Registered number: 04324021
FOR THE YEAR ENDED 31 MARCH 2025
HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
COMPANY INFORMATION
HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
CONTENTS
HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The principal activities of Hotel Management International (Holdings) Limited (the “company”) and its subsidiaries (together the “group”) continued to be the operation of hotels and the provision of consultancy and management services to the hotel and leisure industry.
The results of the group are shown on page 17 of the financial statements. During the year, the Carlton Beach underwent a major refurbishment during which the hotel was closed for six months. This together with the exchange rate movement, resulted in a drop in turnover of 5.7% compared to the 4.6% actual decrease. Profit before tax decreased by 18.8% largely as a result of these two factors. The directors are pleased with the results in these circumstances.
The group’s main objectives continue to be maintain room rates, the quality of the hotel products, improve standards and to focus on efficiencies and innovations in The Netherlands, the United Kingdom and Belgium.
The group has sought to reinvest back into properties and ensure it has a sound financial footing for future eventualities.
During the year the group undertook a major refurbishment of one its hotels which led to a reduction in turnover and a corresponding reduction in gross profit. The group generated cash during the year which was used to support the capital expenditure.
The group net debt to EBITDA ratio remains below one.
The group’s main objectives continue to be maintain room rates, the quality of the hotel products, improve standards and to focus on efficiencies and innovations in The Netherlands, the United Kingdom and Belgium.
The group has sought to reinvest back into properties and ensure it has a sound financial footing for future eventualities.
During the year the group undertook a major refurbishment of one its hotels which led to a reduction in turnover and a corresponding reduction in gross profit. The group generated cash during the year which was used to support the capital expenditure.
The group net debt to EBITDA ratio remains below one.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Credit, Interest rate, and Liquidity Risk
The group manages a variety of financial risks including interest rate, liquidity and credit risk. Fluctuation in interest rates affects the group’s reported results. It is the group’s goal to mitigate the effects of interest rate movements on profit, equity and cash flow. Whenever possible the group tries to establish this by creating natural hedges and by matching assets and liabilities. When natural hedges are not available the group seeks to use financial instruments. For this purpose, hedging ranges have been identified and strict policies and governance are in place covering the program, including authorisation procedures.
The group receives income in foreign currency.
Long term strategies and annual business plans are formulated to ensure that the financial covenants can be met and monitored on a regular basis. Working capital requirements are also regularly reviewed and closely managed to ensure there are sufficient cash flows available for the group.
The group maintains significant cash balances and operates with net current assets in order to mitigate any potential liquidity risk. It also has unutilised group borrowing facilities.
The group has a large number of customers and maintains tight credit control at each of its operations in order to mitigate its credit risk.
The group manages a variety of financial risks including interest rate, liquidity and credit risk. Fluctuation in interest rates affects the group’s reported results. It is the group’s goal to mitigate the effects of interest rate movements on profit, equity and cash flow. Whenever possible the group tries to establish this by creating natural hedges and by matching assets and liabilities. When natural hedges are not available the group seeks to use financial instruments. For this purpose, hedging ranges have been identified and strict policies and governance are in place covering the program, including authorisation procedures.
The group receives income in foreign currency.
Long term strategies and annual business plans are formulated to ensure that the financial covenants can be met and monitored on a regular basis. Working capital requirements are also regularly reviewed and closely managed to ensure there are sufficient cash flows available for the group.
The group maintains significant cash balances and operates with net current assets in order to mitigate any potential liquidity risk. It also has unutilised group borrowing facilities.
The group has a large number of customers and maintains tight credit control at each of its operations in order to mitigate its credit risk.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Trading and Economic Risk
The level of economic activity in Belgium, The Netherlands and the UK continues to have a significant influence on the profitability of the group. Controls in the form of budgets, forecasting and competitor analysis are regularly analysed to ensure that the group is taking a pro-active stance in combatting any issues that should arise.
The group is also exposed to pressures arising from increasing costs from suppliers, increases in alcohol duty, and changes to government policies affecting the minimum wage, VAT and corporation tax.
