| REGISTERED NUMBER: 03536231 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Elizabeth Holdings plc |
| REGISTERED NUMBER: 03536231 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| for |
| Elizabeth Holdings plc |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Statement of Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| Elizabeth Holdings plc |
| Company Information |
| for the Year Ended 31 January 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Jeffrey Stanley BSc(Econ) FCA |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Lakeview House |
| 4 Woodbrook Crescent |
| Billerciay |
| Essex |
| CM12 0EQ |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Group Strategic Report |
| for the Year Ended 31 January 2025 |
| The directors present their strategic report of the company and the group for the year ended 31 January 2025. |
| REVIEW OF BUSINESS |
| The Residential rental sector (low risk) is expected to remain strong, with the impact of higher interest rates, inflation and reduction of disposable income, affecting affordability for private buyers. |
| The overall size and diversity of the portfolio has given stability and protection from changes in market values and rents received. |
| Public Houses / Commercial properties are leased (not managed) which has given us protection from the recruitment challenges experienced in many sectors. |
| Commercial properties may have to be adapted in some instances i.e., large office buildings, due to the continuing expectation of some for working from home. |
| The cost-of-living crisis (energy costs etc) has encouraged a generally less transient lifestyle amongst tenants & this has therefore had a positive effect on turnover. |
| The Directors therefore are confident in anticipating increased levels of activity in the forthcoming year, returning sizeable profits despite ongoing investment and that the Balance sheet net asset position therefore is well protected. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group's principal risks and uncertainties are: |
| - The general economic climate and the ability of tenants to maintain rental agreements. |
| - Operational risks associated with technology & high profile cyberattacks/ransomware software. |
| - Recruitment challenges posed in an uncertain employment market. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Group Strategic Report |
| for the Year Ended 31 January 2025 |
| SECTION 172(1) STATEMENT |
| The Elizabeth Group Board have considered the requirements of Section 172 (1) reporting in the preparation of these financial statements. In making any key decision, the Board will always take into consideration the following factors (amongst others): |
| a) | the likely consequences of any decision in the short, mid, and long term, |
| b) | the interests of the company's employees are measured and considered |
| c) | the need to foster the company's business relationships with suppliers, customers, and any interaction with third party business partners, |
| d) | the impact of the company's operations on the local community and the general environment, |
| e) | the desirability of the company and its officers maintaining a strong reputation for high standards of business conduct and ethics, |
| f) | the need to act fairly and without favour, and to be seen to do so, with all employees within the Group of companies. |
| The Board consider key decisions in the context of the above areas and record how these decisions have been made. Key decisions are defined as those listed as principal Agenda items, at a Board meeting, held from time to time. |
| The Board meet regularly throughout the year, both in person when appropriate, but also by 'Teams Meeting'. Therefore, all decisions are discussed in depth and considerations and conclusions recorded in the minutes. These decisions are also referenced against the business' codes of conduct and ethics, and in line with the industry recognised Trade Body's guidelines (in accordance with current EU and UK requirements), thus enabling the Directors to comply with their duties under S172 of the Companies Act 2006. |
| Our People |
| Our team are critical to the delivery of a positive customer experience across all aspects of our business. This has been recognised for a long period of time but has been brought more into focus because of the pandemic. |
| The business has significantly increased engagement with team members, through multiple communication channels including adopting new technology platforms to allow staff feedback via the Group HR system that all employees have access to, as well as frequent business updates and regular team meetings. Wherein not only are business decisions influenced, but where the contribution of each team member is recognised and encouraged. |
