Registration number:
for the Period from 17 September 2024 to 31 March 2025
EIH London Investments Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
EIH London Investments Limited
Company Information
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Directors |
Mr R Shankar Mr S V Rao |
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Registered office |
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Auditors |
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EIH London Investments Limited
Directors' Report for the Period from 17 September 2024 to 31 March 2025
The directors present their report and the financial statements for the period from 17 September 2024 to 31 March 2025.
Incorporation
The company was incorporated on
Directors' of the company
The directors, who held office during the period, were as follows:
Principal activity
The principal activity of the company is the running of hotels.
Going concern
The Company is currently in the development phase of a hotel project and has yet to commence commercial operations as at the reporting date. The ongoing development is being funded through equity contributions, and the Company has ability to raise funds including financing facilities as and when required.
Based on the current project timeline and the funding available, on the basis of the disclosure by the parent company on the National Stock Exchange of India Limited dated 16th October 2024, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its obligations as they fall due.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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EIH London Investments Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EIH London Investments Limited
Independent Auditor's Report to the Members of EIH London Investments Limited
Opinion
We have audited the financial statements of EIH London Investments Limited (the 'company') for the period from 17 September 2024 to 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework'.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the period 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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
EIH London Investments Limited
Independent Auditor's Report to the Members of EIH London Investments Limited
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes.
We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls including testing journals.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 2006. Our 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.
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For and on behalf of
Rickmansworth
Hertfordshire
WD3 1ER
EIH London Investments Limited
Profit and Loss Account for the Period from 17 September 2024 to 31 March 2025
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Note |
2025 |
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Turnover |
- |
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Administrative expenses |
( |
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Operating loss |
( |
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Finance costs |
( |
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(224,720) |
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Loss before tax |
( |
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Loss for the period |
( |
The above results were derived from continuing operations.
EIH London Investments Limited
(Registration number: 15960978)
Balance Sheet as at 31 March 2025
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Note |
31 March |
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Non-current assets |
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Land and buildings |
24,230,420 |
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Capitalised work in progress |
621,689 |
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Current assets |
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Trade and other debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
22,001,000 |
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Retained earnings |
(317,443) |
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Shareholders' funds |
21,683,557 |
Approved by the
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EIH London Investments Limited
Statement of Changes in Equity for the Period from 17 September 2024 to 31 March 2025
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Share capital |
Retained earnings |
Total |
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Loss for the period |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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Share capital subscribed |
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- |
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At 31 March 2025 |
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( |
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EIH London Investments Limited
Notes to the Financial Statements for the Period from 17 September 2024 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales .
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.
Summary of disclosure exemptions
In these financial statements, the company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payment, business combinations, non-current assets held for sale, financial instruments, fair value measurements, capital management, revenue from contracts with customers, presentation of comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment property, presentation of a cash-flow statement, the effects of new standards not yet effective, impairment of assets and disclosures in respect of the compensation of key management personnel and of transactions with a management entity that provides key management personnel services to the company.
Going concern
The Company is currently in the development phase of a hotel project and has yet to commence commercial operations as at the reporting date. The ongoing development is being funded through equity contributions, and the Company has ability to raise funds including financing facilities as and when required.
Based on the current project timeline and the funding available, on the basis of the disclosure by the parent company on the National Stock Exchange of India Limited dated 16th October 2024, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its obligations as they fall due.
Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Non-current assets
Non-current assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of non-current assets includes directly attributable incremental costs incurred in their acquisition and installation.
Amortisation
The property has been amortised evenly over the term of the lease of 128 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 changes in value.
EIH London Investments Limited
Notes to the Financial Statements for the Period from 17 September 2024 to 31 March 2025
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.
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 debtors.
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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, 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.
Leases
Definition
A lease is a contract, or a part of a contract, that conveys the right to use an asset or a physically distinct part of an asset (“the underlying asset”) for a period of time in exchange for consideration. Further, the contract must convey the right to the company to control the asset or a physically distinct portion thereof. A contract is deemed to convey the right to control the underlying asset if, throughout the period of use, the company has the right to:
· Obtain substantially all the economic benefits from the use of the underlying asset, and;
· Direct the use of the underlying asset (e.g. direct how and for what purpose the asset is used)
Initial recognition and measurement
The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.
EIH London Investments Limited
Notes to the Financial Statements for the Period from 17 September 2024 to 31 March 2025
Subsequent measurement
After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are included in finance cost in the profit and loss account, unless the costs are included in the carrying amount of another asset applying other applicable standards. The difference between lease payments due and those received are included in operating expenses in the period in which the payments are received.
The related right-of-use asset is accounted for under IFRS 16 and depreciated and charged in accordance with the depreciation requirements of IFRS 16 Property, Plant and Equipment as disclosed in the accounting policy for tangible assets. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.
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.
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Operating loss |
Arrived at after charging
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2025 |
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Amortisation expense |
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Interest payable and similar expenses |
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2025 |
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Other finance costs |
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Staff costs |
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
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2025 |
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Administration and support |
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Auditors' remuneration |
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2025 |
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Audit of the financial statements |
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EIH London Investments Limited
Notes to the Financial Statements for the Period from 17 September 2024 to 31 March 2025
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Property, plant and equipment |
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Long leasehold property |
Capitalised work in progress |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2025 |
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Amortisation |
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Charge for the period |
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- |
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At 31 March 2025 |
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- |
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Carrying amount |
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At 31 March 2025 |
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Trade and other debtors |
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31 March |
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Other debtors |
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Prepayments |
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Cash at bank and in hand |
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31 March |
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Cash at bank |
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Creditors: amounts falling due within one year |
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31 March |
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Trade creditors |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year |
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31 March |
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Long term lease liabilities |
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EIH London Investments Limited
Notes to the Financial Statements for the Period from 17 September 2024 to 31 March 2025
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Long-term lease liabilities |
£ |
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Present value of lease rentals |
6,651,545 |
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Unwinding of discount |
223,842 |
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Balance at 31 March 2025 |
6,775,387 |
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Amounts recognised In Profit or Loss |
£ |
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Unwinding of discount |
223,842 |
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Depreciation |
72,691 |
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Amount recognised in Profit or Loss account |
296,533 |
The Company has entered into a lease agreement to secure a long-term lease interest in properties located at 40-46 Brook Street, London, W1, and 40 Davies Mews, London, W1, for the redevelopment of the properties into a luxury hotel to be operated as “The Oberoi Mayfair, London”.
The term of the lease is from 5th November 2024 to 23rd September 2152, a period of approximately 128 years. The Right-of-use asset is accounted for under IFRS 16, which include the present value of lease rentals.
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Share capital |
Allotted, called up and fully paid shares
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31 March |
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No. |
£ |
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22,001,000 |
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Parent of group in whose consolidated financial statements the company is consolidated |
The name of the parent of the group in whose consolidated financial statements the company's financial statements are consolidated is EIH Limited, an Indian incorporated company.
These financial statements are available upon request from its registered office at N-806-A, 8th Floor, Diamond Heritage Building, 16, Strand Road, Fairley Place, Kolkata – 700001.