Seacare Inverness Limited Company accounts

SEACARE INVERNESS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10045332

Seacare Inverness Limited

Financial Statements

31 March 2022

Seacare Inverness Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Officers and professional advisers	1

Directors' report	2

Independent auditor's report to the members	4

Statement of income and retained earnings	7

Statement of financial position	8

Notes to the financial statements	9

Seacare Inverness Limited

Officers and Professional Advisers

The board of directors	J H Foo
	Y Li
	S L Koh
	C H Neo

Registered office	C/O Edwards Veeder (Uk) Limited
	4 Broadgate
	Broadway Business Park
	Chadderton
	Oldham
	OL9 9XA

Auditor	Edwards Veeder (UK) Limited
	Chartered accountants & statutory auditor
	4 Broadgate
	Broadway Business Park
	Chadderton
	Oldham
	OL9 9XA

Seacare Inverness Limited

Directors' Report

Year ended 31 March 2022

The directors present their report and the financial statements of the company for the year ended 31 March 2022 .

Directors

The directors who served the company during the year were as follows:

J H Foo
Y Li
S L Koh
C H Neo

Going concern

Covid-19 has had a material impact on the business during the current financial year. Financial assistance from the government has reduced the impact of the affect Covid-19 has had on trade and although the future impact remains uncertain, we are optimistic that the company will return to pre-level trade conditions and growth. The parent company will continue to provide all the necessary support required throughout this uncertain period.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 7 July 2022 and signed on behalf of the board by:

J H Foo	Y Li
Director	Director

Registered office:

C/O Edwards Veeder (Uk) Limited

4 Broadgate

Broadway Business Park

Chadderton

Oldham

OL9 9XA

Seacare Inverness Limited

Independent Auditor's Report to the Members of Seacare Inverness Limited

Year ended 31 March 2022

Opinion

We have audited the financial statements of Seacare Inverness Limited (the 'company') for the year ended 31 March 2022 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 2022 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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

We draw attention to the note to the financial statements, which discusses the Directors assessment of the impact of COVID-19 pandemic on the Company. Given the uncertainty surrounding the COVID-19 pandemic, a material uncertainty does exist, however, with the measures in place as mentioned in the accounting policy note, the company ought to be able to continue as a going concern for the foreseeable future. Our opinion is not modified in respect of this matter.

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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: - Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud. - Auditing the risk of management of override controls, including through testing journal entries and other adjustments for appropriateness. - Challenging assumptions and judgments made by management in their significant accounting estimates, in particular in relation to provisions and future performance in light of the impact of COVID-19. Because of the field in which the client operates, we identified that employment law, health and safety legislation and compliance with the UK Companies Act are most likely to have a material impact on the financial statements. Owing to the inherent limitations of an audit, there's an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). For instance, the further removed non-compliances from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. 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 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 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 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.

Andrew Wadsworth FCCA

(Senior Statutory Auditor)

For and on behalf of

Edwards Veeder (UK) Limited

Chartered accountants & statutory auditor

4 Broadgate

Broadway Business Park

Chadderton

Oldham

OL9 9XA

7 July 2022

Seacare Inverness Limited

Statement of Income and Retained Earnings

Year ended 31 March 2022

		2022	2021
Note		£	£
Turnover	4	1,289,980	581,365

Cost of sales	( 743,205)	( 613,347)
	------------	---------
Gross profit/(loss)	546,775	( 31,982)

Administrative expenses		( 511,248)	( 396,594)
Other operating income	5	60,825	345,623
		---------	---------
Operating profit/(loss)	6	96,352	( 82,953)

Interest payable and similar expenses	8	( 167,469)	( 161,992)
		---------	---------
Loss before taxation		( 71,117)	( 244,945)

Tax on loss	( 1,496)	31,970
	--------	---------
Loss for the financial year and total comprehensive income	( 72,613)	( 212,975)
	--------	---------

Retained earnings at the start of the year	179,350	392,325
	---------	---------
Retained earnings at the end of the year	106,737	179,350
	---------	---------

All the activities of the company are from continuing operations.

