REGISTERED NUMBER: 09162589 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

TROCADERO (LONDON) HOTEL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

9

Report of the Independent Auditors

11

Income Statement

15

Other Comprehensive Income

16

Balance Sheet

17

Statement of Changes in Equity

18

Cash Flow Statement

19

Notes to the Cash Flow Statement

20

Notes to the Financial Statements

21

DIRECTORS:

Mr F Ahmad

Mr D Hanif

Mr K Bal

REGISTERED OFFICE:

C/O Zedwell Hotel

Great Windmill Street

London Trocadero

London

W1D 7DH

REGISTERED NUMBER:

09162589 (England and Wales)

AUDITORS:

Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

The directors present their strategic report for the year ended 31 March 2025.

OVERVIEW

Trocadero (London) Hotel Limited (TLHL) manages hotels under the brand Zedwell named Zedwell Piccadilly Circus, Zedwell Underground Tottenham Court Road, Zedwell Knightsbridge, which has set out its mark in the hospitality industry through its unique concept to drive growth and expand its footprints in London.

We have a clear strategy to create long-term value, recognise, and progressively pursue, the opportunities for our assets to reach their full potential. We delight our guests every day, through engaging service and quality accommodation in inviting places.

TLHL aims to focus on building a stronger relationship for the guests coupled with increasing demand and ensuring the services, technology and experiences we provide meet evolving expectations and increase consumers preference. Our long-term ambition is to make TLHL a preferred choice for the guests seeking respite, quality, and convenience, with each new property enhancing our reputation for excellence in hospitality, integrity, and sustainable growth.

REVIEW OF BUSINESS

2025 represents another important year of progress for TLHL, building on the strong foundations established in the previous period. Guest demand remained resilient across all our properties, and the business continued to perform in line with expectations. Throughout the year, we focused on maintaining stable operations, embedding improvements introduced in 2024, and strengthening our strategic positioning for long-term growth.

During the year, we continued to benefit from the portfolio expansion achieved with the addition of Zedwell Knightsbridge in February 2025, alongside ongoing performance from Zedwell Piccadilly Circus and Zedwell Tottenham Court Road. We also made further progress in addressing industry-wide challenge through integrated technology solutions designed to enhance customer engagement, streamline processes, and drive further cost-efficiencies.

Operationally, TLHL advanced on multiple fronts. We sustained strong demand capture, continued to deepen brand loyalty, and identified new opportunities to optimise performance across the estate. Employee development remained a key priority, with comprehensive training programmes supporting career growth and strengthening alignment with the company's culture and service standards.

Industry conditions continued to strengthen throughout 2024-2025 remaining broadly positive, supported by ongoing recovery in international tourism and a steadier return of corporate and event-related travel. These trends supported solid occupancy levels and contributed to the continued momentum in Revenue per Available Room (herein referred to as "RevPAR") levels across the portfolio.

TLHL's focus on its digital strategy, environmental progress and technological advances continued throughout the year. Ongoing investment in revenue management systems, enabled a more precise analysis of pricing trends, improved ADR optimisation, and strengthened commercial decision-making. These improvements helped ensure that the company remained agile and responsive to market dynamics.

Overall, TLHL enters 2025-2026 in a strong operational position, with a modernised digital infrastructure, a well-established brand presence, and a strategy that continues to support sustainable long-term growth.

Company's Strategy

TLHL's strategy continued to focus on digital innovation, customer engagement, and sustainable growth. The company invests in digital platforms, including a refined revenue management system(s) such as Atomize, Lighthouse, SiteMinder and Mews, to support dynamic pricing strategies and enable detailed analysis of average daily rates (ADR) performance. This technology-led approach ensures TLHL responds effectively to evolving consumer expectations and market conditions.

Enhancing guest experiences remains central to the strategy, TLHL aims to increase customer engagement and loyalty by delivering high-quality service and consistent, well-designed accommodation across all properties. Technology also supports this goal by enabling smoother guest journeys, improving operational efficiency, and reinforcing brand standards.

Sustainability continues to be embedded within the company's strategic priorities. The business is committed to responsible growth, integrating environmental considerations into decision-making and strengthening operational practices to reduce long-term environmental impact. Through these combined efforts, TLHL aims to position itself as a forward-thinking and resilient leader in the hospitality industry.

