Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-31truetruetruetruefalsefalse2024-02-01277391truefalse 04725421 2024-02-01 2025-01-31 04725421 2023-02-01 2024-01-31 04725421 2025-01-31 04725421 2024-01-31 04725421 2023-02-01 04725421 c:PriorPeriodIncreaseDecrease 2023-02-01 2024-01-31 04725421 1 2024-02-01 2025-01-31 04725421 1 2023-02-01 2024-01-31 04725421 5 2024-02-01 2025-01-31 04725421 5 2023-02-01 2024-01-31 04725421 6 2024-02-01 2025-01-31 04725421 6 2023-02-01 2024-01-31 04725421 e:CompanySecretary1 2024-02-01 2025-01-31 04725421 e:Director1 2024-02-01 2025-01-31 04725421 e:Director2 2024-02-01 2025-01-31 04725421 e:Director3 2024-02-01 2025-01-31 04725421 e:Director4 2024-02-01 2025-01-31 04725421 e:Director5 2024-02-01 2025-01-31 04725421 e:RegisteredOffice 2024-02-01 2025-01-31 04725421 c:Buildings 2024-02-01 2025-01-31 04725421 c:Buildings 2025-01-31 04725421 c:Buildings 2024-01-31 04725421 c:Buildings c:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 04725421 c:Buildings c:LongLeaseholdAssets 2024-02-01 2025-01-31 04725421 c:Buildings c:LongLeaseholdAssets 2025-01-31 04725421 c:Buildings c:LongLeaseholdAssets 2024-01-31 04725421 c:Buildings c:ShortLeaseholdAssets 2024-02-01 2025-01-31 04725421 c:FurnitureFittings 2024-02-01 2025-01-31 04725421 c:FurnitureFittings 2025-01-31 04725421 c:FurnitureFittings 2024-01-31 04725421 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 04725421 c:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 04725421 c:CurrentFinancialInstruments 2025-01-31 04725421 c:CurrentFinancialInstruments 2024-01-31 04725421 c:Non-currentFinancialInstruments 2025-01-31 04725421 c:Non-currentFinancialInstruments 2024-01-31 04725421 c:Non-currentFinancialInstruments 6 2025-01-31 04725421 c:Non-currentFinancialInstruments 6 2024-01-31 04725421 c:CurrentFinancialInstruments c:WithinOneYear 2025-01-31 04725421 c:CurrentFinancialInstruments c:WithinOneYear 2024-01-31 04725421 c:Non-currentFinancialInstruments c:AfterOneYear 2025-01-31 04725421 c:Non-currentFinancialInstruments c:AfterOneYear 2024-01-31 04725421 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2025-01-31 04725421 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-01-31 04725421 c:ReportableOperatingSegment1 2024-02-01 2025-01-31 04725421 c:ReportableOperatingSegment1 2023-02-01 2024-01-31 04725421 c:ReportableOperatingSegment2 2024-02-01 2025-01-31 04725421 c:ReportableOperatingSegment2 2023-02-01 2024-01-31 04725421 c:ReportableOperatingSegment3 2024-02-01 2025-01-31 04725421 c:ReportableOperatingSegment3 2023-02-01 2024-01-31 04725421 f:UnitedKingdom 2024-02-01 2025-01-31 04725421 f:UnitedKingdom 2023-02-01 2024-01-31 04725421 c:UKTax 2024-02-01 