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Registered number: 09278232










HY HOTELS LIMITED








UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
HY HOTELS 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
09278232



Registered office
18 Thurloe Place

London

SW7 2SP




Accountants
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
HY HOTELS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3
Accountants' Report
4
Profit and Loss Account
5
Balance Sheet
6
Notes to the Financial Statements
7 - 11


 
HY HOTELS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

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

Business review
 
The company is part of a Group which is headed by Firmdale Holdings Limited (hereafter referred to as 'the Group'). The future outlook of the company is integrated with those of its principal trading subsidiaries, which are listed in Note 5 of the financial statements, the details of which are outlined in those companies' financial statements. 

Principal risks and uncertainties
 
From the perspective of the company, the principal risks and uncertainties are integrated with the principal risks of the principal trading subsidiaries of Firmdale Holdings Limited and are not managed separately. Accordingly the principal risks and uncertainties are discussed in the annual report and financial statements of Firmdale Holdings Limited, which do not form part of this report. 

Financial key performance indicators
 
As HY Hotels Limited is an intermediate holding company within the Firmdale Holdings Limited group it does not individually monitor key performance indicators ('KPIs'). Analysis of key group performance indicators are given in the consolidated financial statements of Firmdale Holdings Limited. 

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 1

 
HY HOTELS LIMITED
 

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

Going concern

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


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



T J R Kemp
Director

Date: 17 July 2025

Page 2

 
HY HOTELS 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.

Principal activity

The principal activity of the company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £NIL (2024 - £NIL).

The company has not traded during the year or the preceding financial year. During these periods, the company received no income and incurred no expenditure. Accordingly, no statement of changes in equity has been prepared and the directors do not recommend a dividend. 

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 

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.

Post balance sheet events

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

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





T J R Kemp
Director

Date: 17 July 2025

Page 3

 
HY HOTELS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HY HOTELS LIMITED
FOR THE YEAR ENDED 31 JANUARY 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HY Hotels Limited for the year ended 31 January 2025 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of HY Hotels Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of HY Hotels Limited and state those matters that we have agreed to state to the Board of Directors of HY Hotels Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HY Hotels Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that HY Hotels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of HY Hotels Limited. You consider that HY Hotels Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of HY Hotels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MHA
 
Statutory Auditor
  
6th Floor
2 London Wall Place
London
EC2Y 5AU
17 July 2025
MHA is the trading name of MHA Advisory Limited, a limited liability company registered in England and Wales (company registration number 16233746).
Page 4

 
HY HOTELS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 5

 
HY HOTELS LIMITED
REGISTERED NUMBER: 09278232

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Investments
 4 
195
195

Current assets
  

Debtors: amounts falling due within one year
 5 
1
1

Creditors: amounts falling due within one year
 6 
(100)
(100)

Net current liabilities
  
 
 
(99)
 
 
(99)

Total assets less current liabilities
  
96
96

Net assets
  
96
96


Capital and reserves
  

Called up share capital 
 7 
2
2

Share premium account
 8 
94
94

  
96
96




For the year ended 31 January 2025 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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




T J R Kemp
Director

Date: 17 July 2025

The notes on pages 7 to 11 form part of these financial statements.

Page 6

 
HY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

HY Hotels Limited is a private company, limited by shares, incorporated and registered in England and Wales under the Companies Act. 
The principal activity of the company is that of a holding company. 
 
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1.

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 judgment in applying the Company's accounting policies.

 
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.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 7

 
HY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.4

Going concern

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

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

 
2.6

Creditors

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

Page 8

 
HY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

3.


Employees




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


        2025
        2024
            No.
            No.







Directors
5
3


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2024
195



At 31 January 2025
195





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Ham Yard Investment Limited
18 Thurloe Place, London, United Kingdom, SW7 2SP
Ordinary
100%
21 Golden Square Ltd
18 Thurloe Place, London, United Kingdom, SW7 2SP
Ordinary
100%

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

Name
Aggregate of share capital and reserves
Profit
£'000
£'000

Ham Yard Investment Limited
111,231
598

21 Golden Square Ltd
2,024
338

Page 9

 
HY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Debtors

2025
2024
£
£


Called up share capital not paid
1
1



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Amounts owed to group undertakings
100
100


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


7.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



2 (2024 - 2) Ordinary shares of £1.00 each
2
2

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.



8.


Reserves

Share premium account

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


9.


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.

Page 10

 
HY HOTELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

10.


Controlling party

The company is included within the consolidation of Firmdale Holdings Limited group. The ultimate parent is Firmdale Holdings Limited, head of this group and a company registered in England and Wales. The consolidated accounts of this group, which is the smallest and largest group to include the company, are available from the Registrar of Companies.
In the opinion of the directors, the Trustee of Kemp Family Foundation is the ultimate controlling party of the group and therefore of this entity.

Page 11