COMPANY'S BUSINESS MODEL

TLHL's hospitality business model focuses on managing hotels under the Zedwell brand, with a central goal of maximizing guest satisfaction, revenue optimization, and asset value. Emphasizing guest satisfaction, TLHL provides inviting high-quality accommodations tailored to exceed guest expectations. The company harnesses advanced technology in its revenue management processes, allowing it to strategically optimize both ADR (Average Daily Rate) and RevPAR, positioning the brand competitively and enhancing financial performance. Additionally, TLHL prioritizes asset value maximization by maintaining and enhancing property standards.

In 2025, TLHL demonstrated robust financial results, driven by increased guest demand, the addition of new hotels, and effective cost-management strategies. These expansions enabled TLHL to capture more of the market demand, while strategic technology investments streamlined operations, improved cost-efficiency, and elevated the customer experience. At the close of 2025, TLHL had secured a strong position in the market, with substantial growth in its portfolio and a diversified offering that appeals to a wide audience. The company's focus on digital enhancements and operational efficiency positioned it well for future demand growth.

The company's trading momentum continues to be strong as it enters the year ahead and achieved the following key financial indicators as shown on the Income Statement on Page 15:

Units

2025

2024

Change %

Revenue

£'000

42,347

51,975

-18.52

Net Profit

£'000

691

1,686

-59.05

The strong performance during the year was achieved by driving occupancy and average room rates ('ARR'), stringent cost control and introduction of efficiencies, resulting in a gross profit margin of 69.7% (2024 67%). (Note: Rent and management fees of £18.6m (2024 £20.4m) are excluded in the calculation for the gross profit margin).

The balance sheet on page 17 shows net assets of £4,329,209 (2024 £3,638,689) at the end of the year, with a cash position of £284,949 (2024 £35,601).

ANALYSIS RELATED TO ENVIRONMENT MATTER AND EMPLOYEE MATTER

TLHL continues to demonstrate a strong commitment to sustainability and corporate social responsibility, progressing several key initiatives in 2024-2025 to support environmental and employee welfare goals. To reduce its environmental footprint, TLHL is working to lower energy consumption per occupied room, aligning with its client-migration objectives and wider sustainability strategy.

In terms of employee welfare, TLHL places a high value on its workforce and continues to invest in comprehensive training and retention programmes. The introduction of automated technologies - such as self-check-in across all properties-helps reduce the need for manual processes and supports operational efficiency, an important factor in addressing ongoing labour shortages within the hospitality industry.

The company remains committed to diversity and inclusion, monitoring representation at both senior and middle-management levels and actively tracking gender and ethnicity metrics to foster a more inclusive workplace. Through these initiatives, TLHL continues to strengthen its position as a responsible and forward-thinking leader in hospitality.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk- Price

The company is exposed to price risk due to high inflationary increases in prices for goods and services in the UK. TLHL will continue to utilise systems such as Procure Wizard and other global purchasing solutions, as appropriate, to secure best value in 2025-2026.

The energy market remains significantly higher than historic levels, and rising tourism across London continues to increase demand across the hospitality sector. Inflationary pressures have affected service and operating costs. To mitigate these risks, TLHL has reduced labour expenses by introducing further automation, integrating booking systems more efficiency, and expanding online self-check-ins, all of which support cost control.

The company will continue to explore additional strategic measures to manage pricing-related risks in line with changing market conditions.

Risk- Technological

Cyber and data security remain key risks, with businesses facing continuously evolving methods of cyber-attack. Data breaches or operational disruption from malware such as ransomware, can lead to reputational damage, regulatory penalties, and financial impact.

TLHL maintains a specialist team and robust Information Security Management framework, supported by a wide range of proactive and reactive security controls in place, including firewall, antivirus systems, continuous monitoring and regular testing.

TLHL makes use of current, well-established principles and techniques such as training staff and creating awareness via Ninjio and Cyber Griffin Courses. In addition, all emails are filtered via the use of Hornet mail services, and E-Set as our antivirus system which includes device encryption, alongside our 2-factor authentication system for all email accounts.

Our risk-monitoring processes and ongoing threat modelling enable early identification and mitigation of emerging threats.

Risk- Talent, attraction, and retention

Structural labour market challenges and changes to immigration regulations continue to affect the UK hospitality sector, particularly in front-of-house, restaurant and housekeeping roles, contributing to wage inflation and staff shortages. To address this, TLHL continues to expand the use of technology and digital solutions to operate efficiently with lower staffing levels, without compromising the guest experience.

