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COMPANY REGISTRATION NUMBER: 06031954

Blackfriars Hotel (UK) Holdings Limited

Financial Statements

31 December 2024

Blackfriars Hotel (UK) Holdings Limited

Financial Statements

Year ended 31 December 2024

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 3

Independent auditor's report to the members | 6

Consolidated income statement | 10

Consolidated statement of financial position | 11

Company statement of financial position | 12

Consolidated statement of changes in equity | 13

Company statement of changes in equity | 14

Consolidated statement of cash flows | 15

Notes to the financial statements | 16

Blackfriars Hotel (UK) Holdings Limited

Officers and Professional Advisers

The board of directors | Mr Abdelrahim Galadari
| Mr Majed Galadari

Registered office | 19 New Bridge Street
| London
| EC4V 6DB

Auditor | Montague Kaye Limited
| Accountants & statutory auditors
| 82 Reddish Road
| Reddish
| Stockport
| SK5 7QU

Blackfriars Hotel (UK) Holdings Limited

Strategic Report

Year ended 31 December 2024
The directors present the Strategic Report, together with the consolidated audited financial statements for the year ended 31st December 2024.
Principal activity
The principal activity of the company is to act as a holding company for Blackfriars Hotels Limited. The subsidiary company operates a hotel within the United Kingdom.
Review of business
The company had no significant trading activity during the financial year. The only transactions undertaken related to the borrowings held by the company, comprising interest charges and associated legal fees. Consolidated Profit/(loss) after tax (£1,576,752) (2023 (£9,219,194)) Consolidated Shareholders' funds (£5,316,067) (2023 (£6,892,819))
Principal risks and uncertainties
The principal risk faced by the company relates to the performance of its subsidiary undertaking. The company’s ability to realise value from its investment is dependent on the continued trading success of the subsidiary’s hotel operations. Should the subsidiary underperform, there is a risk that the company may not recover the full value of its investment.
This report was approved by the board of directors on 19 March 2026 and signed on behalf of the board by:

Mr Abdelrahim Galadari
Director

Registered office:
19 New Bridge Street
London
EC4V 6DB

Blackfriars Hotel (UK) Holdings Limited

Directors' Report

Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:

Mr Abdelrahim Galadari |
Mr Majed Galadari |

Dividends
No ordinary dividends were paid. The directors do not recommend payment of a final dividend. No preference dividends were paid. The directors do not recommend payment of a final dividend.
Employment of disabled persons
The company gives full consideration to applicants for employment from disabled persons where requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
Employee involvement
Information on matters of concern to employees is given through information bulletins, meetings and reports, the same means are used to help employees achieve a common awareness of the financial and economic factors affecting the performance of the company. Regular meetings between management and employees allow a free flow of information and ideas.
Going concern
The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company have obtained confirmation that the ultimate owner will continue to support the group for the next 12 months. In order to assess the going concern assumption, the group has prepared and considered trading and cash flow forecasts for the period covering at least 12 months from the date of approval of these financial statements. The company will be continue to be supported by its shareholders.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 23 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the 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. The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulation. 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; - 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 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. Auditor
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
This report was approved by the board of directors on 19 March 2026 and signed on behalf of the board by:

Mr Abdelrahim Galadari
Director

Registered office:
19 New Bridge Street
London
EC4V 6DB

Blackfriars Hotel (UK) Holdings Limited

Independent Auditor's Report to the Members of Blackfriars Hotel (UK) Holdings Limited

Year ended 31 December 2024
Opinion
We have audited the financial statements of Blackfriars Hotel (UK) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated income statement, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk is 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 misrepresentations, or through collusion. the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. - We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are to be those relating to the United Kingdom General Accepted Accounting Practice, the Companies Act 2006, and United Kingdom direct and indirect tax regulations. In addition, the Company must comply with operational and employment laws and regulations including health and safety regulations, environmental regulations and GDPR; - We understood how the Company is complying with those frameworks by making enquiries of senior finance personnel and gaining an understanding of the entity level controls of the Company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. Supporting documentation was obtained to corroborate our understanding of these; - We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by holding internal meetings and meetings with management to understand where it considered there was susceptibility to fraud. We considered the procedures and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud annd gained an understanding as to how those procedures and controls are implemented and monitored. We determined there to be a risk of management override in relation to the posting of non-standard manual journals. To address this risk, audit procedures performed included but were not limited to testing manual journal entries and other adjustments, and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered outside the normal course of business. - Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included but not limited to obtaining and reading minutes of meetings, where available, enquiries of senior finance personnel and agreement of samples of transactions throughout the audit to supporting source documentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nathan Barrow FCCA
(Senior Statutory Auditor)

