REGISTERED NUMBER: 02500803 (England and Wales)

KAYE'S HOTELS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

Ms N Rabani

REGISTERED OFFICE:

Waterton Park Hotel

Walton Hall Walton

Wakefield

West Yorkshire

WF2 6PW

REGISTERED NUMBER:

02500803 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The director presents her strategic report for the year ended 30 December 2024.

REVIEW OF BUSINESS

The main activity of Kaye's Hotels Limited ("the Company") is the operation of its main asset, Waterton Country Park Hotel & Spa, in the United Kingdom.

The strategy of the Company is to operate the hotel profitably whilst maintaining good customer satisfaction ratings and hiring and managing employees effectively.

Key Financial Performance Indicators

Year Ended

9m Period Ended

30/12/24

30/12/23

£

£

Turnover

£3,956,291

£3,185,987

Gross Profit

£1,547,016

£1,466,939

Gross Profit percentage

39.1%

46.0%

Net Profit (loss) before Tax

(£284,133)

(£1,599,515)

Net current liabilities

(£505,369)

(£263,669)

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is directly exposed to the risks associated with the hotel industry such as any downturn in the general operating conditions in the UK provincial hotel industry and new hotel openings close to its existing location.

The Company is also exposed to risks regarding property valuations in periods of market instability. This instability means that professional valuers and the Director are not able to value properties with the same degree of certainty as would be the case in a more stable market with a good level of transactional evidence to support valuations.

The Company's exposure to credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of any allowances for doubtful debts. The Company seeks to mitigate credit risk through credit checking and, where customers pay on departure, Company policy is to obtain a pre-authorised credit card for payment. In certain circumstances customers pay all or part of their stay in advance.

The Company's exposure to liquidity and cash flow risk is mitigated by the trade debtors procedures described above and by negotiating commercial payment terms with suppliers. The Company aims to mitigate liquidity risk by managing cash generation and uses through its operations.

FUTURE DEVELOPMENTS

The director is confident for the future as the company continues to build its brand and reputation.

ON BEHALF OF THE BOARD:

Ms N Rabani - Director

24 December 2025

The director presents her report with the financial statements of the company for the year ended 30 December 2024.

DIVIDENDS

DIRECTOR

Ms N Rabani held office during the whole of the period from 31 December 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms N Rabani - Director

24 December 2025

Opinion

We have audited the financial statements of Kaye's Hotels Limited (the 'company') for the year ended 30 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the 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 financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to the preparation of statutory accounts and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluation of management's controls designed to prevent and detect irregularities;

- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;

- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

- Review of board meeting minutes and meetings of those charged with governance

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Andrew Cribb FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor, Chartered Accountants

Sidings House, Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

24 December 2025

TURNOVER

3,956,291

3,185,987

Cost of sales

2,409,275

1,978,474

GROSS PROFIT

1,547,016

1,207,513

Administrative expenses

1,261,510

969,252

OPERATING PROFIT

4

285,506

238,261

Interest receivable and similar income

1,447

22,587

286,953

260,848

Exceptional items

5

-

1,578,234

286,953

(1,317,386

)

Interest payable and similar expenses

6

591,604

282,129

LOSS BEFORE TAXATION

(304,651

)

(1,599,515

)

Tax on loss

7

(20,518

)

10,672

LOSS FOR THE FINANCIAL YEAR

(284,133

)

(1,610,187

)

LOSS FOR THE YEAR

(284,133

)

(1,610,187

)

OTHER COMPREHENSIVE INCOME

Revaluation

1,507,266

-

Deferred tax on revaluation

Income tax relating to other comprehensive income

(376,817

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,130,449

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

846,316

(1,610,187

)

FIXED ASSETS

Tangible assets

9

7,557,474

6,102,841

CURRENT ASSETS

Stocks

10

41,743

23,126

Debtors

11

808,935

734,037

Cash at bank and in hand

44,119

203,308

894,797

960,471

CREDITORS

Amounts falling due within one year

12

1,400,166

1,224,140

NET CURRENT LIABILITIES

(505,369

)

(263,669

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,052,105

5,839,172

PROVISIONS FOR LIABILITIES

13

461,496

94,879

NET ASSETS

6,590,609

5,744,293

CAPITAL AND RESERVES

Called up share capital

14

10,200

10,200

Revaluation reserve

15

4,197,767

3,067,318

Retained earnings

15

2,382,642

2,666,775

6,590,609

5,744,293

The financial statements were approved by the director and authorised for issue on 24 December 2025 and were signed by:

Ms N Rabani - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

10,200

6,538,119

3,067,318

9,615,637

Changes in equity

Deficit for the period

-

(1,610,187

)

-

(1,610,187

)

Total comprehensive income

-

(1,610,187

)

-

(1,610,187

)

Dividends

-

(2,261,157

)

-

(2,261,157

)

Balance at 30 December 2023

10,200

2,666,775

3,067,318

5,744,293

Changes in equity

Deficit for the year

-

(284,133

)

-

(284,133

)

Other comprehensive income

-

-

1,130,449

1,130,449

Total comprehensive income

-

(284,133

)

1,130,449

846,316

Balance at 30 December 2024

10,200

2,382,642

4,197,767

6,590,609

Cash flows from operating activities

Cash generated from operations

1

620,796

(1,748,075

)

Interest paid

(591,604

)

(282,129

)

Tax paid

(241,759

)

-

Net cash from operating activities

(212,567

)

(2,030,204

)

Cash flows from investing activities

Purchase of tangible fixed assets

(137,517

)

(112,602

)

Interest received

1,447

22,587

Net cash from investing activities

(136,070

)

(90,015

)

Cash flows from financing activities

Intercompany loans

164,448

2,637,479

Intercompany loans

-

151,915

Amount introduced by directors

25,000

-

Amount withdrawn by directors

-

(25,000

)

Equity dividends paid

-

(2,261,157

)

Net cash from financing activities

189,448

503,237

Decrease in cash and cash equivalents

(159,189

)

(1,616,982

)

Cash and cash equivalents at beginning of year

2

203,308

1,820,290

Cash and cash equivalents at end of year

2

44,119

203,308

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Loss before taxation

(304,651

)

(1,599,515

)

Depreciation charges

190,150

180,989

Finance costs

591,604

282,129

Finance income

(1,447

)

(22,587

)

475,656

(1,158,984

)

(Increase)/decrease in stocks

(18,617

)

10,875

Increase in trade and other debtors

(99,898

)

(638,002

)

Increase in trade and other creditors

263,655

38,036

Cash generated from operations

620,796

(1,748,075

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 December 2024

30.12.24

31.12.23

£

£

Cash and cash equivalents

44,119

203,308

Period ended 30 December 2023

30.12.23

1.4.23

£

£

Cash and cash equivalents

203,308

1,820,290

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 31.12.23

Cash flow

At 30.12.24

£

£

£

Net cash

Cash at bank and in hand

203,308

(159,189

)

44,119

203,308

(159,189

)

44,119

Total

203,308

(159,189

)

44,119

1.	STATUTORY INFORMATION

Kaye's 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" 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.

Freehold property

-

2% on cost

Plant and machinery

-

33% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Wages and salaries

1,552,012

1,278,248

The average number of employees during the year was as follows:

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

Management and administration

11

11

Other departments

101

92

112

103

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Directors' remuneration

-

18,503

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Hire of plant and machinery

4,984

2,351

Other operating leases

197

6,448

Depreciation - owned assets

190,150

180,989

Auditors' remuneration

10,000

7,350

5.	EXCEPTIONAL ITEMS

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Loans written off

-

1,578,234

A balance of £1,578,234, due from the previous parent undertaking as part of the acquisition process, was written off during the financial period ended 30 December 2023.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Bank loan interest

448,857

211,812

Other interest payable

142,747

70,317

591,604

282,129

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Current tax:

UK corporation tax

(10,318

)

10,318

Deferred tax

(10,200

)

354

Tax on loss

(20,518

)

10,672

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.4.23

Year Ended

to

30.12.24

30.12.23

£

£

Loss before tax

(304,651

)

(1,599,515

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(76,163

)

(399,879

)

Effects of:

Expenses not deductible for tax purposes

-

394,559

Capital allowances in excess of depreciation

(20,113

)

-

Depreciation in excess of capital allowances

-

12,316

Utilisation of tax losses

(10,318

)

-

Unutilised losses

85,958

-

Other short term timing differences

118

3,676

Total tax (credit)/charge

(20,518

)

10,672

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£

£

£

Revaluation

1,507,266

(376,817

)

1,130,449

Deferred tax on revaluation

1,507,266

(376,817

)

1,130,449

1.4.23 to 30.12.23

Gross

Tax

Net

£

£

£

Deferred tax on revaluation