Seacare Inverness Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	9	7,091,628	7,237,207

Current assets

Stocks		5,624	5,637
Debtors	10	73,512	58,841
Cash at bank and in hand		97,977	181,190
		---------	---------
		177,113	245,668

Creditors: amounts falling due within one year	11	315,815	399,021
		---------	---------
Net current liabilities		138,702	153,353
		------------	------------
Total assets less current liabilities		6,952,926	7,083,854

Creditors: amounts falling due after more than one year	12	6,749,018	6,806,470

Provisions	96,171	97,034
	------------	------------
Net assets	107,737	180,350
	------------	------------

Capital and reserves

Called up share capital	13	1,000	1,000
Profit and loss account		106,737	179,350
		---------	---------
Shareholders funds		107,737	180,350
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 7 July 2022 , and are signed on behalf of the board by:

J H Foo	Y Li
Director	Director

Company registration number: 10045332

Seacare Inverness Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Edwards Veeder (Uk) Limited, 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Directors have considered the impact of Covid-19 on the Company's trade, workforce and supply chain, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Directors are confident that they have in place plans to deal with any financial losses that may arise. Such plans include, but are not limited to fully utilising the support that has been made available by the government in relation to staff cost, payment deferral of taxes and loan funding. The Directors do however recognise that significant uncertainty exists surrounding the duration and impact of Covid-19 and believe that plans in place enable them to continue as a going concern for the foreseeable future. The parent company has indicated it will continue to support the company's future needs and therefore continue to adopt the going concern basis of preparation for these financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Seacare Hospitality (UK) Limited which can be obtained from 4 Broadgate, Broadway Business Park, Oldham OL9 9XA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Sales are recognised by reference to the occupancy date of the rooms let and all deposits received in advance are treated as deposits held on behalf of customers. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	50 years
Fixtures and fittings	-	3 - 15 years

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2022	2021
	£	£
Food & liquor sales	287,496	166,604
Room sales	1,001,889	414,670
Other income	595	91
	------------	---------
	1,289,980	581,365
	------------	---------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2022	2021
	£	£
Government grant income	30,850	320,623
Other operating income	29,975	25,000
	--------	---------
	60,825	345,623
	--------	---------

6. Operating profit

Operating profit or loss is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	167,290	201,757
Fees payable for the audit of the financial statements	4,740	4,000
	---------	---------

7. Employee numbers

The average number of persons employed by the company during the year amounted to 32 (2021: 49 ).

8. Interest payable and similar expenses

	2022	2021
	£	£
Interest on banks loans and overdrafts	88,185	82,708
Other interest payable and similar charges	79,284	79,284
	---------	---------
	167,469	161,992
	---------	---------

9. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2021	7,423,156	607,084	8,030,240
Additions	–	21,711	21,711
	------------	---------	------------
At 31 March 2022	7,423,156	628,795	8,051,951
	------------	---------	------------
Depreciation
At 1 April 2021	467,964	325,069	793,033
Charge for the year	96,501	70,789	167,290
	------------	---------	------------
At 31 March 2022	564,465	395,858	960,323
	------------	---------	------------
Carrying amount
At 31 March 2022	6,858,691	232,937	7,091,628
	------------	---------	------------
At 31 March 2021	6,955,192	282,015	7,237,207
	------------	---------	------------

10. Debtors

	2022	2021
	£	£
Trade debtors	33,165	( 410)
Prepayments and accrued income	13,738	10,658
Corporation tax repayable	26,609	28,968
Other debtors	–	19,625
	--------	--------
	73,512	58,841
	--------	--------

11. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	166,215	230,422
Trade creditors	20,434	5,702
Amounts owed to group undertakings	20,885	109,497
Accruals	36,426	3,260
Social security and other taxes	18,926	31,355
Other creditors	52,929	18,785
	---------	---------
	315,815	399,021
	---------	---------

The bank loan is repayable by instalments and interest is charged at 2.1%pa over bank base rate. It is secured by way of a charge over the assets of the company and an intercompany guarantee from Seacare Hospitality (UK) Limited, the parent company.

12. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	3,577,676	3,635,128
Amounts owed to group undertakings	3,171,342	3,171,342
	------------	------------
	6,749,018	6,806,470
	------------	------------

13. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

14. Controlling party

The company is a wholly owned subsidiary of Seacare Hospitality (UK) Limited, a company incorporated in England & Wales, whose registered office is 4 Broadgate, Broadway Business Park, Chadderton, Oldham OL9 9XA. Copies of the financial statements are available from 4 Broadgate, Broadway Business Park, Chadderton, Oldham OL9 9XA. Seacare Hospitality Private Limited, a company incorporated in Singapore, was the parent company to 25 March 2019. On that date, Seacare Holdings Private Limited (incorporated in Singapore) acquired 100% of the share capital of Seacare Hospitality (UK) Limited and became the parent company.