IRIS Accounts Production v25.1.0.734 07980293 director 1.4.23 31.3.24 31.3.24 Medium entities managing and running of a hotel. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079802932023-03-31079802932024-03-31079802932023-04-012024-03-31079802932022-03-31079802932022-04-012023-03-31079802932023-03-3107980293ns15:EnglandWales2023-04-012024-03-3107980293ns14:PoundSterling2023-04-012024-03-3107980293ns10:Director12023-04-012024-03-3107980293ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107980293ns10:MediumEntities2023-04-012024-03-3107980293ns10:Audited2023-04-012024-03-3107980293ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3107980293ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3107980293ns10:FullAccounts2023-04-012024-03-3107980293ns10:OrdinaryShareClass12023-04-012024-03-3107980293ns10:RegisteredOffice2023-04-012024-03-3107980293ns5:CurrentFinancialInstruments2024-03-3107980293ns5:CurrentFinancialInstruments2023-03-3107980293ns5:Non-currentFinancialInstruments2024-03-3107980293ns5:Non-currentFinancialInstruments2023-03-3107980293ns5:ShareCapital2024-03-3107980293ns5:ShareCapital2023-03-3107980293ns5:RetainedEarningsAccumulatedLosses2024-03-3107980293ns5:RetainedEarningsAccumulatedLosses2023-03-3107980293ns5:ShareCapital2022-03-3107980293ns5:RetainedEarningsAccumulatedLosses2022-03-3107980293ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3107980293ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3107980293ns5:FurnitureFittings2023-04-012024-03-310798029312023-04-012024-03-3107980293ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-3107980293ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-3107980293ns5:OwnedAssets2023-04-012024-03-3107980293ns5:OwnedAssets2022-04-012023-03-3107980293ns5:FurnitureFittings2023-03-3107980293ns5:FurnitureFittings2024-03-3107980293ns5:FurnitureFittings2023-03-3107980293ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3107980293ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3107980293ns5:Non-currentFinancialInstruments2023-04-012024-03-3107980293ns5:DeferredTaxation2023-03-3107980293ns5:DeferredTaxation2023-04-012024-03-3107980293ns5:DeferredTaxation2024-03-3107980293ns10:OrdinaryShareClass12024-03-3107980293ns5:RetainedEarningsAccumulatedLosses2023-03-310798029312023-04-012024-03-31
REGISTERED NUMBER: 07980293 (England and Wales)



















Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31 March 2024

for

STAYWELL HOSPITALITY MANAGEMENT LIMITED

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Profit and Loss Account and Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


STAYWELL HOSPITALITY MANAGEMENT LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Harj Mattu





REGISTERED OFFICE: Park Regis Birmingham
160 Broad Street
Five Ways
Birmingham
West Midlands
B15 1DT





REGISTERED NUMBER: 07980293 (England and Wales)





AUDITORS: Brindleys Limited
Statutory Auditors
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Strategic Report
for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company's has performed well during the year generating a profit before tax of £2,255,048 (2023: £2,584,118) The majority of the income is derived from the management and day-to-day running of the hotel. The shareholder's funds total of £1,494,387 (2023: (£598,807).

PRINCIPAL RISKS AND UNCERTAINTIES
The company uses various financial instruments. These include director's loan accounts, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

Market risk
Market risk encompasses various types of risk, being liquidity risk and credit risk.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short- term flexibility is achieved by loans from directors.

Credit risk
The company's principal financial assets are trade debtors. The principal credit risk arises therefore from its trade debtors. Credit limits are reviewed by the directors on a regular basis.

THE FUTURE
Although the company's primary business model is owner/operator focused, the Group has significant hotel management experience. When it comes to hotels, restaurants, bars and spas, we believe in a bespoke approach. We tailor each product to the market to ensure that it has local relevance in order to maximise its potential. Our philosophy is providing a high quality experience with a strong focus on excellent service delivery, at great value to the guest.