2025-01-31 04725421 c:UKTax 2023-02-01 2024-01-31 04725421 c:RevaluationReserve 2024-02-01 2025-01-31 04725421 c:RevaluationReserve 2025-01-31 04725421 c:RevaluationReserve 1 2024-02-01 2025-01-31 04725421 c:RevaluationReserve 5 2024-02-01 2025-01-31 04725421 c:RevaluationReserve 6 2024-02-01 2025-01-31 04725421 c:RevaluationReserve 2023-02-01 2024-01-31 04725421 c:RevaluationReserve 2024-01-31 04725421 c:RevaluationReserve c:PriorPeriodIncreaseDecrease 2023-02-01 2024-01-31 04725421 c:RevaluationReserve 2023-02-01 04725421 c:RevaluationReserve 5 2023-02-01 2024-01-31 04725421 c:RevaluationReserve 6 2023-02-01 2024-01-31 04725421 c:RevaluationReserve 8 2023-02-01 2024-01-31 04725421 c:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31 04725421 c:RetainedEarningsAccumulatedLosses 2025-01-31 04725421 c:RetainedEarningsAccumulatedLosses 1 2024-02-01 2025-01-31 04725421 c:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 04725421 c:RetainedEarningsAccumulatedLosses 2024-01-31 04725421 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-02-01 2024-01-31 04725421 c:RetainedEarningsAccumulatedLosses 2023-02-01 04725421 c:RetainedEarningsAccumulatedLosses 1 2023-02-01 2024-01-31 04725421 c:AcceleratedTaxDepreciationDeferredTax 2025-01-31 04725421 c:AcceleratedTaxDepreciationDeferredTax 2024-01-31 04725421 c:TaxLossesCarry-forwardsDeferredTax 2025-01-31 04725421 c:TaxLossesCarry-forwardsDeferredTax 2024-01-31 04725421 c:RetirementBenefitObligationsDeferredTax 2025-01-31 04725421 c:RetirementBenefitObligationsDeferredTax 2024-01-31 04725421 e:OrdinaryShareClass1 2024-02-01 2025-01-31 04725421 e:OrdinaryShareClass1 2025-01-31 04725421 e:OrdinaryShareClass1 2024-01-31 04725421 e:FRS102 2024-02-01 2025-01-31 04725421 e:Audited 2024-02-01 2025-01-31 04725421 e:FullAccounts 2024-02-01 2025-01-31 04725421 e:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 04725421 c:WithinOneYear 2025-01-31 04725421 c:WithinOneYear 2024-01-31 04725421 c:BetweenOneFiveYears 2025-01-31 04725421 c:BetweenOneFiveYears 2024-01-31 04725421 c:MoreThanFiveYears 2025-01-31 04725421 c:MoreThanFiveYears 2024-01-31 04725421 2 2024-02-01 2025-01-31 04725421 5 2024-02-01 2025-01-31 04725421 7 2024-02-01 2025-01-31 04725421 g:PoundSterling 2024-02-01 2025-01-31 04725421 c:RevaluationReserve c:PreviouslyStatedAmount 2023-02-01 04725421 c:PreviouslyStatedAmount 2023-02-01 04725421 c:RetainedEarningsAccumulatedLosses 5 2024-02-01 2025-01-31 04725421 c:RetainedEarningsAccumulatedLosses 5 2023-02-01 2024-01-31 04725421 c:RetainedEarningsAccumulatedLosses 6 2024-02-01 2025-01-31 04725421 c:RetainedEarningsAccumulatedLosses 6 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04725421