| The cascading of business plans and initiatives are tabled, and the increased value of 'listening sessions' are at the forefront to focus on increased health and wellbeing support for team members. |
| The Group encourages where possible, internal promotions and for staff to move between resorts, which increases an employee's responsibilities and experience alongside enhancing their career. |
| Our Customers |
| We recognise that our rental customers have made a substantial financial commitment during their tenure, and we encourage their feedback through exit surveys and online review platforms. |
| Our Directors |
| Our Directors have been the owners of the Group and business for over 10 years and their experience and industry knowledge are critical to shaping the future direction of their company. Their views are paramount of importance and value in all decision making. Their initiatives and considerations are tabled to the Board and create the backbone for all future strategic and directional decision making. |
| Our Suppliers |
| Our suppliers play a key part in enabling us to deliver a leading level of product and service to our customers. We seek to choose the best products and services to meet our requirements, and then develop effective, long-term relationships with the suppliers to create strong and enduring value over time. We review supplier performance regularly and have a formal cycle of re-tendering key supply contracts in place to ensure that products and services continue to be delivered in line with expectations for both our business and our customers. |
| We also ensure that all suppliers are engaged in discussing their own corporate and social responsibilities with our management team, on a regular basis, and we seek synergy in their outlook and future planning. We seek to acquire local produce and materials, and have local supplier preference to national contracts, albeit that can in turn mean at a greater cost. |
| The Broader Community & Environment |
| The Board and management are committed to ensuring that our operations are an integral part of the communities in which they are sited. We recognise our responsibilities in that regard and seek to ensure that we also support the community by sourcing produce locally and supporting local businesses and charities where appropriate with the general management team encouraged to engage directly with local community needs and local authorities. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Group Strategic Report |
| for the Year Ended 31 January 2025 |
| The Board are also committed to ensuring that our business closely considers its impact on the environment in all its operations and continues to work closely with local planning authorities as well as environmental agencies and service providers in this regard. |
| The Board believes culture and ethos to be key in achieving long-term success and growth. Our high standards of business conduct are the direct result of a culture that focuses not only on achieving high levels of performance and maximising efficiency but doing so in a way that is sustainable and reflects our Directors' family values. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The key financial performance indicators used by the directors are rents received of £2,454,148 (2024: £2,428,509), profit before tax of £530,484 (2024: £555,103) and valuation of investment properties at £37,882,450 (2024: £36,887,700). |
| ON BEHALF OF THE BOARD: |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of holding investment property. |
| DIVIDENDS |
| An interim dividend of £360,000 per share on the Ordinary A £0.10 shares was paid on 31 January 2025. The directors recommend that no final dividend be paid on these shares. |
| No interim dividend was paid on the Ordinary B £0.10 shares. The directors recommend that no final dividend be paid on these shares. |
| The total distribution of dividends for the year ended 31 January 2025 will be £ 360,000 . |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The company aims to minimise financial risk in its operations by the identification and mitigation of key risk areas. The key areas of risk identified by the directors are interest rate risk and liquidity risk. |
| Where appropriate the directors will consider the fixing of interest rates, otherwise floating rate facilitates are generally used. |
| Liquidity is monitored on a weekly basis by reference to the level of rental income. Periodically the directors prepare profit and cashflow forecasts. |
| EMPLOYEE INVOLVEMENT |