The level of economic activity in Belgium, The Netherlands and the UK continues to have a significant influence on the profitability of the group. Controls in the form of budgets, forecasting and competitor analysis are regularly analysed to ensure that the group is taking a pro-active stance in combatting any issues that should arise.
The group is also exposed to pressures arising from increasing costs from suppliers, increases in alcohol duty, and changes to government policies affecting the minimum wage, VAT and corporation tax.
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The directors look at businesses on an individual basis and review performance against budget and history. The Group does not have set criteria to measure performance.
The group has separate financing for its UK and mainland European businesses and has a number of banking covenants. It has complied with all of its bank covenants. The group refinanced the UK business in January 2024 for a 3 year period with a 2 year optional extension.
The mainland European businesses are financed by six year loan deal which runs until April 2030
* PBT is profit before tax.
**EBITDA is calculated as profit before tax, adding back interest, depreciation and amortisation.
s172 reporting
The directors and key management team spend extensive time within the businesses and meet weekly to discuss performance and issues to ensure that they are addressed on a timely basis. The central team work to support the key workers within the businesses. Management meet frequently to discuss the significant issues affecting the businesses and the industry and develop long-term strategy to assist the businesses.
The group has separate financing for its UK and mainland European businesses and has a number of banking covenants. It has complied with all of its bank covenants. The group refinanced the UK business in January 2024 for a 3 year period with a 2 year optional extension.
The mainland European businesses are financed by six year loan deal which runs until April 2030
* PBT is profit before tax.
**EBITDA is calculated as profit before tax, adding back interest, depreciation and amortisation.
s172 reporting
The directors and key management team spend extensive time within the businesses and meet weekly to discuss performance and issues to ensure that they are addressed on a timely basis. The central team work to support the key workers within the businesses. Management meet frequently to discuss the significant issues affecting the businesses and the industry and develop long-term strategy to assist the businesses.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The board of directors therefore provide the following statement on how they have performed of their statutory duties in accordance with s172(1) of the Companies Act 2006. The board of Directors of Hotel Management International (Holdings) Limited consider that both individually and together, they have acted in a way that would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to stakeholders and matters set out in s172(1) (a-f) of the Act) in the decisions taken during the year ended 31 March 2025.
Health and safety is at the core of our business. The Health and Safety Strategy (H&S Strategy) supports the strategic and operational management of the group and looks to go beyond the traditional role of preventing harm. The H&S Strategy commits the group to continually improve the health and safety environment for its staff and customers. The H&S Strategy is not just about achieving compliance, but will assist in realising:
∙Efficient, proactive and pragmatic ways of keeping all our staff, customers, sub-contractors and visitors safe.
∙A robust health and safety culture across the group.
The H&S Strategy describes in broad terms what our approach {to health and safety is and what we intend to do which is closely monitored and tested unit by unit and updated on a regular basis.
Consideration of the consequences of any decision in both the short, medium and long term is duly considered as part of the decision making process.
The group is an operator of hospitality businesses. Our employees have a voice in the business. We continually liaise with employees, and conduct an annual employee survey, which are used to shape the future of the business and ensure that decisions are made in the interest of the company’s employees.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Board believes that the group has robust data protection procedures in place. However, this is an ever more complex area and the Group continually reviews and upgrades its defences against attack. In addition to its in house team the Directors engage external consultants to ensure that the group is compliant with relevant legislation.
The group continues to evaluate its data security policies and procedures in accordance with GDPR regulations. The Board believes that the group has robust data protection procedures in place. However, this is an ever more complex area and the group continually reviews and upgrades its defences against attack.
The group continues to evaluate its data security policies and procedures in accordance with GDPR regulations.
The need to foster the Group’s business relationships with suppliers, customers and others
Our customers are at the heart of everything we do and our mission is to provide them with memorable experiences. As a result, the relationships with our customers and also our suppliers who are an integral part of allowing us to provide our customer experience are very important. We collect feedback from all social media communities for our customers. This allows us to ensure that we can react to customer feedback and needs.