TLHL uses computerised scheduling (via Knowcross and Harri), keyless room entry (via Flexipass) and contactless digital check-in and check-out (via Mews) to reduce the manual administration tasks previously carried out by reception employees. These tools improve accuracy, reduce administrative workload and allow the team to focus on guest service and safety.

Risk- Health and Safety

There is a risk of adverse publicity and brand damage resulting from serious injury, death, or external incidents such as terrorism. TLHL maintains strong health and safety policies and works closely with companies such as Shield and Food Alert to ensure regular updates, compliance and timely employee training.

SECTION 172(1) STATEMENT

In line with Section 172 of the Companies Act 2006, the Directors of Trocadero (London) Hotel Limited prioritize the interests of employees, customers, suppliers, and the communities affected by our operations across Zedwell Piccadilly Circus, Zedwell Underground Tottenham Court Road and Zedwell Knightsbridge. Maintaining and strengthening these relationships ensures long-term sustainable success and supporting our reputation in London's hospitality sector.

The Directors remain committed to delivering memorable and exceptional hospitality experiences throughout our portfolio. Our strategy centres on creating environments that offer unique and sustainable guest experiences, resulting in strong customer loyalty and repeat business. The Directors meet regularly to review and guide the company's strategic direction, ensuring all key decisions are made with a long-term view. Strategic plans are updated annually and adjusted to reflect market conditions and evolving guest expectations. Major investments and operational changes are carefully assessed to ensure alignment with the company's growth objectives.

The success of the company is intrinsically linked to the skill, engagement, and motivation of our employees. We place great emphasis on providing a supportive work environment that fosters professional development, well-being, and a sense of purpose. Regular communication ensures that employees are fully informed and understand their contribution to the company's success. The Directors ensure that our HR strategies are robust and that employees are rewarded fairly within the market context. Employee satisfaction is actively measured through regular feedback surveys and direct engagement initiatives. These insights allow us to refine our approach and make necessary improvements to workplace culture and operational practices.

We prioritize building strong, lasting relationships with our suppliers and customers, supporting local businesses and sustainable sourcing where possible. Our commitment to high-quality local suppliers enriches the guest experience and aligns with the values of our brand. Whether it's through sourcing fresh ingredients from local farms or working with London-based service providers, we strive to support our local economy. For our guests, the Directors recognize that delivering excellent service is paramount. We continually invest in enhancing our facilities and ensuring that each hotel within our portfolio-whether in central London or beyond-provides a memorable experience. Customer feedback is closely monitored, and insights are used to improve services, from guest room features to the quality of food offerings.

The Directors of Trocadero (London) Hotel Limited maintain a strong focus on fostering a culture of integrity and transparency. We ensure that all business decisions are made with a long-term view, balancing the interests of all stakeholders. A collaborative decision-making process is at the heart of our governance, and the Directors ensure that business practices are fair and ethical across all areas of operation. We are dedicated to acting responsibly and maintaining the company's reputation for integrity, which is vital to the ongoing success of the business.

The Directors maintain a firm commitment to integrity and transparency, underpinned by the principles of fairness and respect for all stakeholders. This includes transparent communication with employees, suppliers, customers, and the wider community. The Board ensures that the interests of all members of the company are taken into account, and that business practices reflect a commitment to mutual benefit and sustainability.

Identify the key decisions in the year

Throughout the financial year, TLHL made a number of key decisions aimed at supporting growth, strengthening stakeholder relationships, and advancing sustainable development, all in alignment with its Section 172 obligations. These decisions included expanding the hotel portfolio to enhance market presence, progressing sustainability initiatives to reduce the company's environmental footprint, investing in employee welfare, and upgrading digital systems to improve operational efficiency and guest experience.

Each decision was made with careful consideration of its impact on employees, customers, shareholders, and local communities. Although the company did not conduct direct stakeholder consultations during the year, TLHL drew on established feedback channels and internal assessments to understand stakeholder needs and preferences.

