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REGISTERED NUMBER: 00850748 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2025

for

St Michaels Manor Limited

| St Michaels Manor Limited (Registered number: 00850748) |

Contents of the Financial Statements

for the Year Ended 30 June 2025

| Page |

| Company Information | 1 |

| Strategic Report | 2 |  | to |  | 4

| Report of the Directors | 5 |  | to |  | 6

| Report of the Independent Auditors | 7 |  | to |  | 10

| Income Statement | 11 |

| Other Comprehensive Income | 12 |

| Statement of Financial Position | 13 |

| Statement of Changes in Equity | 14 |

| Statement of Cash Flows | 15 |

| Notes to the Statement of Cash Flows | 16 |

| Notes to the Financial Statements | 17 |  | to |  | 26

| St Michaels Manor Limited |

Company Information

for the Year Ended 30 June 2025

| DIRECTORS: | Mr M Gunputh

| Mrs D Gunputh

| SECRETARY: | Mrs D Gunputh

| REGISTERED OFFICE: | 1 Beauchamp Court

| 10 Victors Way

| Barnet

| Hertfordshire

| EN5 5TZ

| REGISTERED NUMBER: | 00850748 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Suraj Shah BFP ACA FCCA

| AUDITORS: | BBK Partnership

| Chartered Accountants

| & Statutory Auditors

| 1 Beauchamp Court

| 10 Victors Way

| Barnet

| Hertfordshire

| EN5 5TZ

| St Michaels Manor Limited (Registered number: 00850748) |

Strategic Report

for the Year Ended 30 June 2025

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the company are shown in the annexed financial statements.

St Michaels Manor is an historic luxury hotel in St Albans district, famed for its independent style and modern British cuisine. Impeccably English and perfectly individual, St Michaels Manor has 30 sumptuous suites and rooms, each uniquely decorated with the finest furnishings. As a family-owned luxury hotel in St Albans, it is renowned for its warm, intimate atmosphere and personalised service.

The start of our 2024-25 financial year mirrored the steady flow of international visitors experienced in 2023-24, resulting in a strong summer season for the hotel. The second half of the year presented a more challenging trading environment, with ongoing global conflicts and the US elections having a direct impact on international travel, which moderated performance in the latter part of the financial year.

The hospitality market continued to experience steady average room rates and, as a result, we achieved a marginal increase in top line revenues. While the average occupancy rate eased this was offset by the stronger room rates and effective revenue management, enabling the Company to maintain a solid overall trading performance for the year.

We continued, as always, to improve our impeccable service and persistent focus on guest experience.

Having considered the changeable market conditions and resultant trade and profitability during this financial year, despite the cost pressures experienced across all areas of the hotel, the Directors are satisfied with the results detailed in these accounts.

Earnings before Interest Tax Depreciation and Amortisation amounted to £440,785 (2024: £410,373).

The company retains a positive combined bank balance of £166,897 (2024: £120,099).

| St Michaels Manor Limited (Registered number: 00850748) |

Strategic Report

for the Year Ended 30 June 2025

FUTURE DEVELOPMENTS

The hotel experienced steady average room rates over the summer season of 2024, with occupancy remaining broadly consistent year on year and trading exceeding the same period last year. During the second half of the year, activity moderated in line with our expectations; however, we maintained strong average room rates and robust cost control, ensuring that the Company remained profitable for the year ended March 2025.

We will continue our acute focus on staff training and retention ensuring we deliver the exquisite and personal level of service to which our guests are accustomed.

Our current financial year has seen a healthy level of visitors during the summer of 2025, supported by a strong average room rate and delivering year?on?year growth in turnover. While occupancy has been slightly lower than the prior year, recent weeks have continued to show steady demand, and performance for the remainder of the year is currently tracking broadly in line with our annual budget. As a result, the directors continue to anticipate a profitable outcome for the year ending March 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors of the Company meet on a regular basis to evaluate company's risk exposure and risk appetite. The key risks broadly fall into the following categories:

HEALTH AND SAFETY

The company pays close attention to matters of health and safety across all facets of its business. During the current year a new improved alarm system was installed.The company continually reviews its processes and procedures and seeks to keep abreast of changes in legislation and best practice. Detailed risk assessments have been undertaken by external bodies on fire, environmental issues and health regulations, to inform the company and ensure best advice is followed.