ON BEHALF OF THE BOARD:





Harj Mattu - Director


16 April 2025

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
Harj Mattu held office during the whole of the period from 1 April 2023 to the date of this report.

EMPLOYEE INVOLVEMENT
Regular meetings are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES
The Company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 2. These matters relate to review of business, principal risks and uncertainties and future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Report of the Director
for the Year Ended 31 March 2024


AUDITORS
The auditors, Brindleys Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Harj Mattu - Director


16 April 2025

Report of the Independent Auditors to the Members of
StayWell Hospitality Management Limited

Opinion
We have audited the financial statements of StayWell Hospitality Management Limited (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 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 March 2024 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 UK, including the FRC'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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
StayWell Hospitality Management Limited


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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
StayWell Hospitality Management Limited


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 a Report of the Auditors 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 have considered the nature of the Company's industry and its control environment, and reviewed the company's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also
enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
. had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, Pensions legislation, tax legislation etc; and
. do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within
organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the
appropriateness of journal entries and other adjustments; assessed whether the judgements made in making the accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
. reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
. enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
. reading minutes of meetings of those charged with governance.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
StayWell Hospitality Management Limited


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 a Report of the Auditors 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.




Sajjad Sumar (Senior Statutory Auditor)
for and on behalf of Brindleys Limited
Statutory Auditors
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

16 April 2025

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Profit and Loss Account and
Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 11,920,357 12,073,443

Cost of sales 2,218,307 2,144,062
GROSS PROFIT 9,702,050 9,929,381

Administrative expenses 7,447,002 7,345,263
OPERATING PROFIT and
PROFIT BEFORE TAXATION 2,255,048 2,584,118

Tax on profit 7 161,854 497,827
PROFIT FOR THE FINANCIAL YEAR 2,093,194 2,086,291

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,093,194

2,086,291

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 113,889 133,987

CURRENT ASSETS
Stocks 9 34,799 46,190
Debtors 10 4,216,438 716,268
Cash at bank and in hand 510,373 2,107,427
4,761,610 2,869,885
CREDITORS
Amounts falling due within one year 11 3,363,375 3,405,792
NET CURRENT ASSETS/(LIABILITIES) 1,398,235 (535,907 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,512,124

(401,920

)

CREDITORS
Amounts falling due after more than one year 12 - (196,887 )

PROVISIONS FOR LIABILITIES 13 (17,737 ) -
NET ASSETS/(LIABILITIES) 1,494,387 (598,807 )

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 1,494,287 (598,907 )
SHAREHOLDERS' FUNDS 1,494,387 (598,807 )

The financial statements were approved by the director and authorised for issue on 16 April 2025 and were signed by:





Harj Mattu - Director


STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 (2,685,198 ) (2,685,098 )

Changes in equity
Total comprehensive income - 2,086,291 2,086,291
Balance at 31 March 2023 100 (598,907 ) (598,807 )

Changes in equity
Total comprehensive income - 2,093,194 2,093,194
Balance at 31 March 2024 100 1,494,287 1,494,387

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Statement of Cash Flows
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 114,818 1,808,640
Net cash from operating activities 114,818 1,808,640

Cash flows from financing activities
Loan receipts in year - 14,776,784
Loan repayments in year (196,887 ) (16,114,058 )
Loans advanced in year (1,514,985 ) -
Net cash from financing activities (1,711,872 ) (1,337,274 )

(Decrease)/increase in cash and cash equivalents (1,597,054 ) 471,366
Cash and cash equivalents at beginning of
year

2

2,107,427

1,636,061

Cash and cash equivalents at end of year 2 510,373 2,107,427

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,255,048 2,584,118
Depreciation charges 20,098 23,645
2,275,146 2,607,763
Decrease/(increase) in stocks 11,391 (12,590 )
Increase in trade and other debtors (2,129,301 ) (383,565 )
Decrease in trade and other creditors (42,418 ) (402,968 )
Cash generated from operations 114,818 1,808,640

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 510,373 2,107,427
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,107,427 1,636,061


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 2,107,427 (1,597,054 ) 510,373
2,107,427 (1,597,054 ) 510,373
Total 2,107,427 (1,597,054 ) 510,373

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

StayWell Hospitality Management Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover is derived from the hotel operations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% 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.