The portfolio expansion focused on long-term value creation and strengthening TLHL's competitive position. Sustainability initiatives centred on reducing energy consumption and waste, supporting the company's environmental commitments. Employee welfare investments aimed to enhance retention, morale, and diversity, supporting the company's social responsibility goals. Enhancements to digital systems were driven by the ongoing commitment to customer satisfaction and operational optimization in line with goals. Collectively these initiatives delivered positive outcomes, contributing to market growth, a stronger brand reputation, and a supportive workplace culture. By acting fairly between members, upholding community engagement, and carefully considering the interests of all stakeholders, the company has upheld its Section 172 duties and continued to build a foundation for sustainable and responsible growth.

NON- FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT

TLHL's commitment to sustainability and responsible business practices remains central to its strategy for long-term growth. The company continues to embed environmental, social, and governance (ESG) principles across its operations, aiming to create value not only for shareholders but also for employees, customers, and communities it serves. TLHL's non-financial initiatives focus on environmental stewardship, the welfare and development of its people, community engagement, and maintaining high standards of governance. Policies supporting diversity, inclusion, and environmental responsibility remain in place and continue to guide decision-making and operational improvements.

Employee welfare remains a key priority. TLHL invests in structured training programmes, career development opportunities, and diversity initiatives designed to support a skilled, motivated, and inclusive workforce. Strong governance practices underpin these efforts, ensuring transparency, accountability, and ethical decision-making across the organisation. Thes standards remain fundamental to maintaining trust with stakeholders and supporting sustainable business performance.

TLHL also maintains active engagement with its local communities by providing employment opportunities and partnering with local suppliers wherever possible. This approach strengthens local economic participation and reflects the company's wider social responsibility commitments. The company continues to uphold human rights within its operations and supply chain through ethical labour practices and a culture that promotes fairness, respect, and equal opportunity.

Through the consistent application of these principles, TLHL is well positioned to respond to evolving ESG expectations. Its ongoing focus on environmental progress, employee development, and responsible governance enhances resilience, supports operational efficiency, and reinforces TLHL's reputation as a responsible hospitality operator committed to long-term sustainable growth.

Climate Related Financial Disclosure

London Trocadero Hotel Limited, the management company for newly added Zedwell Knightsbridge (open February 2025), alongside ongoing operations of Zedwell Piccadilly Circus and Zedwell Tottenham Court Road, recognizes the importance of addressing climate-related risks and opportunities. Our governance framework ensures board oversight of climate matters, with dedicated committees responsible for integrating sustainability into our business strategy. We conduct scenario analyses to understand the potential impacts of different climate pathways on our operations and long-term financial planning.

Our risk-management processes include identifying and mitigating climate-related risks, such as increasing regulatory requirements and physical climate impacts affecting our properties. TLHL remains committed to reducing its greenhouse gas emissions and has set long-term targets to lower its carbon footprint over the next decade. Progress is monitored through key environmental metrics, and climate considerations are incorporated into strategic decision-making to ensure the long-term sustainability of the business.

MAIN TRENDS AND FACTORS

The future development, performance, and position of TLHL continue to be shaped by key Environmental, Social, and Governance (ESG) trends and factors. Environmental considerations, Employee welfare, Social, community, and Human Rights issues, including our partnerships for reforestation and rigorous governance practices, guide our commitment to accountability, transparency, and positive social impact. These ESG factors collectively influence TLHL's long-term success and shape our strategic policies.

Environmental Matters

TLHL remains deeply committed to environmental sustainability, actively working to reduce its carbon footprint and manage resources responsibly. The company has implemented policies to minimize energy consumption, reduce waste, and conserve water resources across all properties. TLHL continues to partner with environmental organisations to support wider sustainability efforts and maintain sourcing policies that prioritize eco-friendly suppliers. Our focus on sustainability reflects industry expectations and supports compliance with emerging environmental regulations.

Company's Employees

Employee welfare continues to be a top priority for TLHL. We are committed to fostering a positive work environment, supporting talent development and promoting diversity and inclusion. The company maintains policies that ensure fair compensation, regular training opportunities, and structured career development for all staff. TLHL also emphasizes work-life balance and offers health and wellness initiatives to strengthen job satisfaction and retention.

To address labour challenges within the hospitality sector, TLHL continues to invest in automation and technology to reduce manual tasks and improve efficiency. These initiatives strengthen employee engagement and ensure the company attracts and retains top talent.