REPUTATION

The company closely monitors feedback forums across various media and is actively engaged in embracing all forms of feedback. The hotel is inspected and rated by the AA and Quality of Tourism, which provide star ratings denoting standards and levels of comfort and service across all aspects of the operation. These unannounced inspections are valued by the business.

| St Michaels Manor Limited (Registered number: 00850748) |

Strategic Report

for the Year Ended 30 June 2025

MARKET

The performance of the domestic economy directly reflects upon the performance of the Company. The directors monitor economic movements and key customer strategic plans, so that they can react promptly to changes in projected sales volumes to ensure that the company's business remains competitive and profitable.

COMPETITIVE

The main competitive risks to the Company arise from changing customer requirements based on market demand. The Company continues to invest in providing qualitative service and by working in partnership with customers in developing effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK

On a regular basis the director reviews the company legislative risk exposure and ensure that all applicable directions are observed

FINANCIAL INSTRUMENT RISK

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievements of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure efficient working capital exists and monitor the management of risk at a business unit level.

KEY FINANCIAL PERFORMANCE INDICATORS

The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

The Company's key and other performance indicators during the period were as follows:

Gross profit was 83% (2024 : 82%)

Operating profit totalled £345,693 (2024: £318,642)

Staff costs as a percentage of sales were 42% (2024: 41%)

Revenue per available room was £85 (2024: £89)

Total revenue per available rooms was £141 (2024: £132)

Occupancy was 60% (2024: 67% ) with an average room rate of £141 (2024: £132)

Other key KPI's that demonstrate the level of performance in different parts of the business include:

-EBITDA

-Average salary levels

-Performance against budget and prior year.

The director is satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr M Gunputh - Director

24 March 2026

| St Michaels Manor Limited (Registered number: 00850748) |

Report of the Directors

for the Year Ended 30 June 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of acting as hoteliers.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 July 2024 to the date of this report.

The directors shown below were in office at 30 June 2025 but did not hold any interest in the Ordinary shares of £0.1 each at 1 July 2024 or 30 June 2025.

Mr M Gunputh

Mrs D Gunputh

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The director has established a risk and financial management framework whose primary objective is to protect the Company from events that hinder the achievement of performance objective.

The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The groups principal financial instruments during the year comprised of trade debtors and trade creditors. The main purpose of these financial instruments are to provide funding for company's operations.

Liquidity risk

The Company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operation needs of the business.

Interest rate risk

The company and its parent are in recurring agreement with the group's bankers to review its exposure. With the current predicted increment of interest rates, the management remain positive to be able to maintain its repayments as business uplifts post Covid limitations.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedure. Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

| St Michaels Manor Limited (Registered number: 00850748) |

Report of the Directors

for the Year Ended 30 June 2025

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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.

AUDITORS

The auditors BBK Partnership are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr M Gunputh - Director

24 March 2026

Report of the Independent Auditors to the Members of

St Michaels Manor Limited

Opinion

We have audited the financial statements of St Michaels Manor Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 June 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.

Report of the Independent Auditors to the Members of

St Michaels Manor Limited

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 six, 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.

Report of the Independent Auditors to the Members of

St Michaels Manor Limited

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 company's operating 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,

anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

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 relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial

statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the

company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those

leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Report of the Independent Auditors to the Members of

St Michaels Manor Limited

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.

Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

24 March 2026

| St Michaels Manor Limited (Registered number: 00850748) |

Income Statement

for the Year Ended 30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

TURNOVER | 4 | 2,830,964 |  | 2,750,169 |  |

Cost of sales | (477,610 | ) | (497,555 | ) |

GROSS PROFIT | 2,353,354 |  | 2,252,614 |  |

Administrative expenses | (2,007,661 | ) | (1,933,972 | ) |

OPERATING PROFIT | 6 | 345,693 |  | 318,642 |  |

Interest receivable and similar income | 4,529 |  | - |  |

350,222 |  | 318,642 |  |

Interest payable and similar expenses | 8 | (2,512 | ) | 9 |  |

PROFIT BEFORE TAXATION | 347,710 |  | 318,651 |  |

Tax on profit | 9 | (1,917 | ) | 3,492 |  |

PROFIT FOR THE FINANCIAL YEAR | 345,793 |  | 322,143 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Other Comprehensive Income

for the Year Ended 30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 345,793 |  | 322,143 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation correction

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 345,793 |  | 322,143 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Statement of Financial Position

30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 99,077 |  | 119,324 |  |

Tangible assets | 12 | 7,590,136 |  | 7,623,379 |  |

7,689,213 |  | 7,742,703 |  |

CURRENT ASSETS

Stocks | 13 | 36,506 |  | 48,479 |  |

Debtors | 14 | 727,436 |  | 268,644 |  |

Cash at bank and in hand | 166,897 |  | 120,099 |  |

930,839 |  | 437,222 |  |

CREDITORS

Amounts falling due within one year | 15 | (727,744 | ) | (621,281 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 203,095 |  | (184,059 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,892,308 |  | 7,558,644 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (876,862 | ) | (888,991 | ) |

NET ASSETS | 7,015,446 |  | 6,669,653 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 100 |  | 100 |  |

Revaluation reserve | 18 | 4,700,961 |  | 4,700,961 |  |

Retained earnings | 18 | 2,314,385 |  | 1,968,592 |  |

SHAREHOLDERS' FUNDS | 7,015,446 |  | 6,669,653 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2026 and were signed on its behalf by:

Mr M Gunputh - Director

| St Michaels Manor Limited (Registered number: 00850748) |

Statement of Changes in Equity

for the Year Ended 30 June 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 July 2023 | 100 |  | 3,576,476 |  | 4,700,961 |  | 8,277,537 |  |

Changes in equity

Dividends | - |  | (1,930,027 | ) | - |  | (1,930,027 | ) |

Total comprehensive income | - |  | 322,143 |  | - |  | 322,143 |  |

Balance at 30 June 2024 | 100 |  | 1,968,592 |  | 4,700,961 |  | 6,669,653 |  |

Changes in equity

Total comprehensive income | - |  | 345,793 |  | - |  | 345,793 |  |

Balance at 30 June 2025 | 100 |  | 2,314,385 |  | 4,700,961 |  | 7,015,446 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Statement of Cash Flows

for the Year Ended 30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 120,526 |  | 1,810,892 |  |

Interest paid | (2,512 | ) | - |  |

Tax paid | (3,245 | ) | (61,999 | ) |

Net cash from operating activities | 114,769 |  | 1,748,893 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (16,644 | ) | (32,434 | ) |

Purchase of tangible fixed assets | (20,429 | ) | (39,552 | ) |

Interest received | 4,529 |  | - |  |

Net cash from investing activities | (32,544 | ) | (71,986 | ) |

Cash flows from financing activities

Amount introduced by directors | - |  | 94,556 |  |

Amount withdrawn by directors | (35,427 | ) | 18,326 |  |

Equity dividends paid | - |  | (1,930,027 | ) |

Net cash from financing activities | (35,427 | ) | (1,817,145 | ) |

Increase/(decrease) in cash and cash equivalents | 46,798 |  | (140,238 | ) |

Cash and cash equivalents at beginning of year | 2 | 120,099 |  | 260,337 |  |

Cash and cash equivalents at end of year | 2 | 166,897 |  | 120,099 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Statement of Cash Flows

