Company registration number 08120464 (England and Wales)
WARWICK HOTEL CAMBRIDGE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
WARWICK HOTEL CAMBRIDGE LIMITED
COMPANY INFORMATION
Directors
R Chiu
S Sausse
Company number
08120464
Registered office
22-24 Basil Street
London
SW3 1AT
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
WARWICK HOTEL CAMBRIDGE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
WARWICK HOTEL CAMBRIDGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

Business review and future developments

The principal activity of the group is to operate luxury hotels and restaurants.

The loss for the year after taxation was £3.77m (2024: £3.00m). The directors do not recommend the payment of a dividend (2024: £Nil).

The turnover for the year was £7.20m (2024: £7.30m). The Board are satisfied with the performance since acquisition.

The group invested £2.28m (2024: £673k) on capital expenditure during the year, with the majority spent on bedrooms and public areas.

The group has a strong management team and the Board would like to take this opportunity to thank all of its staff.

Principal risks and uncertainties

Events that adversely impact domestic or international travel

The ability to sustain given levels of occupancy and room rates can be adversely affected by events that reduce domestic or international travel. Such events may include acts of terrorism, war or perceived increased risk of armed conflict, epidemics, natural disasters, increased cost of travel and industrial action. The group has in place a contingency and recovery plan to enable it to respond to major incidents. See additional information included in recent events below.

Key personnel

Implementation of the group’s strategy depends on its ability to attract, develop and retain employees with appropriate skills, experience and aptitude. Implementation and development of a group induction scheme as well as ongoing training and development combined with attractive compensation, benefit and incentive schemes all help minimise this risk.

Information technology systems and infrastructure

The group invests in systems that are appropriate to the business so as to maximise client relationships, provide effective communication internally and externally and provide comprehensive reporting capability. The monitoring and development of such systems are outsourced to provide continuity and a cost-effective solution.

WARWICK HOTEL CAMBRIDGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Development and performance

Litigation

The group may be at risk of litigation from various parties with which it interacts either through direct contractual arrangements, the provision of services or the failure to comply with regulatory requirements or legal obligations to third parties. The board ensures that key personnel are aware of such risks so as to minimise likely exposure whilst ensuring with particular regard to public liability that adequate insurance is in place.

Insurance

The group maintains insurance cover appropriate to its risk profile but not all risks are insured either because the cover is not available in the market or is not commercially viable. The Board believes it has assessed the material insurable risks and it ensures that these are properly covered and reviewed on a regular basis.

Political and economic developments

Major events affecting either economic or political stability represent an exposure to the group’s revenues and profitability. These are assessed on a regular basis and modes of operation adapted accordingly.

The hotel industry supply and demand cycle

The hotel industry operates in an inherently cyclical market place. A weakening in demand or an increase in market supply may lead to downward pressure on room rates and/or occupancies. The group has systems in place that are designed to minimise the impact of such fluctuations as far as possible to optimise operating profits.

Recent events

Since the financial year end the outlook for the UK has improved, however the global economy remains uncertain due to the ongoing war in Ukraine and increase in energy pricing. The hotel has seen a good demand in the bedrooms.

Key performance indicators

The key financial performance indicators for the group and subsidiaries are considered to be turnover, profit/loss, hotel occupancy, average room rate and revenue per available room.

Turnover: £7,202,052 (2024: £7,301,333)

Loss: £3,773,378 (2024: £3,003,614)

Occupancy: 72.89% (2024: 79.09%)

Average Rooms Rate: £312.72 (2024: £301.33)

Revenue per Available Rooms: £227.93 (2024: £238.33)

On behalf of the board

.............................................
R Chiu
Director
Date: .............................................
WARWICK HOTEL CAMBRIDGE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the group is to operate luxury hotels and restaurants.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Chiu
S Sausse
Auditor

Glazers were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies subject to the medium-sized groups regime.

