Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302024-06-30falseNo description of principal activityfalse22023-07-01false2false 09658620 2023-07-01 2024-06-30 09658620 2022-07-01 2023-06-30 09658620 2024-06-30 09658620 2023-06-30 09658620 2022-07-01 09658620 1 2023-07-01 2024-06-30 09658620 d:Director1 2023-07-01 2024-06-30 09658620 d:Director2 2023-07-01 2024-06-30 09658620 d:RegisteredOffice 2023-07-01 2024-06-30 09658620 c:Buildings 2023-07-01 2024-06-30 09658620 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 09658620 c:Buildings c:ShortLeaseholdAssets 2023-07-01 2024-06-30 09658620 c:PlantMachinery 2023-07-01 2024-06-30 09658620 c:FurnitureFittings 2023-07-01 2024-06-30 09658620 c:OfficeEquipment 2023-07-01 2024-06-30 09658620 c:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 09658620 c:CurrentFinancialInstruments 2024-06-30 09658620 c:CurrentFinancialInstruments 2023-06-30 09658620 c:Non-currentFinancialInstruments 2024-06-30 09658620 c:Non-currentFinancialInstruments 2023-06-30 09658620 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 09658620 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 09658620 c:ShareCapital 2024-06-30 09658620 c:ShareCapital 2023-06-30 09658620 c:ShareCapital 2022-07-01 09658620 c:RevaluationReserve 2023-07-01 2024-06-30 09658620 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 09658620 c:RetainedEarningsAccumulatedLosses 2024-06-30 09658620 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 09658620 c:RetainedEarningsAccumulatedLosses 2023-06-30 09658620 c:RetainedEarningsAccumulatedLosses 2022-07-01 09658620 d:OrdinaryShareClass1 2023-07-01 2024-06-30 09658620 d:OrdinaryShareClass1 2024-06-30 09658620 d:OrdinaryShareClass1 2023-06-30 09658620 d:FRS102 2023-07-01 2024-06-30 09658620 d:Audited 2023-07-01 2024-06-30 09658620 d:FullAccounts 2023-07-01 2024-06-30 09658620 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09658620 c:Subsidiary1 2023-07-01 2024-06-30 09658620 c:Subsidiary1 1 2023-07-01 2024-06-30 09658620 c:Subsidiary2 2023-07-01 2024-06-30 09658620 c:Subsidiary2 1 2023-07-01 2024-06-30 09658620 c:Subsidiary3 2023-07-01 2024-06-30 09658620 c:Subsidiary3 1 2023-07-01 2024-06-30 09658620 c:Subsidiary4 2023-07-01 2024-06-30 09658620 c:Subsidiary4 1 2023-07-01 2024-06-30 09658620 c:Subsidiary5 2023-07-01 2024-06-30 09658620 c:Subsidiary5 1 2023-07-01 2024-06-30 09658620 c:Subsidiary6 2023-07-01 2024-06-30 09658620 c:Subsidiary6 1 2023-07-01 2024-06-30 09658620 c:Subsidiary7 2023-07-01 2024-06-30 09658620 c:Subsidiary7 1 2023-07-01 2024-06-30 09658620 d:Consolidated 2024-06-30 09658620 d:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 09658620 2 2023-07-01 2024-06-30 09658620 5 2023-07-01 2024-06-30 09658620 6 2023-07-01 2024-06-30 09658620 c:JointVenture4 2023-07-01 2024-06-30 09658620 c:JointVenture4 1 2023-07-01 2024-06-30 09658620 c:JointVenture5 2023-07-01 2024-06-30 09658620 c:JointVenture5 1 2023-07-01 2024-06-30 09658620 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 09658620







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


CHADHA CAPITAL INVESTMENTS LIMITED






































img1907.png                        

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
COMPANY INFORMATION


Directors
G S Chadha 
J K Chadha 




Registered number
09658620



Registered office
Vivek House
65-67 Clarendon Road

Watford

WD17 1DS




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


CHADHA CAPITAL INVESTMENTS LIMITED
 



CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13 - 14
Company statement of financial position
15
Consolidated statement of changes in equity
16 - 17
Company statement of changes in equity
18
Consolidated statement of cash flows
19 - 20
Consolidated analysis of net debt
21
Notes to the financial statements
22 - 46


 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
The principal activity of Chadha Capital Investments Limited continues to be that of a holding company of the investments in the various group entities. The subsidiaries collectively known as The Nine Group currently operate five hotels across the United Kingdom under a variety of franchised brands. Throughout the year, the group also operated 38 franchised fast-food outlets, through the Nine Food Group Limited subsidiary. 
There have not been any significant changes to the Chadha Capital Investments Limited group structure within FY24.

