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REGISTERED NUMBER: 07614965 (England and Wales)

AMPTHILL INVESTMENTS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |

AMPTHILL INVESTMENTS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | P M Cashman

| J E Destexhe

| S Fuller

| REGISTERED OFFICE: | 2nd Floor, One Hobbs House

| Harrovian Business Village

| Bessborough Road

| Harrow

| HA1 3EX

| REGISTERED NUMBER: | 07614965 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Kiran Patel BA BFP FCA

| AUDITORS: | KHI Albury Limited

| Statutory Auditor

| 2nd Floor, One Hobbs House,

| Harrovian Business Village

| Bessborough Road

| Harrow

| Middlesex

| HA1 3EX

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Overall the results for the year and the financial position at the year end were considered satisfactory by the directors.

Revenue increased to £4.4 million compared to £4.0 million in 2023. The profit for the year after taxation amounted to £304,702 (2023: £628,097)

The turnover for the company is based on the annual turnover for the hotel. It is forecast to grow in the coming year.

The focus of the company in the year has been to consolidate performance in a changing market place.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in the hospitality sector. As such this is a cyclical industry that brings certain risks and uncertainties. The current economic climate has added to this uncertainty. Management have a system of controls to review this to attempt to mitigate any uncertainties and risks arising.

The main financial risks arising from the company's activities are credit risk, interest rate risk and liquidity risk. These are monitored by the Board of Directors and were not considered to be significant at the balance sheet date.

The company's policy in respect of interest rate risk and liquidity risk is to maintain its debt finance and retain sufficient funds for operations.The cash deposits are held in current accounts and debt is maintained at floating interest rates.

CREDITOR PAYMENT POLICY

The company's current policy concerning the payment of trade creditors is to:

- Settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts;

- pay in accordance with the company's contractual and and other legal obligations.

FINANCIAL KEY PERFORMANCE INDICATORS

Management have key performance indicators (KPIs) to assess and monitor the company's performance. These include financial and other KPIs, such as occupancy percentage, average rate achieved per hotel room and individual cost metrics.

FUTURE DEVELOPMENTS

The directors believe that there is considerable scope for the development of the existing activities of the company in future years. The directors are continuously looking for potential ways in which to maximise the return from the company's existing activities and operations, given the current economic climate.

ON BEHALF OF THE BOARD:

Director

8 April 2026

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Hoteliers.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

P M Cashman

J E Destexhe

S Fuller

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, KHI Albury Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J E Destexhe - Director

8 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AMPTHILL INVESTMENTS LIMITED

Opinion

We have audited the financial statements of Ampthill Investments Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 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

AMPTHILL INVESTMENTS 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 three, 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

AMPTHILL INVESTMENTS 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. The risk of 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 representations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our procedures are outlined below:

- |  | We identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector in which the company operates; |

- |  | We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant of those that related to the reporting framework (Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions in which the company operates. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to health and safety, employee matters and bribery and corruption practices; |

- |  | We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence were available; and |

- |  | The 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 misstatements, including | obtaining an understanding of how fraud might occur, by:

- |  | Making enquiries of management as to where they considered there to be suspect ability to fraud, their knowledge of actual, suspected and alleged fraud; and |

- |  | Considering 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 with the judgements and assumptions made in determining the accounting Estimates are indicativeof 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 include, 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 to actual and potential litigation and claims; and |

- |  | Reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, andthe company's legal advisers. |

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AMPTHILL INVESTMENTS LIMITED

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kiran Patel BA BFP FCA (Senior Statutory Auditor)

for and on behalf of KHI Albury Limited

Statutory Auditor

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

8 April 2026

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 4,387,721 |  | 4,006,214 |  |

Cost of sales | 595,786 |  | 563,113 |  |

GROSS PROFIT | 3,791,935 |  | 3,443,101 |  |

Administrative expenses | 3,256,063 |  | 3,787,517 |  |

OPERATING PROFIT/(LOSS) | 5 | 535,872 |  | (344,416 | ) |

Interest receivable and similar income | 1,927 |  | 9 |  |

537,799 |  | (344,407 | ) |

Interest payable and similar expenses | 6 | 314,361 |  | 283,690 |  |

PROFIT/(LOSS) BEFORE TAXATION | 223,438 |  | (628,097 | ) |

Tax on profit/(loss) | 7 | (81,264 | ) | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 304,702 |  | (628,097 | ) |