On behalf of the board
R Chiu
Director
7 April 2026
WARWICK HOTEL CAMBRIDGE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WARWICK HOTEL CAMBRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARWICK HOTEL CAMBRIDGE LIMITED
- 5 -
Opinion

We have audited the financial statements of Warwick Hotel Cambridge Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 December 2025 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WARWICK HOTEL CAMBRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARWICK HOTEL CAMBRIDGE LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WARWICK HOTEL CAMBRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARWICK HOTEL CAMBRIDGE LIMITED
- 7 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Benjamin Allen FCCA (Senior Statutory Auditor)
For and on behalf of Glazers, Statutory Auditor
Chartered Accountants
843 Finchley Road
London
NW11 8NA
14 April 2026
WARWICK HOTEL CAMBRIDGE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
7,202,052
7,301,333
Cost of sales
(3,422,306)
(3,240,381)
Gross profit
3,779,746
4,060,952
Administrative expenses
(3,896,869)
(3,527,051)
Operating (loss)/profit
4
(117,123)
533,901
Interest receivable and similar income
7
2
3
Interest payable and similar expenses
8
(3,028,123)
(2,893,016)
Fair value losses on financial assets
9
(459,638)
(651,288)
Loss before taxation
(3,604,882)
(3,010,400)
Tax on loss
10
(168,496)
6,786
Loss for the financial year
(3,773,378)
(3,003,614)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WARWICK HOTEL CAMBRIDGE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
40,536,732
41,092,030
Other intangible assets
11
9,410,524
9,675,577
Total intangible assets
49,947,256
50,767,607
Tangible assets
12
13,240,725
11,951,187
63,187,981
62,718,794
Current assets
Stocks
16
80,397
64,693
Debtors
17
1,331,707
804,391
Cash at bank and in hand
147,492
2,781,745
1,559,596
3,650,829
Creditors: amounts falling due within one year
19
(7,962,129)
(43,639,283)
Net current liabilities
(6,402,533)
(39,988,454)
Total assets less current liabilities
56,785,448
22,730,340
Creditors: amounts falling due after more than one year
20
(76,486,139)
(38,826,150)
Provisions for liabilities
Deferred tax liability
22
277,814
109,318
(277,814)
(109,318)
Net liabilities
(19,978,505)
(16,205,128)
Capital and reserves
Called up share capital
24
1,000
1,000
Other reserves
999,000
999,000
Profit and loss reserves
(20,978,505)
(17,205,128)
Total equity
(19,978,505)
(16,205,128)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 7 April 2026 and are signed on its behalf by:
07 April 2026
R Chiu
Director
Company registration number 08120464 (England and Wales)
WARWICK HOTEL CAMBRIDGE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,599,999
1,866,665
Tangible assets
12
10,937,473
11,088,110
Investments
13
42,323,981
42,323,981
54,861,453
55,278,756
Current assets
Debtors
17
9,803,964
10,156,118
Cash at bank and in hand
18
10,637
2,500,759
9,814,601
12,656,877
Creditors: amounts falling due within one year
19
(10,408,913)
(47,170,680)
Net current liabilities
(594,312)
(34,513,803)
Total assets less current liabilities
54,267,141
20,764,953
Creditors: amounts falling due after more than one year
20
(76,486,139)
(38,826,150)
Net liabilities
(22,218,998)
(18,061,197)
Capital and reserves
Called up share capital
24
1,000
1,000
Other reserves
999,000
999,000
Profit and loss reserves
(23,218,998)
(19,061,197)
Total equity
(22,218,998)
(18,061,197)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £4,157,801 (2024 - £4,062,353 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 7 April 2026 and are signed on its behalf by:
07 April 2026
R Chiu
Director
Company registration number 08120464 (England and Wales)
WARWICK HOTEL CAMBRIDGE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,000
999,000
(14,201,514)
(13,201,514)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(3,003,614)
(3,003,614)
Balance at 31 December 2024
1,000
999,000
(17,205,128)
(16,205,128)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(3,773,377)
(3,773,377)
Balance at 31 December 2025
1,000
999,000
(20,978,505)
(19,978,505)
WARWICK HOTEL CAMBRIDGE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
1,000
999,000
(14,998,844)
(13,998,844)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(4,062,353)
(4,062,353)
Balance at 31 December 2024
1,000
999,000
(19,061,197)
(18,061,197)
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
(4,157,801)
(4,157,801)
Balance at 31 December 2025
1,000
999,000
(23,218,998)
(22,218,998)
WARWICK HOTEL CAMBRIDGE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,524,617
2,427,483
Interest paid
(3,028,122)
(2,884,037)
Net cash outflow from operating activities
(1,503,505)
(456,554)
Investing activities
Purchase of tangible fixed assets
(2,277,602)
(673,111)
Interest received
2
3
Net cash used in investing activities
(2,277,600)
(673,108)
Financing activities
Proceeds from borrowings
-
3,660,000
Repayment of borrowings
5,159,989
(530,000)
Repayment of bank loans
(3,920,000)
-
Proceeds from derivatives
103,802
754,132
Purchase of derivatives
(196,939)
(394,062)
Net cash generated from financing activities
1,146,852
3,490,070
Net (decrease)/increase in cash and cash equivalents
(2,634,253)
2,360,408
Cash and cash equivalents at beginning of year
2,781,745
421,337
Cash and cash equivalents at end of year
18
147,492
2,781,745
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Warwick Hotel Cambridge Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22-24 Basil Street, London, SW3 1AT.