Financial performance
 
The group has reported consolidated turnover in the current year to £41.7m compared with £42.6m in the prior year. The contribution from Nine Food Group Limited and the contribution from Exclusive Use contracts for some of the group hotels.     
As at the balance sheet date the group has net assets of £22.3m (2023: £18.64m) and held cash of £7.9m (2023: £8.4m).
Business performance
Chadha Capital Investments Limited
As detailed above, the main activity of the company is that of a holding company of the investments in the subsidiaries and joint ventures. The company has not generated any turnover during the period as an individual company but has reported a group consolidated profit after tax for the period of £3.0m (2023: £5.7m). 
Nine Heathrow Ventures Limited
Nine Heathrow Ventures Limited owns and operate the Novotel Heathrow Hotel. The hotel's primary market is focused on providing accommodation for travellers using Heathrow Airport and local corporates although is currently under an Exclusive Use contract. The hotel operates in a competitive location but since its opening in February 2018 it has achieved high levels of occupancy. 
The hotel has recovered well from the impact of COVID-19, aided by the Exclusive Use contract, and evidenced by its performance during the year. In the financial year Jun 24, Occupancy was 100% (2023: 98.4%), Revenue Per Available Room (REVPAR) was £69.99 (2023: £69.78), and Turnover was £6.5m (2023: £7.7m). The company has reported EBITDA* for the period of £4.2m (2023: £4.4m).
Nine Reading Hotel Limited
Nine Reading Hotel Limited own and operate the Most House Hotel in Reading. The hotel's primary market is focused on providing accommodation for corporate and leisure guests although is currently under an Exclusive Use contract. Following acquisition by Chadha Capital Investments Limited the hotel had extensive refurbishment from acquisition until mid-2020 to improve the quality of the experience at the hotel. 
The hotel has recovered well from the impact of COVID-19, aided by the Exclusive Use contract and evidenced by its performance during the year. In the financial year Jun 24, Occupancy was 85.8% (2023: 92.9%), Revenue Per Available Room (REVPAR) was £68.14 (2023: £55.50), and Turnover was £3.1m (2023: £2.6m). The company has reported EBITDA* for the period of £1.6m (2023: £1.1m).

Page 1

 


CHADHA CAPITAL INVESTMENTS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

 
Dragon Hotel Limited
The Dragon Hotel is based in the centre of Swansea and is an unbranded independent hotel, which has been a celebrated landmark hotel for the last 50+ years. 
The hotel has recovered well from the impact of COVID-19, evidenced by its performance during the year. In the financial year Jun 24, Occupancy was 65.7% (2023: 74.4%), Revenue Per Available Room (REVPAR) was £67.63 (2023: £58.25), and Turnover was £1.8m (2023: £1.9m). The company has reported EBITDA* for the period of £0.4m (2023: £-0.1m).
Nine Gatwick Hotel Limited
The hotel opened at the end of March 2021 as the Four Points by Sheraton London Gatwick Hotel and is the first hotel under this brand that has opened in the UK. The hotel is located just two miles from Gatwick Airport and boasts onsite parking, a gastro pub, bar and gym facilities.
The hotel has recovered well from the impact of COVID-19, evidenced by its performance during the year. In the financial year Jun 24, Occupancy was 99.0% (2023: 97.6%), Revenue Per Available Room (REVPAR) was £69.30 (2023: £69.09), and Turnover was £4.6m (2023: £4.9m). The company has reported EBITDA* for the period of £2.8m (2023: £2.5m).
Nine Greenwich Hotel Limited
In October 2022 Nine Greenwich Hotel Limited became a wholly owned subsidiary of Chadha Capital Investments Limited (previously a JV). The hotel opened in August 2021 as the Radisson Red London Greenwich The O2 Hotel. 
The hotel has traded well during FY 2024, aided by the Exclusive Use contract. In the financial year Jun 24, Occupancy was 93.3% (2023: 98.6%), Revenue Per Available Room (REVPAR) was £76.42 (2023: £67.60), and Turnover was £2.1m (2023: £1.8m). The company has reported EBITDA for the period of £1.0m (2023: £1.1m).

*Note EBITDA is an internal measure

Directors' statement of compliance with duty to promote the success of the Group
 
The directors work to promote the success of the group for the benefit of its members as a whole with regard to its stakeholders and to the matters set out in Section 172 of the Companies Act 2006.
The board operates a standing rolling agenda of items aligned to the group's operating and reporting cycles with approval, endorsement, review and monitoring functions. The success of the group is determined by positive and effective stakeholder engagement. The group's key stakeholders are considered to be investors and debtholders, customers, suppliers, employees and the communities and environments in which the group operates. All decisions made by the directors consider the impact on each stakeholder group. Throughout the period the group proactively communicated the organisation's objectives and strategy to each stakeholder grouping.
The Board's strategy and decisions have been disclosed throughout the financial statements. The directors confirm that throughout the period they have acted in good faith to promote the success of the group for the benefit of its members as a whole.

Page 2

 


CHADHA CAPITAL INVESTMENTS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Key performance indicators of the company and its subsidiaries
 
The Key Performance Indicators of the Company and its subsidiaries include turnover, gross profit and margin, costs, gross and net assets, cash generation and capital expenditure. These KPl's are reviewed against budget and prior year with benchmarking against similar businesses where comparable information is available.
The company's key financial performance indicators during the year were as follows:


2024
2023
      £000's
      £000's
Turnover

41,657

42,558
 
Group profit / (loss) before tax

3,928

3,430
 
Group fixed assets

81,195

79,866
 
Group net assets / (liabilities)

22,268

18,649
 
Cash generated from operations

8,260

11,206
 
Capital expenditure

4,264

3,362
 
EBITDA*

9,988

9,662
 

*Note EBITDA is an internal measure.