The impact of the Group’s operations on the community and the environment
The impact of our operations on the community and the environment is very important to us and that is why we regularly review our processes and procedures to seek continual improvements in this respect. We have joined the Zero Carbon Forum to allow us to measure our emissions and develop a strategy towards a more sustainable future.
The desirability of the Group maintaining a reputation for high standards of business conduct
Our company core values set out the values that are a fundamental part in how we deliver our mission. Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct.
The need to act fairly as between members of the Group
Consideration of the consequences of any decision on all members of the company is duly considered as part of the decision making process.
The likely consequences of any decision in the long term
Consideration of the consequences of any decision in both the short, medium and long term is considered as part of the decision-making process.
Directors’ statement of compliance with duty to promote the success of the Group
The directors have sought to put the group on a financially stable position coming out of the pandemic and believes it is well positioned to take further opportunities in the future.
The group continues to evaluate its data security policies and procedures in accordance with GDPR regulations. The Board believes that the group has robust data protection procedures in place. However, this is an ever more complex area and the group continually reviews and upgrades its defences against attack.
The group continues to evaluate its data security policies and procedures in accordance with GDPR regulations.
The need to foster the Group’s business relationships with suppliers, customers and others
Our customers are at the heart of everything we do and our mission is to provide them with memorable experiences. As a result, the relationships with our customers and also our suppliers who are an integral part of allowing us to provide our customer experience are very important. We collect feedback from all social media communities for our customers. This allows us to ensure that we can react to customer feedback and needs.
The impact of the Group’s operations on the community and the environment
The impact of our operations on the community and the environment is very important to us and that is why we regularly review our processes and procedures to seek continual improvements in this respect. We have joined the Zero Carbon Forum to allow us to measure our emissions and develop a strategy towards a more sustainable future.
The desirability of the Group maintaining a reputation for high standards of business conduct
Our company core values set out the values that are a fundamental part in how we deliver our mission. Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct.
The need to act fairly as between members of the Group
Consideration of the consequences of any decision on all members of the company is duly considered as part of the decision making process.
The likely consequences of any decision in the long term
Consideration of the consequences of any decision in both the short, medium and long term is considered as part of the decision-making process.
Directors’ statement of compliance with duty to promote the success of the Group
The directors have sought to put the group on a financially stable position coming out of the pandemic and believes it is well positioned to take further opportunities in the future.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This disclosure covers the UK operations of the Group for the period April 2024 to March 2025, in line with the Streamlined Energy and Carbon Reporting (SECR) Regulations, which require large UK companies to report UK energy use and associated greenhouse gas (GHG) emissions within the Directors’ Report.
The Group falls within the mandatory SECR scope as it exceeds two of the Companies Act size thresholds (turnover, balance sheet total, number of employees).
All UK subsidiaries are included. No entities have been excluded.
The carbon footprint has been calculated in line with the World Resource Institute (WRI)’s internationally recognised reporting standard the Greenhouse Gas (GHG) Protocol - A Corporate Accounting and Reporting Standard, with reference to the additional guidance provided in the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (Scope 3 Standard) and GHG Protocol Technical Guidance for Calculating Scope 3 Emissions (Scope 3 Guidance).
The carbon footprint is measured in the standard unit of carbon dioxide equivalent (CO2e). This comprises of the seven greenhouse gas emissions as outlined by the Kyoto Protocol: Carbon dioxide (CO2), Methane (CH4), Nitrous oxide (N2O), Hydrofluorocarbons (HFCs), Perfluorocarbons (PFCs), Sulphur hexafluoride (SF6), Nitrogen trifluoride (NF3).
Scope 1 and 2 emissions are evaluated using a financial control approach, meaning we include emissions from all parts of the business where we can direct financial and operating policies — this includes our owned and operated public houses, hotels, restaurants and office space.
Data has been prepared in accordance with the WRI/WBCSD GHG Protocol Corporate Accounting and Reporting Standard (revised edition), WRI/WBCSD GHG Protocol Scope 2 Guidance 2015.
