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Registered number: 04648681










FIRMDALE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
FIRMDALE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
T J R Kemp 
C M Aberle 
C K B Brotchie (resigned 31 May 2025)
J P Gray 
R C Perlhagen 
R Cheles (appointed 12 June 2025)
C Ring (appointed 12 June 2025)




Company secretary
M T Soden



Registered number
04648681



Registered office
18 Thurloe Place

London

SW7 2SP




Independent auditor
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
FIRMDALE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 12
Consolidated statement of comprehensive income
13
Consolidated statement of financial position
14 - 15
Company statement of financial position
16
Consolidated statement of changes in equity
17 - 18
Company statement of changes in equity
19
Consolidated statement of cash flows
20 - 21
Consolidated analysis of net debt
22
Notes to the financial statements
23 - 53


 
FIRMDALE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

Introduction
 
The directors have pleasure in presenting their report and the financial statements of the Group for the year ended 31 January 2025.

Principal activities and business review
 
The principal activity of the Company is that of luxury hotel developer and operator in central London and New York. The properties it owns and operates in London are the Covent Garden Hotel, the Charlotte Street Hotel, the Soho Hotel, the Haymarket Hotel and the Ham Yard hotel in the West End, the Number 16 hotel in South Kensington, the Dorset Square Hotel in Marylebone and the Knightsbridge hotel in Knightsbridge. In New York it owns and operates the Crosby Street Hotel and the Whitby Hotel in the downtown Soho and Midtown districts of Manhattan respectively. In February 2024 a third hotel property was opened in the Tribeca area of New York close to the World Trade Centre. 
The company was very pleased to receive the King’s Award for Enterprise 2024 in recognition of its outstanding contribution to International Trade. The company has previously been a recipient of the (Queen’s) Award on four occasions. These awards are the most prestigious UK accolades for business.
Other recent accolades are inclusion in the Sunday Times list of Best Places to Work 2024, and the Crosby Street and The Whitby hotels being listed as two out of only four hotels in New York to receive the maximum Three Michelin Keys. This was Michelin’s first ever list of hotels in the US offering the “world’s most remarkable and extraordinary stays”. Despite only having recently opened, the Warren Street hotel received one Michelin key, and has also been included in the Conde Nast Traveller and Travel & Leisure magazine lists of best new hotels in the world.     
Revenue Performance
The UK economy in 2024 was characterised by weak economic growth with significant rises in the cost of living putting pressure on disposable incomes and corporate budgets alike. Continuing high interest rates provided a further drag on activity. However, international visitor numbers and spend continue to rise and hospitality remains one of the UK’s fastest growing sectors. 
   
Against this background, total combined 2024/25 revenues for the eight London hotels operated by the company were a new record £125.1m, a 3.9% increase on prior year with growth in both rooms and food & beverage activity. 
 
In New York the well established Crosby Street and Whitby hotels produced combined total revenues of £75.6m, representing an 8.0% increase over prior year. The Crosby Street Hotel remains one of the highest yielding hotels in Manhattan.
The newly opened Warren Street Hotel in New York produced total revenues of £11.8m in its first year of operation. 
Total Group Turnover for the financial year was £220m, a 11.2% increase on prior year, and a new record for the Group.

Page 1

 
FIRMDALE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Principal risks and uncertainties
 
The principal financial risks faced by the Group, and the Group's objectives and policies in relation to those risks, are as follows;
Cash flow risk
The finance department closely manages the Group's cashflow. Detailed cashflow forecasts are regularly prepared with the objective of alerting the directors to potential future risks. It is the Group's policy to ensure that forecast funding requirements can be met with available committed facilities. Please also refer to going concern section below which further details liquidity requirements and the directors’ consideration of this position at the reporting date. 
Credit risk
Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the Group if it is unable to recover sums due from clients and is mitigated by setting maximum levels of credit tolerance for more significant clients. For Firmdale this risk is very small as the value of Trade Debtors was less than 0.5% of Net Assets.
Currency risk
The Group faces currency risk on translation of its overseas net assets and earnings. The Group monitor exchange rate movements and consider strategies to mitigate this impact as and when significant movements arise.
Interest rate risk
At the year end date the Group has fixed interest payment obligations representing 81% of its total borrowings. The remaining balance is subject to variable bank base rates which appear to be softening from the peak rates seen in recent years.     

Page 2

 
FIRMDALE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Financial key performance indicators
 
Earnings before tax, depreciation, property fair value movements and the new property opening showed a profit of £47.9m (2024 – £43.4m).
Combined average room rate across the eight London managed and operated properties was £548 (2024 - £562) a decline of 2.5% year on year as occupancy became the key focus for growth. 
Combined average occupancy across the eight London managed and operated properties was 79.6% (2024 – 75.0%) a 6.1% points increase year on year. 
The resultant average rooms yield (RevPAR) growth across the eight London managed and operated properties was 3.6%. 
In New York, the Crosby Street Hotel and the Whitby Hotel delivered average room rates of $1,398 and $1,333 respectively, and average occupancies of 76.5% and 77.4% respectively. Combined Room Revenues increased by 7.6% over prior year. 
Food & Beverage Revenues in London increased 3.4% over prior year. In New York Food & Beverage Revenues increased by 9.9% over prior year.
Income from Private Events contributed 10.6% (2024 – 10.3%) of total revenues in London and 13.5% (2024 – 12.6%) in New York.
Conversion of Group Hotel Revenues to Gross Operating Profit declined year on year from 42.8% to 41.6% as a result of significant cost inflation across the industry as a whole.

Going concern

The directors review the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the Group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The net current liabilities figure of £370m reported in the January 2024 Group Financial Statements was driven by three very substantial long term loans maturing in November 2024, a total of £386m. In London the maturing debt of £236m was successfully refinanced with Lloyds and HSBC banks, both facilities for a term of five years. The New York US$200m maturing debt, the equivalent of £150m, was rolled over by exercising the second of three options to extend for a further twelve months. The third option remains available for us to exercise in November 2025, but in the interim we are undertaking a review of the lending market with local debt advisory professionals to see if available terms for an early full refinance are attractive.
Trading for the first quarter of the 2025/26 financial year has exceeded budget in both London and New York. Forward bookings are strong, and prospects for delivering on budget for the remainder of the financial year remain good. 
In light of the positive trading and cash generation projections, continuing delivery of financial covenant requirements and supportive banks, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required. 