Financial risk management objectives and policies

The group's activities expose it to a number of financial risks including credit risk and liquidity risk. The group is also exposed to the financial risks of changes in foreign currency exchange rates. 
Credit risk
The groups principal financial assets are cash, trade, and other receivables. The groups credit risk is primarily attributable to its trade receivables. An allowance for impairment is made where there is an identified loss event, which based on previous experience, is a reduction in the recoverability of the cash flows. Deposits may be collected from customers to reduce the risk associated with credit risk.
Liquidity risk
Liquidity risk reflects the risk that the group will have insufficient resources to meet its financial liabilities as they fall due. The group actively manages a mixture of short-term debt finance that is designed to ensure that the group has sufficient available funds for operations. Management assesses the availability of credit facilities if needed from associated companies and external finance. Management also review the compliance with loan covenants on an on-going basis.
Interest rate risk
The group has interest bearing liabilities, which are linked to the Bank of England base rate, which are variable. There are some uncertainties surrounding the movements in these rates in future. This is reviewed by management on an ongoing basis to ensure that the finance products and rates that are used remain appropriate to the business.
Business risks 
Customer satisfaction
The hotel general manager reviews internal and external feedback such as TripAdvisor reviews on a regular basis and responds to any negative comments appropriately.
Health, safety and environmental risks
 
Page 3

 


CHADHA CAPITAL INVESTMENTS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


The group has a facilities management team who carry out regular maintenance and inspections of the hotels and surrounding areas to ascertain any potential health and safety or environmental risks and instruct repairs or improvements to be carried out to ensure compliance with legislative requirements.
Changes or breaches of regulatory requirements
Management place significant emphasis of regulatory compliance and invest significant resources into meeting industry standards.
It is recognised that such risks can never be eliminated totally and that the cost controls in minimising these risks may outweigh their potential benefits. Accordingly, the group continues to focus on risk management and incident management. Where appropriate, this is supported by risk transfer mechanism such as insurance.

Strategy

This year we intend to continue the strategy applied in previous years of acquiring distressed hotel properties with the intention of either developing these in the medium term and realising the value through ultimate resale or continue to operate these within the group. 
The group divested Nine Food Group Limited (operates 38 Pizza Hut delivery and Express stores) in Dec 2024.


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



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

Date: 31 March 2025

Page 4

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 profit for the year, after taxation, amounted to £2,761,593 (2023 - £5,742,779).

The directors have not recommended a dividend.

Directors

The directors who served during the year were:

G S Chadha 
J K Chadha 

Future developments

Future developments are disclosed within the Strategic Report.

Page 5

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Engagement with employees

The Group employed an average of 728 people in FY 2024. Through its diversity policy, the Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities.
Our policies and procedures support our disabled colleagues. The Group is responsive to the needs of its employees. As such, should any employee of the Group become disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to their working environment where possible, to keep the employee with the Group. It is the policy of the Group that the recruitment, training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Group values the wellbeing and enthusiasm of its employees and has tools in place to engage with the workforce, including regular meetings of the store, regional and senior managers.

Matters covered in the Group strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Carbon reporting

The group is exempt from reporting on carbon emissions on the basis that all entities in the group, including the parent itself, do not breach the individual size criteria to require disclosure.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

Please refer to Note 31 for details of post balance sheet events.

Page 6

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





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

Date: 31 March 2025

Page 7

 


CHADHA CAPITAL INVESTMENTS LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS LIMITED

Opinion


We have audited the financial statements of Chadha Capital Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, 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 30 June 2024 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 Auditor's 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.


Page 8

 


CHADHA CAPITAL INVESTMENTS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS LIMITED (CONTINUED)

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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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.


Page 9

 


CHADHA CAPITAL INVESTMENTS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS LIMITED (CONTINUED)

Auditor's 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 Auditor's 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:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with the legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
-  Challenging assumptions and judgements made by management in its significant accounting estimates; and
-  Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
-  Posting of unusual journals and complex transactions. 
-  Misappropriation of funds through fraudulent purchase ledger and payroll activity
-  Manipulation of amounts subject to significant judgement or estimate.


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 Auditor's report.


Page 10

 


CHADHA CAPITAL INVESTMENTS LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS LIMITED (CONTINUED)

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 Auditor's 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.