for the Year Ended 30 June 2025

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

| 30.6.25 |  | 30.6.24

£ | £ |

| Profit before taxation | 347,710 |  | 318,651 |  |

| Depreciation charges | 90,562 |  | 91,731 |  |

| Finance costs | 2,512 |  | (9 | ) |

| Finance income | (4,529 | ) | - |  |

436,255 |  | 410,373 |  |

| Decrease/(increase) in stocks | 11,973 |  | (9,301 | ) |

| (Increase)/decrease in trade and other debtors | (441,689 | ) | 1,461,196 |  |

| Increase/(decrease) in trade and other creditors | 113,987 |  | (51,376 | ) |

| Cash generated from operations | 120,526 |  | 1,810,892 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 June 2025

| 30/6/25 |  | 1/7/24

£ | £ |

| Cash and cash equivalents | 166,897 |  | 120,099 |  |

| Year ended 30 June 2024

| 30/6/24 |  | 1/7/23

£ | £ |

| Cash and cash equivalents | 120,099 |  | 260,337 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/7/24 | Cash flow | At 30/6/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 120,099 |  | 46,798 |  | 166,897 |  |

120,099 |  | 46,798 |  | 166,897 |  |

| Total | 120,099 |  | 46,798 |  | 166,897 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements

for the Year Ended 30 June 2025

1. | NATURE OF OPERATIONS

| The company operates a hotel in St. Albans, Hertfordshire England, providing accommodation, dining and function facilities.

2. | STATUTORY INFORMATION

| St Michaels Manor 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

| Significant judgements and estimates

| In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Critical judgements

| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

| Revenue recognition

| Revenue is recognised upon the date of the provision of services from hotel and restaurant operations, the principal revenue source being the occupation of hotel rooms. The directors consider that this is when it is probable that the economic benefits associated with the provision of the service will flow to the entity since only upon guest check-in to the hotel does the hotel have an obligation to the guest to provide a service.

| Tangible assets

| The directors determine whether there are indicators of impairment on the company's tangible assets. In particular since depreciation is not charged on freehold land and buildings the directors assess whether there are indicators of impairment on the freehold land and buildings that would result in a change in the estimate of the residual value of the assets, depreciation method or useful life. Factors taken into consideration in reaching such a decision include changes in market prices and expected future financial performance of the asset.

| Property, plant, and equipment

| Properties that are used, or that the company proposes to use, for the provision of guest accommodation that include a significant level of ancillary services, such as housekeeping and concierge services, are classified under Property, Plant and Equipment and measured accordingly.

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

3. | ACCOUNTING POLICIES - continued

| Key sources of estimation uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Property, plant and equipment

| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives and residual value assessments, the directors consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

| Inventory' provisioning

| The company sells wine and spirits which are subject to change in price due to changing consumer demands and trends. As a result the wine and spirits held by the company are reviewed on a regular basis to ensure that the inventory i.e. held at the lower of cost and estimated selling price. This mitigates the need for an inventory provision.

| 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 at the fair value of the consideration received, excluding discounts, rebates and 'value added tax.

| Revenue is recognised for hotel, restaurant, and ancillary services as those services are provided to customers.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property |  | - |  | Over 300 years |  |

| Plant and machinery |  | - |  | 10% on cost |  |

| Fixtures and fittings |  | - |  | 10% on cost |  |

| Motor vehicles |  | - |  | 20% on cost |  |

| Computer equipment |  | - |  | 20% on cost |  |

| The company does not provide for depreciation on its freehold property as the amounts considered to be immaterial and will not have any influence on the financial statements.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| Cash and cash equivalents

| Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

| Foreign currency transactions and balances

| Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

| Trade debtors

| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

| Trade creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

| Borrowings

| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

3. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

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

| Employee benefits

| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

| Loans and borrowings

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

4. | 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:

| 30.6.25 |  | 30.6.24

£ | £ |

| Accommodation | 1,081,100 |  | 1,098,333 |  |

| Food | 965,860 |  | 959,454 |  |

| Bar & Wine | 428,551 |  | 411,810 |  |

| Sundry Income | 355,453 |  | 280,572 |  |

2,830,964 |  | 2,750,169 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

5. | EMPLOYEES AND DIRECTORS

| 30.6.25 |  | 30.6.24

£ | £ |

| Wages and salaries | 1,163,363 |  | 1,111,984 |  |

| Other pension costs | 21,936 |  | 22,141 |  |

1,185,299 |  | 1,134,125 |  |

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

| 30.6.25 |  | 30.6.24

| Management staff | 6 |  | 4 |  |

| Other staff | 40 |  | 36 |  |

46 |  | 40 |  |

| 30.6.25 |  | 30.6.24

£ | £ |

| Directors' remuneration | - |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 30.6.25 |  | 30.6.24

