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Registered number: 10499366 SBH PARK HOLDING LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
SBH PARK HOLDING LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Statement of changes in equity | 4
Notes to the financial statements | 5 - 11
SBH PARK HOLDING LIMITED COMPANY INFORMATION
Directors | P A Callingham
| A D Curtis
| M Rahamim
| F G Callingham
Registered number | 10499366
Registered office | Park House
| 10 Penn Road
| Beaconsfield
| Buckinghamshire
| HP9 2LH
Accountants | Blick Rothenberg Limited
| Chartered Accountants
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:10499366
SBH PARK HOLDING LIMITED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 33,678,548 |  | 34,300,000
Current assets |  |  |  |  |
Stocks |  | 9,310 |  | 7,670 |
Debtors: amounts falling due within one year | 5 | 674,036 |  | 358,087 |
Cash at bank and in hand |  | 152,857 |  | 279,176 |
|  | 836,203 |  | 644,933 |
Creditors: Amounts Falling Due Within One Year | 6 | (15,572,711) |  | (34,384,328) |
Net current liabilities |  |  | (14,736,508) |  | (33,739,395)
Total assets less current liabilities |  |  | 18,942,040 |  | 560,605
Creditors: amounts falling due after more than one year |  |  | (20,000,000) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (1,534,000) |  | (1,565,000) |
|  |  | (1,534,000) |  | (1,565,000)
Net liabilities |  |  | (2,591,960) |  | (1,004,395)
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 1,500 |  | 1,500
Revaluation reserve |  |  | 3,675,681 |  | 3,644,681
Profit and loss account |  |  | (6,269,141) |  | (4,650,576)
Net deficit |  |  | (2,591,960) |  | (1,004,395)
Page 2
|  | REGISTERED NUMBER:10499366
SBH PARK HOLDING LIMITED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P A Callingham
Director
Date: 17 March 2026
The notes on pages 5 to 11 form part of these financial statements. Page 3
SBH PARK HOLDING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 1,500 | 3,628,820 | (4,310,005) | (679,685)
Loss for the year | - | - | (340,571) | (340,571)
Surplus on revaluation of freehold property | - | 403,861 | - | 403,861
Deferred tax movement | - | (388,000) | - | (388,000)
At 30 June 2024 and 1 July 2024 | 1,500 | 3,644,681 | (4,650,576) | (1,004,395)
Loss for the year | - | - | (1,618,565) | (1,618,565)
Deferred tax movement | - | 31,000 | - | 31,000
At 30 June 2025 | 1,500 | 3,675,681 | (6,269,141) | (2,591,960)
| The notes on pages 5 to 11 form part of these financial statements.
Page 4
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
SBH Park Holding Limited is a private company limited by shares incorporated in England and Wales. Its registered office address is Park House, 10 Penn Road, Beaconsfield, Buckinghamshire, HP9 2LH. The address of its principal place of business is Western Avenue, Park Royal, London, W3 3BQ. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The directors consider this basis to be appropriate as the company has received a letter of financial support. The company has net current liabilities of £14,736,508 and net liabilities of £2,591,960. The company meets its day-to-day working capital requirements from related party and bank loans. The directors have prepared cash flow forecasts for the next 12 months which show that the company will continue to be reliant on the bank to support its working capital needs. These forecasts include key assumptions specifically over the company's future trading activity and acknowledge that variations in the trading assumptions would impact the timing and quantum of cash flows.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from the rendering of services (such as the accommodation and use of facilities) is recognised when services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time when the goods are delivered to customers.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 5
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% |
|  |  |  | Fixtures and fittings | - | 14% |
|  |  |  | Office equipment | - | 14% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value.
| 2.9 | 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. Page 6
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 7
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued) Financial instruments (continued) Derecognition of financial assets and financial liabilitie Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.11 | Share capital
Ordinary shares are classified as equity.
| 2.12 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. All foreign exchange gains and losses are presented within administrative expenses. Page 8
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.13 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 20 (2024 - 22).
Page 9
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Tangible fixed assets
|  | Freehold property | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 July 2024 | 34,078,855 | 181,608 | 265,631 | 34,526,094
| At 30 June 2025 | 34,078,855 | 181,608 | 265,631 | 34,526,094
| Depreciation |  |  |  |
| At 1 July 2024 | - | 86,832 | 139,262 | 226,094
| Charge for the year | 558,838 | 25,425 | 37,189 | 621,452
| At 30 June 2025 | 558,838 | 112,257 | 176,451 | 847,546
| Net book value |  |  |  |
| At 30 June 2025 | 33,520,017 | 69,351 | 89,180 | 33,678,548
| At 30 June 2024 | 34,078,855 | 94,776 | 126,369 | 34,300,000
| The directors have obtained a valuation as at 23 October 2024, undertaken by Colliers Chartered Surveyors which shows a valuation on an open market basis of £34,300,000 for the freehold property (including other fixed assets) on the basis of the existing management agreement with Starboard Hotels Limited. The valuation has been adjusted for additions and depreciation. Included in the valuation of freehold property is freehold land of £6,137,000 (2024: £6,137,000) which is not depreciated. Included within the cost of hotel buildings is interest and finance fees capitalised of £3,365,051 (2024: £3,365,051).
Cost or valuation at 30 June 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 28,869,174
|  | At valuation: |
|  | Revaluations | 5,209,681
|  |  | 34,078,855
Page 10
SBH PARK HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 4.Tangible fixed assets (continued)
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 28,869,174 | 28,869,174
| Accumulated depreciation | (2,886,917) | (2,309,534)
| Net book value | 25,982,257 | 26,559,640
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 368,854 | 290,654
| Other debtors | 2,400 | -
| Prepayments and accrued income | 302,782 | 67,433
|  | 674,036 | 358,087
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 24,122,989
| Trade creditors | 230,972 | 177,790
| Other taxation and social security | 117,187 | 169,663
| Other creditors | 14,925,372 | 9,449,498
| Accruals and deferred income | 299,180 | 464,388
|  | 15,572,711 | 34,384,328
7. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,500 (2024 - 1,500) ordinary shares of £1.00 each | 1,500 | 1,500
Page 11