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REGISTERED NUMBER: NI008164 (Northern Ireland)















Directors' Report and

Financial Statements for the Year Ended 31 October 2023

for

HHG No.10 Limited

HHG No.10 Limited (Registered number: NI008164)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Directors' Report 2

Independent Auditors' Report 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


HHG No.10 Limited

Company Information
for the Year Ended 31 October 2023







Directors: Mr J E Carson
Mrs J A H Hastings
Mr H J Hastings
Mrs A C L Martin
Mrs A K McKimm
Mr P D E Gibson



Secretary: Mr J E Carson



Registered office: 1066 House
587 Upper Newtownards Road
Belfast
BT4 3LP



Registered number: NI008164 (Northern Ireland)



Independent auditors: Grant Thornton (NI) LLP
12-15 Donegall Square West
Belfast
Northern Ireland
BT1 6JH



Solicitors: O'Reilly Stewart
75-77 May Street
Belfast
BT1 3JL

HHG No.10 Limited (Registered number: NI008164)

Directors' Report
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the Company for the year ended 31 October 2023.

Principal activity
The principal activity of the Company in the year under review was that of the provision of hotel management services to other related companies within the Hastings Hotels group.

Future developments
The external commercial environment is expected to remain competitive in 2024.

Directors
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mr J E Carson
Mrs J A H Hastings
Mr H J Hastings
Mrs A C L Martin
Mrs A K McKimm
Mr P D E Gibson

Other changes in directors holding office are as follows:

Mr J A McGinn - resigned 19 May 2023

Post balance sheet events
There are no post balance sheet events to report.

Engagement with employees
The company's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the group has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company

Statement of directors' responsibilities
The directors are responsible for preparing the Directors' 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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 then apply them consistently;
-state whether the financial statements have been prepared in accordance with applicable accounting standards,
identify those standards, and note the effect of and the reasons for any material departure from those standards
-make judgements and accounting estimates that are reasonable and prudent; 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.


HHG No.10 Limited (Registered number: NI008164)

Directors' Report
for the Year Ended 31 October 2023

Statement of directors' responsibilities - continued
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors
The auditors, Grant Thornton (NI) LLP, will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.

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

On behalf of the board:





Mr H J Hastings - Director


3 April 2024

Independent Auditors' Report to the Members of
HHG No.10 Limited

Opinion
We have audited the financial statements of HHG No10. Limited ("Company"), which comprise the Statement of Comprehensive Income, the Balance Sheet and the Statement of Changes in Equity for the year ended 31 October 2023, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and United Kingdom Accounting Standards including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, HHG No.10 Limited's financial statements:

-give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the
financial position of the Company as at 31 October 2023 and of the financial performance for the year then
ended; and
-have been properly 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 'Responsibilities of the auditor 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 United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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 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
Other information comprises information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' Report. The directors are responsible for the other information. 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 in the financial statements, 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.

Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
HHG No.10 Limited


Matters on which we are required to report by exception
In the light of the 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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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 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.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Independent Auditors' Report to the Members of
HHG No.10 Limited


Auditors' responsibilities for the audit of the financial statements
The objectives of an auditor 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 their 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Environmental Regulations, Pensions Legislation, and Health & Safety, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the local law and tax Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team including industry specialists, ITGC specialists and valuation experts to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:

- enquiries of management and the directors', on the policies and procedures in place regarding compliance with
laws and regulations, including consideration of known or suspected instances of non-compliance and whether
they have knowledge of any actual, suspected or alleged fraud;
- inspection of the Company's regulatory and legal correspondence and review of minutes of board meetings
during the year to corroborate inquiries made;
- gaining an understanding of the internal controls established to mitigate risk related to fraud;
- discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk
of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of
financial statements throughout the audit;
- identifying and testing journal entries to address the risk of inappropriate journals and management override of
controls;
- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
- challenging assumptions and judgements made by management in their significant accounting estimates,
including the impairment of assets and assumptions in relation to the defined benefit pension scheme; and
- review of the financial statement disclosures to underlying supporting documentation and inquiries of
management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

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 Auditors' Report.

Independent Auditors' Report to the Members of
HHG No.10 Limited


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.