OTHER COMPREHENSIVE INCOME |

Revaluation during the year

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

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

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 304,702 |  | (628,097 | ) |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 6,579,155 |  | 6,326,954 |  |

6,579,155 |  | 6,326,954 |  |

CURRENT ASSETS

Stocks | 10 | 46,478 |  | 46,093 |  |

Debtors | 11 | 547,517 |  | 664,627 |  |

Cash at bank and in hand | 41,741 |  | 119,126 |  |

635,736 |  | 829,846 |  |

CREDITORS

Amounts falling due within one year | 12 | 1,183,041 |  | 1,523,388 |  |

NET CURRENT LIABILITIES | (547,305 | ) | (693,542 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,031,850 |  | 5,633,412 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (4,010,084 | ) | (3,835,084 | ) |

PROVISIONS FOR LIABILITIES | 16 | (534,366 | ) | (615,630 | ) |

NET ASSETS | 1,487,400 |  | 1,182,698 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 150 |  | 150 |  |

Share premium | 18 | 599,850 |  | 599,850 |  |

Revaluation reserve | 18 | 2,176,533 |  | 2,176,533 |  |

Retained earnings | 18 | (1,289,133 | ) | (1,593,835 | ) |

SHAREHOLDERS' FUNDS | 1,487,400 |  | 1,182,698 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2026 and were signed on its behalf by:

J E Destexhe - Director

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Revaluation |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 150 |  | (965,738 | ) | 599,850 |  | 2,176,533 |  | 1,810,795 |  |

Changes in equity

Total comprehensive income | - |  | (628,097 | ) | - |  | - |  | (628,097 | ) |

Balance at 31 December 2023 | 150 |  | (1,593,835 | ) | 599,850 |  | 2,176,533 |  | 1,182,698 |  |

Changes in equity

Total comprehensive income | - |  | 304,702 |  | - |  | - |  | 304,702 |  |

Balance at 31 December 2024 | 150 |  | (1,289,133 | ) | 599,850 |  | 2,176,533 |  | 1,487,400 |  |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 328,045 |  | 241,450 |  |

Interest paid | (314,361 | ) | (283,690 | ) |

Tax Refund | - |  | (9 | ) |

Net cash from operating activities | 13,684 |  | (42,249 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (92,996 | ) | (115,491 | ) |

Interest received | 1,927 |  | 9 |  |

Net cash from investing activities | (91,069 | ) | (115,482 | ) |

Decrease in cash and cash equivalents | (77,385 | ) | (157,731 | ) |

Cash and cash equivalents at beginning of year | 2 | 119,126 |  | 276,857 |  |

Cash and cash equivalents at end of year | 2 | 41,741 |  | 119,126 |  |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit/(loss) before taxation | 223,438 |  | (628,097 | ) |

| Depreciation charges | (159,205 | ) | 356,985 |  |

| Finance costs | 314,361 |  | 283,690 |  |

| Finance income | (1,927 | ) | (9 | ) |

376,667 |  | 12,569 |  |

| Increase in stocks | (385 | ) | (3,659 | ) |

| Decrease/(increase) in trade and other debtors | 117,110 |  | (37,885 | ) |

| (Decrease)/increase in trade and other creditors | (165,347 | ) | 270,425 |  |

| Cash generated from operations | 328,045 |  | 241,450 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 41,741 |  | 119,126 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 119,126 |  | 276,857 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 119,126 |  | (77,385 | ) | 41,741 |  |

119,126 |  | (77,385 | ) | 41,741 |  |

| Debt

| Debts falling due within 1 year | (137,000 | ) | (33,600 | ) | (170,600 | ) |

| Debts falling due after 1 year | (3,835,084 | ) | (175,000 | ) | (4,010,084 | ) |

(3,972,084 | ) | (208,600 | ) | (4,180,684 | ) |

| Total | (3,852,958 | ) | (285,985 | ) | (4,138,943 | ) |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Ampthill Investments 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

| 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.

| Turnover

| Turnover represents amounts receivable in respect of the provision of hotel accommodation, conference facilities and food and beverages during the year, excluding VAT and trade discounts.

| The Company has analysed its business activities and applied the 5-step model prescribed by IFRS l5 to each material line of business, as outlined below:

| Sale of accommodation

| The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of the booking. The performance obligation is met when the customer is given the right to use the accommodation. and so revenue is recognised for each night as it takes place, at the room rate for that night.

| Customers may pay in advance for accommodation. In this case the Company has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met.

| Sale of food and beverage

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

| 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.