The Group falls within the mandatory SECR scope as it exceeds two of the Companies Act size thresholds (turnover, balance sheet total, number of employees).
All UK subsidiaries are included. No entities have been excluded.
The carbon footprint has been calculated in line with the World Resource Institute (WRI)’s internationally recognised reporting standard the Greenhouse Gas (GHG) Protocol - A Corporate Accounting and Reporting Standard, with reference to the additional guidance provided in the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (Scope 3 Standard) and GHG Protocol Technical Guidance for Calculating Scope 3 Emissions (Scope 3 Guidance).
The carbon footprint is measured in the standard unit of carbon dioxide equivalent (CO2e). This comprises of the seven greenhouse gas emissions as outlined by the Kyoto Protocol: Carbon dioxide (CO2), Methane (CH4), Nitrous oxide (N2O), Hydrofluorocarbons (HFCs), Perfluorocarbons (PFCs), Sulphur hexafluoride (SF6), Nitrogen trifluoride (NF3).
Scope 1 and 2 emissions are evaluated using a financial control approach, meaning we include emissions from all parts of the business where we can direct financial and operating policies — this includes our owned and operated public houses, hotels, restaurants and office space.
Data has been prepared in accordance with the WRI/WBCSD GHG Protocol Corporate Accounting and Reporting Standard (revised edition), WRI/WBCSD GHG Protocol Scope 2 Guidance 2015.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Total emissions per £m of revenue - £0.17 (2024: £0.15).
Energy efficiency actions
As a result of the report, the Group established an internal working group to support the various initiatives aimed at reducing emissions. It also engaged an external organisation to assist in the development of a Sustainable Energy Reduction Strategy, which was finalised in March 2025. Following this, the Board formally agreed to reduce the Group’s carbon footprint in line with the government’s 2050 target.
The Group has commenced a range of trials to assess the effectiveness and efficiency of various carbon reduction initiatives. These trials are intended to identify opportunities to further reduce energy consumption and improve waste management practices some of which are listed below.
During the year, the group initiated a transition to energy-efficient LED lighting across its estate, aiming to reduce overall energy consumption.
Menu engineering and planning initiatives have been introduced with the objective of minimising food waste and
Energy efficiency actions
As a result of the report, the Group established an internal working group to support the various initiatives aimed at reducing emissions. It also engaged an external organisation to assist in the development of a Sustainable Energy Reduction Strategy, which was finalised in March 2025. Following this, the Board formally agreed to reduce the Group’s carbon footprint in line with the government’s 2050 target.
The Group has commenced a range of trials to assess the effectiveness and efficiency of various carbon reduction initiatives. These trials are intended to identify opportunities to further reduce energy consumption and improve waste management practices some of which are listed below.
During the year, the group initiated a transition to energy-efficient LED lighting across its estate, aiming to reduce overall energy consumption.
Menu engineering and planning initiatives have been introduced with the objective of minimising food waste and
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
improving operational efficiency.
A recycling and waste management awareness programme is being implemented across the estate, with the goal of reducing the volume of waste sent to landfill.
The Group continues to work with the Zero Carbon Forum, a non-profit organisation that supports its members in achieving sustainability targets more quickly and efficiently through collaborative action.
The desirability of the Group maintaining a reputation for high standards of business conduct
Our company core values set out the values that are a fundamental part in how we deliver our mission. Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct.
The need to act fairly as between members of the Group
Consideration of the consequences of any decision on all members of the company is duly considered as part of the decision making process.
The likely consequences of any decision in the long term
Consideration of the consequences of any decision in both the short, medium and long term is considered as part of the decision-making process.
Directors’ statement of compliance with duty to promote the success of the Group
The directors have sought to put the group on a financially stable position coming out of the pandemic and believes it is well positioned to take further opportunities in the future.
A recycling and waste management awareness programme is being implemented across the estate, with the goal of reducing the volume of waste sent to landfill.
The Group continues to work with the Zero Carbon Forum, a non-profit organisation that supports its members in achieving sustainability targets more quickly and efficiently through collaborative action.