Page 3

 
FIRMDALE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Directors' statement of compliance with duty to promote the success of the Group
 
The directors consider the successful running of the Group in terms of achieving its long-term growth strategy which centres around building a sustainable, profitable business which has brand reputation at its heart. The success of the Group centres around positive and effective dealings with all the stakeholders of the Group and the directors were mindful of the long-term consequences of key commercial decisions made during the year, and determined that these were in the interest of the Group's employees, suppliers, customers and other stakeholders, as they were all aligned to the Group's growth strategy.
The Group's success depends on maintaining a reputation for high standards of business conduct with customers and other stakeholders, whether in relation to specific community issues or with regard to environmental issues such as minimising the production of waste.
The directors confirm that throughout the year they have acted in the way that they consider, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole.


This report was approved by the board and signed on its behalf.



T J R Kemp
Director

Date: 17 July 2025

Page 4

 
FIRMDALE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £29,434 thousand (2024 - loss £10,714 thousand).

The directors do not recommend the payment of a dividend (2024 - £Nil).

Directors

The directors who served during the year were:

T J R Kemp 
C M Aberle 
C K B Brotchie (resigned 31 May 2025)
J P Gray 
R C Perlhagen 

Page 5

 
FIRMDALE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Future developments

The Company continues to seek further hotel opportunities in London, New York and Paris.
A long leasehold interest in three adjacent buildings in the Bloomsbury area was acquired in April 2022. Planning permission for converting these to a hotel as part of the Firmdale Town House collection was received in September 2024. The redevelopment work has commenced with a view to opening in Autumn 2026. 
In May 2025 a large piece of freehold land in the Shoreditch area of London was secured for future development of a first class hotel. 

Financial instruments

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.
The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level. 
Further detail in respect to the company's exposure to risks such as cash flow and liquidity risk has been provided in the strategic report on pages 1 - 4. 

Engagement with employees

The Group recognises that its employees are fundamental to the success of their service driven business. It is therefore committed to maximising workforce potential by supporting the learning and development needs of each individual member of staff. Good communication with employees is also considered essential. As a matter of principle the Group actively promotes from within wherever possible and provides competitive rates of pay and benefits.

Engagement with suppliers, customers and others

The Group consciously looks for suppliers who echo its ethos, be it in environmental awareness or social consideration. The Group’s purchasing philosophy is to meet the demands and expectations of a global clientele by sourcing from quality, local and diverse suppliers. This is implemented by forming long term partnerships with suppliers, working closely in partnership with them. 
The Group's supplier relationships are based on lawful, efficient and fair practices. We expect our suppliers to demonstrate they treat workers fairly and provide a safe and healthy work environment, way beyond the basic statutory regulations concerning forced labour or human trafficking. 
Customer relations are paramount in the company’s belief system. The company actively encourage customer comments and feedback and every form of correspondence, both positive and negative, is answered by a senior manager. A rigorous Mystery Guest programme is run across the Group with stringent guidelines on what service standards to test and what guests should expect. This has proven successful in highlighting areas that require improvement or indeed that are working well. Every employee of the company is encouraged to see service and experiences through the eyes of the customer. As a result of our long term pursuit of service excellence, more than 50% of the company’s business continues to be generated from returning guests.

Page 6

 
FIRMDALE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Disabled employees

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

Qualifying third party indemnity provisions

Third party qualifying directors' and officers’ insurance has been maintained throughout the financial year and to the date of this report, which extends to all subsidiaries within the wider group under Firmdale Holdings Limited.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group takes very seriously its responsibilities to improve its energy efficiency and reduce its carbon footprint. Firmdale Hotels meets the requirements of CEMARSTM certification having measured its greenhouse gas emissions in compliance with the requirements of ISO 14064-1:2006 and is committed to managing and reducing its emissions in respect of the operational activities of its organisation, which has been closely monitored since 2008. 
 
We have already made significant reductions in the level of energy consumed, since our base year of 2010 showing a 20% reduction. Year on year we show a slight increase displayed below in our GHG emissions and energy used inventory chart. However important to note rooms occupied across the group increased by 4% sitting at 136054 against last year of 130430, therefore showing our room intensity at a par year on year, and still showing a reduction from 2010.  
The emissions data presented below is for Ham Yard Investments Limited and Firmdale Property Investments Limited only and they have taken exemption from dislosing this data in their individual financial statements under s415 (2) of the Companies Act 2006.  


01 February 2024 to 31 January 2025
01 February 2023 to 31 January 2024
Energy consumption used to calculate emissions (kWh)

24,674,922.53

24,706,904.00

- Gas (kWh)

14,370,528.00

14,863,772.00

- Electricity (kWh)

10,047,758.00

9,843,132.00

- Transport fuels (kWh)

256,636.53

200,400.68

Emissions from combustion of gas tCO2e (Scope 1)

2,618.43

2,719.01

Emissions from combustion of fuel for transport purposes tCO2e (Scope 1)

65.20

N/A

Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing of the fuel tCO2e (Scope 3)

N/A

N/A

Emissions from purchased electricity tCO2e (Scope 2, location-based)

2,080.39

2,038.26

Total gross emissions tCO2e based on the above

4,764.02

4,757.27

Total gross emissions from above by UK unit turnover/revenue (tCO2e/£M)

36.05

37.97


Page 7

 
FIRMDALE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

The above information was prepared in accordance with ISO14064 Part 1 2018 and Carbon Reduce and verified to ISO14064 Part 1 2018 and Carbon Reduce. 
 
Haymarket and Charlotte Street
Initiatives this year, include the completion of the upgrade of the kitchen at Haymarket Hotel moving from gas to electric introducing convection ovens, reducing oven time and pressure on the cooling system. Haymarket Hotel has now completed all floors upgrade of their air conditioning units ensuring these are up to date and efficient. Charlotte Street and Haymarket has seen the introduction of all new boilers, Haymarket due to their efficiency have reduced the boilers by one less. 
Ham Yard Hotel 
Initiatives this year, include the completion of the upgrade of the kitchen moving from gas to electric introducing convection ovens, reducing oven time and pressure on the cooling system. Within the property we have upgraded the BMS system making the building more efficient allowing us to be more proactive with the building efficiency improving the hotels operation sustainably and financially .  

