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Registered number: 14431810










SHIVA MARYLEBONE LANE LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
SHIVA MARYLEBONE LANE LTD
REGISTERED NUMBER: 14431810

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
1,221,636

  
1,221,636

Current assets
  

Stocks
 5 
188,406

Debtors
 6 
472,915

Cash at bank and in hand
 7 
306,847

  
968,168

Creditors: amounts falling due within one year
 8 
(9,263,485)

Net current liabilities
  
 
 
(8,295,317)

Creditors: amounts falling due after more than one year
  
(1,070,802)

Provisions
 11 
(5,279,288)

  
 
 
(5,279,288)

Net liabilities
  
(13,423,771)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(13,423,871)

  
(13,423,771)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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

................................................
U Vyas
................................................
R Sachdev
Director
Director


Date: 31 January 2025
Date:31 January 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Shiva Marylebone Lane Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 14431810 and the registered office address is Regent House Theobald Street, Elstree, Borehamwood, Hertfordshire, England, WD6 4RS. The principal place of business is The BoTree, 30 Marylebone Lane, London, W1U 2DR.
The principal activity of the Company during the period was that of a hotelier.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The presentation currency of these financial statements is Pound Sterling (£). All amounts in the
financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, in accordance with UK GAAP, with the directors satisfied that the Company will be able to continue operating for the foreseeable future and meet its liabilities as they fall due.
The Company operates a luxury hotel in central London, which opened in September 2023. As expected for a business of this nature, it is anticipated that it will take a few years to establish a strong reputation and achieve stabilised revenue levels. Initial trading results have been in line with the Company’s projections, and the directors remain confident that the hotel will become profitable within the next two years, which is expected to positively impact the Company’s Statement of Financial Position. The Company is also implementing plans to enhance revenue further over the next eighteen months, which includes the redevelopment and opening of the 8th and 9th floors for trading, supporting continued growth in line with its financial forecasts.
Based on the above assumptions and their best estimates of future trading performance, the directors have prepared cash flow forecasts indicating that the Company will generate sufficient cash to pay its liabilities as they fall due for a period of at least 12 months from the date of signing of these financial statements.  However, these forecasts are dependent on the ongoing financial support of the Parent Company, Marylebone Lane LP.  The Parent Company has confirmed its intention to continue to support the Company as required.

 
2.3

Revenue

Revenue principally consists of drink, food and accommodation revenue. Revenue from sales of drink and foods is recognised at the point in which the goods are provided to the customer. Revenue from bedroom accommodation is recognised at the point the services are rendered. Any deposits or payments in advance will be held as deferred income until the booking date, at which point the revenue will be recognised. 
Revenue is measured at the fair value of the consideration receivable net of trade discounts and VAT.

Page 2

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

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.

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:

Fixtures and fittings
-
5 years

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.

Page 3

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

At each reporting 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

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


3.


Employees

The average monthly number of employees during the period was 211.

Page 4

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and equipment

£



Cost


Additions
1,426,064



At 31 March 2024

1,426,064



Depreciation


Charge for the year
204,428



At 31 March 2024

204,428



Net book value



At 31 March 2024
1,221,636


5.


Stocks

2024
£

Food and beverages
188,406


Page 5

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Debtors

2024
£

Trade debtors
47,759

Other debtors
75,867

Called up share capital not paid
100

Prepayments
349,189

472,915



7.


Cash and cash equivalents

2024
£

Cash at bank and in hand
306,847



8.


Creditors: amounts falling due within one year

2024
£

Trade creditors
3,765,503

Amounts owed to group undertakings
2,803,107

Other taxation and social security
1,081,777

Finance lease liability
281,052

Other creditors
395,056

Accruals and deferred income
936,990

9,263,485



9.


Creditors: amounts falling due after more than one year

2024
£

Finance lease liability
1,070,802


Page 6

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
£


Within one year
281,052

Between 1-5 years
1,070,802

1,351,854


11.


Provisions





Provisions

£





Rental provision
5,279,288



At 31 March 2024
5,279,288

A provision has been recognised in respect of the rent free period for the lease of the hotel during the year. The provision has been based on the terms of a rental agreement reached between the Company and Marylebone Lane LP. 


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £143,399. Contributions totalling £46,186 were payable to the fund at the reporting date and are included in Other creditors.


13.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.


14.


Related party transactions

At the period end, the Company owed Marylebone Lane LP £2,803,107, which is the parent company of Shiva Marylebone Lane Limited. The balance is repayable on demand and has an an interest rate of 2.5%. 


15.


Controlling party

The immediate parent undertaking is Marylebone Lane LP, a company registered in England.
The directors of the Company consider its ultimate controlling party to be the directors of Abbey Care Homes Limited. 
Page 7

 
SHIVA MARYLEBONE LANE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 31 January 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.

Page 8