T5 Hotel Management Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 14201288

T5 Hotel Management Limited

Group Financial Statements

31 December 2024

T5 Hotel Management Limited

Group Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	11

Consolidated statement of changes in equity	12

Company statement of changes in equity	13

Consolidated statement of cash flows	14

Notes to the group financial statements	15

T5 Hotel Management Limited

Strategic Report

Year ended 31 December 2024

The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the company as a whole to the members. These KPIs comprise turnover, operating profit and shareholders' funds. Business Review The group's loss for the year was £2,473,870 (2023: £3,030,676). Turnover was £14,456,000 (2023: £13,208,190), 9% increase year on year. Operating loss for the year decreased by £627,867 to a loss of £516,078 compared to last year of £1,133,945. The gross profit margin was 68% (2023: 65%) - 3% higher than prior year. The shareholders' funds have decreased to £5,244,946, compared to £7,718,816 in prior year. Principal Risks And Uncertainties The hospitality industry suffered the most from the adverse impact of Covid in the previous years and our business was no exception with a road to recovery in 2023. 2024 saw the realisation that the road to recovery from will be a long and arduous one. Airport hotels rely heavily on increasing numbers of passenger numbers for its transient business which all the forecasts show that these numbers are reaching will surpass the levels of pre-covid. Other sectors of the Business namely that of meetings and events are still recovering. The introduction of working from home and online platforms for digital conferencing during Covid created a potential new way to carry out business and a habit which to this day is providing difficulties for businesses across the world to operate as it limits human interaction which is so necessary for success. Hospitality industry needs to find creative ways to resurrect the demand in this sector.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr B Mazloom

Director

Registered office:

First Floor 690 Great West Road

Osterley Village

Isleworth

TW7 4PU

T5 Hotel Management Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the Group Financial Statements of the group for the year ended 31 December 2024 .

Directors

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

Mr B Mazloom
Mr Y Yosha

Dividends

The directors do not recommend the payment of a dividend.

Financial instruments

The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors, trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks:

Liquidity risk

The company operates a working capital facility which provides short term flexibility to meet fluctuation in the amount and timing of future cashflows.

Credit risk

The principal credit risk arises from trade debtors. The company operates a very strict credit policy and receives all payments well in advance of the reciprocal supplier settlement. The nature of the business provides the company with ample liquidity.

Currency risk

The company seeks to minimise its exposure to currency risk by operating foreign currency bank accounts for transactions in the relevant currencies.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the Group Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group Financial Statements for each financial year. Under that law the directors have elected to prepare the Group Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Group Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Group Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Group 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 enable them to ensure that the Group Financial Statements comply with the Companies Act 2006. They 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr B Mazloom

Director

Registered office:

First Floor 690 Great West Road

Osterley Village

Isleworth

TW7 4PU

T5 Hotel Management Limited

Independent Auditor's Report to the Members of T5 Hotel Management Limited

Year ended 31 December 2024

Opinion

We have audited the Group Financial Statements of T5 Hotel Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Group Financial Statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Group Financial Statements in the UK, including the FRC’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 Group Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Group 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Group 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.

Other information

The other information comprises the information included in the annual report, other than the Group Financial Statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Group 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. In connection with our audit of the Group Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Group Financial Statements or our knowledge obtained in 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 there is a material misstatement in the Group Financial Statements or a material misstatement of the other information. 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.

Opinions 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 Group Financial Statements are prepared is consistent with the Group 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Group 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, the directors are responsible for the preparation of the Group 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 Group Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Group Financial Statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the group financial statements

Our objectives are to obtain reasonable assurance about whether the Group 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 Group 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: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims;and - reviewing correspondence with HMRC and the company's legal advisors. 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 is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Group Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Group Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Group Financial Statements, including the disclosures, and whether the Group Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Group Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 2006. Our 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.

Paul Mattei

(Senior Statutory Auditor)

For and on behalf of

Leaman Mattei

Chartered accountants & statutory auditor

Suite 1, First Floor

1 Duchess Street

London

W1W 6AN

23 December 2025

T5 Hotel Management Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	14,456,000	13,208,190

Cost of sales	4,661,922	4,570,251
	-------------	-------------
Gross profit	9,794,078	8,637,939

Administrative expenses		10,310,156	9,771,884
		-------------	------------
Operating loss	5	( 516,078)	( 1,133,945)

Other interest receivable and similar income	8	107	119
Interest payable and similar expenses	9	1,957,899	1,896,850
		-------------	------------
Loss before taxation		( 2,473,870)	( 3,030,676)

Tax on loss	–	–
	------------	------------
Loss for the financial year and total comprehensive income	( 2,473,870)	( 3,030,676)
	------------	------------

All the activities of the group are from continuing operations.

