REGISTERED NUMBER: 05123725 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

SIP GROUP 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 Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

05123725 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

FIXED ASSETS

Investments

4

3,481,751

3,481,751

CURRENT ASSETS

Debtors

5

18,671,105

16,931,111

Cash at bank and in hand

13,328

11,724

18,684,433

16,942,835

CREDITORS

Amounts falling due within one year

6

(128,474

)

92,210

NET CURRENT ASSETS

18,812,907

16,850,625

TOTAL ASSETS LESS CURRENT LIABILITIES

22,294,658

20,332,376

CREDITORS

Amounts falling due after more than one year

7

16,421,629

13,778,560

NET ASSETS

5,873,029

6,553,816

CAPITAL AND RESERVES

Called up share capital

8

3

3

Retained earnings

9

5,873,026

6,553,813

SHAREHOLDERS' FUNDS

5,873,029

6,553,816

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

SIP GROUP 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.

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.

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 NIL (2023 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2023

and 30 June 2024

3,481,751

NET BOOK VALUE

At 30 June 2024

3,481,751

At 30 June 2023

3,481,751

5.

DEBTORS

30.6.24

30.6.23

£

£

Amounts falling due within one year:

Other debtors

1,694,033

1,251,173

Amounts falling due after more than one year:

Amounts owed by group undertakings

11,261,173

11,864,994

Amounts owed by associates

4,889,471

2,988,516

Other debtors

826,428

826,428

16,977,072

15,679,938

Aggregate amounts

18,671,105

16,931,111

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.24

30.6.23

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

10,578

11,899

Taxation and social security

(161,519

)

40,023

Other creditors

12,467

30,288

(128,474

)

92,210

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.24

30.6.23

£

£

Bank loans

10,833

20,622

Amounts owed to group undertakings

16,257,756

13,504,898

Amounts owed to associates

153,040

253,040

16,421,629

13,778,560

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.24

30.6.23

value:

£

£

3

Ordinary Shares

£1

3

3

9.

RESERVES

Retained

earnings

£

At 1 July 2023

6,553,813

Deficit for the year

(26,787

)

Dividends

(654,000

)

At 30 June 2024

5,873,026

10.	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

11.	RELATED PARTY DISCLOSURES

At the year end the following related party transactions existed and the amounts were owed to or due from. All the transactions are with 100% owed subsidiaries.

Related party

2022

2021

£

£

Banks Hotel Limited

(347,476

)

(330,539

)

Cranford Hotel Limited

(184,883

)

(182,603

)

City Best Hotel Limited

(3,278,395

)

(3,504310

)

Cedar Hotel Limited

632,518

581,518

Goodwill SIP Limited

8,191,370

8194818

London Darbar Limited

374,500

614900

Manor Sales & Lettings Limited

(7,537,525

)

(7,287,906

)

Rossmore Hotel Limited

109443

203361

Redbridge Hotel Limited

(325,756

)

(517,167

)

The Newham Hotel Limited

(1,294,153

)

(1,147,536

)

Rotana Hotel Limited

248,197

162,197

Harefield Manor Hotel Limited

2,534,257

2,775756

Lynridge Hotel Limited

(146,516

)

(183,516

)

CA Homes Limited

461,483

561,483

12.	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.