The desirability of the Group maintaining a reputation for high standards of business conduct
Our company core values set out the values that are a fundamental part in how we deliver our mission. Our core values include communicating honestly and openly in our interactions and set the standard for how we maintain high standards of business conduct.
The need to act fairly as between members of the Group
Consideration of the consequences of any decision on all members of the company is duly considered as part of the decision making process.
The likely consequences of any decision in the long term
Consideration of the consequences of any decision in both the short, medium and long term is considered as part of the decision-making process.
Directors’ statement of compliance with duty to promote the success of the Group
The directors have sought to put the group on a financially stable position coming out of the pandemic and believes it is well positioned to take further opportunities in the future.
This report was approved by the board and signed on its behalf.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £6,792 thousand (2024 - £8,476 thousand).
The Group paid dividends for the year ended 31 March 2025 amounting to £300k (2024: £300k).
The directors who served during the year were:
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Regular meetings are held between senior management and employees to discuss the performance of the group, and to encourage employees’ further development. Information is also passed to employees via regular newsletters.
The directors recognize the importance of fostering strong and mutually beneficial relationships with the company’s suppliers, customers, and other key stakeholders. During the financial year, the board has actively considered these relationships in its decision-making to ensure the long-term success of the company.
In managing relationships with suppliers, the company has prioritised fair and transparent practices, timely payments, and collaboration to maintain a resilient supply chain. Regular engagement and monitoring of supplier performance have ensured compliance with ethical and sustainability standards, contributing to operational efficiency and risk mitigation.
Regarding customers, the company has focused on delivering value and maintaining high levels of satisfaction. Investments have been made in improving product/service quality, customer support systems, and adapting offerings to meet changing market demands.Feedback mechanisms have been strengthened to better understand customer needs and enhance loyalty.
The directors have also acknowledged the role of other stakeholders, such as regulators, local communities, and employees, in fostering a supportive environment for the business. Active engagement with these groups has informed decisions around regulatory compliance, corporate responsibility initiatives, and workforce development.
Effect of this Regard on Principal Decisions
The board's focus on these relationships has directly influenced several principal decisions during the year, including:
In managing relationships with suppliers, the company has prioritised fair and transparent practices, timely payments, and collaboration to maintain a resilient supply chain. Regular engagement and monitoring of supplier performance have ensured compliance with ethical and sustainability standards, contributing to operational efficiency and risk mitigation.
Regarding customers, the company has focused on delivering value and maintaining high levels of satisfaction. Investments have been made in improving product/service quality, customer support systems, and adapting offerings to meet changing market demands.Feedback mechanisms have been strengthened to better understand customer needs and enhance loyalty.
The directors have also acknowledged the role of other stakeholders, such as regulators, local communities, and employees, in fostering a supportive environment for the business. Active engagement with these groups has informed decisions around regulatory compliance, corporate responsibility initiatives, and workforce development.
Effect of this Regard on Principal Decisions
The board's focus on these relationships has directly influenced several principal decisions during the year, including:
∙Supply chain adjustments to improve resilience and sustainability, ensuring long-term value creation.
∙Product/service enhancements informed by customer insights, resulting in increased competitiveness in the
market.
market.
∙Stakeholder-led strategic investments in employee development and community programs, reinforcing the company's social license to operate.
These actions reflect the directors’ commitment to the company’s purpose, values, and long-term growth, aligning with their duty to promote the success of the company for the benefit of all stakeholders.
Glendola Leisure (Holdings) Limited and Hotel Management International (Holdings) Limited are collaborating on a major hotel and bar development project in Belfast. The project is at the pre-planning stage and it is anticipated that it will take a number of years to come to fruition.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group continues to work with the Zero Carbon Forum, a non-profit organisation that supports its members in achieving sustainability targets more quickly and efficiently through collaborative action.
The gathering of the relevant information required to compile a report on Scope 1, 2 and 3 emissions was completed with all details disclosed within the strategic report.
The gathering of the relevant information required to compile a report on Scope 1, 2 and 3 emissions was completed with all details disclosed within the strategic report.
