Seacare Inverness Limited Filleted accounts for Companies House (small and micro)

SEACARE INVERNESS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10045332

Seacare Inverness Limited

Filleted Financial Statements

31 March 2023

Seacare Inverness Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	6,978,901	7,091,628

Current assets

Stocks		11,339	5,624
Debtors	6	( 104,138)	73,512
Cash at bank and in hand		447,290	97,977
		---------	---------
		354,491	177,113

Creditors: amounts falling due within one year	7	419,410	315,815
		---------	---------
Net current liabilities		64,919	138,702
		------------	------------
Total assets less current liabilities		6,913,982	6,952,926

Creditors: amounts falling due after more than one year	8	6,595,141	6,749,018

Provisions	100,216	96,171
	------------	------------
Net assets	218,625	107,737
	------------	------------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account		217,625	106,737
		---------	---------
Shareholders funds		218,625	107,737
		---------	---------

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

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

These financial statements were approved by the board of directors and authorised for issue on 1 August 2023 , 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 2023

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.

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:

Freehold 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. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2022: 32 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2022	7,423,156	628,795	8,051,951
Additions	–	48,915	48,915
	------------	---------	------------
At 31 March 2023	7,423,156	677,710	8,100,866
	------------	---------	------------
Depreciation
At 1 April 2022	564,465	395,858	960,323
Charge for the year	96,501	65,141	161,642
	------------	---------	------------
At 31 March 2023	660,966	460,999	1,121,965
	------------	---------	------------
Carrying amount
At 31 March 2023	6,762,190	216,711	6,978,901
	------------	---------	------------
At 31 March 2022	6,858,691	232,937	7,091,628
	------------	---------	------------

6. Debtors

	2023	2022
	£	£
Trade debtors	86,140	33,165
Prepayments and accrued income	( 219,246)	13,738
Corporation tax repayable	28,968	26,609
	---------	--------
	( 104,138)	73,512
	---------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	158,265	166,215
Trade creditors	99,634	20,434
Amounts owed to group undertakings	1,657	20,885
Accruals	100,115	36,426
Social security and other taxes	28,650	18,926
Other creditors	31,089	52,929
	---------	---------
	419,410	315,815
	---------	---------

The bank loan is repayable by instalments and interest is charged at 2.0% 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.

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

	2023	2022
	£	£
Bank loans and overdrafts	3,423,799	3,577,676
Amounts owed to group undertakings	3,171,342	3,171,342
	------------	------------
	6,595,141	6,749,018
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

10. Summary audit opinion

The auditor's report dated 1 August 2023 was unqualified .

The senior statutory auditor was Andrew Wadsworth FCCA , for and on behalf of Edwards Veeder (UK) Limited .

11. 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.