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Registered number: 04805199










SOHO HOTEL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
SOHO HOTEL LIMITED
 
 
COMPANY INFORMATION


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




Company secretary
M T Soden



Registered number
04805199



Registered office
18 Thurloe Place

London

SW7 2SP




Independent auditor
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
SOHO HOTEL LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11 - 12
Notes to the financial statements
13 - 29


 
SOHO HOTEL 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 principal activity of the Company is holding a long leasehold interest in The Soho Hotel. The hotel is 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. Please also refer to going concern section below which further details liquidity requirements and the directors’ consideration of this position.

Financial key performance indicators
 
The company's hotel is managed by Firmdale Hotels Plc and has aggregate revenues of £25.0 (2024 - £23.8m) for the full financial year, an increase of 5.1% over the prior year.
The hotel operated an occupancy of 82.2% (2024 - 76.2%) and an average room rate of £597 (2024 - £615) as occupancy became the focus for growth. This represented a rooms yield (RevPAR) increase of 4.9% over the prior year. Food and beverage growth grew 3.4% to £7.1m. Conversion of revenues to gross operating profit 43.9% (2024 45.2%)

Page 1

 
SOHO HOTEL 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 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 booking 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. 
The company has net current liabilities of £79,954 thousand (2024: £81,753 thousand) at the year end. However, this is largely driven by an intercompany balance owed of £80,862 thousand. This balance won't be recalled to the detriment of other creditors and generally the hotel is trading well. The directors are satisfied this company remains a going concern. 


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


T J R Kemp
Director

Date: 17 July 2025

Page 2

 
SOHO HOTEL 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;

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. The hotel is managed by Firmdale Hotels Plc, a fellow group company.

Results and dividends

The profit for the year, after taxation, amounted to £415 thousand (2024 - loss £422 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 C Ring 
M T Soden 

Future developments

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

Page 3

 
SOHO HOTEL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

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 liquidity risk has been provided in the strategic report on page 1.

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.

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 MHA Audit 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 4

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOHO HOTEL LIMITED
 

Opinion


We have audited the financial statements of Soho Hotel 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 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 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 5

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOHO HOTEL 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 3, 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 6

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOHO HOTEL 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;
performing audit work over the risk and management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias;
reviewing minutes of meetings of those charged with governance; and
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations
 


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


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
SOHO HOTEL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOHO HOTEL 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 8

 
SOHO HOTEL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£000
£000

  

Turnover
 4 
24,985
23,773

Cost of sales
  
(14,155)
(13,590)

Gross profit
  
10,830
10,183

Administrative expenses
  
(8,997)
(8,689)

Operating profit
 5 
1,833
1,494

Interest receivable and similar income
 8 
16
12

Interest payable and similar expenses
 9 
(1,524)
(1,967)

Profit/(loss) before tax
  
325
(461)

Tax on profit/(loss)
 10 
90
39

Profit/(loss) for the financial year
  
415
(422)

Other comprehensive income for the year
  

Unrealised deficit on revaluation of tangible fixed assets
  
(2,456)
(2,595)

Deferred tax credit on revalued leasehold property
  
614
649

Other comprehensive income for the year
  
(1,842)
(1,946)

Total comprehensive income for the year
  
(1,427)
(2,368)

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
SOHO HOTEL LIMITED
REGISTERED NUMBER: 04805199

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
88,174
92,092

  
88,174
92,092

Current assets
  

Stocks
 12 
143
136

Debtors: amounts falling due within one year
 13 
630
626

Cash at bank and in hand
 14 
459
154

  
1,232
916

Creditors: amounts falling due within one year
 15 
(81,186)
(82,669)

Net current liabilities
  
 
 
(79,954)
 
 
(81,753)

Total assets less current liabilities
  
8,220
10,339

Provisions for liabilities
  

Deferred tax
 17 
(11,282)
(11,974)

  
 
 
(11,282)
 
 
(11,974)

Net liabilities
  
(3,062)
(1,635)


Capital and reserves
  

Revaluation reserve
 19 
17,495
19,955

Profit and loss account
 19 
(20,557)
(21,590)

  
(3,062)
(1,635)


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 13 to 29 form part of these financial statements.

Page 10

 
SOHO HOTEL 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
19,955
(21,590)
(1,635)


Comprehensive income for the year

Profit for the year
-
415
415

Deficit on revaluation of leasehold property
(2,456)
-
(2,456)

Deferred tax credit on revalued leasehold property
614
-
614
Total comprehensive income for the year
(1,842)
415
(1,427)

Transfer to/from profit and loss account
(618)
618
-


At 31 January 2025
17,495
(20,557)
(3,062)


The notes on pages 13 to 29 form part of these financial statements.