FIRMDALE PROPERTY INVESTMENTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 
 
COMPANY INFORMATION


Directors
T J R Kemp 
J K Kemp 
C A Markham 
C C Ring 
M T  Soden 




Company secretary
M T Soden



Registered number
04725421



Registered office
18 Thurloe Place

London

SW7 2SP




Independent auditor
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13 - 14
Notes to the financial statements
15 - 30


 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

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

Business review
 
The company has a freehold interest in the Charlotte Street Hotel and long leasehold interest in the Haymarket Hotel. Both hotels are managed by Firmdale Hotels Plc, a fellow group company.

Principal risks and uncertainties
 
The principal financial risks faced by the company, and the company's objectives and policies in relation to those risks, are as follows:
Cash flow risk
The finance department closely manages the company's cash flow. Detailed cash flow forecasts are regularly prepared with the objective of alerting the directors to potential future risks. It is the company's policy to ensure that forecast funding requirements can be met with available committed facilities.
Interest rate risk
The company's interest rate policy has the twin objectives of minimising net interest expense whilst providing protection from material adverse movement in interest rates. The company has fixed 80% of its £100m Term loan until 12th November 2029.
Currency risk
The company faces minimal currency risks as it operates wholly in the UK.

Financial key performance indicators
 
The company's hotels managed by Firmdale Hotels Plc had aggregated revenues of £27.0m (2024 - £26.1m), a 3.3% increase.
The hotels operated at a combined average occupancy of 81.2% (2024 - 76.3%) and an average room rate of £555 (2024 - £572). This represented a rooms yield (RevPAR) growth of 3.1% over prior year.
Aggregated food and beverage revenues achieved across the hotels totalled £9.1m (2024 - £8.9m), an increase of 2.3% on previous year. 
Conversion of aggregated revenues to gross operating profit for the hotels was 30.6% (2024 - 32.0%).

Page 1

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 

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

Going concern

The directors review the cashflows and liabilities of Firmdale Holdings Limited 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 sucessfully refinanced with Lloyds and HSBC banks, both facilities for a term of five years. The New york US$200m maturing debt, the equivelant 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 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 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.  

Despite generating a loss before tax in the year of £4,666 thousand (2024: £4,732 thousand profit), the company had net current assets of £34,292 thousand (2024: £76,963 thousand liabilities). This position is largely driven by an intercompany creditor of £45,492 thousand (2024: £48,755 thousand) that will not be recalled to the detriment of other creditors or the trade of the business.  Therefore, the directors consider the going concern basis to remain appropriate.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors consider the successful running of the company 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 interests of the company's employees, suppliers, customers and other stakeholders, as they were all aligned to the group’s growth strategy.
The company's and group’s success depends on the company maintaining a reputation for high standards of business conduct with customers and other stakeholders, whether in relation to specific community issues or with regards to environmental issues such as minimising the production of waste.
The principal decisions made by 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.

Page 2

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 

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


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





................................................
T J R Kemp
Director

Date: 17 July 2025

Page 3

 
FIRMDALE PROPERTY INVESTMENTS 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 Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of a luxury hotel property owner and operator for the Firmdale Charlotte Street and Haymarket hotels. The hotels are managed by Firmdale Hotels Plc, a fellow group company.

Results and dividends

The loss for the year, after taxation, amounted to £2,573 thousand (2024 - profit £12,416 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 
J K Kemp 
C A Markham 
C C Ring 
M T  Soden 

Page 4

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

Future developments

The company is seeking further development opportunities in London but at present there are no specific projects secured.

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 of the company's exposure to risks such as cash flow and interest rate risk has been provided in the strategic report on page 1.

Engagement with employees

The company 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 company actively promotes from within wherever possible and provides competitive rates of pay and benefits.

Engagement with suppliers, customers and others

Firmdale consciously looks for suppliers who echo the ethos of the Group, 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.
 
Firmdale'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 Firmdale's belief system. Firmdale 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 Firmdale 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.

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.

Page 5

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

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

Under Section 415(2) of the Companies Act 2006, the company have opted to include their streamlined energy and carbon reporting disclosure in Firmdale Holding Limited Annual Report 2025, the parent company.



Matters covered in the 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 - 2.

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'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's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory
changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to
MHAAudit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the
Companies Act 2006

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





................................................
T J R Kemp
Director

Date: 17 July 2025

Page 6

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE PROPERTY INVESTMENTS LIMITED
 

Opinion


We have audited the financial statements of Firmdale Property Investments Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company's affairs as at 31 January 2025 and of its 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 Company 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 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 7

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE PROPERTY INVESTMENTS 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

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


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 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;
 


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 9

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRMDALE PROPERTY INVESTMENTS 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 10

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£000
£000

  

Turnover
 4 
26,951
26,905

Cost of sales
  
(20,665)
(18,849)

Gross profit
  
6,286
8,056

Administrative expenses
  
(6,569)
(968)

Operating (loss)/profit
 5 
(283)
7,088

Interest receivable and similar income
  
26
17

Interest payable and similar expenses
 8 
(4,409)
(2,373)