Andrew Galliers FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

31 March 2025
Page 11

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024


2024
As restated 2023
Note
£
£

  

Turnover
 4 
41,656,780
42,557,782

Cost of sales
  
(22,950,764)
(23,987,007)

Gross profit
  
18,706,016
18,570,775

Administrative expenses
  
(11,754,618)
(12,946,814)

Other operating income
 5 
61,202
195,275

Operating profit
 6 
7,012,600
5,819,236

Share of profit of joint venture
  
156,247
481,523

Total operating profit
  
7,168,847
6,300,759

Amounts written off investments
  
-
399

Interest receivable and similar income
 9 
223,993
39,724

Interest payable and similar expenses
 10 
(3,728,062)
(2,910,899)

Profit before taxation
  
3,664,778
3,429,983

Tax on profit
 11 
(903,185)
2,312,796

Profit for the financial year
  
2,761,593
5,742,779

  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(466,682)
308,570

Deferred tax on revaluation of tangible fixed assets
  
1,061,172
(1,371,927)

Other comprehensive income for the year
  
594,490
(1,063,357)

Total comprehensive income for the year
  
3,356,083
4,679,422

Profit for the year attributable to:
  

Owners of the parent Company
  
2,761,593
5,742,779

  
2,761,593
5,742,779

The notes on pages 22 to 46 form part of these financial statements.

Page 12

 


CHADHA CAPITAL INVESTMENTS LIMITED
REGISTERED NUMBER:09658620



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Intangible Assets
  
2,488,370
2,857,547

Negative goodwill
 13 
(4,005,724)
(4,088,694)

Tangible assets
 14 
81,195,410
79,866,409

Investments
 15 
1,977,490
1,807,806

  
81,655,546
80,443,068

Current assets
  

Stocks
 16 
101,802
106,685

Debtors: amounts falling due within one year
 17 
9,233,208
6,626,007

Cash at bank and in hand
  
7,852,111
8,351,185

  
17,187,121
15,083,877

Creditors: amounts falling due within one year
 18 
(30,507,948)
(47,613,404)

Net current liabilities
  
 
 
(13,320,827)
 
 
(32,529,527)

Total assets less current liabilities
  
68,334,719
47,913,541

Creditors: amounts falling due after more than one year
 19 
(40,935,994)
(23,004,749)

Provisions for liabilities
  

Deferred taxation
 22 
(4,673,378)
(5,802,783)

Provisions
 23 
(720,335)
(457,080)

  
 
 
(5,393,713)
 
 
(6,259,863)

Net assets
  
22,005,012
18,648,929

Page 13

 


CHADHA CAPITAL INVESTMENTS LIMITED
REGISTERED NUMBER:09658620


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

2024
As restated 2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
3
3

Revaluation reserve
 25 
15,548,817
15,320,458

Profit and loss account
 25 
6,456,192
3,328,468

  
22,005,012
18,648,929


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




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

Date: 31 March 2025

The notes on pages 22 to 46 form part of these financial statements.

Page 14

 


CHADHA CAPITAL INVESTMENTS LIMITED
REGISTERED NUMBER:09658620



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
3,444,440
3,444,440

  
3,444,440
3,444,440

Current assets
  

Debtors: amounts falling due within one year
 17 
6,072,208
6,916,451

Cash at bank and in hand
  
86,942
20,914

  
6,159,150
6,937,365

Creditors: amounts falling due within one year
 18 
(10,029,281)
(10,878,074)

Net current liabilities
  
 
 
(3,870,131)
 
 
(3,940,709)

Total assets less current liabilities
  
(425,691)
(496,269)

  

  

Net liabilities
  
(425,691)
(496,269)


Capital and reserves
  

Called up share capital 
 24 
3
3

Profit and loss account brought forward
  
(496,272)
(490,931)

Profit/(loss) for the year

  

70,578
(5,341)

Profit and loss account carried forward
  
(425,694)
(496,272)

  
(425,691)
(496,269)


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


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

Date: 31 March 2025

The notes on pages 22 to 46 form part of these financial statements.

Page 15

 
CHADHA CAPITAL INVESTMENTS LIMITED

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



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£


At 1 July 2023
3
15,320,458
3,328,468
18,648,929
18,648,929



Comprehensive income for the year


Profit for the year
-
-
2,761,593
2,761,593
2,761,593


Surplus / (deficit) on revaluation of freehold and long term leasehold property
-
(466,682)
-
(466,682)
(466,682)


Net deferred tax movement on excess depreciation transfer and revaluation of tangible fixed assets
-
1,061,172
-
1,061,172
1,061,172


Excess depreciation transferred
-
(366,131)
366,131
-
-

Total comprehensive income for the year
-
228,359
3,127,724
3,356,083
3,356,083



At 30 June 2024
3
15,548,817
6,456,192
22,005,012
22,005,012



The notes on pages 22 to 46 form part of these financial statements.

Page 16


 
CHADHA CAPITAL INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£


At 1 July 2022
3
16,763,436
(2,793,932)
13,969,507
13,969,507



Comprehensive income for the year


Profit for the year - as restated
-
-
5,742,779
5,742,779
5,742,779


Surplus on revaluation of freehold and long term leasehold property
-
308,570
-
308,570
308,570


Net deferred tax movement on excess depreciation transfer and revaluation of tangible fixed assets - as restated
-
(1,371,927)
-
(1,371,927)
(1,371,927)


Excess depreciation transferred
-
(379,621)
379,621
-
-

Total comprehensive income for the year - as restated
-
(1,442,978)
6,122,400
4,679,422
4,679,422



At 30 June 2023 - as restated
3
15,320,458
3,328,468
18,648,929
18,648,929



The notes on pages 22 to 46 form part of these financial statements.