Louise Kelly (Senior Statutory Auditor)
for and on behalf of Grant Thornton (NI) LLP
12-15 Donegall Square West
Belfast
Northern Ireland
BT1 6JH

3 April 2024

HHG No.10 Limited (Registered number: NI008164)

Statement of Comprehensive Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

Turnover 4 1,443,892 2,522,000

Administrative expenses (1,444,804 ) (2,387,664 )
(912 ) 134,336

Other operating income 5 228 197
Operating (loss)/profit 8 (684 ) 134,533

Income from shares in group undertakings 65,668,332 -
Interest receivable and similar income 3,531,193 8,195
Interest payable and similar expenses 9 (2,442,299 ) (32,011 )
Profit before taxation 66,756,542 110,717

Tax on profit 10 (254,806 ) 9,801
Profit for the financial year 66,501,736 120,518

Other comprehensive income
Pension scheme actuarial gains 495,000 1,759,000
Income tax relating to other comprehensive
income

(123,750

)

(439,750

)
Other comprehensive income for the year,
net of income tax

371,250

1,319,250
Total comprehensive income for the year 66,872,986 1,439,768

HHG No.10 Limited (Registered number: NI008164)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 12 22,829 263,623
Investments 13 9,019,707 10,421,433
9,042,536 10,685,056

Current assets
Debtors 14 16,242,481 94,765,600
Cash at bank 10,512,733 3,918,572
26,755,214 98,684,172
Creditors
Amounts falling due within one year 15 6,635,234 79,548,868
Net current assets 20,119,980 19,135,304
Total assets less current liabilities 29,162,516 29,820,360

Creditors
Amounts falling due after more than one
year

16

(7,279,037

)

(9,775,002

)

Provisions for liabilities 18 (309,313 ) (439,832 )

Pension asset/(liability) 21 776,000 (9,000 )
Net assets 22,350,166 19,596,526

Capital and reserves
Called up share capital 19 216,502 216,502
Retained earnings 20 22,133,664 19,380,024
Shareholders' funds 22,350,166 19,596,526

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





Mr P D E Gibson - Director


HHG No.10 Limited (Registered number: NI008164)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 November 2021 216,502 17,940,256 18,156,758

Changes in equity
Total comprehensive income - 1,439,768 1,439,768
Balance at 31 October 2022 216,502 19,380,024 19,596,526

Changes in equity
Dividends - (64,119,346 ) (64,119,346 )
Total comprehensive income - 66,872,986 66,872,986
Balance at 31 October 2023 216,502 22,133,664 22,350,166

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. Statutory information

The principal activity of the company in the period under review was that of the provision of services to the hotel and catering industry in Northern Ireland.

The company is a private company, limited by shares and is registered in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency of the financial statements is the Pound sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The following accounting policies have been applied consistently unless otherwise stated.

Going Concern
The company's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. These include the company's cashflow, liquidity position and borrowing facilities. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The company meets its day to day working capital requirements through its bank overdraft facility.

The directors are confident that the company has adequate resources to continue its normal business with the continued support of fellow group companies for the foreseeable future, and accordingly they continue to adopt the going concern basis in preparing the Directors' report and financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including no objection to the use of exemptions by the company's shareholders.

The company has taken advantage of the following exemptions:

- from preparing a statement of cashflows, required under Section 7 of FRS 102 and paragraph 3.17(d), on
the basis that it is a qualifying entity and its ultimate parent company, Hastings Hotels Holdings Limited
includes the company's cash flows in its own consolidated financial statements;
- from disclosing certain financial instruments disclosures, required under FRS 102 paragraph 11.39 to
11.48A and paragraph 12.26 to 12.29, as the information is provided in the consolidated financial
statement disclosures;
- from disclosing the company's key management personnel compensation as required by FRS 102
paragraph 33.7; and
- from disclosing related party transactions that are wholly owned within the same group under paragraph
33.1 A from the provisions of FRS 102, on the grounds that at 31 October 2021 it was a wholly owned
subsidiary.

Preparation of consolidated financial statements
The financial statements contain information about HHG No.10 Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, William Hastings Group Limited, 587 Upper Newtownards Road, Belfast BT4 3LP.

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the Turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is primarily derived from the sources below and is generally recognised as services are rendered and when collectability is reasonably assured. Amounts received in advance of revenue recognition are deferred as liabilities.