Matters covered in the Group strategic report

As permitted by paragraph 1A of schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on pages 1 - 4.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board and signed on its behalf.
 





T J R Kemp
Director

Date: 17 July 2025

Page 8

 
FIRMDALE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Firmdale Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2025 and of the Group's loss for the year 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's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 9

 
FIRMDALE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 10

 
FIRMDALE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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 Group financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

enquiry of management, those charged with governance and Company legal advisors around actual and potential litigation and claims;

performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

reviewing minutes of meetings of those charged with governance; and

reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's report.


Page 11

 
FIRMDALE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Rajeev Shaunak BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

17 July 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
Page 12

 
FIRMDALE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£000
£000

  

Turnover
 4 
220,303
198,158

Cost of sales
  
(124,852)
(101,562)

Gross profit
  
95,451
96,596

Administrative expenses
  
(94,255)
(74,443)

Fair value movements
  
(2,029)
(4,391)

Operating (loss)/profit
 5 
(833)
17,762

Profit on disposal of investments
  
-
662

Interest receivable and similar income
 9 
283
237

Interest payable and similar expenses
 10 
(29,943)
(21,549)

Loss before taxation
  
(30,493)
(2,888)

Tax on loss
 11 
1,059
(7,826)

Loss for the financial year
  
(29,434)
(10,714)

  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(11,992)
27,711

Foreign exchange movement
  
7,764
(2,490)

Deferred tax credit / (charge) on revalued leasehold property
  
4,416
(1,379)

Deferred tax credit / (charge) on revalued freehold property
  
7,680
(5,551)

Other comprehensive income for the year
  
7,868
18,291

Total comprehensive income for the year
  
(21,566)
7,577

(Loss) for the year attributable to:
  

Owners of the parent Company
  
29,434
10,714

  
29,434
10,714

The notes on pages 23 to 53 form part of these financial statements.

Page 13

 
FIRMDALE HOLDINGS LIMITED
REGISTERED NUMBER: 04648681

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
1,215,023
1,233,105

Investment property
 13 
51,995
51,678

  
1,267,018
1,284,783

Current assets
  

Stocks
 15 
4,951
4,490

Debtors: amounts falling due within one year
 16 
13,838
14,458

Cash at bank and in hand
 17 
22,520
27,917

  
41,309
46,865

Creditors: amounts falling due within one year
 19 
(189,330)
(417,152)

Net current liabilities
  
 
 
(148,021)
 
 
(370,287)

Total assets less current liabilities
  
1,118,997
914,496

Creditors: amounts falling due after more than one year
 20 
(360,000)
(120,781)

Provisions for liabilities
  

Deferred taxation
 22 
(157,414)
(170,566)

  
 
 
(157,414)
 
 
(170,566)

Net assets
  
601,583
623,149


Capital and reserves
  

Called up share capital 
 23 
1,977
1,977

Share premium account
 24 
54,262
54,262

Revaluation reserve
 24 
639,284
642,483

Profit and loss account
 24 
(93,940)
(75,573)

  
601,583
623,149


Page 14

 
FIRMDALE HOLDINGS LIMITED
REGISTERED NUMBER: 04648681
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T J R Kemp
Director

Date: 17 July 2025

The notes on pages 23 to 53 form part of these financial statements.

Page 15

 
FIRMDALE HOLDINGS LIMITED
REGISTERED NUMBER: 04648681

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£000
£000

Fixed assets
  

Investments
 14 
14,977
14,977

Current assets
  

Debtors: amounts falling due within one year
 16 
54,295
54,299

Creditors: amounts falling due within one year
 19 
(2)
(2)

Net current assets
  
 
 
54,293
 
 
54,297

  

  

Net assets
  
69,270
69,274


Capital and reserves
  

Called up share capital 
 23 
1,978
1,978

Share premium account
 24 
49,670
49,670

Profit and loss account
  
17,622
17,626

  
69,270
69,274


The loss for the company for the year ended 31 January 2025 amounted to £4,000 (2024:£nil).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


T J R Kemp
Director

Date: 17 July 2025

The notes on pages 23 to 53 form part of these financial statements.

Page 16
 

 
FIRMDALE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025



Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£000
£000
£000
£000
£000
£000


At 1 February 2024
1,977
54,262
642,483
(75,573)
623,149
623,149



Comprehensive income for the year


Loss for the year

-
-
-
(29,434)
(29,434)
(29,434)


Currency translation differences
-
-
-
7,764
7,764
7,764


Deficit on revaluation of freehold property
-
-
(5,826)
-
(5,826)
(5,826)


Deficit on revaluation of leasehold property
-
-
(6,166)
-
(6,166)
(6,166)


Deferred tax (charge) / credit on revalued leasehold property
-
-
4,416
-
4,416
4,416


Deferred tax (charge) / credit on revalued freehold property
-
-
7,680
-
7,680
7,680



Other comprehensive income for the year
-
-
104
7,764
7,868
7,868



Total comprehensive income for the year
-
-
104
(21,670)
(21,566)
(21,566)


Transfer to/from profit and loss account
-
-
(3,303)
3,303
-
-



At 31 January 2025
1,977
54,262
639,284
(93,940)
601,583
601,583



The notes on pages 23 to 53 form part of these financial statements.

Page 17

 

 
FIRMDALE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024



Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£000
£000
£000
£000
£000
£000
£000


At 1 February 2023
1,977
54,262
619,114
(59,782)
615,571
3,916
619,487



Comprehensive income for the year


Loss for the year

-
-
-
(10,714)
(10,714)
-
(10,714)


Currency translation differences
-
-
-
(2,490)
(2,490)
-
(2,490)


Surplus on revaluation of freehold property
-
-
24,184
-
24,184
-
24,184


Surplus on revaluation of leasehold property
-
-
3,528
-
3,528
-
3,528


Deferred tax (charge) / credit on revalued leasehold property
-
-
(1,379)
-
(1,379)
-
(1,379)


Deferred tax (charge) / credit on revalued freehold property
-
-
(5,551)
-
(5,551)
-
(5,551)



Other comprehensive income for the year
-
-
20,782
(2,490)
18,292
-
18,292



Contributions by and distributions to owners


Transfer to/from profit and loss account
-
-
2,587
(2,587)
-
-
-


Disposal of subsidiary and associated non-controlling interest
-
-
-
-
-
(3,916)
(3,916)



At 31 January 2024
1,977
54,262
642,483
(75,573)
623,149
-
623,149



Page 18
 
FIRMDALE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 February 2023
1,978
49,670
17,626
69,274



At 1 February 2024
1,978
49,670
17,626
69,274


Comprehensive income for the year

Loss for the year
-
-
(4)
(4)


At 31 January 2025
1,978
49,670
17,622
69,270


The notes on pages 23 to 53 form part of these financial statements.