Page 11

 
SOHO HOTEL 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
22,563
(21,830)
733


Comprehensive income for the year

Loss for the year
-
(422)
(422)

Deficit on revaluation of leasehold property
(2,595)
-
(2,595)

Deferred tax charge on revalued leasehold property
649
-
649
Total comprehensive income for the year
(1,946)
(422)
(2,368)

Transfer to/from profit and loss account
(662)
662
-


At 31 January 2024
19,955
(21,590)
(1,635)


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Soho Hotel Limited is a private company, limited by shares, registered and incorporated in England and Wales under the Companies Act, registered number 04805199. The company's registered office is 18 Thurloe Place, London, SW7 2SP.
The principal activity of the company is that of owner and operator of the Soho Hotel. The hotel is 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 13

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.3

Going concern

The directors review the cashflows and liabilities of Firmdale Holdings Ltd and its subsidiaries (“the Group”) as a whole in making assessments of the Group’s ability to meet its liabilities as they fall due. Therefore, as part of their assessment of going concern, the directors of the company have considered the funding and liquidity position of the Group to determine the appropriateness of preparing the financial statements on a going concern basis. 
The net current liabilities figure of £370m reported in the January 2024 Group Financial Statements was driven by three very substantial long term loans maturing in November 2024, a total of £386m. In London the maturing debt of £236m was successfully refinanced with Lloyds and HSBC banks, both facilities for a term of five years. The New York US$200m maturing debt, the equivalent of £150m, was rolled over by exercising the second of three options to extend for a further twelve months. The third option remains available for us to exercise in November 2025, but in the interim we are undertaking a review of the lending market with local debt advisory professionals to see if available terms for an early full refinance are attractive.
Trading for the first quarter of the 2025/26 financial year has exceeded budget in both London and New York. Forward booking 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. 
The company has net current liabilities of £79,954 thousand (2024: £81,753 thousand) at the year end. However, this is largely driven by an intercompany balance owed of £80,862 thousand. This balance won't be recalled to the detriment of other creditors and generally the hotel is trading well. The directors are satisfied this company remains a going concern. 

 
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 14

 
SOHO HOTEL 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property improvements
-
Over the lease term
Plant and machinery
-
5 years 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

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.

Page 15

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.8

Stocks

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

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

 
2.9

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

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.

 
2.11

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.

 
2.12

Interest income

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

 
2.13

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.

Page 16

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.14

Holiday pay accrual

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.

To the extent that the holiday pay adjustments gives rise to an asset balance at the reporting date the amount is reported in prepayments.

 
2.15

Borrowing costs

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

 
2.16

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.


 
2.17

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.

Page 17

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
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 charged as an expense to profit or loss.

 
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.

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
Page 18

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.19
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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

Basic financial liabilities

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

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 19

 
SOHO HOTEL 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 valuation for the long-term leasehold of Soho Hotel is based on a detailed valuation report completed by Cushman & Wakefield, Chartered Surveyors, an independent valuation specialist with a recognised and relevant professional qualification and with recent experience in the location and category of the property being valued. 
The valuation was carried out on the basis of discounted cash flow models which include judgements surrounding future performance and market conditions.


4.


Turnover

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


2025
2024
£000
£000

Rooms
17,427
16,507

Food and beverage
7,128
6,897

Other
430
369

24,985
23,773


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2025
2024
£000
£000

Depreciation of tangible fixed assets
1,671
1,672

Other operating lease rentals
3,343
3,335

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

Page 20

 
SOHO HOTEL 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 auditors and their
associates:


2025
2024
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
22
16

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
7,383
6,669

Social security costs
607
536

Cost of defined contribution scheme
112
105

8,102
7,310


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


        2025
        2024
            No.
            No.







Directors
4
2



Hotel staff
215
211

219
213


8.


Interest receivable

2025
2024
£000
£000


Bank interest receivable
16
12

Page 21

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

9.


Interest payable and similar expenses

2025
2024
£000
£000


Bank interest payable
1,524
1,967


10.


