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Registered number: 01750500









SAMATT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SAMATT LIMITED
 
 
COMPANY INFORMATION


Directors
G A Brown 
S J Wilson (appointed 24 January 2024)
J R Wilson (deceased 9 December 2023)




Company secretary
G Moss



Registered number
01750500



Registered office
c/o The Devonshire Hotel
Park Hill Road

Torquay

Devon

TQ1 2DY




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

45 Pall Mall

St James's

London

SW1Y 5JG





 
SAMATT LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditor's Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Balance Sheet
 
 
10 - 11
Statement of Changes in Equity
 
 
12 - 13
Notes to the Financial Statements
 
 
14 - 26


 
SAMATT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The principal activity of the Group is that of coaching holidays. The company is the parent company of the Group, and hold the whole of the share capital of subsidiaries operating its twelve hotels and others providing coach hire, central bookings and management and finance services to all Group companies.

Business review
 
The financial year 2023/24 saw better profits than prior year as the Directors continue to strategically reassess Group operating protocols, but the continuing challenges of inflation, staffing shortages and higher interest rates continue to hamper a return to the profitability levels we saw pre-Covid.
As such the main challenge to the business is to get the Group back to such profitability, which we will continue to do, by implementing our strategic changes over the next few years. 
Since the balance sheet date, the Group acquired a new property in Weston-Super-Mare which will be used to operate a hotel under the Daish’s brand. The Group also completed the sale of Daish's County Hotel. These transactions reflect the Group’s strategic focus on optimising its hotel portfolio by focusing on locations that best reflect the demographic profile of its target market.

Principal risks and uncertainties
 
Aside from the current economic pressures, the main risks and uncertainties for the hotel operations arise from the changing requirements of visitors and the growth of new holiday destinations, particularly overseas. The group addresses these threats through a process of continual improvement of the product it offers, and managing our cost bases as best we can.
In common with most businesses in the UK and worldwide, the Group continues to feel the aftershocks of the Covid pandemic. The impact on the hotel and leisure sector was very severe. Dealing with the challenges of this post Covid operating environment remains our main focus and we have a talented and committed senior leadership team who continue to rise to these challenges. This as well as the director’s prudent approach to cash-flow management means we remain in a good financial position. We were quickly back to the occupancy rates previously enjoyed. This is especially so because we have an extremely loyal clientele.  So, despite the damage caused by the last few years, we have emerged a larger and financially stable Group and look forward to continued strong trading and enhancing profits.
The group is in the fortunate position to be sufficiently strong, in the view of the directors, to manage its way to a successful future.

Financial key performance indicators
 
As a group within the hotel industry, management are keenly interested in occupancy rates, bar and restaurant margins, along with coach capacity and external commissions payable on holidays.  Management monitor these KPI's as well as typical turnover and profitability statistics on a continual basis.
The directors have determined that these KPI’s are not meaningful, and may be misleading in the current environment, having regard to the matters explained above, and in the interest of avoiding misleading information, such data has not been produced for the year under review.

Financial risk management objectives and policies
The company's financing is funded through retained historic profits and by variable rate bank borrowing. Company banking arrangements were renewed in May 2025, which the Directors keep under review.

Page 1

 
SAMATT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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





G A Brown
Director

Date: 12 June 2025

Page 2

 
SAMATT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Results and dividends

The profit for the year, after taxation, amounted to £25,740 (2023 - loss £623).

Dividends of £226,895 (2023 - £517,996) were declared during the year.

Directors

The directors who served during the year were:

G A Brown 
S J Wilson (appointed 24 January 2024)
J R Wilson (deceased 9 December 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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.

Future developments

Future developments are set out in the Strategic Report.

Page 3

 
SAMATT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, Hillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





G A Brown
Director

Date: 12 June 2025

Page 4

 
SAMATT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAMATT LIMITED
 

Opinion


We have audited the financial statements of Samatt Limited (the 'Company') for the year ended 30 September 2024, 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 30 September 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 Auditor's 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

 
SAMATT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAMATT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 6

 
SAMATT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAMATT LIMITED (CONTINUED)


Auditor's 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 Auditor's 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:

the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; 

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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
Page 7

 
SAMATT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAMATT LIMITED (CONTINUED)


Auditor's Report.


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 Auditor's 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.





Katie Harvard Taylor ACA (Senior Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
45 Pall Mall
St James's
London
SW1Y 5JG

13 June 2025
Page 8

 
SAMATT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,237,778
1,005,355

Gross profit
  
1,237,778
1,005,355

Administrative expenses
  
(408,529)
(362,181)

Fair value movements
  
(26,908)
-

Operating profit
  
802,341
643,174

Income from shares in group undertakings
  
161,895
211,728

Interest receivable and similar income
 7 
116,906
84,460

Interest payable and similar expenses
 8 
(1,062,129)
(939,985)

Profit/(loss) before tax
  
19,013
(623)

Tax on profit/(loss)
 9 
6,727
-

Profit/(loss) for the year
  
25,740
(623)

Other comprehensive income for the year
  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
 11 
(626,951)
4,019,343

Movement on deferred tax relating to revaluation of tangible fixed assets
 19 
156,738
(1,004,886)