£ | £ |

| Hire of plant and machinery | 35,676 |  | 39,149 |  |

| Depreciation - owned assets | 53,672 |  | 58,631 |  |

| Computer software amortisation | 36,891 |  | 33,100 |  |

7. | AUDITORS' REMUNERATION

| 30.6.25 |  | 30.6.24

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 8,500 |  | 8,260 |  |

| Auditors' remuneration for non audit work | 1,700 |  | 1,650 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.6.25 |  | 30.6.24

£ | £ |

| HMRC Interest | 2,512 |  | (9 | ) |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

9. | TAXATION

| Analysis of the tax charge/(credit)

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

| 30.6.25 |  | 30.6.24

£ | £ |

| Current tax:

| UK corporation tax | 14,047 |  | - |  |

| Deferred tax | (12,130 | ) | (3,492 | ) |

| Tax on profit | 1,917 |  | (3,492 | ) |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 30 June 2025.

| 30.6.24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation correction

10. | DIVIDENDS

| 30.6.25 |  | 30.6.24

£ | £ |

| Final | - |  | 1,930,027 |  |

11. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 July 2024 | 167,812 |  |

| Additions | 16,644 |  |

| At 30 June 2025 | 184,456 |  |

| AMORTISATION

| At 1 July 2024 | 48,488 |  |

| Amortisation for year | 36,891 |  |

| At 30 June 2025 | 85,379 |  |

| NET BOOK VALUE

| At 30 June 2025 | 99,077 |  |

| At 30 June 2024 | 119,324 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

12. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST OR VALUATION

| At 1 July 2024 | 7,289,241 |  | 195,835 |  | 1,136,225 |  |

| Additions | - |  | 16,357 |  | 4,072 |  |

| At 30 June 2025 | 7,289,241 |  | 212,192 |  | 1,140,297 |  |

| DEPRECIATION

| At 1 July 2024 | - |  | 174,674 |  | 836,042 |  |

| Charge for year | - |  | 7,347 |  | 41,344 |  |

| At 30 June 2025 | - |  | 182,021 |  | 877,386 |  |

| NET BOOK VALUE

| At 30 June 2025 | 7,289,241 |  | 30,171 |  | 262,911 |  |

| At 30 June 2024 | 7,289,241 |  | 21,161 |  | 300,183 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 July 2024 | 52,815 |  | 65,669 |  | 8,739,785 |  |

| Additions | - |  | - |  | 20,429 |  |

| At 30 June 2025 | 52,815 |  | 65,669 |  | 8,760,214 |  |

| DEPRECIATION

| At 1 July 2024 | 52,815 |  | 52,875 |  | 1,116,406 |  |

| Charge for year | - |  | 4,981 |  | 53,672 |  |

| At 30 June 2025 | 52,815 |  | 57,856 |  | 1,170,078 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  | 7,813 |  | 7,590,136 |  |

| At 30 June 2024 | - |  | 12,794 |  | 7,623,379 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

12. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 30 June 2025 is represented by:

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| Valuation in 2000 | 2,020,661 |  | - |  | - |  |

| Valuation in 2003 | 773,716 |  | - |  | - |  |

| Valuation in 2007 | 1,906,584 |  | - |  | - |  |

| Cost | 2,588,280 |  | 212,192 |  | 1,140,297 |  |

7,289,241 |  | 212,192 |  | 1,140,297 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| Valuation in 2000 | - |  | - |  | 2,020,661 |  |

| Valuation in 2003 | - |  | - |  | 773,716 |  |

| Valuation in 2007 | - |  | - |  | 1,906,584 |  |

| Cost | 52,815 |  | 65,669 |  | 4,059,253 |  |

52,815 |  | 65,669 |  | 8,760,214 |  |

| The freehold property was last valued in 2007 by independent valuer in accordance with RICS professional standards. The directors have considered the valuation as at 30 June 2022 and do not consider it materially different from that pervious valued.