T5 Hotel Management Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Negative goodwill	10	–	( 200,537)
Tangible assets	11	29,534,305	30,191,385
		-------------	-------------
		29,534,305	29,990,848

Current assets

Stocks	13	74,761	55,249
Debtors	14	1,787,141	2,275,086
Cash at bank and in hand		573,329	283,510
		------------	------------
		2,435,231	2,613,845

Creditors: amounts falling due within one year	15	26,724,590	24,885,877
		-------------	-------------
Net current liabilities		24,289,359	22,272,032
		-------------	-------------
Total assets less current liabilities		5,244,946	7,718,816
		------------	------------
Net assets		5,244,946	7,718,816
		------------	------------

Capital and reserves

Called up share capital	19	12,889,512	12,889,512
Profit and loss account		( 7,644,566)	( 5,170,696)
		-------------	-------------
Shareholders funds		5,244,946	7,718,816
		-------------	-------------

These Group Financial Statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr B Mazloom

Director

Company registration number: 14201288

T5 Hotel Management Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	11	115,357	122,700
Investments	12	11,671,100	11,671,100
		-------------	-------------
		11,786,457	11,793,800

Current assets

Debtors	14	84,463	86,133
Cash at bank and in hand		28,692	23,642
		---------	---------
		113,155	109,775

Creditors: amounts falling due within one year	15	176,209	148,434
		---------	---------
Net current liabilities		63,054	38,659
		-------------	-------------
Total assets less current liabilities		11,723,403	11,755,141
		-------------	-------------
Net assets		11,723,403	11,755,141
		-------------	-------------

Capital and reserves

Called up share capital	19	12,889,512	12,889,512
Profit and loss account		( 1,166,109)	( 1,134,371)
		-------------	-------------
Shareholders funds		11,723,403	11,755,141
		-------------	-------------

The loss for the financial year of the parent company was £ 31,738 (2023: £ 8,323 ).

These Group Financial Statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr B Mazloom

Director

Company registration number: 14201288

T5 Hotel Management Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	100	( 2,140,020)	( 2,139,920)

Loss for the year		( 3,030,676)	( 3,030,676)
	----	------------	------------
Total comprehensive income for the year	–	( 3,030,676)	( 3,030,676)

Issue of shares	12,889,412	–	12,889,412
	-------------	------------	-------------
Total investments by and distributions to owners	12,889,412	–	12,889,412

At 31 December 2023	12,889,512	( 5,170,696)	7,718,816

Loss for the year		( 2,473,870)	( 2,473,870)
	-------------	------------	-------------
Total comprehensive income for the year	–	( 2,473,870)	( 2,473,870)

	-------------	------------	-------------
At 31 December 2024	12,889,512	( 7,644,566)	5,244,946
	-------------	------------	-------------

T5 Hotel Management Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	100	( 1,126,048)	( 1,125,948)

Loss for the year		( 8,323)	( 8,323)
	----	------------	------------
Total comprehensive income for the year	–	( 8,323)	( 8,323)

Issue of shares	12,889,412	–	12,889,412
	-------------	------------	-------------
Total investments by and distributions to owners	12,889,412	–	12,889,412

At 31 December 2023	12,889,512	( 1,134,371)	11,755,141

Loss for the year		( 31,738)	( 31,738)
	-------------	------------	-------------
Total comprehensive income for the year	–	( 31,738)	( 31,738)

	-------------	------------	-------------
At 31 December 2024	12,889,512	( 1,166,109)	11,723,403
	-------------	------------	-------------

T5 Hotel Management Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Loss for the financial year	( 2,473,870)	( 3,030,676)

Adjustments for:
Depreciation of tangible assets	688,190	–
Amortisation of intangible assets	( 200,537)	( 200,536)
Other interest receivable and similar income	( 107)	( 119)
Interest payable and similar expenses	1,957,899	1,896,850
Accrued expenses/(income)	188,773	( 411,541)

Changes in:
Stocks	( 19,512)	( 11,480)
Trade and other debtors	487,945	( 594,652)
Trade and other creditors	( 2,647,027)	2,653,238
	------------	------------
Cash generated from operations	( 2,018,246)	301,084

Interest paid	( 1,957,899)	( 1,896,850)
Interest received	107	119
	------------	------------
Net cash used in operating activities	( 3,976,038)	( 1,595,647)
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 31,110)	( 391,385)
	------------	------------
Net cash used in investing activities	( 31,110)	( 391,385)
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	12,889,412
Proceeds from borrowings	–	( 543,959)
Proceeds from loans from group undertakings	4,296,967	( 12,148,944)
	------------	-------------
Net cash from financing activities	4,296,967	196,509
	------------	-------------

Net increase/(decrease) in cash and cash equivalents	289,819	( 1,790,523)
Cash and cash equivalents at beginning of year	283,510	2,074,033
	---------	------------
Cash and cash equivalents at end of year	573,329	283,510
	---------	------------

T5 Hotel Management Limited

Notes to the Group Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor 690 Great West Road, Osterley Village, Isleworth, TW7 4PU.

