Company No: 13208719 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	4,067		8,063
Investments	4	5,205,922		5,205,922
		5,209,989		5,213,985
Current assets
Debtors	5	609,420		116,784
Cash at bank and in hand		22,385		16,489
		631,805		133,273
Creditors: amounts falling due within one year	6	( 1,819,424)		( 1,519,043)
Net current liabilities		(1,187,619)		(1,385,770)
Total assets less current liabilities		4,022,370		3,828,215
Creditors: amounts falling due after more than one year	7	( 3,670,516)		( 3,821,803)
Net assets		351,854		6,412
Capital and reserves
Called-up share capital		200		200
Profit and loss account		351,654		6,212
Total shareholders' funds		351,854		6,412

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of The Secret Hospitality Group Limited (registered number: 13208719) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

R D Hole Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Secret Hospitality Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Secret Beach Bar And Kitchen, Mumbles Road, Swansea, SA2 0AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	3 years straight line
Plant and machinery	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 January 2024	10,595		2,500		13,095
At 31 December 2024	10,595		2,500		13,095
Accumulated depreciation
At 01 January 2024	3,532		1,500		5,032
Charge for the financial year	3,496		500		3,996
At 31 December 2024	7,028		2,000		9,028
Net book value
At 31 December 2024	3,567		500		4,067
At 31 December 2023	7,063		1,000		8,063

4. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	5,205,922
At 31 December 2024	5,205,922
Carrying value at 31 December 2024	5,205,922
Carrying value at 31 December 2023	5,205,922

5. Debtors

	2024		2023
	£		£
Amounts owed by Group undertakings	609,222		116,585
Other debtors	198		199
	609,420		116,784

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	148,048		148,048
Amounts owed to Group undertakings	1,473,767		1,249,022
Taxation and social security	115,679		393
Other creditors	81,930		121,580
	1,819,424		1,519,043

Bank loans are secured by a fixed and floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	2,470,516		2,621,803
Other creditors	1,200,000		1,200,000
	3,670,516		3,821,803

Bank loans are secured by a fixed and floating charge over the company's assets.

Other creditors is made up of a loan which is secured over the company's assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2024		2023
	£		£
Bank loans (secured / repayable by instalments)	636,133		675,180
Other creditors (secured / repayable by instalments)	960,000		1,200,000
	1,596,133		1,875,180

Included in other creditors at the reporting date is an outstanding loan repayable by monthly instalments of £20,000 due after more than 5 years.

8. Related party transactions

Other related party transactions

	2024		2023
	£		£
The Secret Beach Bar & Kitchen Ltd- creditor	(264,745)		(234,744)
Vesuvio Limited- creditor	(1,142,182)		(947,438)
Mumbles Road Limited- creditor	(66,840)		(66,840)
Verdi's Limited- debtor	542,222		49,585