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REGISTERED NUMBER: 03932228 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

NILVIP HOLDINGS LIMITED

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


NILVIP HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: V N Patel
S V Patel
N N Patel
B B Patel





SECRETARY: N N Patel





REGISTERED OFFICE: 10-12 King Street
Reading
Berkshire
RG1 2HE





REGISTERED NUMBER: 03932228 (England and Wales)

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their strategic report of the company and the group for the year ended 31 July 2023.

REVIEW OF BUSINESS
The group continues to operate hotels in Reading and Berkshire. It also operates restaurants within some of these hotels. On 30 September 2022, the group disposed of one of it 100% owned subsidiaries, Richmond Company 222 Limited, which had the hotel operation in Bath.

The Group's operating profit for the year to 31 July 2023 was £1.5 million compared to an operating profit of £1.0 million in 2022. Net assets at 31 July 2023 were £14.2 million (2022: £13.8 million). Turnover for the year to 31 July 2023 was £3.4 million (2022: £3.3 million). The Directors have been actively managing the business to cut costs and this has contributed to the increase in operating profit by £0.5 million, while turnover increased by £0.1 million.

The long term strategic objectives are to deliver organic growth and improve operating profit.

Key performance indicators
The Group uses turnover and operating profit to review and monitor the performance, the last two years of KPIs are summarised below.


2023 2022

Turnover £3.4m £3.3m

Operating profit £1.5m £1.0m

Net assets £14.2m £13.8m


NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The risks below are deemed to be the major risks for the group.

Economic conditions
The economic downturn affects the sustained level of occupancy rates. The directors take all steps possible to mitigate any downturn in turnover due to the current climate, however, this is mainly out of the control of the group. On the whole, the expenses incurred by the group are fairly static, therefore, the group is affected by short term changes in revenue.

Despite the economic crisis caused by the Covid-19 pandemic, the Directors have taken steps to pivot the businesses sources of income in such a way as to continue generating sustainable levels of income until the economy returns to a more normal level.

Hotel industry risks
The hotel industry is competitive and our hotels are subject to competition from other hotels for guests.
We value our relationships with our customers and attempt to deliver exceptional customer service consistently while ensuring our pricing remains competitive.

Borrowings
The group is exposed to liquidity risk associated with the group's existing bank borrowings and its ability to satisfy debt covenants. Failure to satisfy these under current financing arrangement could give rise to default risk and require the group to refinance its borrowings.

FUTURE DEVELOPMENTS
As seen over the covid-19 pandemic years, successfully operating in the midst of change and uncertainty is a track record of the Management and continues to be one of our greatest strengths. Our strategy of developing alternative revenue streams in the form of food and beverage, and a change in our customer base means we remain resilient through varying economic cycles. Continuing to evolve with changing consumer trends, we will expand further into both new and existing markets. Our hotels are well placed to cater for the returning tourist and corporate markets.

ON BEHALF OF THE BOARD:





N N Patel - Director


20 December 2023

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of operation of hotels in Reading, Berkshire and Bath, Somerset. It also operates restaurants within some of these hotels.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

V N Patel
S V Patel
N N Patel
B B Patel

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2023


AUDITORS
The auditors, Vale & West Accountancy Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N N Patel - Director


20 December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NILVIP HOLDINGS LIMITED

Opinion
We have audited the financial statements of Nilvip Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 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 group's and of the parent company affairs as at 31 July 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
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 group's and the parent 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NILVIP HOLDINGS LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NILVIP HOLDINGS LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the nature of the company's industry and its control environment. We discussed the directors' policies relating to fraud and compliance with laws and regulations, and their assessment of the risk of irregularities, which are considered low due to the financial obligations laying with the parent company.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered had a direct impact on the determination of material amounts and disclosures in the financial statements included the UK Companies Act and tax legislation.

The audit team considered the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We considered the biggest opportunities for fraud lay with management override of controls.

Irregularities that arise from fraud are inherently more difficult to detect than those resulting from error. Given our responsibilities for the engagement, detection of those types of irregularity which give rise to a risk of material misstatement will be those that have a higher likelihood of detection.