(Loss)/profit before tax
  
(4,666)
4,732

Tax on (loss)/profit
 9 
2,093
7,684

(Loss)/profit for the financial year
  
(2,573)
12,416

Other comprehensive income for the year
  

Unrealised deficit on revaluation of tangible fixed assets
  
(3,235)
(292)

Unrealised surplus/(deficit) on revaluation of intangible assets
  
-
(4,556)

Deferred tax on revaluation
  
(808)
(1,212)

Other comprehensive income for the year
  
(4,043)
(6,060)

Total comprehensive income for the year
  
(6,616)
6,356

The notes on pages 15 to 30 form part of these financial statements.

Page 11

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
REGISTERED NUMBER: 04725421

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£000
£000

Fixed assets
  

Tangible assets
 10 
130,653
135,335

  
130,653
135,335

Current assets
  

Stocks
 11 
193
188

Debtors: amounts falling due within one year
 12 
79,469
24,611

Cash at bank and in hand
 13 
688
839

  
80,350
25,638

Creditors: amounts falling due within one year
 14 
(46,059)
(102,601)

Net current assets/(liabilities)
  
 
 
34,291
 
 
(76,963)

Total assets less current liabilities
  
164,944
58,372

Creditors: amounts falling due after more than one year
 15 
(114,473)
-

Provisions for liabilities
  

Deferred tax
 17 
(17,297)
(20,198)

  
 
 
(17,297)
 
 
(20,198)

Net assets
  
33,174
38,174


Capital and reserves
  

Revaluation reserve
 19 
36,909
40,144

Profit and loss account
 19 
(3,735)
(1,970)

  
33,174
38,174


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2025.




................................................
T J R Kemp
Director

The notes on pages 15 to 30 form part of these financial statements.

Page 12

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 

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


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2024
40,144
(1,970)
38,174


Comprehensive income/(loss) for the year

Loss for the year
-
(2,573)
(2,573)

Deficit on revaluation of freehold property
(2,435)
-
(2,435)

Deficit on revaluation of leasehold property
(800)
-
(800)

Deferred tax credited on revalued freehold property
808
-
808
Total comprehensive income/(loss) for the year
(2,427)
(2,573)
(5,000)

Transfer to/from profit and loss account
(808)
808
-


At 31 January 2025
36,909
(3,735)
33,174


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
FIRMDALE PROPERTY INVESTMENTS LIMITED
 

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


Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000

At 1 February 2023 (as previously stated)
43,117
(9,598)
33,519

Prior year adjustment - correction of error
(4,125)
-
(4,125)

At 1 February 2023 (as restated)
38,992
(9,598)
29,394


Comprehensive income/(loss) for the year

Profit for the year
-
12,416
12,416

Deficit on revaluation of freehold property
(4,556)
-
(4,556)

Deficit on revaluation of leasehold property
(292)
-
(292)

Deferred tax charged on revalued freehold property
1,212
-
1,212
Total comprehensive income/(loss) for the year
(3,636)
12,416
8,780

Transfer to/from profit and loss account
4,788
(4,788)
-


At 31 January 2024
40,144
(1,970)
38,174


The notes on pages 15 to 30 form part of these financial statements.

Page 14

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

1.


General information

Firmdale Property Investments Limited is a private company, limited by shares, incorporated and registered in England and Wales under the Companies Act, registered number 04725421. 
The principal activity of the company is that of a luxury hotel property owner and operator for the Firmdale Charlotte Street and Haymarket hotels. The hotels are managed by Firmdale Hotels Plc, a fellow group company. 
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1,000.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Firmdale Holdings Limited  as at 31 January 2025 and these financial statements may be obtained from the Registrar of Companies.

Page 15

 
FIRMDALE PROPERTY INVESTMENTS 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 Limited 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 sucessfully refinanced with Lloyds and HSBC banks, both facilities for a term of five years. The New york US$200m maturing debt, the equivelant 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 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 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.