Energy efficiency actions
The details of these have been disclosed within the strategic report.
The details of these have been disclosed within the strategic report.
In December 2025, the Group took the two year extension option its its UK bank debt meaning the repayment date is now January 2029.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
We have audited the financial statements of Hotel Management International (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED (CONTINUED)
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Company and industry, we identified that the principal risks of noncompliance with laws and regulations are Companies Act 2006 and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and sales tax .
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙evaluating management’s controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with high value transactions or rounded entries; and
∙challenging assumptions and judgements made by management in their critical accounting estimates.
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 Auditors' Report.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
REGISTERED NUMBER: 04324021
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
REGISTERED NUMBER: 04324021
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 26 to 49 form part of these financial statements.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
REGISTERED NUMBER: 04324021
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 26 to 49 form part of these financial statements.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Hotel Management International (Holdings) Limited (the Company") is a company limited by shares and incorporated and domiciled in England & Wales in the UK. The presentation currency of these financial statements is sterling.
The principal activities of Hotel Management International (Holdings) Limited (the "company") and its subsidiaries (together the "group") continued to be the operation of hotels and the provision of consultancy and management services to companies under common control.
The parent company is included in the consolidated financial statements, and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:
The principal activities of Hotel Management International (Holdings) Limited (the "company") and its subsidiaries (together the "group") continued to be the operation of hotels and the provision of consultancy and management services to companies under common control.
The parent company is included in the consolidated financial statements, and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:
∙The reconciliation of the number of shares outstanding from the beginning to the end of the period has not been included a second time;
∙No separate parent company Cash Flow Statement with related notes is included; and
∙Key Management Personnel compensation has not been included a second time.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The Directors have prepared detailed forecasts and cash flow analysis models for a period of 12 months from the date of approval of the financial statements. These forecasts combine the expected future cashflows of all companies under common control, not just those in the Hotel Management International Holdings Limited Group. This is considered appropriate as the controlling shareholder across these entities has confirmed that support will be provided across the companies as and when required, and the companies are linked due to the way the support and head office functions are structured. These cashflow forecasts indicate the Group will have sufficient funds to meet its liabilities as they fall due for that period.
Based on this assessment and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements.
The Directors have prepared detailed forecasts and cash flow analysis models for a period of 12 months from the date of approval of the financial statements. These forecasts combine the expected future cashflows of all companies under common control, not just those in the Hotel Management International Holdings Limited Group. This is considered appropriate as the controlling shareholder across these entities has confirmed that support will be provided across the companies as and when required, and the companies are linked due to the way the support and head office functions are structured. These cashflow forecasts indicate the Group will have sufficient funds to meet its liabilities as they fall due for that period.
Based on this assessment and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue represents external sales (excluding taxes) of goods and services, net of discounts. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and is measured at the fair value of consideration receivable, excluding discounts, rebates, and other sales taxes or duty. Revenue principally consists of drink, food and accommodation sales which are recognised at the point at which goods or services are provided. Any income received in advance in the form of deposits is deferred until the service is provided.
Turnover also includes income from the operation and management of hotels and the provision of management services ancillary thereto, and is recognised, excluding VAT, as the services are provided.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. The useful economic life has been identified as 10 years.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. The useful economic life has been identified as 10 years.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 revision and future periods where the revision affects both current and future periods.
The group is principally engaged in the operation and management of hotels and the provision of management services ancillary thereto. All turnover relates to the sale of goods.
Analysis of turnover by country of destination:
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Subsidiary undertakings (continued)
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group has two bank loans.
UK
There is a loan in the UK with Barclays Bank Plc. A joint amount was provided to Glendola Leisure (Holdings) Limited and the Group. Glendola Leisure (Holdings) Limited is the parent of a related party group.
The amount disclosed within bank loans reflects the Group share of the total loan liability.