In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of fraud through management override. We performed the following procedures:

- testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
- enquiring of the directors concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NILVIP HOLDINGS LIMITED

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 Report of the Auditors.

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 a Report of the Auditors 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.




Lee Gardner FCA (Senior Statutory Auditor)
for and on behalf of Vale & West Accountancy Services Limited
Chartered Accountants
Statutory Auditors
Victoria House
26 Queen Victoria Street
Reading
Berkshire
RG1 1TG

20 December 2023

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023

31.7.23 31.7.23 31.7.23
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3,258,852 117,457 3,376,309
Cost of sales (325,252 ) (3,152 ) (328,404 )
GROSS PROFIT 2,933,600 114,305 3,047,905

Administrative expenses (1,816,469 ) (115,144 ) (1,931,613 )
1,117,131 (839 ) 1,116,292

Other operating income 3 357,456 750 358,206


OPERATING PROFIT/(LOSS) 5 1,474,587 (89 ) 1,474,498

Profit on sale of shares
in subsidiary 6 - 3,221,775 3,221,775
1,474,587 3,221,686 4,696,273

Interest payable and similar expenses 7 (411,580 ) - (411,580 )
PROFIT BEFORE TAXATION 1,063,007 3,221,686 4,284,693
Tax on profit 8 (229,379 ) - (229,379 )
PROFIT FOR THE FINANCIAL YEAR 833,628 3,221,686 4,055,314

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,055,314

Profit attributable to:
Owners of the parent 4,055,314

Total comprehensive income attributable to:
Owners of the parent 4,055,314

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023

31.7.22 31.7.22 31.7.22
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3,339,827 - 3,339,827
Cost of sales (322,665 ) - (322,665 )
GROSS PROFIT 3,017,162 - 3,017,162

Administrative expenses (2,350,648 ) - (2,350,648 )
666,514 - 666,514

Other operating income 3 319,128 - 319,128


OPERATING PROFIT 5 985,642 - 985,642

Interest payable and similar expenses 7 (368,268 ) - (368,268 )
PROFIT BEFORE TAXATION 617,374 - 617,374
Tax on profit 8 (139,947 ) - (139,947 )
PROFIT FOR THE FINANCIAL YEAR 477,427 - 477,427

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

477,427

Profit attributable to:
Owners of the parent 477,427

Total comprehensive income attributable to:
Owners of the parent 477,427

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

CONSOLIDATED BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 15,601,319 21,355,499
Investments 12 - -
Investment property 13 5,500,000 5,725,500
21,101,319 27,080,999

CURRENT ASSETS
Stocks 14 4,000 6,000
Debtors 15 123,723 252,950
Cash at bank and in hand 903,978 1,576,014
1,031,701 1,834,964
CREDITORS
Amounts falling due within one year 16 3,662,687 7,394,797
NET CURRENT LIABILITIES (2,630,986 ) (5,559,833 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,470,333

21,521,166

CREDITORS
Amounts falling due after more than one
year

17

(3,348,105

)

(6,133,897

)

PROVISIONS FOR LIABILITIES 20 (950,479 ) (1,628,550 )
NET ASSETS 14,171,749 13,758,719

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

CONSOLIDATED BALANCE SHEET - continued
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 21 2,397,000 2,397,000
Revaluation reserve 22 4,996,202 8,496,981
Fair value reserve 22 1,930,431 2,071,936
Retained earnings 22 4,848,116 792,802
SHAREHOLDERS' FUNDS 14,171,749 13,758,719


The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:





N N Patel - Director


NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

COMPANY BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,795,007 1,795,009
Investment property 13 - -
1,795,007 1,795,009

CURRENT ASSETS
Debtors 15 10,150,583 13,174,472
Cash at bank 270,440 201,578
10,421,023 13,376,050
CREDITORS
Amounts falling due within one year 16 3,016,714 6,792,968
NET CURRENT ASSETS 7,404,309 6,583,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,199,316

