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REGISTERED NUMBER: 07554057 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

VIVEK HOUSE INVESTMENTS LIMITED

VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


VIVEK HOUSE INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: J K Chadha
G S Chadha





REGISTERED OFFICE: Vivek House
65-67 Clarendon Road
Watford
WD17 1DS





REGISTERED NUMBER: 07554057 (England and Wales)





AUDITORS: Macalvins Limited
Chartered Accountants
and Statutory Auditors
7 St John's Road
Harrow
Middlesex
HA1 2EY

VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,212,005 25,906,443

CURRENT ASSETS
Stocks 18,371 18,371
Debtors 5 11,155,068 10,913,467
Cash at bank and in hand 762,416 1,013,742
11,935,855 11,945,580
CREDITORS
Amounts falling due within one year 6 3,028,157 3,051,243
NET CURRENT ASSETS 8,907,698 8,894,337
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,119,703

34,800,780

CREDITORS
Amounts falling due after more than one year 7 (12,343,000 ) (12,951,907 )

PROVISIONS FOR LIABILITIES 8 (6,303,001 ) (6,235,341 )
NET ASSETS 15,473,702 15,613,532

CAPITAL AND RESERVES
Called up share capital 9 9,000 9,000
Revaluation reserve 10 14,192,126 14,192,126
Retained earnings 1,272,576 1,412,406
SHAREHOLDERS' FUNDS 15,473,702 15,613,532

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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





G S Chadha - Director


VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Vivek House Investments 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Under FRS 102, the turnover represents the total revenue generated by the hotel from its operating activities. This includes, but is not limited to, room sales, food and beverage services provided to guests. The recognition of turnover under FRS 102 is subject to the following criteria:

1. Revenue Recognition: Revenue is recognized to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. This is in line with Section 23 of FRS 102.

2. Measurement of Revenue: Revenue is measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel.

3. Room Sales: Revenue from room sales is recognized on a daily basis when the rooms are occupied and the service is provided.

4. Food and Beverage Services: Revenue from food and beverage services is recognized at the point of sale when the service is rendered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 50 years straight line
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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

VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Going concern
The company recorded a profit before tax of £44,265 (2022: £482,961) for the year ended 30 June 2023 and at that date had net current assets of £8,907,698 (2022: £8,894,337).

The director have reviewed forecasts and budgets and expect the company to increase its profitability and are confident of the company's ability to continue trading as a going concern for the foreseeable future.

Interest
Interest income is recognised in profit or loss using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 53 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
Cost or valuation
At 1 July 2022 28,994,451 258,884 53,583 29,306,918
Additions - 24,598 - 24,598
At 30 June 2023 28,994,451 283,482 53,583 29,331,516
Depreciation
At 1 July 2022 3,157,256 228,555 14,664 3,400,475
Charge for year 687,757 18,308 12,971 719,036
At 30 June 2023 3,845,013 246,863 27,635 4,119,511
Net book value
At 30 June 2023 25,149,438 36,619 25,948 25,212,005
At 30 June 2022 25,837,195 30,329 38,919 25,906,443

Cost or valuation at 30 June 2023 is represented by:

Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
Valuation in 2021 20,000,000 - - 20,000,000
Valuation in 2022 6,100,000 - - 6,100,000
Cost 2,894,451 283,482 53,583 3,231,516
28,994,451 283,482 53,583 29,331,516

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 28,791 148,139
Other debtors 9,932,497 8,439,580
Amounts owed by directors 855,149 1,973,795
Corporation tax 294,242 294,242
Prepayments 44,389 57,711
11,155,068 10,913,467

VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 560,500 560,500
Trade creditors 747,209 687,970
Corporation Tax payable 458,204 441,769
Social security and other taxes 18,151 22,368
VAT 128,444 155,476
Other creditors 891,949 951,304
Accrued expenses 223,700 231,856
3,028,157 3,051,243

Bank loans totalling £560,500 are secured against the freehold property and other assets of the Company.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 12,343,000 12,951,907

Bank loans totalling £11,875,000 are secured against the freehold property and other assets of the Company.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 6,303,001 6,235,341

Deferred
tax
£   
Balance at 1 July 2022 6,235,341
Provided during year 67,660
Balance at 30 June 2023 6,303,001

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,000 Ordinary shares 1 9,000 9,000

10. RESERVES
Revaluation
reserve
£   
At 1 July 2022
and 30 June 2023 14,192,126

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Shailesh Patel (Senior Statutory Auditor)
for and on behalf of Macalvins Limited

VIVEK HOUSE INVESTMENTS LIMITED (REGISTERED NUMBER: 07554057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


12. PENSIONS COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Unpaid contributions included in other creditors due to the pension fund is of £94 (2022: £3,784).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a balance of £985,149 (2022: £1,973,795) owed by the director of the Company. The loan is unsecured and interest is charged during the period of £49,959 (2022: £35,037) with no fixed repayment terms.

14. RELATED PARTY DISCLOSURES

Included within other debtors is £9,751,260 (2022: £8,127,682) owed by companies in which the directors have an interest as either directors or participators. The balances are unsecured and interest free with no fixed repayment terms.

Included within other creditors is £856,685 (2022: £882,263) owed to companies in which the directors have an interest as either directors or participators. The balances are unsecured and interest free with no fixed repayment terms.

In addition, a management fee of £62,500 (2022: £12,500) was charged to the company by a company in which the directors have an interest as either directors or participators.