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COMPANY REGISTRATION NUMBER: 12527198
Swansea Hospitality Solutions Limited
Filleted Unaudited Financial Statements
30 June 2024
Swansea Hospitality Solutions Limited
Financial Statements
Year ended 30 June 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Swansea Hospitality Solutions Limited
Officers and Professional Advisers
Director
Mrs M Thomas
Company secretary
Miss Rebecca Davies (Appointed on 31.10.24)
Registered office
The Grand Hotel
Ivey Place
Swansea
SA1 1NX
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Swansea Hospitality Solutions Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
129,378
130,966
CURRENT ASSETS
Stocks
6
21,856
18,619
Debtors
7
452,007
200,002
Cash at bank and in hand
616,494
878,113
------------
------------
1,090,357
1,096,734
CREDITORS: amounts falling due within one year
8
361,524
405,976
------------
------------
NET CURRENT ASSETS
728,833
690,758
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
858,211
821,724
PROVISIONS
2,440
2,837
---------
---------
NET ASSETS
855,771
818,887
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
1
1
Profit and loss account
855,770
818,886
---------
---------
SHAREHOLDERS FUNDS
855,771
818,887
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Swansea Hospitality Solutions Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 11 March 2025 , and are signed on behalf of the board by:
Mrs M Thomas
Director
Company registration number: 12527198
Swansea Hospitality Solutions Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. GENERAL INFORMATION
Swansea Hospitality Solutions Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of hotel activities.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 June 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 9 for the net carrying amount of the debtors and associated impairment provision.
(iii) Stock provisioning
The company sells accommodation and food and drink services and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability
(iv) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes
(v) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of food and beverage is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from hotel services is recognised by reference to the stage of completion at the balance sheet date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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:
Motor vehicles
-
15% straight line
Equipment
-
15% straight line
Property Improvements - Not Depreciated
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 40 (2023: 37 ).
5. TANGIBLE ASSETS
Property Improvements
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
119,616
5,625
7,421
132,662
---------
------
------
---------
Depreciation
At 1 July 2023
844
852
1,696
Charge for the year
844
744
1,588
---------
------
------
---------
At 30 June 2024
1,688
1,596
3,284
---------
------
------
---------
Carrying amount
At 30 June 2024
119,616
3,937
5,825
129,378
---------
------
------
---------
At 30 June 2023
119,616
4,781
6,569
130,966
---------
------
------
---------
6. STOCKS
2024
2023
£
£
Raw materials and consumables
21,856
18,619
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
8,032
1,186
Other debtors
443,975
198,816
---------
---------
452,007
200,002
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
116,160
89,389
Amounts owed to group undertakings and undertakings in which the company has a participating interest
85,849
20,460
Corporation tax
123,760
Social security and other taxes
111,100
89,000
Other creditors
48,415
83,367
---------
---------
361,524
405,976
---------
---------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
----
----
----
----
10. OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £20,391 (2023: £nil).
11. RELATED PARTY TRANSACTIONS
The transactions with related parties during the year are as follows; Other related parties
2024 2023
£ £
Balance due from other related parties 370,000 175,000
No interest has been charged on these balances. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12. PARENT COMPANY
The ultimate parent company is Phirsk Hotels Limited, a company incorporated in England and Wales. It's registered office is the same as that displayed on page 1 of these financial statements.