The group consists of Warwick Hotel Cambridge Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include revaluation of other instruments held at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Warwick Hotel Cambridge Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the group’s ability to continue in operational existence for at least 12 months from the date the financial statements are authorised for issue, taking into account available funding and the ability to service debt obligations.

The group’s funding includes a term loan with HSBC which matures on 30 May 2030 and is subject to covenant compliance. The facility was amended and restated during the year and includes ongoing requirements in relation to financial covenants, information undertakings and hedging. The company also benefits from the financial support of Warwick Amusement Corporation (a US parent company), which has confirmed its willingness to provide assistance if required.

Furthermore, the trading performance of the hotel continues to improve, with increasing revenues and profitability. This positive trend further supports the directors’ assessment that the group will be able to meet its obligations as they fall due.

Based on the foregoing, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is considered to be the remaining term of the favourable leasehold.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangibles
Up to 15 years straight line
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Lower of 40 years or the remaining term of the lease
Fixtures and fittings
5 -12 years straight line

Assets in the course of construction are not depreciated.

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets 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.

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.13
Financial instruments

The group 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 in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 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 m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

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

Current tax

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

Deferred tax

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

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Hotel and restaurant sevices
7,202,052
7,301,333
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,202,052
7,301,333
2025
2024
£
£
Other revenue
Interest income
2
3
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
4
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging:
Exchange losses
3,776
1,490
Fees payable to the group's auditor for the audit of the group's financial statements
4,500
10,000
Depreciation of tangible fixed assets
988,064
879,351
Amortisation of intangible assets
820,351
820,351
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
10,000
Audit of the financial statements of the company's subsidiaries
14,000
8,000
18,500
18,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
72
67
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,199,763
2,046,831
-
0
-
0
Social security costs
260,377
191,736
-
-
Pension costs
34,090
32,340
-
0
-
0
2,494,230
2,270,907
-
0
-
0
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2
3
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
2,188,621
2,129,905
Interest payable to group undertakings
839,502
763,111
Total finance costs
3,028,123
2,893,016
9
Fair value losses on financial assets

As of 31 December 2025, the Group and Company recognised a fair value loss of £459,638 (2024: £641,288) on financial assets, all of which relate to derivatives measured at fair value through profit or loss, as described in note 15. These fair value losses reflect the changes in market conditions during the reporting period, impacting the valuation of financial assets held by the Group and Company.