Under the terms of the agreement, the Hotel Management International Ltd (a Group company) is an obligor and therefore is liable for any repayment and meeting the conditions on the total debt. The total loan value as at 31 March 2025 was £18,398k (2024: £18,500k). The loan is repayable in quarterly installments from March 2025 to December 2026, with any outstanding balance due on 31 January 2027 unless extension options are taken. Interest is payable at the reference for that day, plus a margin of 1.25-2% per annum depending on the leverage ratio at the time.
Post year end, in December 2025, extension options were taken meaning the loan is now repayable on 30 January 2029.
The loan is secured on the UK fixed assets and other assets. The non-UK assets of the Group are specifically not included in this security net.
European
£19,204k of the non-current bank loan balance relates to the European bank loan with ING. A six year loan agreement was entered in March 2024, with full repayment due March 2030. The loan is interest bearing and interest is variable following the three-month EURIBOR rate plus a margin.
The loan is secured on all European fixed assets apart from one leased site.
UK
There is a loan in the UK with Barclays Bank Plc. A joint amount was provided to Glendola Leisure (Holdings) Limited and the Group. Glendola Leisure (Holdings) Limited is the parent of a related party group.
The amount disclosed within bank loans reflects the Group share of the total loan liability.
Under the terms of the agreement, the Hotel Management International Ltd (a Group company) is an obligor and therefore is liable for any repayment and meeting the conditions on the total debt. The total loan value as at 31 March 2025 was £18,398k (2024: £18,500k). The loan is repayable in quarterly installments from March 2025 to December 2026, with any outstanding balance due on 31 January 2027 unless extension options are taken. Interest is payable at the reference for that day, plus a margin of 1.25-2% per annum depending on the leverage ratio at the time.
Post year end, in December 2025, extension options were taken meaning the loan is now repayable on 30 January 2029.
The loan is secured on the UK fixed assets and other assets. The non-UK assets of the Group are specifically not included in this security net.
European
£19,204k of the non-current bank loan balance relates to the European bank loan with ING. A six year loan agreement was entered in March 2024, with full repayment due March 2030. The loan is interest bearing and interest is variable following the three-month EURIBOR rate plus a margin.
The loan is secured on all European fixed assets apart from one leased site.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Revaluation reserve - Group
Merger Reserve
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
During the year, management identified historic accounting errors in both the Group and Company figures. Adjustments have been made to rectify these historic issues. A breakdown of the effect on the figures have been provided below.
Company - Investment in subsidiaries
An error was identified in the investments in subsidiaries balance in the financial statements prepared for the period ended 31 March 2024. The investment in subsidiaries balance was carried at the net asset value of the investments, which was not in accordance with the accounting policy stated in those financial statements. In addition, the accounting policy was internally inconsistent referring to both cost and fair value accounting as the basis of measurement.
A prior year adjustment has therefore been made to correct this error. For the purposes of correcting the misstatement, investments in subsidiaries have been restated to cost, being a permitted measurement basis under FRS 102 and consistent with the evidence available at the date of initial recognition.
This has reduced the investments in subsidiaries carrying value as at 31 March 2024 by £90,920k to £1k, as shown in note 15. It has also reduced the Revaluation Reserve brought forward at 1 April 2023 by £81,602k to £nil and the Profit and Loss account brought forward at 1 April 2023 by £2,057k to £(145)k, as shown on page 22 in the Statement of Changes in Equity. There has been no impact on the Company Profit for the period ended 31 March 2024 because the revaluation gain of £7,262k initially recognised in relation to investment in subsidiaries for this period was posted directly to the Revaluation Reserve.
As at 31 March 2025, following a review of the accounting treatment for investments in subsidiaries, the Directors have adopted cost as the ongoing accounting policy, as this is considered to provide the most relevant and reliable information. This represents a change in accounting policy and has been applied retrospectively.
Group - Tangible fixed assets
The total prior period misstatement of £636k on Freehold Property cost and £1,939k on Freehold Property depreciation arises due to two errors identified in the comparative numbers.
The first prior period misstatement of £1,558k was identified in brought forward depreciation on Freehold Property. The Freehold Property had been under depreciated resulting in Fixed Assets being overstated by £1,558k.
