Haig Hotels Limited 31/03/2025 iXBRL

Company registration number: 12416851

Haig Hotels Limited

Unaudited filleted financial statements

31 March 2025

Haig Hotels Limited

Contents

Directors and other information

Directors' report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Haig Hotels Limited

Directors and other information


	Directors	Mr K Haig
		Mr M Woolley
		Mr D Haig


	Secretary	Mr A Loader


	Company number	12416851


	Registered office	Kings Barn
		34 Thame Road
		Warborough
		Oxfordshire
		OX10 7DA

Haig Hotels Limited

Directors' report

Year ended 31 March 2025

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2025.

Directors

The directors who served the company during the year were as follows:

Mr K Haig

Mr M Woolley

Mr D Haig

Other matters

The company is now benefitting from the acquisition, in the prior year, by way of a Joint Venture with a connected party, of a second hotel. The Joint Venture partner has financed the acquisition of the relevant freehold funded by interest free loans from participators. The hotel is operated, without rent, under the terms of a Joint Venture between the company and the freeholder.

Under the terms of that arrangement, the company operates the hotel so that the losses or earnings for the period until 31 March 2026 will be for the account of the Company. Thereafter, the losses or earnings will be apportioned under the terms of the Joint Venture.

In return, the Company has undertaken to carry out a significant level of repairs to the premises at Rosyth which were in need of extensive works. The costs of these repairs, which have been funded by shareholder and associated company loans, have been expensed.

As a result, the Company has experienced and reported losses this year and the continuing costs will have a significant impact upon earnings, until all the required works are completed. Without these costs, the Company would have reported a substantial trading profit.

At Rosyth, the repair works will put into usage a number of rooms that had previously been out of order and the potential income will increase proportionately. The bar has extended hours and the kitchen re-opened.

Given these circumstances, to conserve working capital, the Board does not recommend payment of a dividend.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 16 October 2025 and signed on behalf of the board by:

Mr K Haig

Director

Haig Hotels Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	6	1,299,716		1,346,042
		_______		_______
			1,299,716		1,346,042

Current assets
Stocks		5,165		20,764
Debtors	7	112,447		1,763
Cash at bank and in hand		53,530		52,448
		_______		_______
		171,142		74,975
Creditors: amounts falling due
within one year	8	( 425,550)		( 216,636)
		_______		_______
Net current liabilities			( 254,408)		( 141,661)
			_______		_______
Total assets less current liabilities			1,045,308		1,204,381

Creditors: amounts falling due
after more than one year	9		( 938,982)		( 942,827)
			_______		_______
Net assets			106,326		261,554
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			106,226		261,454
			_______		_______
Shareholder funds			106,326		261,554
			_______		_______

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 October 2025 , and are signed on behalf of the board by:

Mr K Haig

Director

Company registration number: 12416851

Haig Hotels Limited

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2023	100	178,274	178,374

(Loss)/profit for the year		83,180	83,180
	_______	_______	_______
Total comprehensive income for the year	-	83,180	83,180

	_______	_______	_______
At 31 March 2024 and 1 April 2024	100	239,936	240,036

(Loss)/profit for the year		( 133,710)	( 133,710)
	_______	_______	_______
Total comprehensive income for the year	-	( 133,710)	( 133,710)

	_______	_______	_______
At 31 March 2025	100	106,226	106,326
	_______	_______	_______

Haig Hotels Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kings Barn, 34 Thame Road, Warborough, Oxfordshire, OX10 7DA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	10 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Operating loss/profit

Operating loss/profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	33,583	33,583
Refurbishment costs	762,299	209,949
	_______	_______

5. Staff costs

The average number of persons employed by the company during the year amounted to 24 (2024: 9 ).

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	190,351	32,858
Social security costs	6,063	2,030
Other pension costs	4,497	546
	_______	_______
	200,911	35,434
	_______	_______

6. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 April 2024	974,315	480,197	1,454,512
Disposals	( 12,743)	-	( 12,743)
	_______	_______	_______
At 31 March 2025	961,572	480,197	1,441,769
	_______	_______	_______
Depreciation
At 1 April 2024	-	108,470	108,470
Charge for the year	-	33,583	33,583
	_______	_______	_______
At 31 March 2025	-	142,053	142,053
	_______	_______	_______
Carrying amount
At 31 March 2025	961,572	338,144	1,299,716
	_______	_______	_______
At 31 March 2024	974,315	371,727	1,346,042
	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	47	-
Other debtors	112,400	1,763
	_______	_______
	112,447	1,763
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	1,076	-
Trade creditors	24,204	61,708
Social security and other taxes	49,305	8,102
Other creditors	350,965	146,826
	_______	_______
	425,550	216,636
	_______	_______

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

	2025	2024
	£	£
Other creditors	938,982	942,827
	_______	_______

Other creditors include the sum of £938,932 (2024 £942,827) due to the shareholder, which has no due date for repayment but where the shareholder has committed to redeem only from available cash flow and on that basis, the accounts have been prepared on a "going concern" basis.

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr K Haig	( 942,887)	-	3,905	( 938,982)
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr K Haig	( 794,773)	( 148,054)	-	(942,827)
		_______	_______	_______	_______

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
HB Hydraulics Ltd	220,000	100,000	(320,000)	(100,000)
	_______	_______	_______	_______

During the year the company received a further loan of £220,000 from HB Hydraulics Ltd, a company under common ownership, to assist in the continued refurbishment of the newly acquired hotel in Rosyth as well as to the existing facility in Southsea.