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Registered number: 10405693









SAVERA LONDON HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAVERA LONDON HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Balkar Singh Johal 
Balraj Singh Johal 
Iqbal Singh Johal 
Jasbir Singh Johal 
Sarnpal Singh Johal 




Registered number
10405693



Registered office
Ramada Ruislip Long Drive
Station Approach

South Ruislip

Middlesex

HA4 0HN




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Cornwall Avenue

London

Finchley

N3 1LF





 
SAVERA LONDON HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13 - 14
Notes to the Financial Statements
15 - 33


 
SAVERA LONDON HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the Group continued to be that of the operation of hotels.

Business review
 
Since the completion of the hotel’s construction, the Group has strived to establish itself within a competitive airport market as shown in the revenue growth over the last 2 years. The Group will continue to grow with long term service agreements with Airlines and industry related partners ensure a regular base revenue that can be built on. 

Principal risks and uncertainties
 
Liquidity risk
The build costs for the Group were largely financed through debt, which with the current interest rates do raise the risk profile. The Group has mitigated this by reducing their bank debt through 2023 with loan to value now below 50%.
Employee turnover
The success of the business is partly dependent on key members of staff and failure to retain key personnel could impact the quality of service. The Group limits this risk by implementing appropriate performance management rewards and incentives, and through offering comprehensive training programmes.
Competition Risk
The hotel’s location and target demographic is always going to be attractive to competition, due to its proximity to London’s largest airport. However, there are large barriers to entry in the cost of land and development which naturally mitigates risk. Long term deals with airlines have also ensured regular occupancy even during lower arrival periods thus mitigating the risk of seasonal variation and allowing the company to offer competitive rates for the remaining vacancies.

Financial key performance indicators
 
The directors are of the opinion that the financial key performance indicators for assessing the Group are rooms yield, average room rates (ARR) and occupancy levels.

Rooms Yield: £68.47 (2022 - £62.30)
ARR: £85.85 (2022 - £84.32)
Occupancy: 80% (2022 - 74%)

Other key performance indicators
 
The directors are of the opinion that other key performance indicators for assessing the company are customer satisfaction levels via online reviews.


This report was approved by the board and signed on its behalf.



Jasbir Singh Johal
Director

Date: 2 October 2024

Page 1

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £207,779 (2022 - profit £1,600,306).

Directors

The directors who served during the year were:

Balkar Singh Johal 
Balraj Singh Johal 
Iqbal Singh Johal 
Jasbir Singh Johal 
Sarnpal Singh Johal 

Future developments

The Directors are not aware, at the date of this report, of any likely major changes in the Group's future activities. 

Page 2

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Jasbir Singh Johal
Director

Date: 2 October 2024

Page 3

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA LONDON HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Savera London Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 4

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA LONDON HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 5

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA LONDON HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is 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.


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 an Auditors' Report 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 Group financial statements.


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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries             and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any    instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.

Page 6

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAVERA LONDON HOLDINGS LIMITED (CONTINUED)



Other matters 
 

The comparative figures included within these financial statements are unaudited. Sufficient appropriate audit evidence that the opening balances do not contain mistatement that materially affect the current period's financial statements has been obtained.


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 2006Our 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 an Auditors' Report 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.





Engin Zekia Bsc FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants
Statutory Auditor
  
Cornwall Avenue
London
Finchley
N3 1LF

2 October 2024
Page 7

 
SAVERA LONDON HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,671,770
7,659,688

Cost of sales
  
(4,823,461)
(3,804,681)

Gross profit
  
3,848,309
3,855,007

Administrative expenses
  
(1,813,588)
(1,506,966)

Other operating income
 5 
-
6,000

Operating profit
 6 
2,034,721
2,354,041

Interest receivable and similar income
 9 
382
-

Interest payable and similar expenses
 10 
(1,073,906)
(753,735)

Profit before taxation
  
961,197
1,600,306

Tax on profit
  
(1,168,976)
-

(Loss)/profit for the financial year
  
(207,779)
1,600,306

  

Unrealised surplus on revaluation of tangible fixed assets
  
4,675,905
-

Other comprehensive income for the year
  
4,675,905
-

Total comprehensive income for the year
  
4,468,126
1,600,306

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(207,779)
1,600,306

  
(207,779)
1,600,306

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
4,468,126
1,600,306

  
4,468,126
1,600,306

The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
SAVERA LONDON HOLDINGS LIMITED
REGISTERED NUMBER: 10405693

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
33,360,536
28,757,832

  
33,360,536
28,757,832

Current assets
  

Stocks
 14 
42,197
50,314

Debtors: amounts falling due within one year
 15 
3,008,702
3,833,736

Cash at bank and in hand
 16 
614,114
143,425

  
3,665,013
4,027,475

Creditors: amounts falling due within one year
 17 
(18,144,935)
(31,577,173)

Net current liabilities
  
 
 
(14,479,922)
 
 
(27,549,698)

Total assets less current liabilities
  
18,880,614
1,208,134

Creditors: amounts falling due after more than one year
 18 
(12,045,021)
(9,643)

  

Deferred taxation
  
(1,168,976)
-

  
 
 
(1,168,976)
 
 
-

Net assets
  
5,666,617
1,198,491


Capital and reserves
  

Called up share capital 
 23 
20
20

Revaluation reserve
 24 
3,506,929
-

Profit and loss account
 24 
2,159,668
1,198,471

Equity attributable to owners of the parent Company
  
5,666,617
1,198,491


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Jasbir Singh Johal
Director

Date: 2 October 2024

The notes on pages 15 to 33 form part of these financial statements.