Page 17


 
CHADHA CAPITAL INVESTMENTS LIMITED

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



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 July 2022
3
(490,931)
(490,928)



Comprehensive income for the year


Profit / (loss) for the year
-
(5,341)
(5,341)





At 1 July 2023
3
(496,272)
(496,269)



Comprehensive income for the year


Profit for the year
-
70,578
70,578



At 30 June 2024
3
(425,694)
(425,691)



The notes on pages 22 to 46 form part of these financial statements.

Page 18
 


CHADHA CAPITAL INVESTMENTS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
As restated 2023
£
£

Cash flows from operating activities

Profit for the financial year
2,761,593
5,742,779

Adjustments for:

Amortisation of intangible assets
292,590
309,027

Depreciation of tangible assets
2,399,643
2,980,344

Loss on disposal of tangible assets
68,504
-

Interest paid
3,728,062
2,910,899

Interest received
(223,993)
(39,724)

Taxation charge
903,185
(2,312,796)

Decrease in stocks
4,883
18,227

(Increase) in debtors
(1,828,851)
(2,097,338)

(Increase)/decrease in amounts owed by joint ventures
(500,000)
1,483,000

Increase in creditors
497,362
2,349,367

Increase in amounts owed to join ventures
50,077
-

Increase in provisions
263,255
71,080

Share of operating (loss) in joint ventures
(156,247)
(494,960)

Corporation tax received
-
286,229

Net cash generated from operating activities

8,260,063
11,206,134


Cash flows from investing activities

Purchase of intangible fixed assets
(6,383)
(1,634,156)

Purchase of tangible fixed assets
(4,263,830)
(1,590,104)

Interest received
223,993
39,724

HP interest paid
(1,019)
(1,035)

Net cash from investing activities

(4,047,239)
(3,185,571)
Page 19

 


CHADHA CAPITAL INVESTMENTS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
18,000,000
10,562,303

Repayment of loans
(18,956,000)
(13,956,648)

Repayment of/new finance leases
(27,836)
(15,489)

Interest paid
(3,728,062)
(2,910,899)

Net cash used in financing activities
(4,711,898)
(6,320,733)

Net (decrease)/increase in cash and cash equivalents
(499,074)
1,699,830

Cash and cash equivalents at beginning of year
8,351,185
6,651,355

Cash and cash equivalents at the end of year
7,852,111
8,351,185


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,852,111
8,351,185

7,852,111
8,351,185


The notes on pages 22 to 46 form part of these financial statements.

Page 20

 


CHADHA CAPITAL INVESTMENTS LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

8,351,185

(499,074)

7,852,111

Debt due after 1 year

(22,988,938)

(17,947,056)

(40,935,994)

Debt due within 1 year

(17,626,219)

15,813,026

(1,813,193)

Finance leases

(30,057)

27,836

(2,221)


(32,294,029)
(2,605,268)
(34,899,297)

The notes on pages 22 to 46 form part of these financial statements.

Page 21

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

1.


General information

Chadha Capital Investments Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business. 

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 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 Statement of comprehensive income 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 Statement of financial position, 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 statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2015.

 
2.3

Going concern

At the period end date the group had net current liabilities. The group will continue to rely on its directors and related party creditors controlled by them for support for the foreseeable future. 
The company also has net current liabilities and acts as a holding company only, heading up a profitable group.
For this reason the group continues to adopt the going concern basis of accounting in preparing the annual financial statements. 

Page 22

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

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.

 
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:

Revenue is primarily derived from hotel operations, including the rental of rooms and food and beverage sales.
Revenue is recognised when the customer checks in, in relation to accomodation sales and at the point when food and beverages are sold, in relation to bar and restaurant sales. 
Revenue from Pizza Hut franchise operations is recognised on sale of goods.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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 23

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

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 Statement of financial position. 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 reporting 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 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;
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 reporting date.

Page 24

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

2.Accounting policies (continued)

  
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are
measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be
made, the useful life shall not exceed ten years.
Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Amortisation is provided on the following basis:
           Franchise agreements                            -                            Over the life of the agreement
           Lease premiums                                      -                            Over the life of the lease
           Computer software                                  -                            Over 3 years
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.
Amortisation is calculated as to write off the cost of an asset, less its estimated residual value. 
Amortisation is provided on the following basis: 
           Goodwill                                                      -                           10    years          
           Negative Goodwill                                     -                           2% straight line 
All amortisation is included within administrative expenses.

 
2.13

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.

Page 25

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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
-
2%
Long-term leasehold property
-
2%
Assets under construction
-
Not depreciated until the asset is brought into use
Plant and machinery
-
10-25%
Fixtures and fittings
-
15-33%
Office equipment
-
25-33%
Short-term leasehold property
-
Over the shorter of the lease and the 10 year franchise agreement

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.

 
2.14

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 26

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

2.Accounting policies (continued)

 
2.16

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.17

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 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.

  
2.18

Finance leases and hire purchase contracts

Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 
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.