Financial instruments
Trade and Other Debtors/Creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Other Comprehensive Income, 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 statement of financial position date.

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Holiday pay
Holiday pay is recognised as an expense in the period in which the service is received.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying value of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are reviewed on an ongoing basis.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,478,760 3,303,555
Social security costs 272,432 266,938
Other pension costs 77,758 65,359
3,828,950 3,635,852

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

F & B 52 80
Front Office 30 33
House Keeping 72 64
Kitchen 24 24
Maintenance 9 8
Sales 22 19
Admin & HR 8 -
217 228

2024 2023
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 16,593 11,520
Depreciation - owned assets 20,098 23,645

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

6,000

5,500

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 161,854 497,827
Tax on profit 161,854 497,827

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 348,146
DEPRECIATION
At 1 April 2023 214,159
Charge for year 20,098
At 31 March 2024 234,257
NET BOOK VALUE
At 31 March 2024 113,889
At 31 March 2023 133,987

9. STOCKS
2024 2023
£    £   
Stocks 34,799 46,190

10. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 145,943 415,536
Other debtors 2,469,682 97,710
Deferred tax asset - 144,117
Prepayments 85,828 58,905
2,701,453 716,268

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,514,985 -

Aggregate amounts 4,216,438 716,268

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,285,959 1,071,152
Social security and other taxes 60,860 55,122
VAT 346,511 352,326
Other creditors 863,495 1,064,316
Accrued expenses 806,550 862,876
3,363,375 3,405,792

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings - 196,887

Amount due to group undertaking represents balance of £nil (2023: £196,887) which is due to the immediate parent company, Colmore Investments Ltd, a company registered in England (Company Number:09542639 ).

13. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax 17,737

Deferred
tax
£   
Balance at 1 April 2023 (144,117 )
Provided during year 161,854
Balance at 31 March 2024 17,737

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

STAYWELL HOSPITALITY MANAGEMENT LIMITED (REGISTERED NUMBER: 07980293)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. RESERVES
Retained
earnings
£   

At 1 April 2023 (598,907 )
Profit for the year 2,093,194
At 31 March 2024 1,494,287

16. FINANCIAL COMMITMENTS

A charge in favour of National Westminster Bank PLC dated 18 April 2024 providing security over funds borrowed by the associated company, Five ways Hotel Group Limited containing a fixed and floating charge over all property and undertaking of the associated company.

17. RELATED PARTY DISCLOSURES

At the year end, the company had outstanding loan of £337,005 (2023: £337,005) due to its ultimate controlling party, Ace Sino Group Ltd, which is registered in British Virgin Islands This loan is repayable on demand.

At the year end, the company had outstanding loan of £1,514,985 (2023: £196,887 payable to) receivable from its immediate parent company, Colmore Investments Ltd, which is registered in England and Wales. This loan is receivable in over one year from the balance sheet date.

During the year company paid management charges of £279,672 (2023: £330,500) to an associated company Switch Management Ltd, which is registered in England and Wales.

18. AUDITOR LIABILITY LIMITATION AGREEMENT

We have agreed that our aggregate liability, whether to you or any other party, of whatever nature, whether in contract, tort or otherwise, for any losses whatsoever and howsoever caused arising from or in any way
connected with this engagement shall in no circumstances exceed ten times our agreed fee.

19. POST BALANCE SHEET EVENTS

There were no important events since the year end that require disclosure.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ace Sino Group Ltd registered in British Virgin Islands..

The consolidated group accounts can be found at the registered office of the immediate parent company Colmore Investments Ltd at 97 Park Lane, Mayfair, London W1K 7TG.