Page 19

 
FIRMDALE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
£000
£000

Cash flows from operating activities

Loss for the financial year
(29,434)
(10,714)

Adjustments for:

Depreciation of tangible assets
31,892
21,279

Profit on disposal of investment in subsidiaries
-
(662)

(Profit)/loss on disposal of tangible assets
-
(10)

Interest paid
27,177
21,549

Interest received
(283)
(237)

Taxation charge
(1,059)
7,826

Increase in stocks
(461)
(1,697)

Decrease in debtors
620
5,689

Increase in creditors
6,201
8,937

Fair value movements recognised in the profit and loss account
3,967
4,391

Corporation tax paid
(1)
(578)

Foreign exchange
(8,974)
1,121

Net cash generated from operating activities

29,645
56,894

Cash flows from investing activities

Purchase of tangible fixed assets
(11,790)
(124,800)

Sale of tangible fixed assets
-
10

Purchase of investment properties
(1,555)
(647)

Interest received
283
237

Net cash from investing activities

(13,062)
(125,200)

Cash flows from financing activities

New secured loans
-
93,688

Other new loans
250,399
-

Repayment of loans
(245,202)
(20,589)

Interest paid
(27,177)
(21,549)

Net cash used in financing activities
(21,980)
51,550

Net (decrease) in cash and cash equivalents
(5,397)
(16,756)

Cash and cash equivalents at beginning of year
27,917
44,673

Cash and cash equivalents at the end of year
22,520
27,917
Page 20

 
FIRMDALE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025


2025
2024

£000
£000



Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
22,520
27,917

22,520
27,917


The notes on pages 23 to 53 form part of these financial statements.

Page 21

 
FIRMDALE HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2025





At 1 February 2024
Cash flows
Other non-cash changes
At 31 January 2025
£000

£000

£000

£000

Cash at bank and in hand

27,917

(5,397)

-

22,520

Debt due after 1 year

(72,650)

(225,338)

-

(297,988)

Debt due within 1 year

(387,242)

220,141

-

(167,101)

Derivative financial instruments

619

-

(2,075)

(1,456)


(431,356)
(10,594)
(2,075)
(444,025)

The notes on pages 23 to 53 form part of these financial statements.

Page 22

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Firmdale Holdings Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act. The company's registered office is 18 Thurloe Place, London, SW7 2SP.
The principal activity of the Company is a holding company. 
The principal activity of the Group is that of a luxury hotel developer, manager and operator in Central London and New York. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The Company has taken advantage of the disclosure exemption in respect of the requirement of Section 7 Statement of Cash Flows, as allowed to a qualifing entity as permitted by FRS 102 "The Financial Reporting Statndard applicable in the UK and Republic of Ireland" and has not presented its own cash flow statement in these financial statements. The information is included in the consolidated cash flows statement of Firmdale Holdings Limited.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 23

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.3

Going concern

The directors review the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the Group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The net current liabilities figure of £370m reported in the January 2024 Group Financial Statements was driven by three very substantial long term loans maturing in November 2024, a total of £386m. In London the maturing debt of £236m was successfully refinanced with Lloyds and HSBC banks, both facilities for a term of five years. The New York US$200m maturing debt, the equivalent of £150m, was rolled over by exercising the second of three options to extend for a further twelve months. The third option remains available for us to exercise in November 2025, but in the interim we are undertaking a review of the lending market with local debt advisory professionals to see if available terms for an early full refinance are attractive.
Trading for the first quarter of the 2025/26 financial year has exceeded budget in both London and New York. Forward bookings are strong, and prospects for delivering on budget for the remainder of the financial year remain good. 
In light of the positive trading and cash generation projections, continuing delivery of financial covenant requirements and supportive banks, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required. 

  
2.4

Revenue

Revenue represents amounts receivable for accommodation, food and beverage sales and ancillary hotel services provided in the normal course of business.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Deposits which have been received at the reporting date for which services have not yet been provided are included in accruals and deferred income within creditors.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 24

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Tangible fixed assets

Tangible fixed 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 Group 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 Group. 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 method. Assets in the course of construction are not depreciated until available for use.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Long-term leasehold property
-
Over the lease term
Motor vehicles
-
20% and 25% per annum on cost
Fixtures and fittings
-
15% per annum on cost

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Land is not depreciated.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 25

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.9

Operating leases: the Group as lessee

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

 
2.10

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.11

Investment property

Investment property is carried at fair value determined annually by the directors with support from external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Property held for development represents a premium paid for a long term lease and associated legal costs related to this and active planning applications. Property held for development is held at cost until such point as the fair value becomes reliably determinable or development is complete. 

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

 
2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Financial instruments

Page 26

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.16
Financial instruments (continued)

The Group has elected to apply the provisions of Section 11 and 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 27

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.



Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.17

Creditors

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

Page 28

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.18

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1,000.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.19

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.20

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.21

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 29

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.22

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.23

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 30

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (including the key areas of estimation uncertainty) have had the most significant effect on amounts recognised in the financial statements:
Revaluation of tangible fixed assets
The long term leasehold improvements and freehold property is held under the revaluation model based on detailed valuation reports completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on discounted cash flow models which include judgements surrounding future performance and market factors.
Fair value of investment properties
Investment property is held at fair value based on detailed valuation reports completed by independent valuation specialists. These valuers hold recognised and relevant professional qualifications. The valuations are based on typically prime yields of properties in the surrounding area which includes judgements relating to various market factors and conditions. 
Premium on property portfolio
As permitted under FRS 102, the group applies the revaluation model to land and buildings. As part of this process, management has included a portfolio premium of approximately £108.7m (2024: £110.0m) in the valuation of the hotel property portfolio. This reflects the belief that, as a consolidated group of high-quality, centrally located London and New York hotels, the properties would command stronger buyer appetite and tighter yields than if sold individually.
The premium is based on external valuation advice from qualified UK and US valuers, who indicated that a 25–50 basis point yield compression is reasonable for portfolios of this type, reflecting observable market participant behaviour. The directors believe this represents the fair value that a market participant would pay for the portfolio as a whole, excluding any synergies or intangible brand value that would be entity-specific.
There is no directly observable market transaction for a comparable portfolio in the current period, and the estimation of the premium involves significant judgement. If market appetite or achievable yield compression were lower than assumed, the fair value of the properties could be materially lower.