Other comprehensive income for the year
  
(470,213)
3,014,457

Total comprehensive income for the year
  
(444,473)
3,013,834

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
SAMATT LIMITED
REGISTERED NUMBER: 01750500

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 11 
15,889,714
16,516,665

Investments
 12 
1,700
1,600

Investment property
 13 
281,092
308,000

  
16,172,506
16,826,265

Current assets
  

Debtors: amounts falling due within one year
 14 
2,568,665
2,266,308

Cash at bank and in hand
 15 
3,710,839
4,350,176

  
6,279,504
6,616,484

Creditors: amounts falling due within one year
 16 
(15,075,984)
(1,223,116)

Net current (liabilities)/assets
  
 
 
(8,796,480)
 
 
5,393,368

Total assets less current liabilities
  
7,376,026
22,219,633

  

Creditors: amounts falling due after more than one year
 17 
-
(14,008,774)

  
7,376,026
8,210,859

Provisions for liabilities
  

Deferred taxation
 19 
(1,003,023)
(1,166,488)

  
 
 
(1,003,023)
 
 
(1,166,488)

  

Net assets
  
6,373,003
7,044,371


Capital and reserves
  

Called up share capital 
 20 
200
200

Revaluation reserve
 21 
3,067,834
3,538,047

Profit and loss account
 21 
3,304,969
3,506,124

  
6,373,003
7,044,371


Page 10

 
SAMATT LIMITED
REGISTERED NUMBER: 01750500
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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



G A Brown
Director

Date: 12 June 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
SAMATT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
200
3,538,047
3,506,124
7,044,371


Comprehensive income for the year

Profit for the year
-
-
25,740
25,740

Deficit on revaluation of freehold property
-
(626,951)
-
(626,951)

Deferred tax
-
156,738
-
156,738


Other comprehensive income for the year
-
(470,213)
-
(470,213)


Total comprehensive income for the year
-
(470,213)
25,740
(444,473)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(226,895)
(226,895)


Total transactions with owners
-
-
(226,895)
(226,895)


At 30 September 2024
200
3,067,834
3,304,969
6,373,003


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
SAMATT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
200
523,590
4,024,743
4,548,533


Comprehensive income for the year

Loss for the year
-
-
(623)
(623)

Surplus on revaluation of freehold property
-
4,019,343
-
4,019,343

Deferred tax
-
(1,004,886)
-
(1,004,886)


Other comprehensive income for the year
-
3,014,457
-
3,014,457


Total comprehensive income for the year
-
3,014,457
(623)
3,013,834


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(517,996)
(517,996)


Total transactions with owners
-
-
(517,996)
(517,996)


At 30 September 2023
200
3,538,047
3,506,124
7,044,371


The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Samatt Limited is a limited company incorporated in the United Kingdom, registered office The Devonshire Hotel, Park Hill Road, Torquay, Devon, TQ1 2DY.
The principal activity of the company is that of property acquisition, rental and development with the hotel properties it owns and rents to its subsidiaries to operate as hotels.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by the virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Effective from the balance sheet date, the company has chosen to early adopt the amendments to FRS 102 issued in the Periodic Review 2024, which are otherwise effective for accounting periods beginning on or after 1 January 2026. These amendments have been considered in the preparation of these financial statements. In line with the transitional provisions of FRS 102, the company has not restated prior year figures. 

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Daish's Group Limited as at 30 September 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 14

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes the company's ability to continue trading (and thus pay its debts as they fall due) for the foreseeable future. 
Included within net current liabilities is £14m of bank loans due for repayment on 31 May 2025. Since the balance sheet date, the company has successfully refinanced this facility, securing an extension of the repayment term by a further five years. This refinancing provides the company with continued access to necessary funding to enable it to continue trading for the forseeable future. Consequently, the directors are satisfied that the going concern basis is appropriate for the preparation of the financial statements.

 
2.4

Revenue

Turnover comprises revenue recognised by the company in respect of rental income received from group companies during the year, exclusive of Value Added Tax and trade discounts. 
Income from rental property is recognised in the period to which it relates.

 
2.5

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, on a reducing balance or straight line basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15% reducing balance or 15% 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

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

IFreehold and leasehold property is initially measured at cost and subsequently held under the revaluation model. Under this model, the property is carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence, undertaken by professionally qualified valuers or directors.
Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value measured at each reporting date with changes in fair value recognised in the Statement of Comprehensive Income. No depreciation is provided.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 16

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short term creditors are measured at the transaction price.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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

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.