2. Statement of compliance

These Group Financial Statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The Group 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 Group Financial Statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The Group Financial Statements consolidate the Group Financial Statements of T5 Hotel Management Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	33% straight line

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

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Long leasehold property	-	2% straight line
Plant and machinery	-	20% straight line
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its 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 are 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 as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Hotel related services	14,456,000	13,208,190
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating loss

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	( 200,537)	( 200,536)
Depreciation of tangible assets	688,190	–
Impairment of trade debtors	6,735	–
	---------	---------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the group financial statements	39,558	26,000
	--------	--------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	115	95
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	2,962,980	3,110,554
Social security costs	243,775	319,625
Other pension costs	46,193	48,701
	------------	------------
	3,252,948	3,478,880
	------------	------------

8. Other interest receivable and similar income

	2024	2023
	£	£
Other interest receivable and similar income	107	119
	----	----

9. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar charges	1,957,899	1,896,850
	------------	------------

10. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	( 601,609)
	---------
Amortisation
At 1 January 2024	( 401,072)
Charge for the year	( 200,537)
	---------
At 31 December 2024	( 601,609)
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	( 200,537)
	---------

The company has no intangible assets.

11. Tangible assets

Group	Long leasehold property	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	29,800,000	268,685	122,700	30,191,385
Additions	–	–	31,110	31,110
	-------------	---------	---------	-------------
At 31 December 2024	29,800,000	268,685	153,810	30,222,495
	-------------	---------	---------	-------------
Depreciation
At 1 January 2024	–	–	–	–
Charge for the year	596,000	53,737	38,453	688,190
	-------------	---------	---------	-------------
At 31 December 2024	596,000	53,737	38,453	688,190
	-------------	---------	---------	-------------
Carrying amount
At 31 December 2024	29,204,000	214,948	115,357	29,534,305
	-------------	---------	---------	-------------
At 31 December 2023	29,800,000	268,685	122,700	30,191,385
	-------------	---------	---------	-------------

Company	Equipment
	£
Cost
At 1 January 2024	122,700
Additions	31,110
	---------
At 31 December 2024	153,810
	---------
Depreciation
At 1 January 2024	–
Charge for the year	38,453
	---------
At 31 December 2024	38,453
	---------
Carrying amount
At 31 December 2024	115,357
	---------
At 31 December 2023	122,700
	---------

12. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	11,671,100
	-------------
Impairment
At 1 January 2024 and 31 December 2024	–
	-------------

Carrying amount
At 1 January 2024 and 31 December 2024	11,671,100
	-------------
At 31 December 2023	11,671,100
	-------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
T5 Operating Company Limited	Ordinary	100
Rising Star LLP Limited	Ordinary	100

13. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Finished goods and goods for resale	74,761	55,249	–	–
	--------	--------	----	----

14. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	538,795	780,376	12,600	–
Amounts owed by group undertakings	–	–	67,497	67,497
Deferred tax asset	421,293	421,293	–	–
Prepayments and accrued income	454,589	400,673	–	–
Other debtors	372,464	672,744	4,366	18,636
	------------	------------	--------	--------
	1,787,141	2,275,086	84,463	86,133
	------------	------------	--------	--------

15. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	5,000	5,000	–	–
Trade creditors	764,206	1,086,876	26,676	599
Amounts owed to group undertakings	23,672,030	19,375,063	128,383	142,685
Accruals and deferred income	764,853	576,080	21,150	5,150
Social security and other taxes	102,397	254,534	–	–
Other creditors	1,416,104	3,588,324	–	–
	-------------	-------------	---------	---------
	26,724,590	24,885,877	176,209	148,434
	-------------	-------------	---------	---------

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in debtors (note 14)	421,293	421,293	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	( 421,293)	( 421,293)	( 421,293)	–
	---------	---------	---------	----

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,193 (2023: £ 48,701 ).

18. Financial instruments

The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors, trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks.

19. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	12,889,512	12,889,512	12,889,512	12,889,512
	-------------	-------------	-------------	-------------

20. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	283,510	289,819	573,329
Debt due within one year	(19,380,063)	(4,296,967)	(23,677,030)
	-------------	------------	-------------
	( 19,096,553)	( 4,007,148)	( 23,103,701)
	-------------	------------	-------------

21. Related party transactions

Group

As at the year end, the entity owed £23,672,030 (2023: £19,375,063) to Refive Limited, an immediate parent company.

22. Controlling party

There is no ultimate controlling party. The immediate parent company is Refive Limited (Company number HE433495), registered in Cyprus.