Despite generating a loss before tax in the year of £4,666 thousand (2024: £4,732 thousand profit), the company had net current assets of £34,292 thousand (2024: £76,963 thousand liabilities). This position is largely driven by an intercompany creditor of £45,492 thousand (2024: £48,755 thousand) that will not be recalled to the detriment of other creditors or the trade of the business.  Therefore, the directors consider the going concern basis to remain appropriate. Therefore, the directors consider the going concern basis to remain appropriate

 
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 company 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.

Page 16

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

2.Accounting policies (continued)

 
2.5

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

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

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the lease term
Freehold property
-
2% straight line
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

 
2.6

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.

 
2.7

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. 

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.

Page 17

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Operating leases: the Company as lessee

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

 
2.12

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in 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 Company in independently administered funds.

 
2.13

Holiday pay adjustment

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.14

Borrowing costs

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

Page 18

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

2.Accounting policies (continued)

 
2.15

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.16

Interest income

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

 
2.17

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.

 
2.18

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 19

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

2.Accounting policies (continued)

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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
Page 20

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

Page 21

 
FIRMDALE PROPERTY INVESTMENTS 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 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. 


4.


Turnover

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


2025
2024
£000
£000

Rooms
17,496
17,437

Food and beverage
9,126
9,117

Other
329
351

26,951
26,905


Analysis of turnover by country of destination:

2025
2024
£000
£000

United Kingdom
26,951
26,905

26,951
26,905



5.


Operating (loss)/profit

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

2025
2024
£000
£000

Depreciation
2,142
1,986

Other operating lease rentals
267
427

During the year, no director received any emoluments (2024 - £Nil).

Page 22

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

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2025
2024
£000
£000

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
25
24

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2025
2024
£000
£000

Wages and salaries
9,571
9,285

Social security costs
783
727

Cost of defined contribution scheme
143
142

10,497
10,154


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


        2025
        2024
            No.
            No.







Directors
5
3



Hotel staff
272
388

277
391


8.


Interest payable and similar expenses

2025
2024
£000
£000


Bank interest payable
3,484
2,373

Loss on derivatives
925
-

Page 23

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

9.


Taxation


2025
2024
£000
£000

Corporation tax


Current tax on profits for the year
-
-

Adjustments in respect of previous periods
-
6

Deferred tax


Origination and reversal of timing differences
(1,845)
(7,690)

Over provision in prior years
(248)
-

Total deferred tax
(2,093)
(7,690)


Taxation on loss on ordinary activities
(2,093)
(7,684)

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)/profit on ordinary activities before tax
(4,666)
4,732


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.03%)
(1,167)
1,137

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
533

Adjustments to tax charge in respect of prior periods
(248)
(6)

Other timing differences leading to a decrease in taxation
276
(1,176)

Capital gains
(1,492)
(7,890)

Deferred tax recognised at a higher rate
-
(290)

Other permanent differences
-
(107)

Group relief surrendered
538
115

Total tax charge for the year
(2,093)
(7,684)

Page 24

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

10.


Tangible fixed assets





Long-term leasehold property improve-ments
Freehold property
Fixtures and fittings
Total

£000
£000
£000
£000



Cost or valuation


At 1 February 2024
52,400
82,700
4,529
139,629


Additions
-
-
695
695


Revaluations
(800)
(4,500)
-
(5,300)



At 31 January 2025

51,600
78,200
5,224
135,024



Depreciation


At 1 February 2024
-
-
4,294
4,294


Charge for the year on owned assets
484
1,581
77
2,142


On revalued assets
(484)
(1,581)
-
(2,065)



At 31 January 2025

-
-
4,371
4,371



Net book value



At 31 January 2025
51,600
78,200
853
130,653



At 31 January 2024
52,400
82,700
235
135,335

Lloyds Bank PLC have security over freehold and leasehold property, and fixed and floating charges over other assets held by the company. These charges form security for a loan facility provided to the company.
 

The freehold and long term leasehold property valuations are based on detailed valuation reports completed by Cushman & Wakefield, Chartered Surveyors, an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the property being valued. Valuations are on the basis of fair value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.