| The group continued its practice of keeping employees informed of matters affecting them as employees and the financial economic factors affecting the performance of the group. |
| This is achieved through consultations with employees and a newsletter. |
| DISABLED EMPLOYEES |
| Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of an employee becoming disabled, every effort is given to retrain them in order that their employment within the group may continue. It is the policy of the group that training, career development and promotion opportunities should be available to all employees. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable 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. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Report of the Directors |
| for the Year Ended 31 January 2025 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Elizabeth Holdings plc |
| Opinion |
| We have audited the financial statements of Elizabeth Holdings plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 affairs as at 31 January 2025 and of the group's profit 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 Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Elizabeth Holdings plc |
| 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the 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. |
| Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - | enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims; |
| - | enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
| - | reviewing minutes of meetings of those charged with governance; |
| - | reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
| - | performing audit work over the risk of 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. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Elizabeth Holdings plc |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditor |
| Chartered Accountants |
| Lakeview House |
| 4 Woodbrook Crescent |
| Billerciay |
| Essex |
| CM12 0EQ |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ |
| TURNOVER | 2,632,445 | 2,697,328 |
| Cost of sales | 591,292 | 367,142 |
| GROSS PROFIT | 2,041,153 | 2,330,186 |
| Administrative expenses | 1,715,760 | 1,393,486 |
| 325,393 | 936,700 |
| Other operating income | 61,849 | - |
| OPERATING PROFIT | 4 | 387,242 | 936,700 |
| Interest receivable and similar income | 6 | 118,165 | 126,752 |
| 505,407 | 1,063,452 |
| Amounts written off investments | 7 | (794 | ) | - |
| Gain/loss on revaluation of assets | (284,750 | ) | 258,400 |
| (285,544 | ) | 258,400 |
| 790,951 | 805,052 |
| Interest payable and similar expenses | 8 | 260,465 | 249,949 |
| PROFIT BEFORE TAXATION | 530,486 | 555,103 |
| Tax on profit | 9 | 164,275 | 173,457 |
| PROFIT FOR THE FINANCIAL YEAR |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Consolidated Balance Sheet |
| 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 | 1,299,553 | 2,125,191 |
| Investments | 13 | 2,605 | 1,811 |
| Investment property | 14 | 37,882,450 | 36,887,700 |
| 39,184,608 | 39,014,702 |
| CURRENT ASSETS |
| Debtors | 15 | 8,190,406 | 8,347,902 |
| Cash at bank and in hand | 1,231,784 | 1,403,624 |
| 9,422,190 | 9,751,526 |
| CREDITORS |
| Amounts falling due within one year | 16 | 1,403,252 | 1,340,298 |
| NET CURRENT ASSETS | 8,018,938 | 8,411,228 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
47,203,546 |
47,425,930 |
| CREDITORS |
| Amounts falling due after more than one year | 17 | (6,337,242 | ) | (6,597,852 | ) |
| PROVISIONS FOR LIABILITIES | 21 | (4,690,597 | ) | (4,658,582 | ) |
| NET ASSETS | 36,175,707 | 36,169,496 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 2,809,322 | 2,809,322 |
| Merger reserve | 23 | 52,627 | 52,627 |
| Revaluation reserve | 23 | 706,933 | 892,497 |
| Fair value reserve | 23 | 22,097,570 | 21,464,859 |
| Retained earnings | 23 | 10,509,255 | 10,950,191 |
| SHAREHOLDERS' FUNDS | 36,175,707 | 36,169,496 |
| The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by: |
| R W Lang - Director |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Company Balance Sheet |
| 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 |
| Investments | 13 |
| Investment property | 14 |
| CURRENT ASSETS |
| Debtors | 15 |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 360,000 | 360,000 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 January 2025 |
| Called up |
| share | Retained | Merger |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 February 2023 | 2,809,322 | 10,582,509 | 52,627 |
| Changes in equity |
| Dividends | - | (360,000 | ) | - |
| Total comprehensive income | - | 727,682 | - |
| Balance at 31 January 2024 | 2,809,322 | 10,950,191 | 52,627 |
| Changes in equity |
| Dividends | - | (360,000 | ) | - |
| Total comprehensive income | - | (80,936 | ) | - |
