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Company registration number: 10470161







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


NINE READING HOTEL LIMITED






































img33cb.png                        

 


NINE READING HOTEL LIMITED
 


 
COMPANY INFORMATION


Directors
G S Chadha 
J K Chadha 




Registered number
10470161



Registered office
Vivek House
65-67 Clarendon Road

Watford

WD17 1DS




Trading Address
Mill Lane
Sindlesham

Wokingham

RG41 5DG






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


NINE READING HOTEL LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 11



 


NINE READING HOTEL LIMITED
REGISTERED NUMBER:10470161



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,270,160
14,390,049

  
14,270,160
14,390,049

Current assets
  

Debtors: amounts falling due within one year
 5 
1,269,979
320,141

Cash at bank and in hand
  
263,846
417,968

  
1,533,825
738,109

Creditors: amounts falling due within one year
 6 
(4,844,161)
(12,436,272)

Net current liabilities
  
 
 
(3,310,336)
 
 
(11,698,163)

Total assets less current liabilities
  
10,959,824
2,691,886

Creditors: amounts falling due after more than one year
 7 
(7,974,979)
(52,155)

Provisions for liabilities
  

Deferred tax
  
(631,730)
(595,209)

  
 
 
(631,730)
 
 
(595,209)

Net assets
  
2,353,115
2,044,522

Page 1

 


NINE READING HOTEL LIMITED
REGISTERED NUMBER:10470161


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

2024
As restated 2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
200,000
200,000

Revaluation reserve
  
3,316,653
3,362,144

Profit and loss account
  
(1,163,538)
(1,517,622)

  
2,353,115
2,044,522


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: 




................................................
G S Chadha
Director

Date: 11 March 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 


NINE READING HOTEL LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


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

£
£
£
£


At 1 July 2022
200,000
3,336,471
(1,911,617)
1,624,854


Comprehensive income for the year

Profit for the year - as restated
-
-
333,340
333,340

Movement in deferred taxation on revalued property - as restated
-
86,328
-
86,328

Transfer of excess depreciation on revalued property
-
(60,655)
60,655
-
Total comprehensive income for the year - as restated
-
25,673
393,995
419,668



At 1 July 2023 - as restated
200,000
3,362,144
(1,517,622)
2,044,522


Comprehensive income for the year

Profit for the year
-
-
293,429
293,429

Movement in deferred taxation on revalued property
-
15,164
-
15,164

Transfer of excess depreciation on revalued property
-
(60,655)
60,655
-
Total comprehensive income for the year
-
(45,491)
354,084
308,593


At 30 June 2024
200,000
3,316,653
(1,163,538)
2,353,115


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Nine Reading Hotel Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office and principal place of business, are disclosed on the company information page.

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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Chadha Capital Investments Limited as at 30 June 2024 and these financial statements may be obtained from the Companies House website.

 
2.3

Going concern

At the year end date the company held net current liabilities. The company will continue to rely on its parent company Chadha Capital Investments Limited for support for the foreseeable future. 
For this reason the company continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 4

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 Company 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.

 
2.5

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

Borrowing costs

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

 
2.7

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.

Page 5

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

 
2.9

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.

Land is not depreciated. Depreciation on other assets 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
-
2%
Straight line
Plant and machinery
-
33%
Straight line
Fixtures and fittings
-
33%
Straight line
Office equipment
-
33%
Straight line
Assets under construction
-
Not depreciated until assets are complete

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 6

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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 reporting 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.

 
2.11

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.

 
2.12

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.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 18).

Page 7

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
15,000,000
34,879
922,750
72,561
220,787
16,250,977


Additions
-
-
-
-
186,237
186,237



At 30 June 2024

15,000,000
34,879
922,750
72,561
407,024
16,437,214



Depreciation


At 1 July 2023
855,349
34,530
903,554
67,495
-
1,860,928


Charge for the year on owned assets
284,651
349
18,631
2,495
-
306,126



At 30 June 2024

1,140,000
34,879
922,185
69,990
-
2,167,054



Net book value



At 30 June 2024
13,860,000
-
565
2,571
407,024
14,270,160



At 30 June 2023
14,144,651
349
19,196
5,066
220,787
14,390,049

Freehold property was revalued in 2023 by Gerald Eve, independent and qualified chartered surveyors. These valuations are based on the qualified chartered surveyor's local market knowledge and no significant assumptions are relied upon. It was valued as a fully-equipped operational entity with regard to its trading potential.
This was assessed in 2024 by the Directors and the value is still deemed reasonable at the year end.



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

2024
2023
£
£



Cost
11,217,228
11,217,228

Accumulated depreciation
(1,699,477)
(1,475,481)

Net book value
9,517,751
9,741,747

Page 8

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
21,088
17,038

Amounts owed by group undertakings
250,000
53,024

Other debtors
943,043
191,919

Prepayments and accrued income
55,848
58,160

1,269,979
320,141



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,359
8,373,024

Trade creditors
698,681
524,420

Amounts owed to group undertakings
1,430,733
947,014

Corporation tax
129,583
-

Other taxation and social security
60,418
57,612

Obligations under finance lease and hire purchase contracts
2,221
7,848

Other creditors
2,425,563
2,207,663

Accruals and deferred income
91,603
318,691

4,844,161
12,436,272


Bank loans totalling £5,359 (2023 - £8,373,024) are secured by fixed charge against the freehold property and by floating charge over the other assets of the Company.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,974,979
36,344

Net obligations under finance leases and hire purchase contracts
-
15,811

7,974,979
52,155


Bank loans totalling £7,974,979 (2023 - £36,344) are secured by fixed charge against the freehold property and by floating charge over the other assets of the Company.
No amounts are due in more than five years. 

Page 9

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
2,221
7,848

Between 1-5 years
-
15,811

2,221
23,659


9.


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 £1,538 (2023 - £4,689). Contributions totalling £259 (2023 - £33) were payable to the fund at the reporting date and are included in creditors.


10.

Prior year adjustment

The prior year figures have been restated to correct the deferred tax position.This resulted in an increase in net profit of £419,675. The impact of the adjustment on the reported Balance Sheet is as follows:

As previously stated 2023
Impact of adjustment
As restated 2023
        £
        £
        £
Deferred tax

(1,086,047)

490,838

(595,209)
 
 
Net assets

1,553,684

490,838

2,044,522
 
 
Revaluation reserve

3,290,981

71,163

3,362,144
 
 
Profit and loss account

(1,937,297)

419,675

(1,517,622)
 
 


11.


Operating leases committed income

The company acts as a lessor in its relationship with a tenant.
Amounts due to the company under committed operating leases as at the year end were as follows:

2024
2023
£
£
Within one year

60,000

-
 
Between 1-5 years

240,000

-
 
Over 5 years

290,000

-
 
590,000

-
 

The operating lease income recognised in the year was £50,850 (2023 - £Nil). 

Page 10

 


NINE READING HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Related party transactions

In the directors' opinion, transactions entered into with connected parties were carried out on an arms length basis.
The Company has taken advantage of the available exemption conferred by Section 33 of FRS 102 not to disclose transactions with wholly owned members of the Group.


13.


Controlling party

The company is a wholly owned subsidiary undertaking of Chadha Capital Investments Limited, a company incorporated in England and Wales. The registered office address of Chadha Capital Investments Limited is Vivek House, 65-67 Clarendon Road, Watford, WD17 1DS. 
The largest and smallest group in which results of the Company are consolidated is that headed by Chadha Capital Investments Limited. The consolidated financial statements are available from the Companies House website.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 11 March 2025 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 11