Shiva Hotels Heathrow Limited 07255115 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is operating of the Hilton Hotel, Terminal Five, Heathrow, London Digita Accounts Production Advanced 6.30.9574.0 true false true 07255115 2023-04-01 2024-03-31 07255115 2024-03-31 07255115 bus:OrdinaryShareClass1 2024-03-31 07255115 core:CurrentFinancialInstruments 2024-03-31 07255115 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07255115 bus:SmallEntities 2023-04-01 2024-03-31 07255115 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07255115 bus:FilletedAccounts 2023-04-01 2024-03-31 07255115 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07255115 bus:RegisteredOffice 2023-04-01 2024-03-31 07255115 bus:Director1 2023-04-01 2024-03-31 07255115 bus:Director2 2023-04-01 2024-03-31 07255115 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07255115 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07255115 bus:Agent1 2023-04-01 2024-03-31 07255115 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07255115 1 2023-04-01 2024-03-31 07255115 countries:UnitedKingdom 2023-04-01 2024-03-31 07255115 2022-04-01 2023-03-31 07255115 2023-03-31 07255115 bus:OrdinaryShareClass1 2023-03-31 07255115 core:CurrentFinancialInstruments 2023-03-31 07255115 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07255115

Shiva Hotels Heathrow Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Shiva Hotels Heathrow Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Shiva Hotels Heathrow Limited

Company Information

Directors

Mr Rishi Ramesh Sachdev

Mr Uday Vyas

Registered office

Regent House, Allum Gate, Theobald Street, Elstree
Borehamwood
Hertfordshire
WD6 4RS

Accountants

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Shiva Hotels Heathrow Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shiva Hotels Heathrow Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company'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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Shiva Hotels Heathrow Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Shiva Hotels Heathrow Limited and state those matters that we have agreed to state to the Board of Directors of Shiva Hotels Heathrow Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shiva Hotels Heathrow Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Shiva Hotels Heathrow Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Shiva Hotels Heathrow Limited. You consider that Shiva Hotels Heathrow Limited 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 accounts of Shiva Hotels Heathrow Limited. 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 accounts.

......................................

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

30 December 2024

 

Shiva Hotels Heathrow Limited

(Registration number: 07255115)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

68,612

74,822

Cash at bank and in hand

 

531

3,111

 

69,143

77,933

Creditors: Amounts falling due within one year

6

(11,624,665)

(11,623,419)

Net liabilities

 

(11,555,522)

(11,545,486)

Capital and reserves

 

Called up share capital

9

50,000

50,000

Retained earnings

(11,605,522)

(11,595,486)

Shareholders' deficit

 

(11,555,522)

(11,545,486)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 December 2024 and signed on its behalf by:
 

.........................................
Mr Rishi Ramesh Sachdev
Director

.........................................
Mr Uday Vyas
Director

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Regent House, Allum Gate, Theobald Street, Elstree
Borehamwood
Hertfordshire
WD6 4RS
England

These financial statements were authorised for issue by the Board on 30 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statement is sterling.

Going concern

The financial statements have been prepared on a going concern basis, which notwithstanding net current liabilities of £11,555,522 (2023: £11,545,486), the Directors believe to be appropriate since the company will rely upon financial support from its parent company for any external creditors.

Taking these circumstances into account, the Directors consider that the Company will be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. However, these matters indicate the existence of a material uncertainty on the Company's ability to continue as a going concern.

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Judgements

The preparation of the financial statements requires the Company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.

Tax

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Asset class

Depreciation method and rate

Furniture, fittings and equipment

Straight Line method 20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Interest Payable

Interest payable is recognised in profit or loss as it accrues, using the effective interest method.

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases


Operating Lease

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Finance Lease

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lability. Contingent rents are charged as expenses in the periods in which they are incurred.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
In accordance with FRS 102, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:

(a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
(b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.

 Recognition and measurement
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.

Interest-bearing borrowings classified as basic financial instruments:

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

 Impairment
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cashflows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 52).

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £Nil (2023 - £26,582).

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

7

5,502

5,485

Other debtors

 

63,110

69,337

   

68,612

74,822

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

645,217

888,631

Amounts due to related parties

7

10,627,998

10,362,652

Taxation and social security

 

227,856

335,280

Accrued expenses

 

20,500

15,000

Other payables

 

103,094

21,856

 

11,624,665

11,623,419

7

Related party transactions

The identity of related parties with which the company has transacted is shown below.

The related parties noted below are all considered to be under the control of the ultimate controlling party.

Loans to related parties

2024
£

2023
 £

Kailash Hotels Heathrow Ltd

168

168

Kailash Hotels Gatwick LP

320

303

Shiva Kingsway Limited

5,014

5,014

5,502

5,485

 

Shiva Hotels Heathrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Loans from related parties

2024
£

2023
 £

Kailash Hotels Heathrow Jersey LP

(2,536,445)

(2,468,620)

Kailas Hotels Holdings Ltd

(8,091,553)

(7,894,032)

(10,627,998)

(10,362,652)

Fund provided or (repaid/advanced)

2024
£

2023
 £

Kailash Hotels Heathrow Jersey LP

67,825

57,865

Rising Star LLP Ltd

-

(22,969,620)

Kailas Hotels Holdings Ltd

197,521

7,894,032

Kailas Hotel Heathrow Ltd

-

(9)

Kailas Hotel Gatwick LP

(16)

(16)

265,330

(15,017,748)

8

Parent and ultimate parent undertaking

The company's immediate parent is Kailas Hotel Heathrow Jersey LP, incorporated in Jersey.

 The ultimate parent is Abbey Care Homes Limited, incorporated in Jersey.

 

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

50,000

50,000

50,000

50,000