Registration number:
Southern Hospitality UK Limited
for the Period from 1 July 2021 to 30 September 2022
Southern Hospitality UK Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Southern Hospitality UK Limited
Company Information
Director |
Mr J Gilchrist |
Company secretary |
Mr J Gilchrist |
Registered office |
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Accountants |
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Southern Hospitality UK Limited
(Registration number: 05277425)
Balance Sheet as at 30 September 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
945 |
945 |
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Share premium reserve |
11,176 |
11,176 |
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Retained earnings |
548,382 |
244,632 |
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Shareholders' funds |
560,503 |
256,753 |
Southern Hospitality UK Limited
(Registration number: 05277425)
Balance Sheet as at 30 September 2022
For the financial period ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
6.67% straight line |
Freehold Property |
2% straight line |
Fixtures and fittings |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website costs |
33% straight line |
Goodwill |
10% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Intangible assets |
Goodwill |
Website Costs |
Total |
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Cost or valuation |
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At 1 July 2021 |
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Additions acquired separately |
- |
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At 30 September 2022 |
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Amortisation |
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At 1 July 2021 |
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Amortisation charge |
- |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
- |
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Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and Machinery |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
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- |
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Disposals |
- |
( |
( |
( |
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At 30 September 2022 |
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- |
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Depreciation |
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At 1 July 2021 |
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Charge for the period |
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- |
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Eliminated on disposal |
- |
( |
( |
( |
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At 30 September 2022 |
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- |
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Carrying amount |
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At 30 September 2022 |
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- |
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At 30 June 2021 |
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Total |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
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Disposals |
( |
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At 30 September 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the period |
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Eliminated on disposal |
( |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 June 2021 |
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Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
Stocks |
2022 |
2021 |
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Finished goods and goods for resale |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The bank loan is secured and HP liabilities are secured against the assets they financed
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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The bank loan is secured and HP liabilities are secured against the assets they financed
Southern Hospitality UK Limited
Notes to the Unaudited Financial Statements for the Period from 1 July 2021 to 30 September 2022
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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Related party transactions |
Included within other debtors at the year end is an amount of £15,000 (2021: £15,000) owed to the company by Rebirth Capital.
Transactions with the director |
Director's remuneration
The director's remuneration for the period was as follows:
2022 |
2021 |
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Remuneration |
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Contributions paid to money purchase schemes |
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49,282 |
87,956 |