As a result, the profit and loss account brought forward as at 1 April 2023 and 1 April 2024 was overstated by £1,558k and fixed assets brought forward as at 1 April 2023 and 1 April 2024 were overstated by £1,558k. The comparative information has been restated to reflect this adjustment, as shown within note 14 and the Statement of Changes in Equity on page 21.
The second prior period misstatement of £1,017k in total was identified within Freehold Property, resulting it the net book value of these assets being overstated by this amount. This is made up of a £636k overstatement of brought forward cost on Freehold Property, and a £381k understatement of brought forward depreciation on Freehold Property. This error was in connection with the acquisition of Carlton Hotels Nederland BV and the fair value uplift applied on acquisition.
As a result, the profit and loss account brought forward as at 1 April 2023 and 1 April 2024 was overstated by £1,017k and fixed assets brought forward as at 1 April 2023 and 1 April 2024 were overstated by £1,017k. The comparative information has been restated to reflect this adjustment, as shown within note 14 and the Statement of Changes in Equity on page 21.
Company - Investment in subsidiaries
An error was identified in the investments in subsidiaries balance in the financial statements prepared for the period ended 31 March 2024. The investment in subsidiaries balance was carried at the net asset value of the investments, which was not in accordance with the accounting policy stated in those financial statements. In addition, the accounting policy was internally inconsistent referring to both cost and fair value accounting as the basis of measurement.
A prior year adjustment has therefore been made to correct this error. For the purposes of correcting the misstatement, investments in subsidiaries have been restated to cost, being a permitted measurement basis under FRS 102 and consistent with the evidence available at the date of initial recognition.
This has reduced the investments in subsidiaries carrying value as at 31 March 2024 by £90,920k to £1k, as shown in note 15. It has also reduced the Revaluation Reserve brought forward at 1 April 2023 by £81,602k to £nil and the Profit and Loss account brought forward at 1 April 2023 by £2,057k to £(145)k, as shown on page 22 in the Statement of Changes in Equity. There has been no impact on the Company Profit for the period ended 31 March 2024 because the revaluation gain of £7,262k initially recognised in relation to investment in subsidiaries for this period was posted directly to the Revaluation Reserve.
As at 31 March 2025, following a review of the accounting treatment for investments in subsidiaries, the Directors have adopted cost as the ongoing accounting policy, as this is considered to provide the most relevant and reliable information. This represents a change in accounting policy and has been applied retrospectively.
Group - Tangible fixed assets
The total prior period misstatement of £636k on Freehold Property cost and £1,939k on Freehold Property depreciation arises due to two errors identified in the comparative numbers.
The first prior period misstatement of £1,558k was identified in brought forward depreciation on Freehold Property. The Freehold Property had been under depreciated resulting in Fixed Assets being overstated by £1,558k.
As a result, the profit and loss account brought forward as at 1 April 2023 and 1 April 2024 was overstated by £1,558k and fixed assets brought forward as at 1 April 2023 and 1 April 2024 were overstated by £1,558k. The comparative information has been restated to reflect this adjustment, as shown within note 14 and the Statement of Changes in Equity on page 21.
The second prior period misstatement of £1,017k in total was identified within Freehold Property, resulting it the net book value of these assets being overstated by this amount. This is made up of a £636k overstatement of brought forward cost on Freehold Property, and a £381k understatement of brought forward depreciation on Freehold Property. This error was in connection with the acquisition of Carlton Hotels Nederland BV and the fair value uplift applied on acquisition.
As a result, the profit and loss account brought forward as at 1 April 2023 and 1 April 2024 was overstated by £1,017k and fixed assets brought forward as at 1 April 2023 and 1 April 2024 were overstated by £1,017k. The comparative information has been restated to reflect this adjustment, as shown within note 14 and the Statement of Changes in Equity on page 21.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £630k (2024: £663k). Contributions totaling £6k (2024: £4k) were payable to the fund at the balance sheet date.
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HOTEL MANAGEMENT INTERNATIONAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The immediate and ultimate controlling party is P N Salussolia, being the majority shareholder.
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