For and on behalf of
Montague Kaye Limited
Accountants & statutory auditors
82 Reddish Road
Reddish
Stockport
SK5 7QU

19 March 2026

Blackfriars Hotel (UK) Holdings Limited

Consolidated Income Statement

Year ended 31 December 2024

| 2024 | 2023
Note | £ | £
Turnover | 4 | 18,260,305 | 6,885,274

Cost of sales | 11,016,135 | 8,104,114
| ------------- | ------------
Gross profit/(loss) | 7,244,170 | ( 1,218,840)

Distribution costs | 1,367,441 | 571,279
Administrative expenses | 4,490,188 | 5,046,587
Other operating income | 5 | 110,410 | 554,372
|  | ------------ | ------------
Operating profit/(loss) | 6 | 1,496,951 | ( 6,282,334)

Interest payable and similar expenses | 9 | 3,073,703 | 2,959,536
| ------------ | ------------
Loss before taxation | ( 1,576,752) | ( 9,241,870)

Tax on loss | 10 | – | ( 22,676)
| ------------ | ------------
Loss for the financial year | ( 1,576,752) | ( 9,219,194)
| ------------ | ------------

All the activities of the group are from continuing operations.
The group has no other recognised items of income and expenses other than the results for the year as set out above.

Blackfriars Hotel (UK) Holdings Limited

Consolidated Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Intangible assets | 11 | 33,577 | 49,913
Tangible assets | 12 | 100,624,541 | 101,975,694
| -------------- | --------------
| 100,658,118 | 102,025,607

Current assets

Stocks | 14 | 51,914 | 52,805
Debtors | 15 | 36,169,460 | 36,737,379
Cash at bank and in hand | 3,880,068 | 1,977,652
| ------------- | -------------
| 40,101,442 | 38,767,836

Creditors: amounts falling due within one year | 16 | 12,710,921 | 11,746,945
| ------------- | -------------
Net current assets | 27,390,521 | 27,020,891
| -------------- | --------------
Total assets less current liabilities | 128,048,639 | 129,046,498

Creditors: amounts falling due after more than one year | 17 | 122,732,541 | 122,153,648

Provisions | 19 | 31 | 31
| -------------- | --------------
Net assets | 5,316,067 | 6,892,819
| -------------- | --------------

Capital and reserves

Called up share capital | 22 | 19,269,559 | 19,269,559
Profit and loss account | ( 13,953,492) | ( 12,376,740)
| ------------- | -------------
Shareholders funds | 5,316,067 | 6,892,819
| ------------- | -------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 19 March 2026 , and are signed on behalf of the board by:

Mr Abdelrahim Galadari
Director

Company registration number: 06031954

Blackfriars Hotel (UK) Holdings Limited

Company Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Investments | 13 | 48,754,948 | 48,754,948

Current assets

Debtors | 15 | 2,106,164 | 2,776,722
Cash at bank and in hand | 2,070 | 10,818
| ------------ | ------------
| 2,108,234 | 2,787,540

Creditors: amounts falling due within one year | 16 | 8,959,219 | 7,079,478
| ------------ | ------------
Net current liabilities | 6,850,985 | 4,291,938
| ------------- | -------------
Total assets less current liabilities | 41,903,963 | 44,463,010

Creditors: amounts falling due after more than one year | 17 | 28,250,000 | 28,250,000

Provisions | 19 | 31 | 31
| ------------- | -------------
Net assets | 13,653,932 | 16,212,979
| ------------- | -------------

Capital and reserves

Called up share capital | 22 | 19,269,559 | 19,269,559
Profit and loss account | ( 5,615,627) | ( 3,056,580)
| ------------- | -------------
Shareholders funds | 13,653,932 | 16,212,979
| ------------- | -------------

The loss for the financial year of the parent company was £ 2,559,047 (2023: £ 2,342,128 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 19 March 2026 , and are signed on behalf of the board by:

Mr Abdelrahim Galadari
Director

Company registration number: 06031954

Blackfriars Hotel (UK) Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

| Called up share capital | Profit and loss account | Total
| £ | £ | £
At 1 January 2023 | 19,269,559 | ( 3,157,546) | 16,112,013
Loss for the year |  | ( 9,219,194) | ( 9,219,194)
| ------------- | ------------ | -------------
Total comprehensive income for the year | – | ( 9,219,194) | ( 9,219,194)
At 31 December 2023 | 19,269,559 | ( 12,376,740) | 6,892,819
Loss for the year |  | ( 1,576,752) | ( 1,576,752)
| ------------- | ------------- | -------------
Total comprehensive income for the year | – | ( 1,576,752) | ( 1,576,752)
| ------------- | ------------- | -------------
At 31 December 2024 | 19,269,559 | ( 13,953,492) | 5,316,067
| ------------- | ------------- | -------------

Blackfriars Hotel (UK) Holdings Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

| Called up share capital | Profit and loss account | Total
| £ | £ | £
At 1 January 2023 | 19,269,559 | ( 714,452) | 18,555,107
Loss for the year |  | ( 2,342,128) | ( 2,342,128)
| ------------- | ------------ | -------------
Total comprehensive income for the year | – | ( 2,342,128) | ( 2,342,128)
At 31 December 2023 | 19,269,559 | ( 3,056,580) | 16,212,979
Loss for the year |  | ( 2,559,047) | ( 2,559,047)
| ------------- | ------------ | -------------
Total comprehensive income for the year | – | ( 2,559,047) | ( 2,559,047)
| ------------- | ------------ | -------------
At 31 December 2024 | 19,269,559 | ( 5,615,627) | 13,653,932
| ------------- | ------------ | -------------

Blackfriars Hotel (UK) Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

| 2024 | 2023
| £ | £

Cash flows from operating activities

Loss for the financial year | ( 1,576,752) | ( 9,219,194)

Adjustments for: |  |
Depreciation of tangible assets | 1,985,444 | 1,424,358
Amortisation of intangible assets | 16,336 | 11,288
Interest payable and similar expenses | 3,073,703 | 2,959,536
Loss on disposal of tangible assets | 210,745 | 210,745
Tax on loss | – | ( 22,676)
Accrued expenses | 656,829 | 719,301

Changes in: |  |
Stocks | 891 | ( 31,741)
Trade and other debtors | 567,919 | ( 802,788)
Trade and other creditors | ( 866,744) | 2,469,487
| ------------ | ------------
Cash generated from operations | 4,068,371 | ( 2,281,684)

Interest paid | ( 3,073,703) | ( 2,959,536)
Tax received | – | 22,676
| ------------ | ------------
Net cash from/(used in) operating activities | 994,668 | ( 5,218,544)
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 634,291) | ( 5,583,316)
Proceeds from sale of tangible assets | ( 210,745) | ( 210,745)
Purchase of intangible assets | – | ( 49,752)
| ------------ | ------------
Net cash used in investing activities | ( 845,036) | ( 5,843,813)
| ------------ | ------------

Cash flows from financing activities

Proceeds from loans from group undertakings | 1,983,679 | 5,448,607
Payments of finance lease liabilities | ( 230,895) | 6,657,413
Other financing cash flow adjustment | – | 136,455
| ------------ | -------------
Net cash from financing activities | 1,752,784 | 12,242,475
| ------------ | -------------

Net increase in cash and cash equivalents | 1,902,416 | 1,180,118
Cash and cash equivalents at beginning of year | 1,977,652 | 797,534
| ------------ | ------------
Cash and cash equivalents at end of year | 3,880,068 | 1,977,652
| ------------ | ------------