| Balance at 31 January 2025 | 2,809,322 | 10,509,255 | 52,627 |
| Fair |
| Revaluation | value | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 February 2023 | 1,078,779 | 21,624,613 | 36,147,850 |
| Changes in equity |
| Dividends | - | - | (360,000 | ) |
| Total comprehensive income | (186,282 | ) | (159,754 | ) | 381,646 |
| Balance at 31 January 2024 | 892,497 | 21,464,859 | 36,169,496 |
| Changes in equity |
| Dividends | - | - | (360,000 | ) |
| Total comprehensive income | (185,564 | ) | 632,711 | 366,211 |
| Balance at 31 January 2025 | 706,933 | 22,097,570 | 36,175,707 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 January 2025 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 February 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 January 2024 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 January 2025 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 31.1.25 | 31.1.24 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 899,835 | 740,159 |
| Interest paid | (260,465 | ) | (249,949 | ) |
| Government grants | 61,849 | - |
| Tax paid | (342,448 | ) | (236,251 | ) |
| Net cash from operating activities | 358,771 | 253,959 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (18,164 | ) | (4,602 | ) |
| Purchase of investment property | (130,000 | ) | - |
| Sale of tangible fixed assets | - | 262 |
| Sale of investment property | 120,000 | 162,750 |
| Interest received | 118,165 | 126,752 |
| Net cash from investing activities | 90,001 | 285,162 |
| Cash flows from financing activities |
| Loan repayments in year | (260,612 | ) | (260,612 | ) |
| Equity dividends paid | (360,000 | ) | (360,000 | ) |
| Net cash from financing activities | (620,612 | ) | (620,612 | ) |
| Decrease in cash and cash equivalents | (171,840 | ) | (81,491 | ) |
| Cash and cash equivalents at beginning of year | 2 | 1,403,624 | 1,485,115 |
| Cash and cash equivalents at end of year | 2 | 1,231,784 | 1,403,624 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 January 2025 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Profit before taxation | 530,486 | 555,103 |
| Depreciation charges | 43,802 | 44,012 |
| Loss on disposal of fixed assets | 100,000 | 88,107 |
| (Gain)/loss on revaluation of fixed assets | (284,750 | ) | 258,400 |
| Impairment of investments | (794 | ) | - |
| Government grants | (61,849 | ) | - |
| Finance costs | 260,465 | 249,949 |
| Finance income | (118,165 | ) | (126,752 | ) |
| 469,195 | 1,068,819 |
| Decrease/(increase) in trade and other debtors | 152,748 | (300,879 | ) |
| Increase/(decrease) in trade and other creditors | 277,892 | (27,781 | ) |
| Cash generated from operations | 899,835 | 740,159 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 January 2025 |
| 31.1.25 | 1.2.24 |
| £ | £ |
| Cash and cash equivalents | 1,231,784 | 1,403,624 |
| Year ended 31 January 2024 |
| 31.1.24 | 1.2.23 |
| £ | £ |
| Cash and cash equivalents | 1,403,624 | 1,485,115 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.2.24 | Cash flow | At 31.1.25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,403,624 | (171,840 | ) | 1,231,784 |
| 1,403,624 | (171,840 | ) | 1,231,784 |
| Debt |
| Debts falling due within 1 year | (260,612 | ) | 1 | (260,611 | ) |
| Debts falling due after 1 year | (6,589,852 | ) | 260,610 | (6,329,242 | ) |
| (6,850,464 | ) | 260,611 | (6,589,853 | ) |
| Total | (5,446,840 | ) | 88,771 | (5,358,069 | ) |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 January 2025 |
| 1. | STATUTORY INFORMATION |
| Elizabeth Holdings plc is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The financial statements consolidate the accounts of Elizabeth Holdings plc and all of its subsidiary undertakings. |
| When the group was restructured, so that Elizabeth Holdings plc became the new ultimate parent undertaking of the group after acquiring the whole of the issued share capital of Ryan Elizabeth Holdings plc by a share for share exchange, the transaction was accounted for using merger accounting. All previous acquisitions by the group have been accounted for using acquisition accounting. |
| Elizabeth Inns Limited and Q Ball Lease Company Limited are only 50% owned by Elizabeth Holdings plc. Given the other 50% is owned by the ultimate controlling party, the subsidiary is fully consolidated. |
| All the subsidiary undertakings' year ends are coterminous and uniform accounting policies are applied throughout the group. |
| Turnover |
| Turnover is measured at the fair value of the rent and services consideration received or receivable net of VAT and trade discounts. |
