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

SEACARE SCARBOROUGH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10802385

Seacare Scarborough Limited

Filleted Financial Statements

31 March 2022

Seacare Scarborough Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Investments	4	15,816,504	15,816,504

Current assets

Debtors	5	26,166	8,119
Cash at bank and in hand		49,464	1,513
		--------	-------
		75,630	9,632

Creditors: amounts falling due within one year	6	902,010	1,055,145
		---------	------------
Net current liabilities		826,380	1,045,513
		-------------	-------------
Total assets less current liabilities		14,990,124	14,770,991

Creditors: amounts falling due after more than one year	7	13,645,731	14,374,364
		-------------	-------------
Net assets		1,344,393	396,627
		-------------	-------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	1,343,393	395,627
	------------	---------
Shareholders funds	1,344,393	396,627
	------------	---------

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 2 December 2022 , and are signed on behalf of the board by:

HP Sim	CT Lim
Director	Director

Company registration number: 10802385

Seacare Scarborough 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 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

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.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021 and 31 March 2022	15,816,504
	-------------
Impairment
At 1 April 2021 and 31 March 2022	–
	-------------

Carrying amount
At 31 March 2022	15,816,504
	-------------
At 31 March 2021	15,816,504
	-------------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Event Assure Limited	Ordinary	100
The Crown Spa Hotel Limited	Ordinary	100
The Crown Spa Limited	Ordinary	100
Chariet Limited	Ordinary	100

Registered address for all subsidiaries: C/O Edwards Veeder (Uk) Limited Ground Floor, 4 Broadgate, Broadway BusinessPark, Chadderton, Oldham UK OL9 9XA

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2022	2021	2022	2021
	£	£	£	£
Subsidiary undertakings
Event Assure Limited	1	1	–	–
The Crown Spa Hotel Limited	1	1	–	–
The Crown Spa Limited	1	1	–	–
Chariet Limited	13,111,664	13,786,756	1,086,537	203,062
	-------------	-------------	------------	---------

5. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7,874	7,874
Other debtors	18,292	245
	--------	-------
	26,166	8,119
	--------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	737,000	368,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest	148,465	674,141
Other creditors	16,545	12,504
	---------	------------
	902,010	1,055,145
	---------	------------

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

	2022	2021
	£	£
Bank loans and overdrafts	8,988,753	9,867,386
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,656,978	4,506,978
	-------------	-------------
	13,645,731	14,374,364
	-------------	-------------

The bank loan is secured by way of a charge over the assets of the company and an intercompany guarantee from the subsidiary company.

8. Summary audit opinion

The auditor's report for the year dated 2 December 2022 was unqualified .

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

9. 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. 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.