Page 31

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£000
£000

Rooms and apartments
150,391
133,993

Food and beverage
66,639
58,454

Other
2,629
3,918

Operating lease rental income
18
2

Kit Kemp Residential
611
1,776

Management fees from third parties
15
15

220,303
198,158

Analysis of turnover by country of destination:

2025
2024
£000
£000

United Kingdom
132,589
125,363

Sales - Rest of world
87,714
72,795

220,303
198,158



5.


Operating (loss)/profit

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

2025
2024
£000
£000

Depreciation
31,892
21,279

Exchange differences
23
(30)

Other operating lease rentals
4,993
6,711

Fair value losses on non-basic financial instruments
2,766
1,961

Page 32

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditors:


2025
2024
£000
£000

Fees payable to the Company's  for the audit of the consolidated and parent Company's financial statements
76
72

Fees payable to the Company's  in respect of:

The auditing of accounts of associates of the Company
213
167

Taxation compliance services
58
50

All taxation advisory services not included above
-
132

All non-audit services not included above
43
33


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2025
2024
£000
£000


Wages and salaries
52,874
50,311

Social security costs
4,529
4,022

Cost of defined contribution scheme
767
711

58,170
55,044


The average monthly number of Group employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Hotels and restaurants
1,616
1,422



Administration
122
138



Sales and marketing
25
22



Laundry
78
74

1,841
1,656

The Company has no employees other than the directors.
Page 33

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

8.


Directors' remuneration

2025
2024
£000
£000

Directors' emoluments
579
549

Group contributions to defined contribution pension schemes
30
30

609
579


During the year retirement benefits were accruing to 1 directors (2024 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £537 thousand (2024 - £505 thousand).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £nil (2024 - £nil).


9.


Interest receivable

2025
2024
£000
£000


Interest on bank deposits received
283
59

Other interest receivable
-
178

283
237


10.


Interest payable and similar expenses

2025
2024
£000
£000


Bank interest payable
27,177
21,549

Fair value loss on derivative financial instruments
2,766
-

29,943
21,549

Page 34

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

11.


Taxation


2025
2024
£000
£000

Corporation tax


Current tax on profits for the year
-
11

Adjustments in respect of previous periods
(4)
6


(4)
17


Total current tax
(4)
17

Deferred tax


Origination and reversal of timing differences
(1,055)
7,809

Total deferred tax
(1,055)
7,809


(1,059)
7,826
Page 35

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 24.03%). The differences are explained below:

2025
2024
£000
£000


Loss on ordinary activities before tax
(30,493)
(2,888)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.03%)
(7,623)
(694)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,221
7,133

Fixed asset differences
2
4,436

Difference in tax and accounts transfer in value
(272)
-

Adjustments to tax charge in respect of prior periods - deferred tax
(268)
-

Adjustments to tax charge in respect of prior periods - current tax
(4)
(1,453)

Losses utilised
-
4

Group relief surrendered/(claimed)
(23)
-

Remeasurement of deferred tax for changes in tax rates
-
(160)

Movement in deferred tax not recognised
7,595
1,406

Difference in tax rates
(1,671)
-

Capital losses
-
(2,125)

Income not taxable for tax purposes
(16)
(721)

Total tax (credit) / charge for the year
(1,059)
7,826

Page 36

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

12.


Tangible fixed assets

Group






Freehold property and land
Long term leasehold improvements
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 February 2024
250,809
986,644
341
69,734
1,307,528


Additions
-
6,196
-
5,594
11,790


Disposals
-
-
(56)
(1,684)
(1,740)


Transfers between classes
(700)
23,691
-
(23,691)
(700)


Revaluations
(6,890)
(25,739)
-
-
(32,629)


Exchange adjustments
-
12,930
-
-
12,930



At 31 January 2025

243,219
1,003,722
285
49,953
1,297,179



Depreciation


At 1 February 2024
4,469
12,259
280
57,415
74,423


Charge for the year on owned assets
4,314
25,167
19
2,392
31,892


Disposals
-
-
(55)
(1,684)
(1,739)


Transfers between classes
-
18,587
-
(18,587)
-


On revalued assets
(4,314)
(14,294)
-
-
(18,608)


Exchange adjustments
-
(3,812)
-
-
(3,812)



At 31 January 2025

4,469
37,907
244
39,536
82,156



Net book value



At 31 January 2025
238,750
965,815
41
10,417
1,215,023



At 31 January 2024
246,340
974,385
61
12,319
1,233,105

Page 37

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

           12.Tangible fixed assets (continued)

Both the long-term leasehold improvements and freehold property with the UK were valued based on reports completed by independent valuation specialists, Cushman & Wakefield, Chartered Surveyors. The valuer holds a recognised and relevant professional qualification with recent experience in the location and category of the property being valued. 
The valuation was carried out on the basis of fair value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.
The US properties were valued by HVS on the basis of fair value in accordance with US standard valuation practice.





If the long term leasehold improvements had not been included at valuation they would have been included under the historical cost convention as follows:

2025
2024
£000
£000

Group


Cost
375,488
373,858

Accumulated depreciation
(89,575)
(77,089)

Net book value
285,913
296,769

If the freehold property and land had not been included at valuation they would have been included under the historical cost convention as follows:

2025
2024
£000
£000

Group


Cost
192,395
165,827

Accumulated depreciation
(11,586)
(8,226)

Net book value
180,809
157,601

Page 38

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

13.