| Where a premium is charged on the granting of a lease such income is taken to the profit and loss account over the expected length of the lease. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any revaluation gains or losses are recognised in other comprehensive income. Revaluations shall be made with sufficiently regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. |
| Investment property |
| Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
| Financial instruments |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Wages and salaries | 440,552 | 392,218 |
| Social security costs | 42,305 | 34,067 |
| Other pension costs | 8,809 | 7,559 |
| 491,666 | 433,844 |
| The average number of employees during the year was as follows: |
| 31.1.25 | 31.1.24 |
| Administration |
| The average number of employees by undertakings that were proportionately consolidated during the year was 14 (2024 - 14 ) . |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Directors' remuneration | 145,129 | 116,851 |
| Other pension costs relate to the defined contribution scheme run by the group. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Depreciation - owned assets | 43,802 | 44,013 |
| Loss on disposal of fixed assets | 100,000 | 88,107 |
| 5. | AUDITORS' REMUNERATION |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
35,000 |
49,500 |
| 6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Deposit account interest | 1,069 | 881 |
| Mortgage interest | 77,406 | 75,090 |
| Interest on participators loan | 39,690 | 50,781 |
| 118,165 | 126,752 |
| Mortgage interest, interest on participator loans and loan interest receivable relate to financial assets recognised at amortised cost. |
| 7. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Impairment of investments | (794 | ) | - |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loan interest | 241,048 | 249,906 |
| Interest on overdue tax | 19,417 | 43 |
| 260,465 | 249,949 |
| Bank loan interest paid relates to financial liabilities recognised at amortised cost. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Current tax: |
| UK corporation tax | 132,260 | 230,028 |
| Deferred tax | 32,015 | (56,571 | ) |
| Tax on profit | 164,275 | 173,457 |
| UK corporation tax was charged at 24.03 %) in 2024. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Profit before tax | 530,486 | 555,103 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.030 %) |
132,622 |
133,391 |
| Effects of: |
| Expenses not deductible for tax purposes | 39,692 | 2,802 |
| Capital allowances in excess of depreciation | (8,039 | ) | - |
| Depreciation in excess of capital allowances | - | 37,264 |
| rate on deferred gains |
| Total tax charge | 164,275 | 173,457 |
| 10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 11. | DIVIDENDS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Ordinary A share of £0.10 |
| Interim | 360,000 | 360,000 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 February 2024 | 2,250,000 | 76,123 | 37,812 | 90,625 | 2,454,560 |
| Additions | - | 13,850 | - | 4,314 | 18,164 |
| Reclassification/transfer | (800,000 | ) | - | - | - | (800,000 | ) |
| At 31 January 2025 | 1,450,000 | 89,973 | 37,812 | 94,939 | 1,672,724 |
| DEPRECIATION |
| At 1 February 2024 | 149,322 | 71,474 | 23,683 | 84,890 | 329,369 |
| Charge for year | 37,357 | 1,452 | 2,826 | 2,167 | 43,802 |
| At 31 January 2025 | 186,679 | 72,926 | 26,509 | 87,057 | 373,171 |
| NET BOOK VALUE |
| At 31 January 2025 | 1,263,321 | 17,047 | 11,303 | 7,882 | 1,299,553 |
| At 31 January 2024 | 2,100,678 | 4,649 | 14,129 | 5,735 | 2,125,191 |
| Cost or valuation at 31 January 2025 is represented by: |
| Fixtures |
| Freehold | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2025 | 1,450,000 | - | - | - | 1,450,000 |
| Cost | - | 89,973 | 37,812 | 94,939 | 222,724 |
| 1,450,000 | 89,973 | 37,812 | 94,939 | 1,672,724 |
| If freehold properties had not been revalued they would have been included at the following historical cost: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Cost | 293,144 | 453,144 |
| Aggregate depreciation | 117,257 | 111,395 |
| The freehold properties were revalued on a fair value basis as at 31 January 2023 by Countrywide, Chartered Surveyors. In the opinion of the directors that value is not materially different as at the balance sheet date. |
| Revaluation losses of £Nil (2024: £100,000) have been included in profit and loss for the year and subsequently transferred to the revaluation reserve. |
| During the year, an investment property with a carrying amount of £800,000, previously classified as freehold property, was reclassified to investment property. As a result of this reclassification, a fair value uplift of £183,139 was recognised and transferred from the Revaluation Reserve to the Fair Value Reserve. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 13. | FIXED ASSET INVESTMENTS |
