REGISTERED NUMBER: 10357809 (England and Wales)

Financial Statements

for the Year Ended 30 December 2024

for

Ferensway Hotels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L M Hall

D A Wann

REGISTERED OFFICE:

The Circus

Belton Park Road

Skegness

Lincolnshire

PE25 1GU

REGISTERED NUMBER:

10357809 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

22,700,000

18,664,527

CURRENT ASSETS

Debtors

5

2,862,035

2,960,960

Cash at bank

556,672

572,080

3,418,707

3,533,040

CREDITORS

Amounts falling due within one year

6

2,538,206

2,147,037

NET CURRENT ASSETS

880,501

1,386,003

TOTAL ASSETS LESS CURRENT LIABILITIES

23,580,501

20,050,530

CREDITORS

Amounts falling due after more than one year

7

(22,154,279

)

(20,719,925

)

PROVISIONS FOR LIABILITIES

(1,950,470

)

(1,215,993

)

NET LIABILITIES

(524,248

)

(1,885,388

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Revaluation reserve

9

1,916,598

-

Retained earnings

(2,440,946

)

(1,885,488

)

SHAREHOLDERS' FUNDS

(524,248

)

(1,885,388

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

L M Hall - Director

D A Wann - Director

1.	STATUTORY INFORMATION

Ferensway Hotels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs 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.

At each reporting date the company assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less cost to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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. Repairs and maintenance are charged to the income statement during the period in which they are incurred.

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 balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the profit and loss account 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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The company has made a loss for the year of £555,458 (2023: £534,352) and has net liabilities of £524,248 (2023: £1,885,338).

The directors have ascertained that Brayford Hotels Holdings Limited, the ultimate parent undertaking, intends and has the ability to continue it's financial support to the company for a period of 12 months from the date of approval of these financial statements. The directors believe the company and wider group headed by Brayford Hotels Holdings Limited is well placed to manage the business risks successfully and will continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

and

Buildings

fittings

Totals

£

£

£

COST OR VALUATION

At 31 December 2023

18,500,000

291,825

18,791,825

Additions

-

62,399

62,399

Revaluations

4,000,636

-

4,000,636

At 30 December 2024

22,500,636

354,224

22,854,860

DEPRECIATION

At 31 December 2023

-

127,298

127,298

Charge for year

-

27,562

27,562

At 30 December 2024

-

154,860

154,860

NET BOOK VALUE

At 30 December 2024

22,500,636

199,364

22,700,000

At 30 December 2023

18,500,000

164,527

18,664,527

Cost or valuation at 30 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

(1,639,749

)

-

(1,639,749

)

Valuation in 2022

194,577

-

194,577

Valuation in 2024

4,000,636

-

4,000,636

Cost

19,945,172

354,224

20,299,396

22,500,636

354,224

22,854,860

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

19,945,172

19,945,172

Freehold Land & Buildings were valued on an open market basis on 7 March 2025 by CBRE Limited .

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Other debtors

2,656,400

2,755,325

Amounts falling due after more than one year:

Amounts owed by group undertakings

205,635

205,635

Aggregate amounts

2,862,035

2,960,960

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

11,146

4,417

Taxation and social security

200,439

181,092

Other creditors

2,326,621

1,961,528

2,538,206

2,147,037

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

12,681,446

11,247,092

Other creditors

9,472,833

9,472,833

22,154,279

20,719,925

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Revaluation

reserve

£

Revaluation

1,916,598

At 30 December 2024

1,916,598

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shaw BSc FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

11.	CONTINGENT LIABILITIES

The debt included in the immediate parent company Hull Holdings Limited is secured upon the hotel property held by Ferensway Limited and an unlimited cross guarantee between the company, its ultimate parent company and its fellow subsidiaries.

12.	ULTIMATE CONTROLLING PARTY

The controlling Party is Hull Holdings Limited.

The ultimate controlling party is Brayford Hotels Holdings Limited, the registered office address is Unit 1, The Circus, Belton Park Road, Skegness, PE25 1GU.