Taxation


2025
2024
£000
£000

Corporation tax


Adjustments in respect of previous periods
(12)
-


Deferred tax


Origination and reversal of timing differences
(78)
(39)

Total deferred tax
(78)
(39)


Taxation on loss on ordinary activities
(90)
(39)
Page 22

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2025
2024
£000
£000


Profit/(loss) on ordinary activities before tax
325
(461)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.03%)
81
(111)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3
399

Adjustments to tax charge in respect of prior periods
(12)
197

Fixed asset differences
1
-

Deferred tax recognised at a higher rate
-
(6)

Capital gains
-
(381)

Corporate interest restriction allocated
(163)
(137)

Total tax charge for the year
(90)
(39)

Page 23

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Tangible fixed assets





Long-term leasehold property improve-ments
Plant and machinery
Total

£000
£000
£000



Cost or valuation


At 1 February 2024
91,700
11,770
103,470


Additions
-
209
209


Revaluations
(4,000)
-
(4,000)



At 31 January 2025

87,700
11,979
99,679



Depreciation


At 1 February 2024
-
11,378
11,378


Charge for the year on owned assets
1,544
127
1,671


On revalued assets
(1,544)
-
(1,544)



At 31 January 2025

-
11,505
11,505



Net book value



At 31 January 2025
87,700
474
88,174



At 31 January 2024
91,700
392
92,092

The valuation for the long-term leasehold of Soho Hotel is based on a detailed valuation report completed by Cushman & Wakefield, Chartered Surveyors, an independent valuation specialist with a recognised and relevant professional qualification and with recent experience in the location and category of the property being valued. 
The valuation was carried out on the basis of discounted cash flow models which include judgements surrounding future performance and market conditions.

Page 24

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

           11.Tangible fixed assets (continued)

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

2025
2024
£000
£000



Cost
67,128
67,128

Accumulated depreciation
(12,166)
(11,241)

Net book value
54,962
55,887


12.


Stocks

2025
2024
£000
£000

Food and beverage stock
143
136


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


13.


Debtors

2025
2024
£000
£000


Trade debtors
142
384

Other debtors
488
242

630
626


All amounts shown under debtors fall due for payment within one year.


14.


Cash and cash equivalents

2025
2024
£000
£000

Cash at bank and in hand
459
154


Page 25

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

15.


Creditors: Amounts falling due within one year

2025
2024
£000
£000

Bank loans
-
45,789

Amounts owed to group undertakings
80,862
36,288

Other creditors
301
225

Accruals and deferred income
23
367

81,186
82,669


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


16.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£000
£000

Amounts falling due within one year

Bank loans
-
45,789


-
45,789




-
45,789


Secured loans
The above balance related to a bank loan with Standard Life Investment Limited that was repaid in full on 26 November 2024. Interest was charged and paid each year at a fixed rate of 4.223% per annum.
The bank loan was secured by legal charges over the leasehold property of the company and other freehold and leasehold properties of a fellow subsidiary, Firmdale Property Investments Limited. In addition, they were secured by fixed and floating charges over the book debts and other assets of the company and Firmdale Property Investments Limited. These charges have been satisfied.

Page 26

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

17.


Deferred taxation




2025
2024


£000

£000






At beginning of year
(11,974)
(12,662)


Charged to the profit and loss
78
39


Credited/(charged) to other comprehensive income
614
649



At end of year
(11,282)
(11,974)

The provision for deferred taxation is made up as follows:

2025
2024
£000
£000


Fixed asset timing differences
157
229

Tax losses carried forward and other deductions
2,946
3,259

Temporary difference on the revaluation of leasehold property
(14,540)
(15,462)

(11,437)
(11,974)


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

The reserve records the amount above the historic cost of tangible fixed assets. The amount of depreciation provided on the 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 27

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

20.


Contingent liabilities

The Company is party to a loan facility amounting to £115,000,000 which is secured by legal charges over properties owned by the Company and Firmdale Property Investments Limited. Under the terms of the facility, both companies are jointly and severally liable for the full balance outstanding.
In the event that Firmdale Property Investments Limited is unable to meet its share of the facility and interest repayments, the Company may be required to settle the outstanding balance. Accordingly, an amount of £115,000,000 is disclosed as a contingent liability at the reporting date.
Management considers the likelihood of this contingent liability crystallising to be remote based on the current financial position of Firmdale Property Investments Limited. 


21.


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 £112,183 (2024 - £105,041). No contributions were payable to the fund at either reporting date.


22.


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
3,339
3,339

Later than 1 year and not later than 5 years
13,356
13,356

Later than 5 years
181,765
185,113

198,460
201,808


23.Financial commitments

On 14 November 2024 a legal fixed and floating charge was registered to Lloyds Bank over the leasehold property at Soho Hotel, 4 and 6 Richmond Mews, as a cross charge with Firmdale West End Limited, Firmdale Property Investments Limited (both members of the Firmdale Group) and Soho Hotel Limited. 


24.


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 28

 
SOHO HOTEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

25.


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 this 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.
 

 
Page 29