Other operating income
Investment income is accounted for when received.

Finance Costs
Finance costs are charged to the Statement of Comprehensive Income 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.

Tangible fixed assets
Tangible 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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method. Land is not depreciated.

Depreciation is provided on the following bases:

Freehold property:2% straight line
Plant and machinery:12.5% straight line
Motor vehicles:25% reducing balance
Fixtures and fittings:12.5% straight line
Computer equipment:25% straight line

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.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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 company financial statements, investments in associated undertakings and joint ventures are measured at cost less accumulated impairment.

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from other parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost

Investments in ordinary and preference shares are measured:

-at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly
traded or their fair value can otherwise be measured reliably;
-at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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
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.

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Monetary assets and liabilities of the joint venture in foreign currency are translated into sterling at rates of exchange ruling at the end of the financial year and the results of the joint venture are translated at the average rate of the exchange for the year. Differences on exchange arising from the retranslation of the opening net investment in the joint venture group and from the translation of the results of those companies at an average rate, are taken to reserves and are reported in the Statement of Total Recognised Gains and Losses.

The results and financial position of joint ventures that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

-assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that
balance sheet;
-income and expenses for each income statement are translated at average exchange rates (unless this
average is not a reasonable approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the rate on the dates of the
transactions); and
-all resulting currency translation differences are recognised in other comprehensive income.

Pension costs and other post-retirement benefits
Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the Balance Sheet date less the fair value of plan assets at the Balance Sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. Accounting policies - continued

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Dividends

Equity dividends re recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical judgements in applying the company's accounting policies

There are no critical judgements in applying the entity's accounting policies.

(b) Critical accounting estimates and assumptions

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities with the next financial year, are discussed below.

Impairment of assets

The company has un-listed investments in subsidiaries and joint venture undertakings. The recoverability of these investments depends on a number of factors including the recoverability of assets and financial performance. Impairment of these investments is assessed annually. The net book value of these assets is shown in Note 12 to the financial statements.

Defined benefit pension scheme

The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including: life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pensions obligation in the balance sheet. The assumptions reflect historical experience and current trends.

AssumptionChange in assumptionImpact on scheme liabilities

Discount rate+ / - 0.25%- / + 2.7%
Rate of inflation+ / - 0.25%+ / - 2.1%
Life expectancy+ / - 1 year+ / - 3.1%


4. Turnover

All turnover arose from the principal activity within the United Kingdom.

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. Other operating income
2023 2022
£    £   
Investment Income 228 197

6. Employees and directors
2023 2022
£    £   
Wages and salaries 645,570 1,503,693
Social security costs 96,008 240,555
Other pension costs 66,741 213,571
808,319 1,957,819

The average number of employees during the year was as follows:
2023 2022

Full Time 21 38
Part Time 6 12
27 50

7. Directors' emoluments

2023 2022
£    £   
Directors' remuneration 473,661 1,050,796
Directors' pension contributions to money purchase schemes 33,181 52,222
506,842 1,103,018

The number of directors to whom retirement benefits were accruing was as follows:

2023 2022

Money purchase schemes 3 3
Defined benefit schemes 1 1

The highest paid director received remuneration of £117,515 (2022: £198,288) including pension
contributions of £11,002 (2022: £18,885). Key management is defined as the directors disclosed above.

8. Operating (loss)/profit

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 33,239 26,339
Profit on disposal of fixed assets - (11,330 )
The auditing of accounts of any associate of the company 36,300 58,600
The auditing of accounts of the company - 10,500
Taxation compliance services 11,750 18,000
Foreign exchange differences 8,578 -

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. Interest payable and similar expenses
2023 2022
£    £   
Bank interest 5 11
Interest Expense 2,448,294 -
Pension Finance Costs (6,000 ) 32,000
2,442,299 32,011

10. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 509,075 202,543

Deferred tax:
Origination and reversal of timing differences (227,471 ) (161,381 )
Effect of changes in tax rates (26,798 ) (50,963 )
Total deferred tax (254,269 ) (212,344 )
Tax on profit 254,806 (9,801 )

UK corporation tax has been charged at 22.52% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 66,756,542 110,717
Profit multiplied by the standard rate of corporation tax in the UK of
22.518% (2022 - 19%)