Investment property

Group


Freehold investment property
Property held for development
Total

£000
£000
£000



Valuation


At 1 February 2024
43,625
8,053
51,678


Additions at cost
298
1,257
1,555


Revaluations
(1,938)
-
(1,938)


Transfers between classes
700
-
700



At 31 January 2025
42,685
9,310
51,995

On consolidation, a transfer between freehold investment property and other freehold property and land of £700,000 has been made, representing the reduction in the apportioned value of two units in a warehouse leased from one group entity to another (2024: £1,049,964 increase). The total reclassification to freehold property as at 31 January 2025 is £4,725,000 (2024: £5,424,814). 





The 2025 valuations were made by Cushman & Wakefield, Chartered Surveyors, on an open market value for existing use basis.

Page 39

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

14.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 February 2024
14,977



At 31 January 2025
14,977





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Firmdale Hotels PLC
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%
Firmdale West End Ltd
18 Thurloe Place, London, SW7 2SP
Investment holding
Ordinary
100%
HY Hotels Ltd
18 Thurloe Place, London, SW7 2SP
Investment holding
Ordinary
100%
Number Sixteen Hotel Ltd
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%
Dorset Square Hotel (Freehold) Ltd
18 Thurloe Place, London, SW7 2SP
Property holding
Ordinary
100%
Palace Laundry Ltd
18 Thurloe Place, London, SW7 2SP
Laundry
Ordinary
100%
Firmdale Holdings (USA) Inc.
79 Crosby Street, New York, NY 10012, USA.
Investment holding
Ordinary
100%
Almondbox Property Ltd
18 Thurloe Place, London, SW7 2SP
Property holding
Ordinary
  100%
Innovation Centre Ltd
18 Thurloe Place, London, SW7 2SP
Warehouse letting
Ordinary
100%
Bedford Place Hotel Ltd
18 Thurloe Place, London, SW7 2SP
Property holding
Ordinary
100%
Covent Garden Hotel (Freehold) Ltd
18 Thurloe Place, London, SW7 2SP
Property holding
Ordinary
100%
Kit Kemp Design Ltd
18 Thurloe Place, London, SW7 2SP
Design
Ordinary
100%

Page 40

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Direct subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 January 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£000
£000

Firmdale Hotels PLC
160,344
4,932

Firmdale West End Ltd
-
-

HY Hotels Ltd
-
-

Number Sixteen Hotel Ltd
1,570
(190)

Dorset Square Hotel (Freehold) Ltd
(9,257)
(9,257)

Palace Laundry Ltd
(4,501)
(503)

Firmdale Holdings (USA) Inc.
(26,047)
(11,474)

Almondbox Property Ltd
(13,858)
(401)

Innovation Centre Ltd
1,780
(1,300)

Bedford Place Hotel Ltd
(551)
(160)

Covent Garden Hotel (Freehold) Ltd
(14,595)
(706)

Kit Kemp Design Ltd
813
813

Page 41

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Firmdale Property Investments Ltd
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%
Soho Hotel Ltd
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%
Ham Yard Investment Ltd
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%
21 Golden Square Ltd
18 Thurloe Place, London, SW7 2SP
Property holding
Ordinary
100%
Crosby Street Hotel Mezz LLC
79 Crosby Street, New York, NY 10012, USA.
Investment holding
Ordinary
100%
Crosby Street Hotel LLC
79 Crosby Street, New York, NY 10012, USA.
Hotelier
Ordinary
100%
56th Street Hotel Mezz LLC
79 Crosby Street, New York, NY 10012, USA.
Investment holding
Ordinary
100%
56th Street Hotel LLC
79 Crosby Street, New York, NY 10012, USA.
Hotelier
Ordinary
100%
Warren Street Hotel Mezz LLC
79 Crosby Street, New York, NY 10012, USA.
Investment holding
Ordinary
100%
Warren Street Hotel LLC
79 Crosby Street, New York, NY 10012, USA.
Hotelier
Ordinary
100%
Covent Garden Hotel (Leasehold) Ltd
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%
Dorset Square Hotel (Leasehold) Ltd
18 Thurloe Place, London, SW7 2SP
Hotelier
Ordinary
100%

Page 42

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Indirect subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 January 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£000
£000

Firmdale Property Investments Limited
33,174
(2,573)

Soho Hotel Limited
(3,217)
339

Ham Yard Investment Limited
109,998
(1,862)

21 Golden Square Limited
2,023
338

Crosby Street Hotel Mezz LLC
-
-

Crosby Street Hotel LLC
(11,562)
3,496

56th Street Hotel Mezz LLC
-
-

56th Street Hotel LLC
33,853
5,944

Warren Street Hotel Mezz LLC
-
-

Warren Street Hotel LLC
30,978
(14,826)

Covent Garden Hotel (Leasehold) Limited
2,272
(1,093)

Dorset Square Hotel (Leasehold) Limited
1,014
(541)


15.


Stocks

Group
Group
2025
2024
£000
£000

Food, beverage and general stocks
4,951
4,490


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 43

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

16.