Social, Community, and Human Rights Issues:

TLHL is dedicated to being a responsible corporate citizen, with an emphasis on social responsibility, community engagement, and human rights. We support local communities through employment opportunities and by partnering with local suppliers wherever possible. The company also upholds human rights within its operations and supply chain by maintaining ethical labour practices and promoting diversity across all levels of the organization. These efforts contribute to a positive social impact and reinforce TLHL's reputation as a responsible business aligned with societal expectations for ethical conduct.

Through these policies and commitments, the company is well-positioned to adapt to and benefit from these key trends, strengthening its operational resilience, brand reputation, and long-term growth potential.

STREAMLINED ENERGY AND CARBON REPORT (SECR):

This report has been prepared using the HM Government Environmental Reporting Guidelines. Energy Data calculations are taken from Trocadero (London) Hotel Limited's GHG emissions calculations are undertaken in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. It has used the following data sources to collect the information.

- Energy Supplier Billing Data

- Automatic Meter Reading (AMR) data

- Electricity Half Hourly Data

Annual Energy Consumption

Hotel Name

Electricity (kWh)

Gas (kWh)

Total (kWh)

Zedwell Piccadilly Circus

3,466,216

2,954,564

6,420,780

Zedwell Underground Tottenham Court

1,248,510

-

1,248,510

Zedwell Knightsbridge

8,746

-

8,746

Total

4,723,471

2,954,564

7,678,035

STREAMLINED ENERGY AND CARBON REPORT (SECR): CONTINUED

Hotel Name

Electricity Tonnes CO2(TCO 2)

GasTonnes CO2(TCO2)

Total EmissionsTonn es CO2(TCO2)

Rooms

Intensity RatioTCO2 per room

Zedwell Piccadilly Circus

613.52

540,39

1,153.91

721

1.60

Zedwell Underground Tottenham Court

220.99

-

220.99

206

1.07

Zedwell Knightsbridge

1.55

-

1.55

38

0.04

Total

836.06

540.39

1376.45

Energy Efficient Strategy

TLHL's strategy is to reduce its GHG emissions through improving energy efficiency to reduce consumption and by purchasing electricity from renewable sources. To improve energy efficiency, it has made operational improvements across in two areas specifically building and industrial processes. These improvements include upgrading HVAC and AHU systems, reducing manually operated controls and improving lighting. During the year enhancements have been made to our internal expenses system so that we can accurately capture, report and review emissions from differing business operations.

Sustainability remains a central tenet of Trocadero (London) Hotel Limited's operations. The Directors are committed to reducing the environmental impact of our hotels while contributing positively to the communities we serve. We have implemented sustainable practices across our business, from energy-efficient operations to waste reduction initiatives. The Directors also ensure that the company supports the local community through charitable initiatives and fostering long-term employment opportunities. Our sustainability ethos, built on the principles of circular economy, conservation, and community engagement, continues to evolve with new goals and targets each year.

ON BEHALF OF THE BOARD:

Mr K Bal - Director

31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of hotel and restaurant management.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025 (2024- £Nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr F Ahmad

Mr D Hanif

Other changes in directors holding office are as follows:

Mr K Bal was appointed as a director after 31 March 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

During the year, the company paid donations totalling £1,760,978 (2024: £1,630,842).

ENGAGEMENT WITH EMPLOYEES

The company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the company becomes disabled whilst in the employment, every step, where appropriate will be taken to assist with rehabilitation and suitable re-training.

The company maintains its own health, safety and environmental policies covering all aspect of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the company is responsive to the needs of the employees and the environment.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr K Bal - Director

31 December 2025

Opinion

We have audited the financial statements of Trocadero (London) Hotel Limited (the 'company') for the year ended 31 March 2025 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 31 March 2025 and of its profit 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 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 Statement of Directors' Responsibilities set out on page nine, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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:

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 hospitality sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation; regulations relating to hospitality industry.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed 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; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- agreed income to underlying contracts;

- tested authorisation of expenditure;

- tested the appropriateness of journal entries;

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:

- we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

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 financial statement disclosures to underlying supporting documentation;

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

- enquiring of management as to actual and potential litigation and claims; and

- reviewing legal expenses for any potential issues.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Thurairatnam Sudarshan, FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited Chartered Accountants

Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

31 December 2025

TURNOVER

3

42,347,386

51,975,481

Cost of sales

(31,418,888

)

(37,705,829

)

GROSS PROFIT

10,928,498

14,269,652

Administrative expenses

(10,203,835

)

