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Share Capital share of 1.00
1
1


Page 22

 
RESERVIA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

During the year the Company made the following related party transactions:

Amounts owed (to)/by related party at 31 December 2023
Amounts owed (to)/by related party at 31 December 2022
Related parties
RMF Andalusian Management SL

(66,245)

(82,573)

CLC Resort Management Ltd

(1,592,052)

(1,877,679)

Group companies
Worldwide Leisure Services SLU

536,383

719,383

Mermaid Ventures Limited

(1,080)

-


During the year, the Company received maintenance fees from CLC Resort Management Ltd of €195,634 (2022 - €275,794) and paid maintenance expenses to CLC Resort Management Ltd of €489,412 (2022 - €593,261).


14.


Controlling party

The immediate parent company is Mermaid Ventures Ltd, a company incorporated in the England & Wales.
The ultimate controlling party is considered by the directors to be Chipstead Limited, a Company incorporated at Isle of Man. Mermaid Ventures Ltd is the parent company of the largest and smallest group of which the Company is a member.

Page 23