Debtors

Group
Group
Company
Company
2025
2024
2025
2024
£000
£000
£000
£000


Trade debtors
2,051
3,297
-
-

Amounts owed by group undertakings
-
-
54,295
54,299

Other debtors
2,552
2,592
-
-

Prepayments and accrued income
8,700
7,949
-
-

Derivative instruments at fair value
535
620
-
-

13,838
14,458
54,295
54,299


Included within other debtors is an amount of £nil (2024: £433,934) which represents a reimbursement asset from an insurance provider to cover costs incurred following an incident. These funds were fully recovered in the year to 31 Janaury 2025. 
Crosby Street Hotel, Whitby Street Hotel and Warren Street Hotel have entered into various interest rate cap and swap agreements in accordance with their respective loan facilities.
On March 25, 2014, Crosby Street and Whitby Street entered into a $150m LIBOR cap at 3.50% with SMBC, maturing on November 29, 2023, for a premium of $157,000. On 27 November 2023, a $150m SOFR swap at 4.50% with Wells Fargo was entered into, maturing on 27 November 2024, for a premium of $1,086,720. Unrealised losses on this swap for the year were $597,784 (2024: $488,936). Pursuant to the Facility, Crosby Street and Whitby Street assigned all rights and interests in this swap to the lender as a security interest. On the same date, Warren Street Hotel entered into a $39.8 million SOFR swap at 4.50% with Wells Fargo, maturing on 27 November 2024, for a premium of $336,712. Unrealised losses on this swap for the year were $186,996 (2024: $149,716).
On November 27, 2024, a new $150m SOFR cap at 4% was entered into by Crosby Street and Whitby Street with Wells Fargo, maturing on 27 November 2025, for a premium of $645,000. Unrealised losses on this cap for the year were $147,332. On the same date, Warren Street Hotel entered into a $50m SOFR cap at 4% with Wells Fargo, maturing on 27 November 2025, for a premium of $222,000. This agreement requires monthly payments. The unrealised loss on this cap was $56,110 for the year.
Overall, for the year ended 31 January 2025, the total unrealised loss on these derivative instruments recognised in the consolidated statement of profit and loss was $988,222 (2024: $2,447,140). 
The Company utilises Interest Rate Swaps, to reduce interest rate risk and does not hold or issue derivative financial instruments for trading or speculative purposes.

Page 44

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

17.


Cash and cash equivalents

Group
Group
2025
2024
£000
£000

Cash at bank and in hand
22,520
27,917


Included in cash and cash equivalents is restricted cash of £4,002,706 (2024: £4,670,719).
Restricted cash is funds held in escrow for property taxes, insurance, and furniture, fixtures and equipment reserves as required by the Company's lender. 


18.


Financial instruments

Group
Group
2025
2024
£000
£000

Financial assets

Financial assets measured at amortised cost
27,123
33,807

Financial assets at fair value through the profit and loss
535
619

27,658
34,426


Financial liabilities

Financial liabilities measured at amortised cost
544,071
534,287

Other financial liabilities measured at fair value through profit or loss
1,991
-

546,062
534,287


Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and amounts owed by related parties. 
Financial assets at fair value through the profit and loss represent derivative financial instruments. 


Financial liabilities measured at amortised cost comprise bank loans, bank overdrafts, accruals, trade creditors, other creditors, amounts owed to group undertakings and other loans. 


Other financial liabilities measured at fair value through profit and loss represent derivative financial instruments.

Page 45

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2025
2024
2025
2024
£000
£000
£000
£000

Bank loans
167,429
387,533
-
-

Deferred financing fees charges/other loans
(328)
(291)
-
-

Trade creditors
6,605
8,766
-
-

Amounts owed to group undertakings
-
-
2
2

Corporation tax
-
1
-
-

Other taxation and social security
3,269
3,448
-
-

Other creditors
3,253
7,255
-
-

Accruals and deferred income
9,102
10,440
-
-

189,330
417,152
2
2


Bank loans and overdrafts are secured by:
 
legal charges over the freehold and leasehold properties of the Group;
fixed and floating charges over the book debts and other assets of the Group;
investment in the wholly owned subsidiary, Firmdale Holdings (USA) Inc;
investment in the wholly owned subsidiary, Soho Hotel Limited, and;
investment in the wholly owned subsidiary, Firmdale Property Investments Limited.
 
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 

Page 46

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

20.


Creditors: Amounts falling due after more than one year

Group
Group
2025
2024
£000
£000

Bank loans
282,988
72,650

Rolling credit facility
15,000
-

Deferred rent
60,021
48,131

Derivative instruments at fair value
1,991
-

360,000
120,781


As at the reporting date, the Group held two interest rate swap agreements to manage exposure to interest rate fluctuations on its variable rate borrowings. These instruments are measured at fair value in accordance with FRS 102, Section 12 Other Financial Instruments Issues. 
On 14 November 2024, Firmdale Property Investments Limited entered into an interest rate swap agreement with Lloyds Bank plc in respect of a notional loan of £80 million. Under the terms of the agreement, the Group has effectively fixed the SONIA interest rate at 4.16% for the term of the contract. The swap matures on 14 November 2029 and is settled on a net basis. No premium was paid on inception of the contract.
At the reporting date, the derivative has been revalued to a liability of £925,340, which represents the fair value loss that has been recognised in the profit and loss account for the year.
On 18 November 2024, Ham Yard Investments Limited entered into an interest rate swap agreement with HSBC Bank plc in respect of a notional loan of £104.85 million. The swap fixes the SONIA interest rate at 4.134% and is also settled on a net basis. The agreement matures on 13 November 2029 and no premium was paid at inception.
As at the reporting date, the fair value of the derivative is a liability of £1,065,956, which has been recognised as a fair value loss in the profit and loss account for the year.

Page 47

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2025
2024
£000
£000

Amounts falling due within one year

Bank loans
167,429
387,533

Deferred finance charges/other loans
(328)
(291)

Amounts falling due 1-2 years

Bank loans
22,789
12,875

Amounts falling due 2-5 years

Bank loans
260,199
59,775

Rolling credit facility
15,000
-

465,089
459,892


Page 48

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
21.Loans (continued)

Included within bank loans are facilities with five providers; HSBC Bank plc, Wells Fargo, Lloyds Bank plc, Coutts & Co and Investec Bank plc. 
Included within loans are facilities with Wells Fargo and the US entities, Crosby Street and 56th Street LLC for $150m and Warren Street for $50m (construction loan). These facilities were refinanced on 27 November 2019 with interest accruing from this date at a margin of 3% above US LIBOR. The facility is repayable in full on 27 November 2025 with the option for three one-year extensions, of which the second one has been exercised. The total amount outstanding at year end was £161.4m (2024 - £150.0m), net of deferred financing costs of £0.3m (2024 - £0.3m).
The note above includes a £100m loan facility drawn from Lloyds Bank plc on 13th November 2024 by a subsidiary, Firmdale Property Investments Ltd, 80% of which is fixed at 4.16% interest plus 2.35% margin, the balance at SONIA plus 2.35%. In addition it includes a Revolving Credit Facility from the lender of £15.0m, fully drawn at 31st January 2025, attracting interest at 2.35% above SONIA. Both facilities mature on 12th November 2029.  
On 18 November 2024, one of the subsidiaries, Ham Yard Investments Limited entered into a £126.5m loan with HSBC UK Bank PLC. The term of the loan is five years to 18 November 2029 when the capital amount is to be repaid in full. Included within this agreement, on 18 November 2024, Ham Yard Investments Limited entered into an interest rate swap agreement with HSBC Bank plc in respect of a notional loan of £104.85 million. The swap fixes the SONIA interest rate at 4.134% and is also settled on a net basis.
On 28 February 2024, a loan was entered into between Covent Garden Hotel (Freehold) Limited and Coutts & Co. for two facilities. Facility A is for £34.5m and accrues interest at a fixed rate of 6.551% per annum. It is repayable in instalments ending 27 February 2028. Facility B is for £15m and accrues interest at a variable rate based on SONIA plus 2.5% margin. It is repayable in full on 27 February 2028. The total amount outstanding as at the year end was £48.6m (2024 - £49.5m).
A further £12m loan was obtained by Dorset Square Hotel (Freehold) Limited from Coutts & Co. on 31 January 2024. Facility C accrues interest at SONIA plus 2.25% margin and is repayable in full on 27 February 2028. The total amount outstanding as at the year end was £12m (2024 - £12m).
Also during 2024, a subsidiary, Almondbox Property Limited obtained a loan from Investec Bank plc for £12m. The loan is secured by fixed and floating charges over property of the company. Interest is incurred at base rate + 2.75% margin. The repayment date of the bank loan is January 2026. The full loan was drawn on 25 January 2024 and the total amount outstanding as at the year end was £5m (2024 - £12m).
Bank loans are secured by fixed and floating charges over the assets of the company.