10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
168,496
(6,786)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(3,604,882)
(3,010,400)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(901,221)
(752,600)
Tax effect of expenses that are not deductible in determining taxable profit
(4,669)
196,617
Unutilised tax losses carried forward
899,092
260,151
Permanent capital allowances in excess of depreciation
(298,670)
11,657
Depreciation on assets not qualifying for tax allowances
268,876
79,088
Amortisation on assets not qualifying for tax allowances
205,088
205,088
Other non-reversing timing differences
-
0
(6,787)
Taxation charge/(credit)
168,496
(6,786)
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
11
Intangible fixed assets
Group
Goodwill
Other intangibles
Total
£
£
£
Cost
At 1 January 2025 and 31 December 2025
45,534,412
12,243,000
57,777,412
Amortisation and impairment
At 1 January 2025
4,442,382
2,567,423
7,009,805
Amortisation charged for the year
555,298
265,053
820,351
At 31 December 2025
4,997,680
2,832,476
7,830,156
Carrying amount
At 31 December 2025
40,536,732
9,410,524
49,947,256
At 31 December 2024
41,092,030
9,675,577
50,767,607
Company
Other intangibles
£
Cost
At 1 January 2025 and 31 December 2025
4,000,000
Amortisation and impairment
At 1 January 2025
2,133,335
Amortisation charged for the year
266,666
At 31 December 2025
2,400,001
Carrying amount
At 31 December 2025
1,599,999
At 31 December 2024
1,866,665
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2025
12,654,003
5,105,536
17,759,539
Additions
208,463
2,069,139
2,277,602
At 31 December 2025
12,862,466
7,174,675
20,037,141
Depreciation and impairment
At 1 January 2025
2,211,928
3,596,424
5,808,352
Depreciation charged in the year
216,532
771,532
988,064
At 31 December 2025
2,428,460
4,367,956
6,796,416
Carrying amount
At 31 December 2025
10,434,006
2,806,719
13,240,725
At 31 December 2024
10,442,075
1,509,112
11,951,187
Company
Leasehold land and buildings
£
Cost
At 1 January 2025 and 31 December 2025
12,293,206
Depreciation and impairment
At 1 January 2025
1,205,096
Depreciation charged in the year
150,637
At 31 December 2025
1,355,733
Carrying amount
At 31 December 2025
10,937,473
At 31 December 2024
11,088,110
13
Fixed asset investments
Company
2025
2024
Notes
£
£
Investments in subsidiaries
14
42,323,981
42,323,981
42,323,981
42,323,981
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
42,323,981
Carrying amount
At 31 December 2025
42,323,981
At 31 December 2024
42,323,981
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
The Capital Group Limited
UK
Management
Ordinary
100.00
-
Capital Hotels (Knightsbridge) Limited
UK
Hoteliers
Ordinary
0
100.00
15
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
2,228
368,729
2,228
368,729
Movements in the year
Opening balance
368,729
Cash proceeds on disposal
(103,802)
Cash paid on acquisition
196,939
Fair value movement in profit and loss
(459,638)
Closing balance
2,228

The company holds derivative financial instruments in the form of an interest rate swap and an interest rate cap to manage its exposure to interest rate fluctuations on its bank loan. These instruments are measured at fair value using a market-based valuation technique, with changes in fair value recognised in the profit and loss account.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
80,397
64,693
-
0
-
0
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
54,034
128,065
-
0
-
0
Amounts owed by group undertakings
3,550
-
0
9,801,158
9,784,797
Derivative financial instruments
2,228
368,729
2,228
368,729
Other debtors
1,084,575
132,849
228
2,592
Prepayments and accrued income
187,320
174,748
350
-
0
1,331,707
804,391
9,803,964
10,156,118
18
Cash at bank and in hand

Group and company

Cash at bank and in hand includes a pledged deposit of £Nil (2024: £2,500,000). This deposit was held as collateral against a bank loan.

