AZURE HOTELS LIMITED

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

AZURE HOTELS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12164483 . The registered office is 1st Floor, 5 Wigmore Street, London, W1U 1PB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland " ("FRS 102") and requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in £, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of investments which are measured at fair value.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	over the period of the lease
Motor Vehicles	25%
Fixtures & Fittings	25%
Computer Equipment	25%

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 release 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.

...CONTINUED

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AZURE HOTELS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Financial Instruments - continued

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, other loans 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 rate method.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Tax is recognised in profit and loss except that a charge attributable to an item of income and expense recognised as other compehensive 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.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.10.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturity of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.11. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2023: 9)

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AZURE HOTELS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	307,227	323,435	114,693	15,206	760,561

As at 31 December 2024	307,227	323,435	114,693	15,206	760,561

Depreciation
As at 1 January 2024	117,771	45,839	112,947	10,272	286,829
Provided during the period	30,723	80,859	1,746	3,801	117,129

As at 31 December 2024	148,494	126,698	114,693	14,073	403,958

Net Book Value
As at 31 December 2024	158,733	196,737	-	1,133	356,603

As at 1 January 2024	189,456	277,596	1,746	4,934	473,732

5. Investments

	Other
	£
Cost or Valuation
As at 1 January 2024	112,970

As at 31 December 2024	112,970

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	112,970

As at 1 January 2024	112,970

Investments represent number of paintings and are measured at fair value.

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	1,800	10,037
Prepayments and accrued income	79,052	66,082
Other debtors	72,635	175,405

	153,487	251,524

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AZURE HOTELS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	346	5,681
Corporation tax	32,397	19,128
Other taxes and social security	145,668	119,701
Accruals and deferred income	44,233	68,151
Amounts owed to group undertakings	20,368	88,327

	243,012	300,988

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	220,569	220,569
Later than one year and not later than five years	882,276	882,276
Later than five years	36,761	257,330

	1,139,606	1,360,175

10. Related Party Transactions

Transactions and balances with group companies

The company has taken advantage of the exemption not to disclose transactions with other members of the group under FRS 102 Section 33.1A as it is a wholly owned subsidiary.

11. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking are Hotel Hamilton Holdings S.A.incorporated in Luxembourg and Saber Hotels Holdings S.A. incorporated in Luxembourg. Copies of the group accounts may be obtained from the secretary, Vision Exchange Building, Territorials Street, Zone 1, Central Business District, Birkirkara CBD 1070, Malta and the secretary, 15 Rue Notre Dame, 2204, Luxembourg. The ultimate controlling party are Hotel Hamilton Holdings S.A. and Saber Hotels Holdings S.A. who own 50% of the shares of the company each.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		356,603		473,732
Investments	5		112,970		112,970

			469,573		586,702
CURRENT ASSETS
Debtors	6	153,487		251,524
Cash at bank and in hand		89,188		58,484

		242,675		310,008
Creditors: Amounts Falling Due Within One Year	7	(243,012 )		(300,988 )

NET CURRENT ASSETS (LIABILITIES)			(337 )		9,020

TOTAL ASSETS LESS CURRENT LIABILITIES			469,236		595,722

NET ASSETS			469,236		595,722

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			469,136		595,622

SHAREHOLDERS' FUNDS			469,236		595,722