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets excluding freehold property are stated at cost, or where appropriate fair value, less depreciation. Depreciation is provided at the rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

| Fixtures, fittings & equipment 6 years straight line basis

| Depreciation is not provided on the freehold property on the basis that the hotel is a historical building, and the economic life can not be reasonably estimated. Additionally, the directors opinion is that the residual value of the property is high and therefore any depreciation charge would be negligible and immaterial. This is in accordance with FRS 102. The directors have considered the value of the property in light of recent valuation and do not believe that any impairment to the value included in the financial statements is necessary.

| The freehold property is revalued each year-end by the directors at open market value with the surplus being taken to revaluation reserve.

| The gain or loss arising on the 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.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

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.

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

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

| 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.

| 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 and bank loans are classified as debt. These are initially recognised at the 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.

| Pension costs and other post-retirement benefits

| The company operated a defined contribution pension scheme. Contributions payable to the scheme are charged to profit or loss account in the year to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

| 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.

3. | TURNOVER

| The whole of the turnover is attributable to the principal activity of the company.

| All turnover arose within the United Kingdom.

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 1,645,997 |  | 1,481,953 |  |

| Social security costs | 130,014 |  | 105,716 |  |

| Other pension costs | 23,513 |  | 21,184 |  |

1,799,524 |  | 1,608,853 |  |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2024 |  | 2023

| Administration | 76 |  | 73 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT/(LOSS)

| The operating profit (2023 - operating loss) is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | (159,205 | ) | 356,985 |  |

| Auditors' remuneration | 10,000 |  | 9,750 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank loan interest | 314,361 |  | 283,690 |  |

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Deferred tax movement | (81,264 | ) | - |  |

| Tax on profit/(loss) | (81,264 | ) | - |  |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | TAXATION - continued

| Reconciliation of total tax credit included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| Profit/(loss) before tax | 223,438 |  | (628,097 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%) | 42,453 |  | (119,338 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 1,034 |  | 3,318 |  |

| Capital allowances in excess of depreciation | (61,514 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 45,877 |  |

| Tax losses brought forward | (70,143 | ) | - |  |

| Tax losses carried forward | 88,170 |  | 70,143 |  |

| Movement in Deferred Taxation | (81,264 | ) | - |  |

| Total tax credit | (81,264 | ) | - |  |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 31 December 2024.

| 2023 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation during the year

| No liability to UK corporation tax arose for the year ended 31 December 2024.

| The company has estimated tax losses of £464,047 (2023: £369,169) available to carry forward and use against future taxable trading profits.

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 99,001 |  |

| AMORTISATION

| At 1 January 2024

| and 31 December 2024 | 99,001 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 6,311,812 |  | 2,688,735 |  | 9,000,547 |  |

| Additions | 11,070 |  | 81,926 |  | 92,996 |  |

| At 31 December 2024 | 6,322,882 |  | 2,770,661 |  | 9,093,543 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 2,673,593 |  | 2,673,593 |  |

| Charge for year | - |  | (159,205 | ) | (159,205 | ) |

| At 31 December 2024 | - |  | 2,514,388 |  | 2,514,388 |  |

| NET BOOK VALUE

| At 31 December 2024 | 6,322,882 |  | 256,273 |  | 6,579,155 |  |

| At 31 December 2023 | 6,311,812 |  | 15,142 |  | 6,326,954 |  |

| Cost or valuation at 31 December 2024 is represented by:

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| Valuation in 2022 | 1,999,566 |  | - |  | 1,999,566 |  |

| Cost | 4,323,316 |  | 2,770,661 |  | 7,093,977 |  |

6,322,882 |  | 2,770,661 |  | 9,093,543 |  |

10. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 46,478 |  | 46,093 |  |

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

2024 | 2023 |

£ | £ |

| Trade debtors | 278,217 |  | 373,467 |  |

| Amounts owed by associates | 100,000 |  | 100,000 |  |

| Other debtors | 5,021 |  | 5,021 |  |

| Tax | - |  | 36,280 |  |

| Prepayments | 164,279 |  | 149,859 |  |

547,517 |  | 664,627 |  |

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 170,600 |  | 137,000 |  |

| Trade creditors | 284,700 |  | 665,798 |  |

| VAT | 183,057 |  | 143,921 |  |

| Other creditors | 114,821 |  | 146,061 |  |

| Accruals and deferred income | 429,863 |  | 430,608 |  |

1,183,041 |  | 1,523,388 |  |

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

2024 | 2023 |

£ | £ |

| Bank loans (see note 14) | 3,060,084 |  | 3,245,084 |  |

| Other loans (see note 14) | 950,000 |  | 590,000 |  |

4,010,084 |  | 3,835,084 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 170,600 |  | 137,000 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 47,084 |  | 3,245,084 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 3,013,000 |  | - |  |