8,378,091

CREDITORS
Amounts falling due after more than one
year

17

3,263,105

6,048,897
NET ASSETS 5,936,211 2,329,194

CAPITAL AND RESERVES
Called up share capital 21 2,397,000 2,397,000
Retained earnings 3,539,211 (67,806 )
SHAREHOLDERS' FUNDS 5,936,211 2,329,194

Company's profit for the financial year 3,607,017 211,243

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

COMPANY BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:





N N Patel - Director


NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Called up Fair
share Retained Revaluation value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 August 2021 2,397,000 315,375 8,496,981 2,071,936 13,281,292

Changes in equity
Total comprehensive income - 477,427 - - 477,427
Balance at 31 July 2022 2,397,000 792,802 8,496,981 2,071,936 13,758,719

Changes in equity
Disposal of subsidiary - - (3,500,779 ) (141,505 ) (3,642,284 )
Total comprehensive income - 4,055,314 - - 4,055,314
Balance at 31 July 2023 2,397,000 4,848,116 4,996,202 1,930,431 14,171,749

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 2,397,000 (279,049 ) 2,117,951

Changes in equity
Total comprehensive income - 211,243 211,243
Balance at 31 July 2022 2,397,000 (67,806 ) 2,329,194

Changes in equity
Total comprehensive income - 3,607,017 3,607,017
Balance at 31 July 2023 2,397,000 3,539,211 5,936,211

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

31.7.23 31.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,469,443 1,140,190
Interest paid (411,580 ) (368,268 )
Tax paid (89,076 ) (28,042 )
Net cash from operating activities 968,787 743,880

Cash flows from investing activities
Sale of shares in subsidiary 4,920,562 -
Net cash from investing activities 4,920,562 -

Cash flows from financing activities
Loan repayments in year (8,323,721 ) (756,769 )
Government grants - 90,777
Net cash from financing activities (8,323,721 ) (665,992 )

(Decrease)/increase in cash and cash equivalents (2,434,372 ) 77,888
Cash and cash equivalents at beginning
of year

2

1,576,014

1,498,126

Cash and cash equivalents at end of
year

2

(858,358

)

1,576,014

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.7.23 31.7.22
£    £   
Profit before taxation 4,284,693 617,374
Depreciation charges 69,820 131,560
Profit on sale of shares in subsidiary (3,221,775 ) -
Government grants - (90,777 )
Finance costs 411,580 368,268
1,544,318 1,026,425
Increase in stocks (2,325 ) -
Decrease/(increase) in trade and other debtors 76,343 (1,346 )
(Decrease)/increase in trade and other creditors (148,893 ) 115,111
Cash generated from operations 1,469,443 1,140,190

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 903,978 1,576,014
Bank overdrafts (1,762,336 ) -
(858,358 ) 1,576,014
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 1,576,014 1,498,126


NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 1,576,014 (672,036 ) 903,978
Bank overdrafts - (1,762,336 ) (1,762,336 )
1,576,014 (2,434,372 ) (858,358 )
Debt
Debts falling due within 1 year (6,508,721 ) 5,537,929 (970,792 )
Debts falling due after 1 year (6,048,897 ) 2,785,792 (3,263,105 )
(12,557,618 ) 8,323,721 (4,233,897 )
Total (10,981,604 ) 5,889,349 (5,092,255 )

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Nilvip Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements of the group and the company have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain fixed assets at fair value, and in accordance with the accounting policies set out below which have been consistently applied to all the years presented.

These financial statements have been prepared in compliance with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland", ("FRS 102"), and the Companies Act 2006.

The company is entitled to take advantage of certain disclosure exemptions available within FRS 102 on the basis that the company is a qualifying entity and equivalent disclosures are included in these group consolidated financial statements of Nilvip Holdings Limited.

The company has taken advantage of the following disclosure exemptions as permitted by FRS 102:

a) Section 4 'Statement of Financial Position' - Reconciliation of opening and closing number of shares;
b) Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;
c) Section 11 'Financial Instruments' paragraphs 11.39 to 11.48A; and
d) Section 33 'Related Party Disclosures' paragraph 33.7, compensation for key management personnel.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the parent company and its wholly owned subsidiaries.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet dale and the amounts reported for revenues and expenses during the period.