Blackfriars Hotel (UK) Holdings Limited

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 New Bridge Street, London, EC4V 6DB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure of requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Going concern
The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company have obtained confirmation that the ultimate owner will continue to support the group for the next 12 months. In order to assess the going concern assumption, the group has prepared and considered trading and cash flow forecasts for the period covering at least 12 months from the date of approval of these financial statements. The company will be continue to be supported by its shareholders.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, obligations under finance lease, amounts owed to group undertakings and other borrowings, 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.
Debt instruments are subsequently carried at amortised cost using the effective interest rate method.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Equity instruments
Equity instruments issued by the group are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Consolidation
The consolidated financial statements incorporate those of Blackfriars Hotel (UK) Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economimc benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. Subsidiaries disposed of during the year are consolidated up to the date that control passes. All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial stateements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred rexognised is adjusted against goodwill or negative goodwill.
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
Sale and leaseback
Where a sale and leaseback transaction results in a finance lease, the excess of sales proceeds over the carrying amount is deferred and amortised over the lease term. The rights of use and obligations under the finance lease are recognised as an asset and liability on the balance sheet at amounts equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. Following initial recognition, the minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. The asset is depreciated over the shorter of the lease term and its useful life. At each reporting date the asset leased is assessed for impairment.
Where a financing transaction takes place involving a property which does not result in derecognition of the property, the transaction is accounted for as financing.
The proceeds received at inception are treated as a financial liability. Following initial recognition, repayments reduce the liability, and a financing charge is recognised in the income statement on an effective interest rate basis. The finance charge is allocated to each period during the lease term so as to produce a consistent charge.
Impairment of financial assets
Financial assets other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the assets expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measure and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Revenue recognition
Turnover, which is stated net of VAT, represents amounts receivable from the provision of goods and services which fall within the company's principal activity of hotel operations. Revenue from contracts for the provision of hotel services is recognised by the reference to the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of the total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. 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. Current and deferred tax is charged or creditor to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. Current tax assets are recognised when tax paid exceeds the tax payable. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset if, and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. Deferred tax is recognised on all 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. 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.
Foreign currencies
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the 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 profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Software | - | 5 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Long leasehold property | - | 200 years
| Plant and machinery | - | between 3 and 25 years
| Fixtures and fittings | - | between 3 and 25 years
| Base Stock | - | between 3 and 5 years

The asset's residual value, 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. The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments
In the separate accounts of the company, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Finance leases and hire purchase contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company has elected to apply the provisions of Section 11 - Basic Financial Instruments and Section 12 - Other Financial Instruments of FRS 102 to all of its financial instruments. 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 sett of the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2024 | 2023
| £ | £
Sale of goods | 18,260,305 | 6,885,274
| ------------- | ------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Other operating income in 2024 relates to balances written-off on review of supplier balances at the year-end date.
6. Operating loss
Operating profit or loss is stated after charging:

| 2024 | 2023
| £ | £
Amortisation of intangible assets | 16,336 | 11,288
Depreciation of tangible assets | 1,985,444 | 1,424,358
Loss on disposal of tangible assets | 210,745 | 210,745
Operating lease rentals | 57,122 | 1,066,494
Foreign exchange differences | 43,442 | 17,291
| ------------ | ------------

7. Auditor's remuneration

| 2024 | 2023
| £ | £
Fees payable for the audit of the financial statements | 3,750 | 6,500
| ------- | -------

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

| 2024 | 2023
| No. | No.
Production staff | 134 | 106
| ---- | ----

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

| 2024 | 2023
| £ | £
Wages and salaries | 5,532,383 | 3,894,564
Social security costs | 431,662 | 338,692
Other pension costs | 142,655 | 153,036
| ------------ | ------------
| 6,106,700 | 4,386,292
| ------------ | ------------

9. Interest payable and similar expenses

| 2024 | 2023
| £ | £
Interest on banks loans and overdrafts | 2,129,900 | 2,065,949
Interest on obligations under finance leases and hire purchase contracts | 903,803 | 853,587
Other interest payable and similar charges | 40,000 | 40,000
| ------------ | ------------
| 3,073,703 | 2,959,536
| ------------ | ------------

10. Tax on loss
Major components of tax income

| 2024 | 2023
| £ | £

Current tax:

Adjustments in respect of prior periods | – | ( 22,676)
Tax on loss | – | ( 22,676)
| ---- | --------

Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is the same as (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

| 2024 | 2023
| £ | £
Loss on ordinary activities before taxation | ( 1,576,752) | ( 9,241,870)
| ------------ | ------------
Adjustment to tax charge in respect of prior periods | – | 22,676
| ------------ | ------------