19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
21
500,000
36,920,000
500,000
36,920,000
Trade creditors
607,201
542,748
900
-
0
Amounts owed to group undertakings
210,000
210,000
3,859,864
5,030,960
Other taxation and social security
286,820
457,727
-
0
-
0
Other creditors
148,806
116,982
-
0
-
0
Accruals and deferred income
6,209,302
5,391,826
6,048,149
5,219,720
7,962,129
43,639,283
10,408,913
47,170,680
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
21
32,500,000
-
0
32,500,000
-
0
Other borrowings
21
43,986,139
38,826,150
43,986,139
38,826,150
76,486,139
38,826,150
76,486,139
38,826,150

WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
33,000,000
36,920,000
33,000,000
36,920,000
Loans from group undertakings
43,986,139
38,826,150
43,986,139
38,826,150
76,986,139
75,746,150
76,986,139
75,746,150
Payable within one year
500,000
36,920,000
500,000
36,920,000
Payable after one year
76,486,139
38,826,150
76,486,139
38,826,150
Bank loans

The bank loan is secured by fixed charges granted over the leasehold property known as The Capital Hotel and the leasehold property known as the Levin Hotel, located at 22 to 24, 26 and 28 Basil Street, Knightsbridge, London SW3.

The rate of interest on the loan comprises a margin over SONIA. Interest is compounded daily and paid quarterly.

Capital repayments commenced on 30 June 2024 and are payable in quarterly instalments of £125,000 until the loan matures on 30 May 2030, when the remaining balance is repayable.

Loans from group undertakings

Loans from group undertakings consists of a line of credit from the immediate parent company, Warwick UK Corporation. During the previous financial year, an amendment was made to the agreement to extend the maturity date to 31 December 2030.

Interest is accrued on the loan at an annual rate of 2% on the principle of the loan.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
277,814
109,318
The company has no deferred tax assets or liabilities.
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
22
Deferred taxation
(Continued)
- 30 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
109,318
-
Charge to profit or loss
168,496
-
Liability at 31 December 2025
277,814
-
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,090
32,340

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
25
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Interest payable
2025
2024
£
£
Group
Entities with control, joint control or significant influence over the company
839,502
763,111
Company
Entities with control, joint control or significant influence over the company
839,502
763,111

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities with control, joint control or significant influence over the group
50,232,226
44,232,735
Other related parties
-
33,200
Company
Entities with control, joint control or significant influence over the company
43,986,139
38,826,150
Entities over which the company has control, joint control or significant influence
3,859,864
5,030,960

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
-
5,000
Company
Entities over which the company has control, joint control or significant influence
9,801,158
9,784,797
WARWICK HOTEL CAMBRIDGE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
26
Controlling party

The ultimate parent undertaking is Warwick Holdings S.A. a company incorporated in Switzerland.

The smallest group in which the company is included which prepares consolidated accounts is Warwick Amusement Corporation, a company incorporated in the USA, but these accounts are not publicly available.

The immediate parent undertaking is Warwick UK Corporation, a company incorporated in the USA.

The directors consider Richard Chiu to be the ultimate controlling party.

27
Cash generated from group operations
2025
2024
£
£
Loss for the year after tax
(3,773,378)
(3,003,614)
Adjustments for:
Taxation charged/(credited)
168,496
(6,786)
Finance costs
3,028,123
2,893,016
Investment income
(2)
(3)
Amortisation and impairment of intangible assets
820,351
820,351
Depreciation and impairment of tangible fixed assets
988,064
879,351
Other gains and losses
459,638
651,288
Movements in working capital:
(Increase)/decrease in stocks
(15,704)
5,035
(Increase)/decrease in debtors
(893,817)
38,121
Increase in creditors
742,846
150,724
Cash generated from operations
1,524,617
2,427,483
28
Analysis of changes in net debt - group
1 January 2025
Cash flows
Market value movements
31 December 2025
£
£
£
£
Cash at bank and in hand
2,781,745
(2,634,253)
-
147,492
Borrowings excluding overdrafts
(75,746,150)
(1,239,989)
-
(76,986,139)
Derivatives relating to debt
368,729
(93,137)
(273,364)
2,228
(72,595,676)
(3,967,379)
(273,364)
(76,836,419)
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