(12,583,565

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

724,663

1,686,087

Tax on profit

6

-

-

PROFIT FOR THE FINANCIAL YEAR

724,663

1,686,087

PROFIT FOR THE YEAR

724,663

1,686,087

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

724,663

1,686,087

CURRENT ASSETS

Stocks

7

-

34,762

Debtors

8

47,399,174

29,224,362

Cash at bank and in hand

284,949

35,601

47,684,123

29,294,725

CREDITORS

Amounts falling due within one year

9

43,320,771

25,656,036

NET CURRENT ASSETS

4,363,352

3,638,689

TOTAL ASSETS LESS CURRENT LIABILITIES

4,363,352

3,638,689

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

11

4,363,351

3,638,688

SHAREHOLDERS' FUNDS

4,363,352

3,638,689

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

Mr K Bal - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1

1,952,601

1,952,602

Changes in equity

Total comprehensive income

-

1,686,087

1,686,087

Balance at 31 March 2024

1

3,638,688

3,638,689

Changes in equity

Total comprehensive income

-

724,663

724,663

Balance at 31 March 2025

1

4,363,351

4,363,352

Cash flows from operating activities

Cash generated from operations

1

(122,498

)

(6,273,559

)

Net cash from operating activities

(122,498

)

(6,273,559

)

Cash flows from financing activities

Amounts paid by group companies

371,846

5,872,065

Net cash from financing activities

371,846

5,872,065

Increase/(decrease) in cash and cash equivalents

249,348

(401,494

)

Cash and cash equivalents at beginning of year

2

35,601

437,095

Cash and cash equivalents at end of year

2

284,949

35,601

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

2025

2024

£

£

Profit before taxation

724,663

1,686,087

Decrease in stocks

34,762

21,062

Decrease/(increase) in trade and other debtors

891,524

(17,275,569

)

(Decrease)/increase in trade and other creditors

(1,773,447

)

9,294,861

Cash generated from operations

(122,498

)

(6,273,559

)

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 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

284,949

35,601

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

35,601

437,095

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

35,601

249,348

284,949

35,601

249,348

284,949

Total

35,601

249,348

284,949

1.	STATUTORY INFORMATION

Trocadero (London) Hotel 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.

The presentation currency of the financial statements is the Pound Sterling (£).

All values are rounded to the nearest pound.

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.

Turnover

Sale of accommodation

The contract to provide accommodation is established when the customer books accommodation. The performance obligation is the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of the booking. The performance obligation is met when the customer is given the right to use the accommodation, and so revenue is recognised for each night as it takes place, at the room rate for that night. Customers may pay in advance for accommodation. In this case the company has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met.

Sale of food and beverage

The contract is established when the customer orders the food or drink item and the performance obligation is the provision of food and drink by the outlet. The performance obligation is satisfied when the food and drink is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities.

Management charges

Management charges are recognised as income at the point when the company becomes contractually entitled to the charges.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs and an appropriate allocation of production overheads, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Financial instruments

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

Financial instruments are classified and accounted for according to the substance of the contractual provisions of the instrument.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Foreign currencies

The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independently administered fund.

The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Debtors include trade debtors, prepayments and accrued income. Prepayments are payments made for goods or services that will be received in the future. These are initially recorded as assets and amortised over time as the benefit of the prepaid expense is realised. Accrued income corresponds to the revenue earned during the period but not yet billed to or collected from the customer.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Creditors

Creditors include trade creditors and certain other short term financial instruments. Deposits corresponds to advance payments from customers for services that have not yet been delivered or recognised as revenue.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Hotels

39,102,818

47,034,677

Restaurants

1,035,097

2,451,304

Management fees

2,209,471

2,489,500

42,347,386

51,975,481

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

8,197,672

7,659,025

Social security costs

498,862

502,650

Other pension costs

69,684

84,713

8,766,218

8,246,388

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

2025

2024

Hotel staff

154

234

Restaurant staff

31

52

185

286

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Audit fees

100,000

95,000

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

724,663

1,686,087

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

181,166

421,522

Effects of:

Group relief

(147,023

)

(421,522

)

Total tax charge

34,143

-

**

TAX CHARGE FOR CURRENT YEAR ON CLIENT SCREEN OF

34,143

DOES NOT AGREE TO AMOUNT PER TB OF

-

7.

STOCKS

2025

2024

£

£

Finished goods

-

34,762