Page 49

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

22.


Deferred taxation


Group



2025
2024


£000

£000






At beginning of year
(170,566)
(155,384)


Credited/(charged) to profit or loss
1,056
(7,809)


Credited/(charged) to other comprehensive income
12,096
(6,931)


Exchange adjustments
-
(442)



At end of year
(157,414)
(170,566)

Company








At end of year
-
-
The provision for deferred taxation is made up as follows:

Group

Group
2025
2024
£000
£000

Accelerated capital allowances
(20,603)
(85,490)

Tax losses carried forward
25,224
23,628

Capital gains
(156,355)
(103,680)

Short term timing difference
320
43

Unrealised gains in foreign currency
(6,000)
(5,248)

Intangibles
-
155

Unamortised start up costs
-
26

(157,414)
(170,566)

There is no deferred tax arising in the parent company (2024: £Nil). 

Page 50

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

23.


Share capital

2025
2024
£000
£000
Allotted, called up and fully paid



1,977,275 (2024 - 1,977,275) Ordinary shares of £1.00 each
1,977
1,977

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not cover any rights of redemption.



24.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued, less transaction costs.

Revaluation reserve

This reserve records the amount above the historic cost of tangible fixed assets. The amount of depreciation provided on book value which represents a surplus on valuation is transferred as a reserves movement to retained earnings.

Profit and loss account

This reserve records all historical profits and losses recognised by the Group, net of any due taxed and dividends declared.


25.


Contingent assets and liabilities

The Company participates in a group VAT registration and is jointly and severally liable for a VAT liability of £2.4m (2024 - £2.4m), which has not been provided for in the Company's accounts.


26.


Capital commitments




At 31 January 2025 the Group had capital commitments as follows:


Group
Group
2025
2024
£000
£000

Contracted for but not provided in these financial statements
663
-



Page 51

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

27.


Pension commitments

The Group operates a defined contribution scheme for certain employees. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £767,333 (2024 - £711,000). Contributions totalling £153,516 (2024 - £142,098) were payable to the fund at the reporting date and are included in other creditors.


28.


Commitments under operating leases

At 31 January 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2025
2024
£000
£000

Not later than 1 year
15,029
14,214

Later than 1 year and not later than 5 years
59,357
55,890

Later than 5 years
969,503
890,770

1,043,889
960,874


At 31 January 2025 the Group had future minimum rentals receivable under non-cancellable operating leases as follows:

Group
Group
2025
2024
£000
£000

Not later than 1 year
1,351
989

Later than 1 year and not later than 5 years
557
1,292

1,908
2,281

The Group holds two office properties, one residential property and one warehouse unit as investment properties as disclosed in note 13. The offices are occupied under non-cancellable leases and have remaining terms of between one and four years. The residential property is freehold tenure and is let to third parties.

Page 52

 
FIRMDALE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

29.


Related party transactions

The Company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transaction with other wholly owned members of the Group.
At the reporting date, Mr T J R Kemp, a director and shareholder of Firmdale Holdings Limited was owed £2,491 by the Group (2024 - £9,966). The maximum amount owing to the Group during the year was £1,966,823 (2024 - £1,186,020). The loan was interest free. 
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. The total aggregate compensation paid to the key management personnel (including directors' remuneration as disclosed in note 9) by the Group was £2,902,160 (2024 - £2,847,066).
During the year, the Group received fees at a market rate of £15,108 (2024 - £15,000) from Mr T J R Kemp in respect of administration and management of a property on his behalf. 
At the reporting date £1,478 (2024: £2,960) was owed to Chelsea Textiles Limited by one member in the group, Firmdale Hotels PLC. A member of key management personnel of Chelsea Textiles Ltd is a shareholder of the ultimate parent of Firmdale Hotels Plc. During the year Firmdale Hotels Plc purchased goods to the value of £40,702 (2024: £25,829) and made sales to the value of £14,822 (2024: £9,427) with Chelsea Textiles Limited. The US entities purchased goods to the value of $15,508 (2024: $282,409) representing materials used for furnishings in the hotel.
In the reporting period, one of the subsidiaries of the Group, Covent Garden Hotel (Leasehold) Ltd, made purchases of £24,000 (2024: £30,000) from Pusey Farm Ltd with respect to food produce for the hotel restaurant. A member of key management personnel of Pusey Farm Ltd is a shareholder of Firmdale Holdings Limited, the parent company. At the reporting date, £Nil (2024: £Nil) was owed to Pusey Farm Ltd. 
During the previous year, the Company disposed of its 80% interest in Mandela Way Ltd, resulting in a gain of £662k. No consideration was received, this purely represented the fair value of the net assets disposed. At the reporting date, a balance of £932,000 (2024: £3,254,000) remains payable to Mandela Way Ltd, which is now fully owned by a common shareholder and held in other creditors. This amount is interest free and repayable on demand. 


30.


Controlling party

There is no ultimate controlling party.

Page 53