Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31falsefalsetrue2023-04-0119that of hoteliers19trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01682623 2023-04-01 2024-03-31 01682623 2022-04-01 2023-03-31 01682623 2024-03-31 01682623 2023-03-31 01682623 2022-04-01 01682623 c:Director2 2023-04-01 2024-03-31 01682623 c:Director4 2023-04-01 2024-03-31 01682623 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 01682623 d:Buildings d:LongLeaseholdAssets 2024-03-31 01682623 d:Buildings d:LongLeaseholdAssets 2023-03-31 01682623 d:MotorVehicles 2023-04-01 2024-03-31 01682623 d:MotorVehicles 2024-03-31 01682623 d:MotorVehicles 2023-03-31 01682623 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01682623 d:FurnitureFittings 2023-04-01 2024-03-31 01682623 d:FurnitureFittings 2024-03-31 01682623 d:FurnitureFittings 2023-03-31 01682623 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01682623 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01682623 d:CurrentFinancialInstruments 2024-03-31 01682623 d:CurrentFinancialInstruments 2023-03-31 01682623 d:Non-currentFinancialInstruments 2024-03-31 01682623 d:Non-currentFinancialInstruments 2023-03-31 01682623 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01682623 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01682623 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01682623 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01682623 d:ShareCapital 2024-03-31 01682623 d:ShareCapital 2023-03-31 01682623 d:CapitalRedemptionReserve 2024-03-31 01682623 d:CapitalRedemptionReserve 2023-03-31 01682623 d:RetainedEarningsAccumulatedLosses 2024-03-31 01682623 d:RetainedEarningsAccumulatedLosses 2023-03-31 01682623 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 01682623 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 01682623 c:OrdinaryShareClass1 2023-04-01 2024-03-31 01682623 c:OrdinaryShareClass1 2024-03-31 01682623 c:OrdinaryShareClass1 2023-03-31 01682623 c:OrdinaryShareClass2 2023-04-01 2024-03-31 01682623 c:OrdinaryShareClass2 2024-03-31 01682623 c:OrdinaryShareClass3 2023-04-01 2024-03-31 01682623 c:OrdinaryShareClass3 2024-03-31 01682623 c:OrdinaryShareClass4 2023-04-01 2024-03-31 01682623 c:OrdinaryShareClass4 2024-03-31 01682623 c:FRS102 2023-04-01 2024-03-31 01682623 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01682623 c:FullAccounts 2023-04-01 2024-03-31 01682623 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01682623 2 2023-04-01 2024-03-31 01682623 6 2023-04-01 2024-03-31 01682623 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01682623 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01682623 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01682623









STAY-X LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
STAY-X LTD
REGISTERED NUMBER: 01682623

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
296,162
136,100

Investments
 5 
300,000
-

  
596,162
136,100

Current assets
  

Stocks and work in progress
 6 
29,242
4,870

Debtors: amounts falling due within one year
 7 
165,968
613,898

Cash at bank and in hand
 8 
13,765
43,041

  
208,975
661,809

Creditors: amounts falling due within one year
 9 
(163,479)
(111,499)

Net current assets
  
 
 
45,496
 
 
550,310

Total assets less current liabilities
  
641,658
686,410

Creditors: amounts falling due after more than one year
 10 
(33,500)
(34,500)

Provisions for liabilities
  

Deferred tax
 11 
(44,655)
(30,625)

Other provisions
 12 
(20,000)
(20,000)

  
 
 
(64,655)
 
 
(50,625)

Net assets
  
543,503
601,285


Capital and reserves
  

Called up share capital 
 13 
100
130

Capital redemption reserve
  
30
-

Profit and loss account
  
543,373
601,155

  
543,503
601,285


Page 1

 
STAY-X LTD
REGISTERED NUMBER: 01682623
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs J Rossi
M V Rossi Esq
Director
Director


Date: 24 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Stay-X Ltd is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Singlewell Manor Hotel & Suites, Hever Court Road, Singlewell, Gravesend, Kent, England, DA12 5UQ. The principal activity of the company during the year has been that of hoteliers. 

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

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

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 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.

Page 4

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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 following bases.


Long-term leasehold property
-
10%
Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
10%
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.

  
2.9

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. Work in progress includes direct costs for potential development at the hotel and site.  

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Investments in participating interests are measured and represented by a capital contribution to an LLP.

 
2.11

Partcipating interests

Partcipating interests are held at cost less impairment.

Page 5

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 6

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 19).

Page 7

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
92,746
44,012
523,564
660,322


Additions
138,417
-
57,237
195,654


Disposals
-
(26,480)
(61,725)
(88,205)



At 31 March 2024

231,163
17,532
519,076
767,771



Depreciation


At 1 April 2023
31,341
25,921
466,960
524,222


Charge for the year on owned assets
15,092
4,523
13,093
32,708


Disposals
-
(23,596)
(61,725)
(85,321)



At 31 March 2024

46,433
6,848
418,328
471,609



Net book value



At 31 March 2024
184,730
10,684
100,748
296,162



At 31 March 2023
61,405
18,091
56,604
136,100

Page 8

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Participating Interests

£



Cost or valuation


Additions
300,000



At 31 March 2024
300,000




Participating interests
This represents a capital contribution to Syndicated Commercial LLP.


6.


Stocks and work in progress

2024
2023
£
£

Work in progress
23,871
-

Finished goods and goods for resale
5,371
4,870

29,242
4,870


Page 9

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
1,866
10,700

Amounts owed by group undertakings
161,268
600,548

Other debtors
2,834
2,650

165,968
613,898



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,765
43,041

13,765
43,041



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
42,211
62,113

Amounts owed to group undertakings
56,906
14,798

Corporation tax
-
5,589

Other taxation and social security
15,009
20,710

Other creditors
5,498
310

Accruals and deferred income
43,855
7,979

163,479
111,499



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
33,500
34,500

33,500
34,500


Page 10

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(30,625)
(22,092)


Charged to profit or loss
(14,030)
(8,533)



At end of year
(44,655)
(30,625)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(44,655)
(30,625)

(44,655)
(30,625)


12.


Provisions




Dilapidation provision

£





At 1 April 2023
20,000



At 31 March 2024
20,000

Page 11

 
STAY-X LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary 'A' shares shares of £1.00 each
100
100
10 (2023 - 10) Ordinary 'B' shares shares of £1.00 each
-
10
10 (2023 - 10) Ordinary 'C' shares shares of £1.00 each
-
10
10 (2023 - 10) Ordinary 'D' shares shares of £1.00 each
-
10

100

130

On 7 December 2023, the company repurchased Ordinary B, C and D shares at par. The Ordinary B, C and D shares were subsequently cancelled on the same date.



14.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £533 (2023: £310) were payable to the fund at the balance sheet date and are included in other creditors.


15.


Related party transactions

A director has an interest in dividends paid during the year of £9,000 (2023: £4,000).
An investment in a participating interest, representing a capital contribution in Syndicated Commercial LLP, was transferred from the parent undertkaing to the company during the year for £300,000 (2023: £nil). 
 


16.


Ultimate parent undertaking

The ultimate parent undertaking is Syndicated Holdings Limited, a company registered in England and Wales. The company is controlled by its directors.

 
Page 12