Page 27

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

2.Accounting policies (continued)

 
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.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 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
Page 28

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

2.Accounting policies (continued)


2.20
Financial instruments (continued)

receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements estimates and assumptions
that affect the amounts reported. These judgements are continually reviewed and ae based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. 
Depreciation and residual values 
The directors have reviewed the assets lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.
Property valuations
The directors have reviewed the property valuations and the underlying calculations, and have concluded that the valuations are appropriate.
Value in use of intangible assets
Each year the directors prepare a forecast of the future expected performance of the company, which is subject to estimation uncertainty. Based on this assessment the directors consider that the value in use of the intangible assets exceed their book value in the financial statements
Dilapidations provision
The directors have obtained an estimate of the expected make good costs for each type of store from an independent and qualified surveyor and have applied this to the number of each store operated to arrive at an estimate of the total dilapidations provision required.

Page 29

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

4.


Turnover

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


2024
2023
£
£

Hotel operations
17,981,025
18,516,574

Other income
83,208
61,857

Franchise restaurant operations
23,592,547
23,979,351

41,656,780
42,557,782


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
61,202
194,975

Insurance claims receivable
-
300

61,202
195,275



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
2,225
1,992

Other operating lease rentals
1,738,520
1,650,126

Page 30

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
39,950
39,050

Fees payable to the Company's auditor and its associates in respect of:

The auditing of accounts of subsidiaries of the Company
60,000
55,950

Taxation compliance services
11,550
3,850

All other services
24,050
23,250


8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
10,192,707
10,365,415
-
-

Social security costs
661,829
648,896
-
-

Cost of defined contribution scheme
121,115
127,858
-
-

10,975,651
11,142,169
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Operational and admin staff
726
764
-
-

728
766
2
2

Page 31

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

9.


Interest receivable

2024
2023
£
£


Other interest receivable
223,993
39,724

223,993
39,724


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
3,727,043
2,909,864

Finance leases and hire purchase contracts
1,019
1,035

3,728,062
2,910,899


11.


Taxation


2024
As restated 2023
£
£

Corporation tax


Current tax on profits for the year
1,313,695
330,893

Adjustments in respect of previous periods
(342,277)
11,384


971,418
342,277


Total current tax
971,418
342,277

Deferred tax


Origination and reversal of timing differences
(257,136)
88,695

Adjustments in respect of previous periods
188,903
(2,743,768)

Total deferred tax
(68,233)
(2,655,073)


Tax on profit
903,185
(2,312,796)
Page 32

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
As restated 2023
£
£


Profit on ordinary activities before tax
3,664,778
3,429,983


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
916,195
703,001

Effects of:


Adjustments to tax charge in respect of prior periods
(342,277)
11,384

Adjustment to deferred tax charge in respect of prior periods
188,903
(2,743,768)

Other timing differences leading to an increase (decrease) in taxation
17,126
-

Non-taxable income
(72,426)
(101,446)

Permanent differences
195,664
(181,967)

Total tax charge for the year
903,185
(2,312,796)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £70,578 (2023 - loss £5,341).

Page 33

CHADHA CAPITAL INVESTMENTS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024



13.


Intangible assets


Group






Franchise Agreement
Lease premiums
Computer software
Goodwill
Negative goodwill
Total

£
£
£
£
£
£



Cost


At 1 July 2023
2,654,660
433,446
59,751
481,172
(4,148,478)
(519,449)


Additions
-
-
6,383
-
-
6,383



At 30 June 2024

2,654,660
433,446
66,134
481,172
(4,148,478)
(513,066)



Amortisation


At 1 July 2023
464,567
47,133
19,197
240,585
(59,784)
711,698


Charge for the year on owned assets
265,466
39,931
22,046
48,117
(82,970)
292,590



At 30 June 2024

730,033
87,064
41,243
288,702
(142,754)
1,004,288



Net book value



At 30 June 2024
1,924,627
346,382
24,891
192,470
(4,005,724)
(1,517,354)



At 30 June 2023
2,190,093
386,313
40,554
240,587
(4,088,694)
(1,231,147)



The Company has no intangible assets.

Page 34


CHADHA CAPITAL INVESTMENTS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024



14.


Tangible fixed assets


Group







Freehold property
Long-term leasehold property
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Assets under construction
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 July 2023
73,802,852
6,225,000
756,454
6,628,896
2,096,292
157,838
289,180
89,956,512


Additions
1,486,301
2,462,210
-
112,881
16,090
-
186,348
4,263,830


Disposals
-
-
-
-
-
-
(68,504)
(68,504)


Revaluations
(387,950)
(772,210)
-
-
-
-
-
(1,160,160)



At 30 June 2024

74,901,203
7,915,000
756,454
6,741,777
2,112,382
157,838
407,024
92,991,678



Depreciation


At 1 July 2023
3,493,647
-
86,017
4,932,367
1,425,301
152,771
-
10,090,103


Charge for the year on owned assets
1,307,386
129,584
75,844
704,211
180,123
2,495
-
2,399,643


On revalued assets
(563,894)
(129,584)
-
-
-
-
-
(693,478)



At 30 June 2024

4,237,139
-
161,861
5,636,578
1,605,424
155,266
-
11,796,268



Net book value



At 30 June 2024
70,664,064
7,915,000
594,593
1,105,199
506,958
2,572
407,024
81,195,410