| Group |
| Listed |
| investments |
| £ |
| COST OR VALUATION |
| At 1 February 2024 | 1,811 |
| Revaluations | 794 |
| At 31 January 2025 | 2,605 |
| NET BOOK VALUE |
| At 31 January 2025 | 2,605 |
| At 31 January 2024 | 1,811 |
| Cost or valuation at 31 January 2025 is represented by: |
| Listed |
| investments |
| £ |
| Valuation in 2025 | 2,605 |
| If fixed asset investments had not been revalued they would have been included at the following historical cost: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Cost | 1,558 | 1,558 |
| Aggregate provisions | (520 | ) | (520 | ) |
| Fixed asset investments were valued on a fair value basis on 31 January 2025 by A L Carter, a group director . |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 February 2024 |
| Impairments | ( |
) |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 14. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2024 | 36,887,700 |
| Additions | 130,000 |
| Disposals | (220,000 | ) |
| Revaluations | 284,750 |
| Reclassification/transfer | 800,000 |
| At 31 January 2025 | 37,882,450 |
| NET BOOK VALUE |
| At 31 January 2025 | 37,882,450 |
| At 31 January 2024 | 36,887,700 |
| Investment properties of £23,010,000 (2024: £22,875,000) are pledged as security for liabilities. |
| Fair value at 31 January 2025 is represented by: |
| £ |
| Valuation in 2025 | 37,882,450 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Cost | 10,013,942 | 9,723,942 |
| The investment properties were revalued on a fair value basis by Countrywide, Chartered Surveyors. Approximately one third of properties are revalued as at each balance sheet date. Thus all investment properties are revalued at least once in any three year period. At the year end the director assesses those properties valued in prior years to ensure the value shown has not materially changed. |
| Revaluation gains of £284,750 (2024: losses £158,400) have been included in profit and loss for the year and subsequently transferred to the fair value reserve. |
| 15. | DEBTORS |
| Group | Company |
| 31.1.25 | 31.1.24 | 31.1.25 | 31.1.24 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 568,023 | 550,297 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by related party | 3,610,250 | 3,702,605 | - | - |
| Loans owed by participators | 2,205,866 | 2,324,976 | - | - |
| Tax | 709,153 | 749,353 |
| Prepayments and accrued income | 150,483 | 215,723 |
| 7,243,775 | 7,542,954 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 15. | DEBTORS - continued |
| Group | Company |
| 31.1.25 | 31.1.24 | 31.1.25 | 31.1.24 |
| £ | £ | £ | £ |
| Amounts falling due after more than one year: |
| Mortgages | 946,631 | 804,948 | - | - |
| Aggregate amounts | 8,190,406 | 8,347,902 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.1.25 | 31.1.24 | 31.1.25 | 31.1.24 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 260,611 | 260,612 |
| Trade creditors | 260,775 | 239,066 |
| Amounts owed to group undertakings | - | - |
| Tax | 23,278 | 273,663 |
| Social security and other taxes | 11,491 | 10,515 |
| VAT | 14,522 | 20,645 | - | - |
| Other creditors | 9,480 | 9,629 |
| Amounts owed to related party | 372,343 | 314,403 | - | - |
| Accruals and deferred income | 450,752 | 211,765 |
| 1,403,252 | 1,340,298 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans (see note 18) | 6,329,242 | 6,589,852 |
| Other creditors | 8,000 | 8,000 |
| 6,337,242 | 6,597,852 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans | 260,611 | 260,612 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years | 6,329,242 | 260,612 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years | - | 6,329,240 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 18. | LOANS - continued |
| The group currently owes two loan balances. |
| Loan 1 has a total balance due at the balance sheet date of £2,676,987 (2024: £2,778,967). The loan term is five years with a maturity date of 29 April 2026. The interest rate applied to the loan is at a margin of 3% fixed for a fixed rate period, changing to a floating rate at the end of this period. The loan is interest only with interest payments made quarterly and a capital repayable at the end of the term. Interest in the year on this loan amounted to £96,935 (2024: £100,509). |
| Loan 2 has a total balance due at the balance sheet date of £3,912,866 (2023: £4,071,497). The loan term is five years with a maturity date of 29 April 2026. The interest rate applied to the loan is at a margin of 3% fixed for a fixed rate period, changing to a floating rate at the end of this period. The loan is interest only with interest payments made quarterly and a capital repayable at the end of the term. Interest in the year on this loan amounted to £144,113 (202: £149,397). |