15,032,238

21,036

Effects of:
Expenses not deductible for tax purposes 34,931 20,163
Income not taxable for tax purposes (14,785,565 ) (37 )
reliefs
Tax rate changes (26,798 ) (50,963 )
Total tax charge/(credit) 254,806 (9,801 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Pension scheme actuarial gains 495,000 (123,750 ) 371,250

2022
Gross Tax Net
£    £    £   
Pension scheme actuarial gains 1,759,000 (439,750 ) 1,319,250

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. Taxation - continued

Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to small companies with profits of less than £50,000, with taper relief rate for those companies with profits between the new thresholds.

11. Dividends
2023 2022
£    £   
Ordinary shares of £0.20 each
Interim 64,119,346 -

12. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Cost
At 1 November 2022 30,000 1,288 321,676
Additions - 458 -
Disposals (30,000 ) (1,746 ) (321,676 )
At 31 October 2023 - - -
Depreciation
At 1 November 2022 - - 237,897
Charge for year 500 129 14,406
Eliminated on disposal (500 ) (129 ) (252,303 )
At 31 October 2023 - - -
Net book value
At 31 October 2023 - - -
At 31 October 2022 30,000 1,288 83,779

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 November 2022 90,300 91,750 535,014
Additions - 25,759 26,217
Disposals (54,300 ) (117,509 ) (525,231 )
At 31 October 2023 36,000 - 36,000
Depreciation
At 1 November 2022 33,494 - 271,391
Charge for year 10,905 7,299 33,239
Eliminated on disposal (31,228 ) (7,299 ) (291,459 )
At 31 October 2023 13,171 - 13,171
Net book value
At 31 October 2023 22,829 - 22,829
At 31 October 2022 56,806 91,750 263,623

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

13. Fixed asset investments
Shares in Interest
group in joint Unlisted
undertakings venture investments Totals
£    £    £    £   
Cost
At 1 November 2022 216,506 10,202,990 1,937 10,421,433
Disposals (119,346 ) - - (119,346 )
Loan repayment received - (1,282,380 ) - (1,282,380 )
At 31 October 2023 97,160 8,920,610 1,937 9,019,707
Net book value
At 31 October 2023 97,160 8,920,610 1,937 9,019,707
At 31 October 2022 216,506 10,202,990 1,937 10,421,433

Subsidiary undertakings

The following are subsidiary undertakings of the company:


Name
Country of
Incorporation
Class of
shares

Holding

Principal activity
William Hastings (Belfast) Limited United Kingdom Ordinary 100% Property investment
Moyola (Investments) Limited United Kingdom Ordinary 100% Dormant
Fir Trees Lodge Hotel (1985) Limited United Kingdom Ordinary 100% Dormant
Whites Hotels Limited * United Kingdom Ordinary 100% Dormant
Moyola Night Clubs Limited United Kingdom Ordinary 100% Dormant

* Investment held by a subsidiary undertaking.

The registered office address of the above subsidiary undertakings is 1066 House, 587 Upper Newtownards Road, Belfast BT4 3LP.

Investments in Joint Venture

Hotel Merrion Limited is a joint venture undertaking of HHG No.10 Limited at the year end by virtue of its ownership of 50% of the ordinary share capital of £1.27 per share. This company is incorporated in the Republic of Ireland and its principal activity is hotel and catering.

The registered office of Hotel Merrion Limited is Upper Merrion Street, Dublin 2.

14. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 15,849,364 92,959,698
Other debtors 2,072 925,994
VAT - 649,971
Prepayments 391,045 229,937
16,242,481 94,765,600

Amounts owed by group undertakings and related parties are unsecured and repayable on demand. Balances of a trading nature are interest free. Interest is charged on balances which are financing in nature. The average interest rate receivable in the year was 6.1% (2022: 3.2%).

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

15. Creditors: amounts falling due within one year
2023 2022
£    £   
Other loans (see note 17) 6,132,586 10,206,780
Trade creditors 31,801 57,023
Amounts owed to group undertakings 211,812 63,681,122
Corporation tax payable 35,350 84,793
Social security and other taxes - 1,763,997
Other creditors - 243,756
Directors' current accounts 10,222 47,198
Accruals and deferred income 213,463 3,464,199
6,635,234 79,548,868

Amounts owed to group undertakings and related parties are unsecured and repayable on demand. Balances of a trading nature are interest free. Interest is charged on balances which are financing in nature. The average interest rate payable in the year was 6.1% (2022: 3.2%).