Page 9

 
SAVERA LONDON HOLDINGS LIMITED
REGISTERED NUMBER: 10405693

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
15
15

  
15
15

Current assets
  

Debtors: amounts falling due within one year
 15 
355,822
5

Cash at bank and in hand
 16 
1,000
-

  
356,822
5

Creditors: amounts falling due within one year
 17 
(356,817)
-

Net current assets
  
 
 
5
 
 
5

Total assets less current liabilities
  
20
20

  

  

Net assets
  
20
20


Capital and reserves
  

Called up share capital 
 23 
20
20

  
20
20


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Jasbir Singh Johal
Director

Date: 2 October 2024

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
SAVERA LONDON HOLDINGS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
20
-
(401,835)
(401,815)


Comprehensive income for the year

Profit for the year
-
-
1,600,306
1,600,306



At 1 January 2023
20
-
1,198,471
1,198,491


Comprehensive income for the year

Loss for the year
-
-
(207,779)
(207,779)

Surplus on revaluation of freehold property
-
4,675,905
-
4,675,905

Transfer to/from profit and loss account
-
(1,168,976)
1,168,976
-


At 31 December 2023
20
3,506,929
2,159,668
5,666,617


The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
SAVERA LONDON HOLDINGS LIMITED
 

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


Called up share capital
Total equity

£
£


At 1 January 2022
20
20

Profit for the year
-
-



At 1 January 2023
20
20

Profit for the year
-
-


At 31 December 2023
20
20


The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
SAVERA LONDON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
(207,779)
1,600,306

Adjustments for:

Depreciation of tangible assets
276,085
253,376

Profit on disposal of tangible assets
(8,919)
(43,035)

Government grants
-
(6,000)

Interest paid
1,073,906
753,735

Interest received
(382)
-

Taxation charge
1,168,976
-

Decrease/(increase) in stocks
8,117
(37,340)

Decrease in debtors
825,036
373,867

Increase/(decrease) in creditors
3,480,311
(539,185)

Net cash generated from operating activities

6,615,351
2,355,724


Cash flows from investing activities

Purchase of tangible fixed assets
(214,775)
(713,161)

Sale of tangible fixed assets
20,811
114,641

Government grants received
-
6,000

Interest received
382
-

HP interest paid
(591)
(1,010)

Net cash from investing activities

(194,173)
(593,530)
Page 13

 
SAVERA LONDON HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(4,873,286)
(1,185,707)

Repayment of/new finance leases
(3,888)
(3,469)

Interest paid
(1,073,315)
(752,725)

Net cash used in financing activities
(5,950,489)
(1,941,901)

Net increase/(decrease) in cash and cash equivalents
470,689
(179,707)

Cash and cash equivalents at beginning of year
143,425
323,132

Cash and cash equivalents at the end of year
614,114
143,425


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
614,114
143,425

614,114
143,425


The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Savera London Holdings Limited is a private limited company guaranteed by shares. The company is incorporated in England and its registered office is Ramada Ruislip Long Drive, Station Approach, South Ruislip, Middlesex, HA4 OHN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in pounds sterling, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

Having reviewed the company's financial forecasts and expected cash flows, the directors have a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Thus, the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2023.

Page 15

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

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.

Page 17

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
carried at valuation
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
7 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Page 20

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 21

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 22

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, set out in note 2 above, the Directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabiliaties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both curent and future periods.
The key assumptions and other key sources of uncertainty that have a significant effect of the amounts recognised in the financial statements are described below:
Tangible fixed assets
Judgements have been made in relation to the lives of tangible fixed assets, in particular the valuation, the useful economic life and residual value of assets. The Directors are also required to consider the carrying value of assets and whether any impairment is required.
The Directors have concluded that the asset values and residual values are appropriate and are satisfied that assets are fairly stated at the balance sheet date.
Stocks
Key judgements are made by management in estimating the level of provisioning required for slow moving stocks. In arriving at their conclusion, the Directors consider stock ageing and stock turn analysis.
The Directors have concluded that the stock values are fairly stated at the balance sheet date.
Recoverability of debtors
Judgements have been made in relation to the recoverability of debtors. The Directors asses and consider the probability of recovery of debts and, where there is any doubt over the recoverability of debtors, the level of provision required.
The Directors have concluded that the carrying amount of debtors, net of provisions, are appropriate and are satisfied that debtors stated at the balance sheet date are considered recoverable.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Hotel accommodation
8,671,770
7,659,688

8,671,770
7,659,688


All turnover arose within the United Kingdom.

