REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SHIVA HOTELS GROUP LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SHIVA HOTELS GROUP LLP |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Accountants' Report | 3 |
Statement of Comprehensive Income | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
SHIVA HOTELS GROUP LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of provision of management services. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £723,475 (2022 - £1,709,526 loss). |
MEMBERS' INTERESTS |
The LLP is financed through a combination of member's capital and borrowing facilities. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations made £181,721 during the year. |
ON BEHALF OF THE MEMBERS: |
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SHIVA HOTELS GROUP LLP |
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Shiva Hotels Group LLP for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests and the related notes from the LLP's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the members of Shiva Hotels Group LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shiva Hotels Group LLP and state those matters that we have agreed to state to the members of Shiva Hotels Group LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shiva Hotels Group LLP and its members, as a body, for our work or for this report. |
It is your duty to ensure that Shiva Hotels Group LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Shiva Hotels Group LLP. You consider that Shiva Hotels Group LLP is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Shiva Hotels Group LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
31/3/23 | 31/3/22 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(724,619 | ) | (1,847,546 | ) |
Other operating income |
OPERATING LOSS | ( |
) | ( |
) |
Interest receivable and similar income |
(698,460 | ) | (1,670,634 | ) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
BALANCE SHEET |
31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
334,515 |
816,758 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 3,500,000 | 2,000,000 |
Other reserves | ( |
) | ( |
) |
334,515 | 816,758 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 334,515 | 816,758 |
Amounts due from members | 4 | (4,058,687 | ) | (4,907,340 | ) |
(3,724,172 | ) | (4,090,582 | ) |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
BALANCE SHEET - continued |
31 MARCH 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified | Other |
as equity) | reserves | Total |
£ | £ | £ |
Balance at 1 April 2022 | 2,000,000 | (3,165,485 | ) | (1,165,485 | ) |
Loss for the financial year available for discretionary division among members |
- |
(723,475 |
) |
(723,475 |
) |
Members' interests after loss for the year | 2,000,000 | (3,888,960 | ) | (1,888,960 | ) |
Other divisions of loss | - | 723,475 | 723,475 |
Introduced by members | 1,500,000 | - | 1,500,000 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 March 2023 | 3,500,000 | (3,165,485 | ) | 334,515 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | (2,925,096 | ) |
Balance at 1 April 2022 | (2,925,096 | ) | (4,090,581 | ) |
Loss for the financial year available for discretionary division among members |
- |
(723,475 |
) |
Members' interests after loss for the year | (2,925,096 | ) | (4,814,056 | ) |
Other divisions of loss | (723,475 | ) | - |
Introduced by members | - | 1,500,000 |
Drawings on account and distributions of profit | (410,116 | ) | (410,116 | ) |
Amount due to members | - |
Amount due from members | (4,058,687 | ) |
Balance at 31 March 2023 | (4,058,687 | ) | (3,724,172 | ) |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified | Other |
as equity) | reserves | Total |
£ | £ | £ |
Balance at 1 April 2021 | 2,000,000 | (1,183,242 | ) | 816,758 |
Loss for the financial year available for discretionary division among members |
- |
(1,709,526 |
) |
(1,709,526 |
) |
Members' interests after loss for the year | 2,000,000 | (2,892,768 | ) | (892,768 | ) |
Other divisions of loss | - | 1,709,526 | 1,709,526 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 March 2022 | 2,000,000 | (1,183,242 | ) | 816,758 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | - |
Amount due from members | (2,142,320 | ) |
Balance at 1 April 2021 | (2,142,320 | ) | (1,325,562 | ) |
Loss for the financial year available for discretionary division among members |
- |
(1,709,526 |
) |
Members' interests after loss for the year | (2,142,320 | ) | (3,035,088 | ) |
Other divisions of loss | (1,709,526 | ) | - |
Drawings on account and distributions of profit | (1,055,494 | ) | (1,055,494 | ) |
Amount due to members | - |
Amount due from members | (4,907,340 | ) |
Balance at 31 March 2022 | (4,907,340 | ) | (4,090,582 | ) |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Shiva Hotels Group LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Fees receivable |
Fees receivable are management fees for services net of value added taxes. |
Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
Interest receivable and interest payable |
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Government grant |
Grants received by the government in respect of Covid-19 are recognised in the accounting period in which they are received, under accrual method. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Amounts due from members | 4,058,687 | 4,907,340 |
Other debtors |
Prepayment and accrued income |
SHIVA HOTELS GROUP LLP (REGISTERED NUMBER: OC400773) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 108 | 98 |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
The partnership received a Coronavirus Business Interruption Loan (CBILS) of £50,000. |
7. | RELATED PARTY DISCLOSURES |
Included in debtors due within one year are the following amounts due from companies in which the partners have a beneficial interest. |
2023 | 2022 |
£ | £ |
Lincoln Plaza Hotel Co Limited | 941,021 | 274,142 |
Total | 941,021 | 274,142 |
Included in creditors due within one year are the following amounts due to companies in which the partners have a beneficial interest. |
2023 | 2022 |
£ | £ |
Shiva Hotels Ltd | 108 | 98 |
Total | 108 | 98 |
The above amounts due to and from connected companies are unsecured and with no specific terms for repayment and the rate of interest charged is 2.5% per annum. |
Shiva Hotels Group LLP operates from premises which are owned by Devash Property Investment Limited. Shiva Hotels Group LLP is responsible for the payment of rates. |