At 30 June 2023
70,309,205
6,225,000
670,437
1,696,529
670,991
5,067
289,180
79,866,409

Page 35
 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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


£31,150,000 of Freehold Property was revalued in 2023 by GeraldEve. 
£13,000,000 of Freehold Property was revalued in 2022 by Colliers.
£28,200,000 of Freehold Property was revalued in 2022 by Frank Knight.
Long- term leasehold property was revalued in 2023 by GeraldEve an independent and qualified chartered surveyor. 
In each case the professionals involved were both independent and qualified chartered surveyors. These valuations are based on the qualified chartered surveyors' local market knowledge and no significant assumptions are relied upon. The property values are based on being fully-equipped operational entities with regard to their trading potential.
Included within freehold property is land valued at cost for £1,700,000 (2023 - £1,700,000).

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
£
£

Group


Cost
56,541,095
52,592,584

Accumulated depreciation
(7,050,343)
(5,985,088)

Net book value
49,490,752
46,607,496


15.


Fixed asset investments

Group





Investment in joint ventures

£



Cost or valuation


At 1 July 2023
1,807,806


Share of profit/(loss)
169,684



At 30 June 2024
1,977,490






Net book value



At 30 June 2024
1,977,490



At 30 June 2023
1,807,806

Page 36

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 July 2023
3,143,387
301,053
3,444,440



At 30 June 2024
3,143,387
301,053
3,444,440






Net book value



At 30 June 2024
3,143,387
301,053
3,444,440



At 30 June 2023
3,143,387
301,053
3,444,440

Page 37

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Nine Heathrow Ventures Limited
Vivek House, 65-67 Clarendon Road, Watford, England, WD17 1DS
Ordinary
100%
Nine Reading Hotel Limited
Vivek House, 65-67 Clarendon Road, Watford, England, WD17 1DS
Ordinary
100%
Dragon Hotel Limited
Vivek House, 65-67 Clarendon Road, Watford, United Kingdom, WD17 1DS
Ordinary
100%
Nine Hotel Group Holding1 Limited
Melton House, 65-67 Clarendon Road, Watford, United Kingdom, WD17 1DS
Ordinary
100%
Nine Gatwick Hotel Limited
Vivek House, 65-67 Clarendon Road, Watford, United Kingdom, WD17 1DS
Ordinary
100%
Nine Greenwich Hotel Limited
65-67 Clarendon Road, Watford, England, WD17 1DS
Ordinary
100%
Nine Food Group Limited
65-67 Clarendon Road, Watford, England, WD17 1DS
Ordinary
100%

Nine Hotel Group Holding1 Limited is exempt from from Audit under the provisions of s479a of the Companies Act 2006. All other non-audited subsidiaries were dormant thoughout the year. 


Joint ventures


The following were joint ventures of the Company:


Name

Registered office

Holding

Nine Hotel Ventures Limited
Vivek House, 65-67 Clarendon Road, Watford, WD17 1DS
50%
Nine Hospitality 4 Limited
Vivek House, 65-67 Clarendon Road, Watford, WD17 1DS
50%

All shareholdings are Ordinary shares.

Page 38

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
101,802
106,685

101,802
106,685


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


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
663,788
1,258,238
-
-

Amounts owed by group undertakings
-
-
6,048,757
6,888,777

Other debtors
7,858,866
3,673,728
23,451
27,674

Called up share capital not paid
100
100
-
-

Prepayments and accrued income
710,454
1,693,941
-
-

9,233,208
6,626,007
6,072,208
6,916,451


Page 39

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,611,099
17,469,491
-
-

Trade creditors
4,671,302
3,604,162
7
7

Amounts owed to group undertakings
-
-
2,762,582
2,442,602

Amounts owed to joint ventures
1,543,054
796,120
476,043
526,120

Corporation tax
1,592,045
342,277
-
-

Other taxation and social security
1,060,501
984,436
-
-

Obligations under finance lease and hire purchase contracts
2,221
14,246
-
-

Other creditors
18,075,011
16,773,691
6,772,249
7,906,945

Accruals and deferred income
1,952,715
7,628,981
18,400
2,400

30,507,948
47,613,404
10,029,281
10,878,074


Bank loans totalling £1,611,099 (2023 - £17,469,491) are secured by fixed charge against the freehold and long-term leasehold property and by floating charge over the other assets of the Group.


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
40,935,994
22,988,938
-
-

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

40,935,994
23,004,749
-
-


Bank loans totalling £40,935,944 (2023 - £22,988,938) are secured by fixed charge against the freehold and long-term leasehold property and by floating charge over the other assets of the Group.

Page 40

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
1,611,099
17,469,491


1,611,099
17,469,491

Amounts falling due 1-2 years

Bank loans
10,695,277
1,271,461


10,695,277
1,271,461

Amounts falling due 2-5 years

Bank loans
27,643,825
20,149,143


27,643,825
20,149,143

Amounts falling due after more than 5 years

Bank loans
2,596,892
1,568,334

2,596,892
1,568,334

42,547,093
40,458,429


The Group has a number of loans that are not due for payment within 5 years as follows:
£2,265,000 is due for repayment in June 2033 as a single repayment. Interest is payable at the Bank of England base rate plus 2%. 
£331,892 is due for final repayment by June 2033 and subject to quarterly instalment payments expected to occur in more than 5 years. Interest is payable at the Bank of England base rate plus 2%.