11. Intangible assets

Group | Software
| £
Cost |
At 1 January 2024 and 31 December 2024 | 75,965
| --------
Amortisation |
At 1 January 2024 | 26,052
Charge for the year | 16,336
| --------
At 31 December 2024 | 42,388
| --------
Carrying amount |
At 31 December 2024 | 33,577
| --------
At 31 December 2023 | 49,913
| --------

The company has no intangible assets.
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023. Amortisation of intangible assets is included within administrative expenses.
12. Tangible assets

Group | Long leasehold property | Plant and machinery | Fixtures and fittings | Base stock | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 January 2024 | 82,500,001 | 3,456,301 | 18,500,521 | 591,167 | 105,047,990
Additions | – | 29,456 | 599,359 | 5,476 | 634,291
| ------------- | ------------ | ------------- | --------- | --------------
At 31 December 2024 | 82,500,001 | 3,485,757 | 19,099,880 | 596,643 | 105,682,281
| ------------- | ------------ | ------------- | --------- | --------------
Depreciation |  |  |  |  |
At 1 January 2024 | 825,000 | 1,179,403 | 975,408 | 92,485 | 3,072,296
Charge for the year | 412,500 | 301,661 | 1,111,387 | 159,896 | 1,985,444
| ------------- | ------------ | ------------- | --------- | --------------
At 31 December 2024 | 1,237,500 | 1,481,064 | 2,086,795 | 252,381 | 5,057,740
| ------------- | ------------ | ------------- | --------- | --------------
Carrying amount |  |  |  |  |
At 31 December 2024 | 81,262,501 | 2,004,693 | 17,013,085 | 344,262 | 100,624,541
| ------------- | ------------ | ------------- | --------- | --------------
At 31 December 2023 | 81,675,001 | 2,276,898 | 17,525,113 | 498,682 | 101,975,694
| ------------- | ------------ | ------------- | --------- | --------------

The company has no tangible assets.
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023. Details regarding the sale and leaseback arrangement signed in the year December 2021 are disclosed in note 18.
13. Investments
The group has no investments.

Company | Shares in group undertakings
| £
Cost |
At 1 January 2024 and 31 December 2024 | 48,754,948
| -------------
Impairment |
At 1 January 2024 and 31 December 2024 | –
| -------------

Carrying amount |
At 1 January 2024 and 31 December 2024 | 48,754,948
| -------------
At 31 December 2023 | 48,754,948
| -------------

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Registered office | Class of share | Percentage of shares held
Subsidiary undertakings |  |  |
Blackfriars Hotels Limited | 19 New Bridge Street | Ordinary | 100
| London |  |
| EC4V 6DB |  |

14. Stocks

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Raw materials and consumables | 51,914 | 52,805 | – | –
| -------- | -------- | ---- | ----

15. Debtors

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Trade debtors | 5,586 | 8,412 | – | –
Amounts owed by group undertakings | ( 1) | – | 2,106,163 | 2,776,721
Prepayments and accrued income | 85,652 | 109,564 | – | –
Other debtors - desc in a/cs | 34,693,149 | 34,658,335 | – | –
Other debtors | 1,385,074 | 1,961,068 | 1 | 1
| ------------- | ------------- | ------------ | ------------
| 36,169,460 | 36,737,379 | 2,106,164 | 2,776,722
| ------------- | ------------- | ------------ | ------------

The debtors above include the following amounts falling due after more than one year:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Other debtors - desc in a/cs | 35,536,181 | 35,505,674 | – | –
| ------------- | ------------- | ---- | ----

Included within other debtors due within and after one year is £34,693,149 (2023: £34,588,707) incurred relating to the deferred loss resulting from the sale and leaseback of the hotel property. This debtor is expected to unwind over the lease term of 200 years. Amounts due owed by group undertakings are unsecured, interest free and repayable on demand.
16. Creditors: amounts falling due within one year

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Trade creditors | 879,599 | 1,581,851 | – | –
Amounts owed to group undertakings | 8,844,272 | 6,860,593 | 8,844,272 | 6,860,592
Accruals and deferred income | 1,631,081 | 974,252 | 3,750 | –
Corporation tax | 111,197 | 111,197 | 111,197 | 111,197
Social security and other taxes | 834,804 | 1,611,392 | – | –
Obligations under finance leases and hire purchase contracts | 293,565 | 303,353 | – | –
Other loans | 116,403 | 304,307 | – | 107,689
| ------------- | ------------- | ------------ | ------------
| 12,710,921 | 11,746,945 | 8,959,219 | 7,079,478
| ------------- | ------------- | ------------ | ------------