Page 25

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

           10.Tangible fixed assets (continued)

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

As restated
2025
2024
£000
£000



Cost
43,388
43,388

Accumulated depreciation
(11,773)
(10,843)

Net book value
31,615
32,545

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

As restated
2025
2024
£000
£000



Cost
40,250
40,250

Accumulated depreciation
(5,053)
(4,726)

Net book value
35,197
35,524

On review, the historical cost and depreciation disclosed in 2024 for both Freehold and Long term leasehold properties were incorrectly stated, and have been corrected as above. There was no effect on the results for the year for this correction. 


11.


Stocks

2025
2024
£000
£000

Food and beverage stock
193
188


The replacement cost of stock was not materially different to the amount stated above.

Page 26

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

12.


Debtors

2025
2024
£000
£000

Trade debtors
99
78

Amounts owed by group undertakings
78,823
24,164

Other debtors
547
369

79,469
24,611


All amounts shown under debtors fall due for payment within one year. Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


13.


Cash and cash equivalents

2025
2024
£000
£000

Cash at bank and in hand
688
839



14.


Creditors: Amounts falling due within one year

2025
2024
£000
£000

Bank loans
-
53,026

Amounts owed to group undertakings
45,492
48,755

Other taxation and social security
26
1

Other creditors
515
394

Accruals and deferred income
26
425

46,059
102,601


Amounts owed to group undertakings are unsecured, interest-free and are repayable on demand.

Page 27

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

15.


Creditors: Amounts falling due after more than one year

2025
2024
£000
£000

Bank loans (see Note 16)
98,548
-

Deferred finance charges
15,000
-

Financial instruments (after 1 yr)
925
-

114,473
-



16.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£000
£000

Amounts falling due within one year

Bank loans
-
53,026


Amounts falling due 2-5 years

Bank loans
98,548
-

Revolving credit facility
15,000
-

113,548
53,026


Secured loan
The note above comprises a £100m loan facility with Lloyds Bank PLC, 80% of which is fixed at 4.16% plus 2.35% margin, the balance at SONIA plus 2.35% margin. There is also a Revolving Credit Facility of £15.0m fully drawn at 31 January 2025 attracting interest of 2.35% above SONIA.
The bank loan is secured by legal charges over the freehold and leasehold properties of the company and a fellow subsidiary. In addition, they are secured by fixed and floating charges over the book debts and other assets of the company and a fellow subsidiary.

Page 28

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

17.


Deferred taxation




2025
2024


£000

£000






At beginning of year
(20,198)
(29,100)


Credited/(charged) to profit or loss
2,093
7,690


Credited to other comprehensive income
808
1,212



At end of year
(17,297)
(20,198)

The provision for deferred taxation is made up as follows:

2025
2024
£000
£000


Accelerated capital allowances
79
130

Tax losses carried forward
5,820
5,577

Temporary difference on revaluation of freehold and leasehold property
(23,196)
(25,905)

(17,297)
(20,198)


18.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



1 (2024 - 1) Ordinary share of £1.00
1
1

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



19.


Reserves

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 the profit and loss account.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Page 29

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

20.


Pension commitments

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge for the year represents contributions payable by the company to the funds and amounted to £142,965 (2024   - £142,456). No contributions were payable to the fund at either reporting date.


21.


Commitments under operating leases

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

2025
2024
£000
£000


Not later than 1 year
266
266

Later than 1 year and not later than 5 years
1,066
1,066

Later than 5 years
27,239
27,507

28,571
28,839


22.


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 transactions with other wholly owned members of the Group.


23.


Controlling party

The immediate parent and controlling company is Firmdale West End Limited, a company registered in England and Wales.
The ultimate parent company is Firmdale Holdings Limited, head of the ultimate group and a company registered in England and Wales. The consolidated accounts of this group, which is the smallest and largest to include the company, are available from the Registrar of Companies.
In the opinion of the directors, the Trustees of Kemp Family Foundation are the ultimate controlling party of the Group and therefore of this entity.
 
Page 30