However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for hotel accommodation and other related services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is recognised at the time of hotel stay and restaurant visit by guests.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and Buildings - Nil
Plant and machinery - Straight line over 20 years and Straight line over 4 years

Tangible fixed assets are initially measured at deemed cost at 1 August 2014, and subsequently at deemed cost, net of depreciation and any impairment losses. No depreciation is provide on freehold land. Freehold buildings are not depreciated as in the opinion of the directors such depreciation is not material.

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are initially recognised at cost and subsequently remeasured to fair value at each balance sheet date. Fair value is based on the selling price of similar properties in the same condition and age as the property being valued. The aggregate surplus or deficit arising from any changes in fair value is charged or credited to profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Government grants
Government grants are recognised in the income and expenditure account so as to match them with expenditure they are intended to contribute. To the extent that a grant is made as a contribution towards expenditure on a fixed asset, the grant is deferred and written off to match the amortisation charge of the fixed asset.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. OTHER OPERATING INCOME
31.7.23 31.7.22
£    £   
Rents received 319,708 228,351
Insurance proceeds 28,498 -
Other income 10,000 -
Government grants - 90,777
358,206 319,128

4. EMPLOYEES AND DIRECTORS
31.7.23 31.7.22
£    £   
Wages and salaries 851,118 958,619
Social security costs 61,168 67,240
Other pension costs 4,866 6,676
917,152 1,032,535

The average number of employees during the year was as follows:
31.7.23 31.7.22

Hotel, restaurant and office staff 39 61

31.7.23 31.7.22
£    £   
Directors' remuneration 120,000 117,967

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. OPERATING PROFIT

The operating profit is stated after charging:

31.7.23 31.7.22
£    £   
Other operating leases 11,500 11,500
Depreciation - owned assets 69,820 131,560
Auditors' remuneration 18,150 27,275
Auditors' remuneration for non audit work 2,895 7,870

6. DISCONTINUED OPERATIONS

In September 2022, the group disposed of its interest in a subsidiary company, Richmond Company 222 Limited, after which point control passed directly to the acquirer.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.23 31.7.22
£    £   
Bank interest 411,580 368,268

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.23 31.7.22
£    £   
Current tax:
UK corporation tax 229,379 139,947
Tax on profit 229,379 139,947

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.7.23 31.7.22
£    £   
Profit before tax 4,284,693 617,374
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

1,071,173

117,301

Effects of:
Income not taxable for tax purposes (805,421 ) -
Depreciation in excess of capital allowances 8,679 14,970
Utilisation of tax losses (1,182 ) -
Losses carried forward - 7,676

Effect due to change in tax rate (43,870 ) -
Total tax charge 229,379 139,947

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2022 4,143,289
Disposals (2,254,336 )
At 31 July 2023 1,888,953
AMORTISATION
At 1 August 2022 4,143,289
Eliminated on disposal (2,254,336 )
At 31 July 2023 1,888,953
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

11. TANGIBLE FIXED ASSETS

Group
Land and Plant and
Buildings machinery Totals
£    £    £   
COST
At 1 August 2022 21,087,251 1,438,058 22,525,309
Disposals (5,574,500 ) (209,192 ) (5,783,692 )
At 31 July 2023 15,512,751 1,228,866 16,741,617
DEPRECIATION
At 1 August 2022 240,000 929,810 1,169,810
Charge for year 30,000 39,820 69,820
Eliminated on disposal - (99,332 ) (99,332 )
At 31 July 2023 270,000 870,298 1,140,298
NET BOOK VALUE
At 31 July 2023 15,242,751 358,568 15,601,319
At 31 July 2022 20,847,251 508,248 21,355,499

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakin
£   
COST
At 1 August 2022 1,795,009
Disposals (2 )
At 31 July 2023 1,795,007
NET BOOK VALUE
At 31 July 2023 1,795,007
At 31 July 2022 1,795,009