Amounts owed to group undertakings are repayable to ARG Hotels Limited, the immediate parent company. The amounts are unsecured, interest free and repayable on demand.
17. Creditors: amounts falling due after more than one year

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Accruals and deferred income | 3,800,000 | 3,000,000 | – | –
Obligations under finance leases and hire purchase contracts | 88,682,541 | 88,903,648 | – | –
Bank Loans | 28,250,000 | 28,250,000 | 28,250,000 | 28,250,000
Other loans or Borrowings | 2,000,000 | 2,000,000 | – | –
| -------------- | -------------- | ------------- | -------------
| 122,732,541 | 122,153,648 | 28,250,000 | 28,250,000
| -------------- | -------------- | ------------- | -------------

The finance lease is secured on the related leasehold property. The deferred income due after one year includes £9,823,484 (2023: £6,858,298) relating to the gain made on the sale and leaseback of the hotel property. This is expected to unwind over the lease term of 200 years. The deferred income also includes £4,000,000 (2023: £3,000,000), with a current balance of £3,800,000 relating to Key Money paid by the hotel manager, this balance has begun to unwind over a period of 20 years commencing in the current year. Other borrowings consist of a £2,000,000 loan facility, repayable December 2027. Bank loans are secured via a fixed and floating charge debenture over the company, its subsidiary and all of their properties and assets. A subsidiary, Blackfriars Hotels Limited, is a guarantor to these loans.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Not later than 1 year | 1,196,345 | 1,156,090 | 1,196,345 | 1,156,090
Later than 1 year and not later than 5 years | 4,451,430 | 4,442,468 | 4,451,430 | 4,442,468
Later than 5 years | 200,502,881 | 193,777,983 | 200,502,881 | 193,777,983
| -------------- | -------------- | -------------- | --------------
| 206,150,656 | 199,376,541 | 206,150,656 | 199,376,541
Less: future finance charges | ( 117,174,550) | ( 110,169,540) | ( 117,174,550) | ( 110,169,540)
| -------------- | -------------- | -------------- | --------------
Present value of minimum lease payments | 88,976,106 | 89,207,001 | 88,976,106 | 89,207,001
| -------------- | -------------- | -------------- | --------------

On 21 December 2021, the company entered into a sale and leaseback transaction for its freehold property. Under this agreement, the company sold the freehold interest for £119,605,000 and simultaneously repurchased a leasehold interest for £82,500,000. The lease includes a £1 option to repurchase the freehold interest at the end of the 200 year lease term. Additionally, £6,395,000 was receivable, contingent on the completion of renovations as of an agreed date, which was received in 2023. The leasehold property is pledged as security for the company's bank borrowings. Finance lease payments are fixed (annual RPI indexation) and cover rentals for the leasehold property. Leases include purchase options at the end of the lease term, with no restrictions on asset use or arrangements for contingent rental payments.
19. Provisions

Group and company | Deferred tax (note 20)
| £
At 1 January 2024 and 31 December 2024 | 31
| ----

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

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Included in provisions (note 19) | 31 | 31 | 31 | 31
| ---- | ---- | ---- | ----

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

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Provisions | 31 | 31 | 31 | 31
| ---- | ---- | ---- | ----

21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 142,655 (2023: £ 153,036 ).
22. Called up share capital
Issued, called up and fully paid

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 1 each | 1,000 | 1,000 | 1,000 | 1,000
Preference shares of £ 1 each | 19,268,559 | 19,268,559 | 19,268,559 | 19,268,559
| ------------- | ------------- | ------------- | -------------
| 19,269,559 | 19,269,559 | 19,269,559 | 19,269,559
| ------------- | ------------- | ------------- | -------------

23. Events after the end of the reporting period
The company has received compensation in 2025 as a result of the ruling made by the Supreme Court on 17 June 2020 in the cases of Sainsbury's v Visa and Others and Sainsbury's and Others v Mastercard. The judgment upheld the earlier verdict of the Court of Appeal that multilateral interchange fees levied by the credit card companies on credit card payments made by consumers breached EU and national competition laws. The claim entitled the company to compensation, as previously expected by the directors. However, the amount is not significant.