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Registration number: 02106051

Rivalminster Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2024

 

Rivalminster Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 16

Detailed Profit and Loss Account

17

 

Rivalminster Limited

Company Information

Directors

Mrs Barbara Elizabeth Sehgal

Mr Paul Hari Lance Sehgal

Company secretary

Mrs Barbara Elizabeth Sehgal

Registered office

Leonard Hotel
15 Seymour Street
London
W1H 7JW

Accountants

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW

 

Rivalminster Limited

Directors' Report for the Year Ended 30 April 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mrs Barbara Elizabeth Sehgal - Company secretary and director

Mr Paul Hari Lance Sehgal

Principal activity

The principal activity of the company is Hotels and similar accommodation

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr Paul Hari Lance Sehgal
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rivalminster Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rivalminster Limited for the year ended 30 April 2024 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Rivalminster Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Rivalminster Limited. You consider that Rivalminster Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rivalminster Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW

31 January 2025

 

Rivalminster Limited

Abridged Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Gross profit

 

5,314,398

6,503,210

Administrative expenses

 

(7,179,793)

(6,757,756)

Interest payable and similar expenses

 

-

(412,518)

Loss before tax

4

(1,865,395)

(667,064)

Tax on loss

 

-

443,003

Loss for the financial year

 

(1,865,395)

(224,061)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Rivalminster Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Loss for the year

(1,865,395)

(224,061)

Surplus on property, plant and equipment revaluation

-

28,994,602

Deficit on revaluation of other assets

-

(14,497,301)

-

14,497,301

Total comprehensive income for the year

(1,865,395)

14,273,240

 

Rivalminster Limited

(Registration number: 02106051)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

10

12

Tangible assets

6

21,013,446

22,283,619

Investment property

1,550,000

1,550,000

 

22,563,456

23,833,631

Current assets

 

Debtors

7

597,957

419,895

Cash at bank and in hand

 

19,917,630

25,723,958

 

20,515,587

26,143,853

Prepayments and accrued income

 

181,479

39,063

Creditors: Amounts falling due within one year

(4,438,264)

(5,278,995)

Net current assets

 

16,258,802

20,903,921

Total assets less current liabilities

 

38,822,258

44,737,552

Accruals and deferred income

 

(81,874)

(131,779)

Net assets

 

38,740,384

44,605,773

Capital and reserves

 

Called up share capital

8

124

124

Revaluation reserve

42,695,556

42,695,556

Retained earnings

(3,955,296)

1,910,093

Shareholders' funds

 

38,740,384

44,605,773

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

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

 

Rivalminster Limited

(Registration number: 02106051)
Abridged Balance Sheet as at 30 April 2024

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mrs Barbara Elizabeth Sehgal
Company secretary and director

.........................................
Mr Paul Hari Lance Sehgal
Director

 

Rivalminster Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2023

124

42,695,556

1,910,093

44,605,773

Loss for the year

-

-

(1,865,395)

(1,865,395)

Dividends

-

-

(3,999,994)

(3,999,994)

At 30 April 2024

124

42,695,556

(3,955,296)

38,740,384

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

124

57,192,857

(26,860,448)

30,332,533

Loss for the year

-

-

(224,061)

(224,061)

Other comprehensive income

-

(14,497,301)

28,994,602

14,497,301

Total comprehensive income

-

(14,497,301)

28,770,541

14,273,240

At 30 April 2023

124

42,695,556

1,910,093

44,605,773

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leonard Hotel
15 Seymour Street
London
W1H 7JW

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

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

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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 taxable income.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Long - term Leasehold Property

50 years

Short - term Leasehold property

Over the term of the lease

Motor Vehicle

25% per annuam reducing balance

Fixtures and fittings

20% per annuam reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

8 Years

Cash and cash equivalents

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

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Trade debtors

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

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

Trade creditors

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

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 10).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,347,502

1,373,778

Amortisation expense

3

4

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

194

At 30 April 2024

194

Amortisation

At 1 May 2023

182

Amortisation charge

2

At 30 April 2024

184

Carrying amount

At 30 April 2024

10

At 30 April 2023

12

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

28,633,388

9,576,936

94,816

38,305,140

Additions

-

77,328

-

77,328

At 30 April 2024

28,633,388

9,654,264

94,816

38,382,468

Depreciation

At 1 May 2023

7,265,351

8,701,228

54,942

16,021,521

Charge for the year

1,146,926

190,607

9,968

1,347,501

At 30 April 2024

8,412,277

8,891,835

64,910

17,369,022

Carrying amount

At 30 April 2024

20,221,111

762,429

29,906

21,013,446

At 30 April 2023

21,368,037

875,708

39,874

22,283,619

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Included within the net book value of land and buildings above is £20,062,676 (2023 - £21,177,269) in respect of long leasehold land and buildings and £158,435 (2023 - £190,768) in respect of short leasehold land and buildings.
 

Investment properties

2024
£

At 1 May

1,550,000

There has been no valuation of investment property by an independent valuer.

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

124

124

124

124

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

28,994,602

28,994,602

Surplus/deficit on revaluation of other assets

(14,497,301)

-

(14,497,301)

(14,497,301)

28,994,602

14,497,301

10

Dividends

Interim dividends paid

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Interim dividend of £32,258.00 (2023 - £Nil) per each Ordinary share

3,999,994

-

 

 

11

Related party transactions

 

Rivalminster Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

386,871

523,966

Contributions paid to money purchase schemes

5,211

39,333

392,082

563,299

 

Rivalminster Limited

Detailed Profit and Loss Account for the Year Ended 30 April 2024

2024
£

2023
£

turnover

5,600,068

7,309,968

Cost of sales

(285,670)

(806,758)

Gross profit

5,314,398

6,503,210

Gross profit (%)

94.9%

88.96%

Administrative expenses

Employment costs

4,429,226

2,344,843

Establishment costs

909,893

968,353

General administrative expenses

481,794

2,059,771

Finance charges

11,375

11,007

Depreciation costs

1,347,505

1,373,782

7,179,793

6,757,756

Operating loss

(1,865,395)

(254,546)

Interest payable and similar expenses

-

(412,518)

Loss before tax

(1,865,395)

(667,064)