REGISTERED NUMBER: 05100519 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

CITY BEST HOTEL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Takhar

Mrs I K Takhar

P S Takhar

SECRETARY:

Mrs I K Takhar

REGISTERED OFFICE:

114-116 Goodmayes Hotel

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

05100519 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

FIXED ASSETS

Intangible assets

4

-

14,750

Tangible assets

5

204,617

210,339

204,617

225,089

CURRENT ASSETS

Debtors

6

4,832,946

4,472,601

Cash at bank and in hand

308,293

94,428

5,141,239

4,567,029

CREDITORS

Amounts falling due within one year

7

678,820

512,861

NET CURRENT ASSETS

4,462,419

4,054,168

TOTAL ASSETS LESS CURRENT LIABILITIES

4,667,036

4,279,257

CREDITORS

Amounts falling due after more than one year

8

(2,225,399

)

(2,379,172

)

PROVISIONS FOR LIABILITIES

10

(16,980

)

(16,980

)

NET ASSETS

2,424,657

1,883,105

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

2,424,557

1,883,005

SHAREHOLDERS' FUNDS

2,424,657

1,883,105

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2025 and were signed on its behalf by:

S Takhar - Director

1.	STATUTORY INFORMATION

City Best Hotel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The accounts have been prepared on going concern basis. The directors have concluded that the company will continue to receive adequate financial assistance from the Directors, Bankers and other creditors and fellow subsidiaries.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2023

and 30 June 2024

295,000

AMORTISATION

At 1 July 2023

280,250

Amortisation for year

14,750

At 30 June 2024

295,000

NET BOOK VALUE

At 30 June 2024

-

At 30 June 2023

14,750

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2023

and 30 June 2024

264,452

21,854

6,871

293,177

DEPRECIATION

At 1 July 2023

55,846

20,636

6,356

82,838

Charge for year

5,289

304

129

5,722

At 30 June 2024

61,135

20,940

6,485

88,560

NET BOOK VALUE

At 30 June 2024

203,317

914

386

204,617

At 30 June 2023

208,606

1,218

515

210,339

6.

DEBTORS

30.6.24

30.6.23

£

£

Amounts falling due within one year:

Trade debtors

123,271

10,027

Other debtors

24,086

29,465

147,357

39,492

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,127,639

3,875,159

Amounts owed by associates

557,950

557,950

4,685,589

4,433,109

Aggregate amounts

4,832,946

4,472,601

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.24

30.6.23

£

£

Bank loans and overdrafts (see note 9)

360,000

336,767

Trade creditors

14,751

43,375

Taxation and social security

274,828

100,037

Other creditors

29,241

32,682

678,820

512,861

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.24

30.6.23

£

£

Bank loans (see note 9)

2,070,392

2,214,165

Amounts owed to group undertakings

155,007

165,007

2,225,399

2,379,172

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

820,630

867,096

9.

LOANS

An analysis of the maturity of loans is given below:

30.6.24

30.6.23

£

£

Amounts falling due within one year or on demand:

Bank loans

360,000

336,767

Amounts falling due between one and two years:

Bank loans - 1-2 years

360,000

336,767

30.6.24

30.6.23

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

889,762

1,010,302

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

820,630

867,096

10.	PROVISIONS FOR LIABILITIES

30.6.24

30.6.23

£

£

Deferred tax

16,980

16,980

Deferred

tax

£

Balance at 1 July 2023

16,980

Balance at 30 June 2024

16,980

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.24

30.6.23

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 July 2023

1,883,005

Profit for the year

541,552

At 30 June 2024

2,424,557

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP

14.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous year by the directors, Mr S S Takhar, and Mrs I K Takhar by virtue of their ownership of the majority issued share capital of SIP Group Limited, the parent company.