Page 23

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
6,000

-
6,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Auditors remuneration
35,000
25,000

Exchange differences
8,447
47,111

Government grants
-
(6,000)

Depreciation
276,085
253,376


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
35,000
25,000

Page 24

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,600,675
2,030,669
-
-

Social security costs
237,549
182,467
-
-

Cost of defined contribution scheme
34,341
24,885
-
-

2,872,565
2,238,021
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
100
106

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

9.


Interest receivable

2023
2022
£
£


Other interest receivable
382
-

382
-


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,070,924
752,725

Finance leases and hire purchase contracts
591
1,010

Other interest payable
2,391
-

1,073,906
753,735

Page 25

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Deferred tax


Revaluation
1,168,976
-

Total deferred tax
1,168,976
-


Tax on profit
1,168,976
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
961,197
1,600,306


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
240,299
304,058

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,340
(7,746)

Capital allowances for year in excess of depreciation
(239,472)
(328,858)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
560
256

Unrelieved tax losses carried forward
(6,727)
32,290

Deferred tax
1,168,976
-

Total tax charge for the year
1,168,976
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
27,613,945
338,817
1,333,926
29,286,688


Additions
10,150
63,255
141,370
214,775


Disposals
-
-
(20,811)
(20,811)


Revaluations
4,675,905
-
-
4,675,905



At 31 December 2023

32,300,000
402,072
1,454,485
34,156,557



Depreciation


At 1 January 2023
-
96,435
432,421
528,856


Charge for the year on owned assets
-
70,315
199,675
269,990


Charge for the year on financed assets
-
6,094
-
6,094


Disposals
-
-
(8,919)
(8,919)



At 31 December 2023

-
172,844
623,177
796,021



Net book value



At 31 December 2023
32,300,000
229,228
831,308
33,360,536



At 31 December 2022
27,613,945
242,382
901,505
28,757,832

Page 27

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cost or valuation at 31 December 2023 is as follows:


Land and Buildings
£



At cost
14,165,941

At valuation
18,133,339

32,299,280

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
14,165,941
27,613,945

Net book value
14,165,941
27,613,945

Valuations are based on a continuing use basis and have been provided for by the directors.


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
15



At 31 December 2023
15




Page 28

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Heathrow Top Limited
Long Drive, Station Approach, South Ruislip, Middlesex, HA4 0HN
100%
Savera Heathrow Hotel Limited
As above
100%


14.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
42,197
50,314

42,197
50,314


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
19,600
12,952
-
-

Amounts owed by group undertakings
-
-
355,817
-

Other debtors
2,902,568
3,572,724
5
5

Prepayments and accrued income
86,534
248,060
-
-

3,008,702
3,833,736
355,822
5



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
614,114
143,425
1,000
-

614,114
143,425
1,000
-


Page 29

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
642,478
17,555,231
-
-

Trade creditors
525,292
627,735
-
-

Amounts owed to group undertakings
-
-
356,817
-

Other taxation and social security
421,136
391,911
-
-

Obligations under finance lease and hire purchase contracts
4,087
3,888
-
-

Other creditors
16,166,695
12,727,988
-
-

Accruals and deferred income
385,247
270,420
-
-

18,144,935
31,577,173
356,817
-



18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
12,039,465
-

Net obligations under finance leases and hire purchase contracts
5,556
9,643

12,045,021
9,643




Page 30

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
642,478
17,555,231


642,478
17,555,231


Amounts falling due 2-5 years

Bank loans
2,569,911
-

Amounts falling due after more than 5 years

Bank loans
9,469,554
-

12,681,943
17,555,231


Bank loans are secured by way of fixed and floating charge over the assets of the Group. 
The bank loan included above is repayable in February 2048. 


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
4,087
3,888

Between 1-5 years
5,556
9,643

9,643
13,531

Page 31

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
614,114
614,114
1,000
-




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents. 


22.


Deferred taxation


Group



2023


£






Charged to profit or loss
(1,168,976)



At end of year
(1,168,976)

Company


2023






At end of year
-
Group
2023
£

Revaluation
(1,168,976)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20 (2022 - 20) Ordinary shares of £1.00 each
20
20


Page 32

 
SAVERA LONDON HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Reserves

Revaluation reserve

The revaluation reserve relates to amounts arising on the revaluation of freehold property, net of deferred tax. The reserve is not distributable.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £34,341 (2022 - £24,885). Contributions totalling £14,316 (2022 - £8,290) were payable to the fund at the balance sheet date and are included in creditors.


26.


Related party transactions

The Company has taken advantage of exemptions available from disclosing transactions with wholly owned members of the Group.
Related parties include entities under the common control of the directors. At the balance sheet date, the total amount due from connected entities was £2,734,971 (2022 - £3,438,329) and the total amount due to connected entities was £15,916,992 (2022 - £12,382,585). These amounts are interest free and repayble on demand.


27.


Controlling party

The Group and Company are controlled by the directors by virtue of their shareholdings in Savera London Holdings Limited.

Page 33