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REGISTERED NUMBER: 10650521 (England and Wales)

THAT TORQUAY H2 LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2024

| THAT TORQUAY H2 LIMITED (REGISTERED NUMBER: 10650521) |

Contents of the Financial Statements

for the year ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| THAT TORQUAY H2 LIMITED |

Company Information

for the year ended 31 December 2024

| Directors: | S A Brown

| R S Kelvin CBE

| P S Tisdale

| Registered office: | 18 Albert Road

| Bournemouth

| BH1 1BZ

| Registered number: | 10650521 (England and Wales)

| Accountants: | Cooper Parry Advisory Limited

| Broadwalk House, 5th Floor

| 5 Appold Street

| Broadgate

| London

| EC2A 2AG

| THAT TORQUAY H2 LIMITED (REGISTERED NUMBER: 10650521) |

Balance Sheet

31 December 2024

2024 | 2023 |

| Notes | £ | £

Fixed assets

Investments | 4 | 300 |  | 300 |  |

Current assets

Debtors | 5 | 30,985,913 |  | 31,370,905 |  |

Cash at bank | 137,684 |  | 5,737 |  |

31,123,597 |  | 31,376,642 |  |

Creditors

Amounts falling due within one year | 6 | (20,999,216 | ) | (22,375,568 | ) |

Net current assets | 10,124,381 |  | 9,001,074 |  |

Total assets less current liabilities | 10,124,681 |  | 9,001,374 |  |

Creditors

Amounts falling due after more than one year | 7 | (10,200,469 | ) | (9,070,385 | ) |

Net liabilities | (75,788 | ) | (69,011 | ) |

Capital and reserves

Called up share capital | 8 | 100 |  | 100 |  |

Retained earnings | (75,888 | ) | (69,111 | ) |

Shareholders' funds | (75,788 | ) | (69,011 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2026 and were signed on its behalf by:

S A Brown - Director

| THAT TORQUAY H2 LIMITED (REGISTERED NUMBER: 10650521) |

Notes to the Financial Statements

for the year ended 31 December 2024

1. | Statutory information

| That Torquay H2 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | Accounting policies

| Accounting convention

| These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

| The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

| 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 and the ultimate controlling party will give continued support. Hence, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of 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 estimate is 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.

| Recoverability of intercompany balances

| The company has balances due from related companies connected by common directorship. Management are of the opinion that these balances are fully recoverable and therefore no provision has been made against these balances.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| THAT TORQUAY H2 LIMITED (REGISTERED NUMBER: 10650521) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

2. | Accounting policies - continued

| Financial instruments

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

| Basic financial assets

| Basic financial assets, which include debtors, amounts owed by connected companies and cash and bank balances, are initially measured at transaction price including transaction costs . Financial assets classified as receivable within one year are not amortised.

| Basic financial liabilities

| Basic financial liabilities, including creditors , loans from connected companies, are initially recognised at transaction price . Financial liabilities classified as payable within one year are not amortised.

| Equity instruments

| Equity instruments issued by the company are recorded at the 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 company.

| Taxation

| The tax expense represents the sum of the tax currently payable and deferred tax.

| Current tax

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

| Deferred tax

| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

| Group accounts

| The financial statements present information about the company as an individual undertaking and not about its group. The position and results of the company are incorporated in the consolidated financial statements of the intermediate parent company That Torquay Company Limited. The consolidated financial statements can be found at F4 Beehive Yard, Bath, England, BA1 5BT.

| Turnover and other revenue

| Turnover comprises recharges and interest disbursements which are recognised by the company in respect of loan arrangement services supplied during the year. Revenue from recharges is recognised when the facility is made available.

3. | Employees and directors

| The average number of employees during the year was 3 (2023 - 3 ) .

4. | Fixed asset investments

|  | 2024 |  | 2023 |  |

| £ |  | £ |  |

| Shares in group undertakings and participating interests |  | 300 |  | 300 |  |

| THAT TORQUAY H2 LIMITED (REGISTERED NUMBER: 10650521) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

4. | Fixed asset investments - continued

| Details of the company's subsidiaries at 31 December 2024 are as follows:

| N ame of undertaking |  | Address |  | Class of shares held |  | % Held |  |

| Direct |  |

| That Torquay Ground Floor Limited |  | 1 |  | Ordinary |  | 100.00 |  |

| That Torquay Hotel Limited |  | 1 |  | Ordinary |  | 100.00 |  |

| That Torquay Offices Limited |  | 1 |  | Ordinary |  | 100.00 |  |

| Registered office addresses (all UK unless otherwise indicated).

| 1. 18 Albert Road, Bournemouth, BH1 1BZ

5. | Debtors: amounts falling due within one year |

2024 | 2023 |

| £ | £

| Amounts owed by group undertakings | 30,985,008 |  | 31,370,508 |  |

| Other debtors | 905 |  | 397 |  |

30,985,913 |  | 31,370,905 |  |

6. | Creditors: amounts falling due within one year |

2024 | 2023 |

| £ | £

| Bank loans and overdrafts | 494,948 |  | 1,349,948 |  |

| Trade creditors | 2,100 |  | - |  |

| Amounts owed to group undertakings | 20,499,625 |  | 21,023,079 |  |

| Other creditors | 2,543 |  | 2,541 |  |

20,999,216 |  | 22,375,568 |  |

| Included in creditors due in less than one year are loans of £494,948 (2023 - £1,349,948) which are secured over the company and groups assets.

7. | Creditors: amounts falling due after more than one year |

2024 | 2023 |

| £ | £

| Bank loans | 8,685,394 |  | 9,056,605 |  |

| Other creditors | 1,515,075 |  | 13,780 |  |

10,200,469 |  | 9,070,385 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 6,705,602 |  | 7,076,813 |  |

| Included in creditors due in more than one year are loans of £8,685,394 (2023 - £9,056,605) which are secured over the company and groups assets.

8. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

value: |  | £ | £

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| THAT TORQUAY H2 LIMITED (REGISTERED NUMBER: 10650521) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

9. | Financial commitments, guarantees and contingent liabilities

| The Royal Bank of Scotland PLC and Torbay Council have fixed and floating charges over the company's assets.

10. | Related party transactions

| The company has taken advantage of the exemption available in FRS 102 from the requirement to disclose transactions with group companies.

| Included in creditors is an amount of £1,515,075 (2023 - £13,780) owed to a director.

11. | Immediate parent company

| The immediate parent company is That Torquay H1 Limited, incorporated in England and Wales.

| Ultimate parent company

| The ultimate parent company is That Holdco Limited, incorporated in England and Wales.