| Both loans are part of the same financial covenants group. |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Bank loans | 6,589,853 | 6,850,464 |
| All bank loans and overdrafts are secured on the group's investment properties as indicated on note 14. |
| 20. | FINANCIAL INSTRUMENTS |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Carrying amount of financial assets |
| Debt instruments measured at amortised cost | 6,697,686 | 6,793,601 |
| Equity instrument measured at fair value through profit and loss | 2,605 | 1,811 |
| Carrying amount of financial liabilities |
| Debt instruments measured at amortised cost | 6,979,840 | 7,160,950 |
| Financial assets measured at amortised cost comprise trade and other receivables, loans and amounts receivable from related undertakings. |
| Financial assets measured at fair value through profit and loss comprise of other listed investments. |
| Financial liabilities measured at amortised cost comprise long term loans, trade and other creditors and amounts payable to related undertakings. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Deferred tax | 4,690,597 | 4,658,582 |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 21. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 | 4,658,582 |
| Charge to Statement of Comprehensive Income during year | 32,015 |
| Balance at 31 January 2025 | 4,690,597 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.1.25 | 31.1.24 |
| value: | £ | £ |
| Ordinary A | £0.10 | - | - |
| Ordinary B | £0.10 | 2,809,322 | 2,809,322 |
| 2,809,322 | 2,809,322 |
| 23. | RESERVES |
| Group |
| Fair |
| Retained | Merger | Revaluation | value |
| earnings | reserve | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 February 2024 | 10,950,191 | 52,627 | 892,497 | 21,464,859 | 33,360,174 |
| Profit for the year | 366,211 | 366,211 |
| Dividends | (360,000 | ) | (360,000 | ) |
| Transfer | (447,147 | ) | - | (2,425 | ) | 449,572 | - |
| Reclassification | - | - | (183,139 | ) | 183,139 | - |
| At 31 January 2025 | 10,509,255 | 52,627 | 706,933 | 22,097,570 | 33,366,385 |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the year |
| Dividends | ( |
) |
| At 31 January 2025 |
| Fair value reserve relates to investment property and fixed asset investment revaluations, shown net of deferred tax. |
| 24. | CONTINGENT LIABILITIES |
| Within the group, there are various cross guarantees of bank liabilities which are in effect eliminated on a group basis. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 25. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Other related parties |
| 31.1.25 | 31.1.24 |
| £ | £ |
| Amount due from related parties | 3,610,250 | 3,702,605 |
| Amount due to related parties | 372,343 | 314,403 |
| In addition to the above, included within debtors due within one year is £2,205,866 (2024: £2,324,976) due from the ultimate beneficial owner. The loan is unsecured, interest-bearing at the HMRC-approved rate, and has no formal repayment terms. |
| During the year, a total of key management personnel compensation of £ 167,962 (2024 - £ 134,803 ) was paid. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The controlling party is R W Cattermole. |
| Elizabeth Holdings plc (Registered number: 03536231) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 January 2025 |
| 27. | PRINCIPAL SUBSIDIARIES |
| The following UK incorporated companies are fully owned by Elizabeth Holdings plc and can be classified as property investment companies: |
| Ryan Elizabeth Holdings plc |
| Elizabeth Estates (NWB) Limited |
| Elizabeth Estates plc |
| Central Garages (Lowestoft) Limited |
| Elizabeth Securities Limited |
| Ryan Elizabeth (Ipswich) Limited |
| The following UK incorporated company is 50% owned by Elizabeth Holdings plc and can be classified as a property investment company: |
| Q Ball Lease Company Limited |
| The following UK incorporated company is 50% owned by Elizabeth Holdings plc and can be classified as a public house management company: |
| Elizabeth Inns Limited |
| The following UK incorporated companies are fully owned by Elizabeth Holdings plc and can be classified as dormant companies: |
| Elizabeth Estates (RBS) Limited |
| Elizabeth Enterprises Limited |
| Elizabeth Estates (MB) Limited |
| The following UK-incorporated subsidiaries, which were wholly owned by Elizabeth Holdings plc, were formally dissolved during the year: |
| Cablemanor Limited |
| Elizabeth Estates (NBS) Limited |
| Elizabeth Estates (YB) Limited |
| Westerfield Hotels Limited |
| Elizabeth Estates (BB) Limited |
| Ryan Properties (Ipswich) Limited |