Amounts owed to directors are unsecured, interest free and repayable on demand.

16. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Other loans (see note 17) 7,279,037 9,775,002

17. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Related party loans 6,132,586 10,206,780

Amounts falling due between one and two years:
Related party loans 1-2 years 2,300,000 2,300,000

Amounts falling due between two and five years:
Other loans - 2-5 years 4,979,037 6,900,002

Amounts falling due in more than five years:

Repayable by instalments
Related party loans > 5 years - 575,000

18. Provisions for liabilities
2023 2022
£    £   
Deferred tax
Accelerated capital allowances (24,477 ) (16,144 )
Tax losses carried forward (21,437 ) (21,437 )
Other timing differences 161,227 479,663
Retirement benefit deficit 194,000 (2,250 )
309,313 439,832

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

18. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 November 2022 439,832
Credit to Statement of Comprehensive Income during year (130,519 )
Balance at 31 October 2023 309,313

19. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,082,510 Ordinary £0.20 216,502 216,502

20. Reserves
Retained
earnings
£   

At 1 November 2022 19,380,024
Profit for the year 66,501,736
Dividends (64,119,346 )
Net actuarial losses on pension
scheme, net of deferred tax

371,250

At 31 October 2023 22,133,664

21. Employee benefit obligations

The company operates a defined benefit pension scheme. The next full valuation will be performed in relation to the year ended 31 October 2024.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Present value of funded obligations (4,812,000 ) (5,626,000 )
Fair value of plan assets 5,588,000 5,617,000
776,000 (9,000 )
Present value of unfunded obligations - -
Surplus/(Deficit) 776,000 (9,000 )
Net asset/(liability) 776,000 (9,000 )

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

21. Employee benefit obligations - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost 45,000 132,000
Net interest expense (6,000 ) 32,000
Past service cost - -
39,000 164,000

Actual return on plan assets - -

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 5,626,000 9,791,000
Current service cost 45,000 132,000
Contributions by scheme participants - 2,000
Interest cost 261,000 173,000
Actuarial losses/(gains) (675,000 ) (3,852,000 )
Benefits paid (445,000 ) (620,000 )
4,812,000 5,626,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 5,617,000 8,031,000
Contributions by employer 329,000 156,000
Contributions by scheme participants - 2,000
Interest Income 267,000 141,000
Expected return (180,000 ) (2,093,000 )
Benefits paid (445,000 ) (620,000 )
5,588,000 5,617,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Actuarial gains/(losses) 495,000 1,759,000
495,000 1,759,000

HHG No.10 Limited (Registered number: NI008164)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

21. Employee benefit obligations - continued

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
Equities 48.30% 45.90%
Bonds 37.30% 39.40%
With profits 13.10% 13.40%
Cash 1.30% 1.30%
100.00% 100.00%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 5.70% 4.81%
Retail price inflation 3.35% 3.50%
Rate of increase in salaries - lower 2.85% 3.00%
Rate of increase in salaries - upper 4.35% 4.50%
Consumer price index - pre 2030 2.35% 2.50%
Consumer price index - post 2030 3.35% 3.40%

20232022
YearsYears
Longevity at age 65 for current pensions:
- Men22.823.3
- Women24.224.6
Longevity at age 65 for future pensions
- Men24.324.8
- Women25.926.3

22. Ultimate parent company

William Hastings Group Limited is regarded by the directors as being the Company's ultimate parent company.

The ultimate parent company changed from HHG No.11 Limited to William Hastings Group Limited on 19th May 2023. William Hastings Group Limited is incorporated in Northern Ireland. Its financial statements are available at 1066 House, 587 Upper Newtownards Road, Belfast BT4 3LP. The smallest and largest group within which the results of the company are consolidated is that of William Hastings Group Limited and these are available as noted above.

23. Related party disclosures

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.

24. Ultimate controlling party

The ultimate controlling party is the Hastings Family.