Page 17

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
Depreciation, amortisation and residual values 
The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.
Value of investment property and freehold property
The company carries its investment property and freehold property at fair value with changes in fair value being recognised in the Statement of Comprehensive Income and Statement of Other Comprehensive Income respectively. The fair value has been determined by the directors based on valuations carried out be professional valuers and estimates of future income and market evidence of transaction prices for similar properties. This requires management to make subjective judgments. The Directors have concluded that the valuation of investment property and freehold property as at the balance sheet date is appropriate.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
3,400
2,400


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2

Page 18

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Interest receivable

2024
2023
£
£


Other interest receivable
116,906
84,460

116,906
84,460


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,062,129
939,985

1,062,129
939,985


9.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(6,727)
-

Total deferred tax
(6,727)
-


Tax on profit/(loss)
(6,727)
-
Page 19

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
19,013
(623)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
4,753
(118)

Effects of:


Capital allowances for year in excess of depreciation
(27,569)
-

Other timing differences leading to an increase (decrease) in taxation
(6,727)
-

Dividends from UK companies
(40,474)
-

Unrelieved tax losses carried forward
63,290
-

Other differences leading to an increase (decrease) in the tax charge
-
118

Total tax charge for the year
(6,727)
-


10.


Dividends

2024
2023
£
£


Dividends
226,895
517,996

226,895
517,996

Page 20

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Tangible fixed assets





Freehold property
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 October 2023
16,845,895
2,396
16,848,291


Revaluations
(626,951)
-
(626,951)



At 30 September 2024

16,218,944
2,396
16,221,340



Depreciation


At 1 October 2023
329,230
2,396
331,626



At 30 September 2024

329,230
2,396
331,626



Net book value



At 30 September 2024
15,889,714
-
15,889,714



At 30 September 2023
16,516,665
-
16,516,665


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
1,600


Additions
100



At 30 September 2024
1,700




Page 21

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

The Devonshire Hotel Limited
Ordinary
100%
Bournemouth Sands Hotel Limited
Ordinary
100%
Barrowfield Hotel Limited
Ordinary
100%
Daish's Hotel Limited
Ordinary
100%
Claremont Hotel Eastbourne Limited
Ordinary
100%
Daish's Regent Hotel Limited
Ordinary
100%
Daish's Somerset Hotel Limited
Ordinary
100%
Daish's Russell Hotel imited
Ordinary
100%
Daish's Blackpool Hotel Ltd
Ordinary
100%
Daish's County Hotel Limited
Ordinary
100%
Daish's Holidays Limited
Ordinary
100%
Daish's Coaches Limited
Ordinary
100%
Samatt (Group Services) Limited
Ordinary
100%
Bredon Court Hotel Limited
Ordinary
100%
Daish's Esplanade Hotel Limited
Ordinary
100%
Samatt Holdings Limited
Ordinary
100%
Daish's Sandringham Limited
Ordinary
100%
Daish's Imperial Limited *
Ordinary
100%
Daish's Abbey Lawn Ltd *
Ordinary
100%
Daish's Robinson Limited *
Ordinary
100%

* Indirect subsidiary

Page 22

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
308,000


Deficit on revaluation
(26,908)



At 30 September 2024
281,092

The 2024 valuations were made by the directors, on an open market value for existing use basis.





14.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,599,853
1,682,325

Other debtors
616,074
245,457

Prepayments and accrued income
352,738
338,526

2,568,665
2,266,308



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,710,839
4,350,176

Less: bank overdrafts
(364,812)
-

3,346,027
4,350,176


Page 23

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
364,812
-

Bank loans
14,007,179
833,717

Trade creditors
574,957
362,941

Other creditors
8,498
800

Accruals and deferred income
120,538
25,658

15,075,984
1,223,116



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
14,008,774

-
14,008,774


The bank loan is part of a group banking facility under which the company has provided a debenture in support of its own borrowings and those of other group companies. At the balance sheet date the total indebtedness of the group secured in favour of its bankers was £9,812,748 (2023: £10,238,930). The company is party to an agreement under which all borrowings under it are secured by a fixed and floating charge over the assets of the company. 


18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
14,007,179
833,717

Amounts falling due 1-2 years

Bank loans
-
14,008,774



14,007,179
14,842,491


Page 24

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Deferred taxation




2024


£






At beginning of year
(1,166,488)


Charged to profit or loss
6,727


Charged to other comprehensive income
156,738



At end of year
(1,003,023)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Capital gains
(1,003,023)
(1,166,488)

(1,003,023)
(1,166,488)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £1.00 each
100
100
100 (2023 - 100) Ordinary shares B shares of £1.00 each
100
100

200

200



21.


Reserves

Revaluation reserve

The revaluation reserve includes all accumulated surpluses on revaluation of freehold property property, net of deferred tax, and is not distributable. 

Profit & loss account

This profit and loss account includes all current and prior period retained profits and losses.

Page 25

 
SAMATT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Related party transactions

At the balance sheet date £280,803 (2023 - £85,928) was due from individuals who have control over the company and £nil was due from (2023 - £136,722) individuals who have significant influence over the company.
Key management personnel remuneration for the year totalled £nil 
(2023 - £nil).
The company has taken advantage of the exemption under FRS 102 from disclosing transactions and balances with other members of the group wholly owned by Daish's Group Limited, on the basis that Daish's Group Limited produces consolidated financial statements for the group as a whole.


23.


Controlling party

The smallest and largest group in which the company’s results are included are the consolidated accounts of the ultimate parent company, Daish's Group Limited. These are available to the public and may be obtained from:
The Devonshire Hotel
Park Hill Road
Torquay
Devon
TQ1 2DY
The ultimate controlling party is G A Brown.

 
Page 26