Page 41

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
2,221
14,246

Between 1-5 years
-
15,811

2,221
30,057


22.


Deferred taxation


Group



2024


£






At beginning of year
(5,802,783)


Charged to profit or loss
68,233


Charged to other comprehensive income
1,061,172



At end of year
(4,673,378)

Company


2024






At end of year
-
Group
Group
2024
as restated 2023 
£
£

Fixed asset timing differences
72,901
190,558

Short term timing differences
9,924
4,513

Losses and other deductions
760,872
966,537

Fixed asset property revaluations
(5,517,075)
(6,964,391)

4,673,378
5,802,783

Page 42

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

23.


Provisions


Group



Dilapidations

£





At 1 July 2023
457,080


Charged to profit or loss
263,255



At 30 June 2024
720,335


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 (2023 - 3) Ordinary shares of £1.00 each
3
3

All shares hold equal voting and dividend rights.



25.


Reserves

Revaluation reserve

This reserve is the accumulation of periodic revaluations of fixed assets.

Profit and loss account

This reserve records retained earnings and accumulated losses.


26.


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 £121,115 (2023 - £127,858). Contributions totalling £27,633 (2023 - £25,113) were payable to the fund at the reporting date and are included in creditors.

Page 43

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

27.

Prior year adjustment

The prior year figures have been restated to correct the deferred tax position of two subsidiary companies and the consolidated group in respect of property revaluations and losses. This has no impact upon profit before taxation. The impact of the adjustment on the previously reported Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position are as follows:

As previously stated 2023
Impact of adjustments
As restated 2023
        £
        £
        £
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME



 
 
Tax on profit

(430,640)

2,743,436

2,312,796
 
 
Profit for the financial year

2,999,343

2,743,436

5,742,779
 
 
Deferred tax on revaluation of tangible fixed assets

53,004

(1,424,931)

(1,371,927)
 
 
Other comprehensive income for the year

361,574

(1,424,931)

(1,063,357)
 
 
Total comprehensive income for the year

3,360,917

1,318,505

4,679,422
 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION



 
 
Deferred taxation

(7,121,288)

1,318,505

(5,802,783)
 
 
Net assets

17,330,424

1,318,505

18,648,929
 
 
Revaluation reserve

16,745,389

(1,424,931)

15,320,458
 
 
Profit and loss account

585,032

2,743,436

3,328,468
 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



 
 
Revaluation reserve

16,745,389

(1,424,931)

15,320,458
 
 
Profit and loss account

585,032

2,743,436

3,328,468
 
 
Total equity

17,330,424

1,318,505

18,648,929
 
 


28.


Operating leases committed income

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

2024
2023
£
£
Within one year

210,000

150,000
 
Between 1-5 years

840,000

600,000
 
Over 5 years

1,889,120

1,749,120
 
2,939,120

2,499,120
 

The operating lease income recognised in the year was £200,850 (2023 - £150,000).

Page 44

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

29.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
1,456,157
1,685,233

Later than 1 year and not later than 5 years
3,197,577
4,548,464

Later than 5 years
1,319,593
55,722,092

5,973,327
61,955,789

During the year the group paid £1,738,520 (2023 - £1,650,126) in respect of operating lease commitments.


30.


Related party transactions

During the year the Group and Company had the following transactions with related parties:
Group: 
As at the year end £500,000 was due from companies held under joint ventures (2023 - £Nil). Amounts due to companies held under joint ventures were £1,543,054 (2023 - £543,408). 
As at the year end amounts due from companies under common control were £3,475,514 (2023 - £476,043) and amounts due to companies under common control were £12,867,241 (2023 - £6,422,226). 
Purchases of £Nil (2023 - £65,500) were made in the form of management charges from companies held under joint ventures. £Nil (2023 - £189,908) were made in the form of management charges from companies under common control. 
Amounts due by the directors to the group were £2,800,826 (2023 - £663,277). These loans are interest free and repayable on demand. 
Company:
As at the year end £476,043 was due to companies held under joint ventures (2023 - £526,120).
As at the year end amounts due from companies under common control were £Nil (2023 - £27,675) and amounts due to companies under common control were £6,531,447 (2023 - £2,078,582).
Amounts due to the Company by the directors were £23,451 (2023: amounts due from the company of £1,549). These loans are interest free and repayable on demand. 
Under the provisions of Financial Reporting Standard 102, the Company is exempt from disclosing transactions or
balances with other wholly owned group companies.

Page 45

 


CHADHA CAPITAL INVESTMENTS LIMITED
 


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

31.


Post balance sheet events

On 16 December 2024, 100% of the share capital of Nine Food Group Limited was sold to Directional Pizza Ltd, an independent third party. 
Since the year end, the bank loans within Nine Food Group Limited have been repaid in full.


32.


Controlling party

There is no ultimate controlling party as the two directors have equal shareholdings.

 
Page 46