| Other loans - 2-5 years | 950,000 |  | 590,000 |  |

3,963,000 |  | 590,000 |  |

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 3,230,684 |  | 3,382,084 |  |

| The Bank loan is secured by a Debenture dated 24 November 2014, providing a fixed charge over the freehold property, a floating charge and a negative pledge over all the assets of the company. See Post Balance Sheet Events Note 20 in respect of changes to the bank loans since the year-end date.

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

16. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 534,366 |  | 615,630 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 615,630 |  |

| Unused amounts reversed during year | (81,264 | ) |

| Balance at 31 December 2024 | 534,366 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 150 | Ordinary | £1 | 150 |  | 150 |  |

18. | RESERVES

| Retained |  | Share |  | Revaluation |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2024 | (1,593,835 | ) | 599,850 |  | 2,176,533 |  | 1,182,548 |  |

| Profit for the year | 304,702 |  | 304,702 |  |

| At 31 December 2024 | (1,289,133 | ) | 599,850 |  | 2,176,533 |  | 1,487,250 |  |

19. | RELATED PARTY DISCLOSURES

| At the year-end date, included in other debtors is an amount of £100,000 (2023: £100,000) owed to the company from Hotel Colessio (Holdings) Limited. A company in which the directors have beneficial interest.

| At the year-end date, total loans provided by shareholders amounted to £950,000 (2023: £590,000). Although no repayment terms exist, all loans from shareholders are unsecured, interest-free and repayable only after the secured bank loans have been fully settled.

AMPTHILL INVESTMENTS LIMITED (REGISTERED NUMBER: 07614965)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

20. | POST BALANCE SHEET EVENTS

| Since the reporting date, the shareholders, the majority of whom are also directors, have become more actively involved in the strategic oversight and management of the business and have undertaken a detailed review of the Company's operations, financing arrangements and longer-term development.

| Following the year end, the Company changed the managing agents of the hotel. This has resulted in a streamlining of operations through the removal of multiple layers of management and the introduction of more direct day-to-day control by an experienced and established managing agent. The change is also expected to reduce the costs and management fees previously charged to the Company.

| In addition, following the year end, the Company participated in a wider group restructuring and refinancing exercise. As part of this process, a new holding company, PSJ Hospitality Group Limited, was incorporated, under which the Company became a subsidiary undertaking. PSJ Hospitality Group Limited now holds an 85% equity interest in the Company, with the remaining 15% held by minority shareholders.

| As part of the refinancing arrangements, the external borrowings disclosed in the Company's balance sheet as at 31 December 2024 were refinanced in full on 2 April 2026 and replaced with new loans under the wider group refinancing structure. Accordingly, on the date these financial statements were approved by the Board, the related external debt is now held within PSJ Hospitality Group Limited, together with the borrowings of two other group entities that also formed part of the refinancing process. The replacement loans are on an interest-only basis until maturity and, measured by reference to the balance sheet date, fall due between two and five years.

| The directors consider that these changes will improve the commercial and financial position of the Company through enhanced operational efficiency, more effective use of group resources, reduced management costs and improved access to group-wide funding arrangements.

| These matters are considered to be non-adjusting events after the reporting period for the purposes of Section 32 of FRS 102. Under paragraphs 32.2, 32.6 and 32.10 of FRS 102, the refinancing completed after the reporting date is indicative of conditions that arose after 31 December 2024 and therefore does not require the amounts recognised at that date to be adjusted. Accordingly, no amendment has been made to the amounts recognised in the financial statements for the year ended 31 December 2024; instead, this note provides additional disclosure of the refinancing and the current terms of the replacement borrowing arrangements.

| There have been no other events since the reporting date which would require adjustment to, or disclosure in, these financial statements other than those outlined in this Note.

21. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties are Mr P M Cashman, Mr J E Destexhe and Mr S Fuller.