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

The George Hotel (Reading) Ltd
Registered office: 10-12 King Street, Reading, Berkshire, RG1 2HE
Nature of business: Hotel Services
%
Class of shares: holding
Ordinary 100.00

Richmond Company 207 Limited
Registered office: 10-12 King Street, Reading, Berkshire, RG1 2HE
Nature of business: Hotel services
%
Class of shares: holding
Ordinary 100.00

The George Hospitality Company Ltd
Registered office: 10-12 King Street, Reading, Berkshire, RG1 2HE
Nature of business: Hotel Services
%
Class of shares: holding
Ordinary 100.00

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

12. FIXED ASSET INVESTMENTS - continued

Richmond 207 Hospitality Company Limited
Registered office: 10-12 King Street, Reading, Berkshire, RG1 2HE
Nature of business: Hotel Services
%
Class of shares: holding
Ordinary 100.00


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 August 2022 5,725,500
Disposals (225,500 )
At 31 July 2023 5,500,000
NET BOOK VALUE
At 31 July 2023 5,500,000
At 31 July 2022 5,725,500

Investment properties were subject to valuation by the directors who have experience in the location and class of investment properties valued.

If investment properties had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,362,045 2,420,559


14. STOCKS

Group
31.7.23 31.7.22
£    £   
Stocks 4,000 6,000

Finished goods and goods for resale.

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

15. DEBTORS

Group Company
31.7.23 31.7.22 31.7.23 31.7.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 40,865 75,667 - -
Other debtors 53,962 88,387 - 27,075
Prepayments and accrued income 28,896 88,896 - -
123,723 252,950 - 27,075

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 10,150,583 13,147,397

Aggregate amounts 123,723 252,950 10,150,583 13,174,472

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.23 31.7.22 31.7.23 31.7.22
£    £    £    £   
Bank loans and overdrafts (see note 18) 2,733,128 6,508,721 2,733,128 6,508,721
Trade creditors 105,724 206,843 - -
Social security and other taxes 431,266 347,043 114,840 141,727
Other creditors 318,978 267,564 140,958 142,520
Accruals and deferred income 73,591 64,626 27,788 -
3,662,687 7,394,797 3,016,714 6,792,968

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
31.7.23 31.7.22 31.7.23 31.7.22
£    £    £    £   
Bank loans (see note 18) 3,263,105 6,048,897 3,263,105 6,048,897
Other creditors 85,000 85,000 - -
3,348,105 6,133,897 3,263,105 6,048,897

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.7.23 31.7.22 31.7.23 31.7.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,762,336 - 1,762,336 -
Bank loans 970,792 6,508,721 970,792 6,508,721
2,733,128 6,508,721 2,733,128 6,508,721
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 3,263,105 6,048,897 3,263,105 6,048,897

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.7.23 31.7.22
£    £   
Bank overdraft 1,762,336 -
Bank loans 4,233,897 12,557,618
5,996,233 12,557,618

The bank loans are secured by fixed charges over the land and buildings.

The bank loans are repayable by installments with final repayment in 2028. Interest is charged at variable rates above base rate.

20. PROVISIONS FOR LIABILITIES

Group
31.7.23 31.7.22
£    £   
Deferred tax 950,479 1,628,550

NILVIP HOLDINGS LIMITED (REGISTERED NUMBER: 03932228)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 August 2022 1,628,550
Unwinding of deferred tax (678,071 )
Balance at 31 July 2023 950,479

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
1,000 Ordinary Shares £1 1,000 1,000
23,960 Redeemable Preference Shares £100 2,396,000 2,396,000
2,397,000 2,397,000

22. RESERVES

Group
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 August 2022 792,802 8,496,981 2,071,936 11,361,719
Profit for the year 4,055,314 4,055,314
Disposal of subsidiary - (3,500,779 ) (141,505 ) (3,642,284 )
At 31 July 2023 4,848,116 4,996,202 1,930,431 11,774,749


23. RELATED PARTY DISCLOSURES

At the year end, entities with control, joint control or significant influence over the group were due £nil.

The company's liabilities to its bankers have been guaranteed by its subsidiary undertakings.

24. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.