13. | STOCKS

| 30.6.25 |  | 30.6.24

£ | £ |

| Consumables and Finished Goods | 36,506 |  | 48,479 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.6.25 |  | 30.6.24

£ | £ |

| Trade debtors | 38,437 |  | 35,072 |  |

| Amounts owed by group undertakings | 246,120 |  | - |  |

| Other debtors | 308,478 |  | 161,545 |  |

| Directors' loan accounts | 17,101 |  | - |  |

| Tax | 1,073 |  | 1,073 |  |

| Prepayments | 116,227 |  | 70,954 |  |

727,436 |  | 268,644 |  |

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.6.25 |  | 30.6.24

£ | £ |

| Trade creditors | 471,395 |  | 402,720 |  |

| Tax | 14,047 |  | 3,245 |  |

| Social security and other taxes | 16,516 |  | 21,036 |  |

| VAT | 196,461 |  | 132,839 |  |

| Other Creditors | 7,925 |  | 22,609 |  |

| Nat West Credit Card | 1,067 |  | 1,269 |  |

| Directors' loan accounts | - |  | 18,326 |  |

| Accrued expenses | 20,333 |  | 19,237 |  |

727,744 |  | 621,281 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 30.6.25 |  | 30.6.24

£ | £ |

| Deferred Tax | 876,862 |  | 888,991 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.6.25 |  | 30.6.24

| value: | £ | £ |

| 1,000 | Ordinary | £0.1 | 100 |  | 100 |  |

18. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 July 2024 | 1,968,592 |  | 4,700,961 |  | 6,669,553 |  |

| Profit for the year | 345,793 |  | 345,793 |  |

| At 30 June 2025 | 2,314,385 |  | 4,700,961 |  | 7,015,346 |  |

19. | ULTIMATE PARENT COMPANY

| The immediate and ultimate parent company is Avon Lake Holdings Limited, a company registered in England and Wales.

| There is no one individual ultimate controlling party.

| The smallest and largest group into which the entity is consolidated is Avon Lake Holdings Limited, a company registered in England and Wales. Avon Lake Holdings Limited prepares group financial statements and they are publicly available from Companies House website

| St Michaels Manor Limited (Registered number: 00850748) |

Notes to the Financial Statements - continued

for the Year Ended 30 June 2025

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 June 2025 and 30 June 2024:

| 30.6.25 |  | 30.6.24

£ | £ |

| Mr M Gunputh

| Balance outstanding at start of year | (18,326 | ) | 94,556 |  |

| Amounts advanced | 108,052 |  | 44,218 |  |

| Amounts repaid | (72,625 | ) | (157,100 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 17,101 |  | (18,326 | ) |

| The director repaid the outstanding balance within nine months of the year end.

| The director's loan account represents an unsecured loan advanced to the director, bearing interest at 3.5% per annum and repayable on demand.

21. | RELATED PARTY DISCLOSURES

| The company has taken advantage of the exemption available in Paragraph 33. IA of FRS 102 whereby it has not disclosed transactions with other companies that are wholly owned within the group.

| During the financial year the directors of the Company, did not receive any remuneration, salary, fees, or other benefits from the Company in respect of their services as a director or in any other capacity. No amounts were paid to or accrued for the benefit of the director, either directly or indirectly, through any related entities.

22. | CHARGES

| National Westminster Bank Plc have specific equitable charges over all freehold and leasehold properties and/or the proceeds of sale thereof fixed and floating charges over undertaking and all property and assets present and future including goodwill book debts and the benefits of any licences.