Company Registration No. 09633534 (England and Wales)
UNIQUE BOUTIQUE HOTELS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2025
UNIQUE BOUTIQUE HOTELS LIMITED
COMPANY INFORMATION
Directors
Mr J S H Houlston
Mr C L Eddlestone
Company number
09633534
Registered office
Ground Floor
6 Queen Street
Leeds
West Yorkshire
United Kingdom
LS1 2TW
Auditor
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
UNIQUE BOUTIQUE HOTELS LIMITED
CONTENTS
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group balance sheet
10 - 11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
UNIQUE BOUTIQUE HOTELS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 29 March 2025.

Fair review of the business

The principal activity of the group during the period continued to be the management and operation of a hotel.

Unique Boutique Hotels is the group company which owns a significant shareholding (55%) in the compan y UBH Manchester Limited, which has the principal activity of a hotel operator.

The year ended 29 th March 2025 saw the group and its compan ies, continue to operate within a stabilising but still evolving market environment. The wider Manchester market has remained resilient, although performance continues to be influenced by inflationary pressures and a competitive trading landscape.

The hotel team has continued to focus on operational efficiency and cost control. Despite these efforts, increases in operating costs combined with pressure on revenue have resulted in a reduction in operating performance during the year.

The directors continue to review the group's funding structure. Whilst refinancing has not yet been completed, options are currently under consideration and remain at an early stage. The intention is to secure a more sustainable long-term capital structure as trading performance continues to stabilise.

Principal risks and uncertainties

The Group's activities may be impacted by a number of factors.

The principal risk to the Group remains the wider UK market and global uncertainty.

Other risks include increases in key operating costs such as wages and direct food costs. We regularly review our costs and renegotiate terms where possible, however like all are experiencing in hospitality rising costs are inevitable. Being able to recruit and retain quality employees remains a risk, however we have done much to mitigate this and are a leading employer in the area and the sector.

UBH Manchester uses bank and other borrowings to finance its activities and is therefore exposed to funding and liquidity risks, including the need to refinance existing loan facilities as they fall due. The directors are actively engaged in discussions to secure appropriate refinancing. Funding proposals have been received and are being reviewed. At the date of this report that process is continuing and while the Directors are confident of a successful outcome, there remains a risk that a successful refinancing will not be achieved.

UBH Manchester also has significant rent arrears, accumulated during the COVID-19 pandemic, and is in ongoing discussions with its landlord regarding the settlement of these balances. The preferred refinance option will also deal with the lease arrears. However, as stated above, there is a risk that an agreement may not be reached on terms consistent with the Company’s cash flow projections.

The Group is also exposed to the risk of rising interest rates. The directors keep the funding position under continual review and seek to secure fixed rates on borrowings wherever possible. The Group's principal borrowings are secured on fixed rates.

UNIQUE BOUTIQUE HOTELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 2 -
Key performance indicators
The following key performance indicators have been utilised to analyse the performance of the trading entity:
Unit
2025
2024
Turnover
£000's
6,865
6,878
RevPAR
£000's
101
101
EBITDAR
£000's
1,513
1,817

On behalf of the board

Mr J S H Houlston
Director
8 June 2026
UNIQUE BOUTIQUE HOTELS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 29 March 2025.

Principal activities

The principal activity of the company and group continued to be that of project management.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £48,387. The directors do not recommend payment of a further dividend.

Directors

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

Mr J S H Houlston
Mr C L Eddlestone
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.

On behalf of the board
Mr J S H Houlston
Director
8 June 2026
UNIQUE BOUTIQUE HOTELS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 MARCH 2025
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and 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 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 and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNIQUE BOUTIQUE HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNIQUE BOUTIQUE HOTELS LIMITED
- 5 -
Opinion

We have audited the financial statements of Unique Boutique Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 March 2025 which comprise the group profit and loss account, 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 FRS 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 29 March 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 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.

Material uncertainty related to going concern

We draw attention to note 1.4 to the financial statements which describes the directors’ assessment of the Group's ability to continue as a going concern. As explained in that note, the Group's ability to continue as a going concern is dependent on the successful refinancing of its existing loan facilities in order to meet its liabilities (including the rent ar r ears) as they fall due. However, at the date of approval of these financial statements, the refinancing of existing debt and rent a r rears has not been finalised and therefore remains subject to uncertainty. As stated in note 1.4, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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.

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

UNIQUE BOUTIQUE HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIQUE BOUTIQUE HOTELS LIMITED
- 6 -

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:

- the 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.

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 its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

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

- adequate accounting records have not been kept 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 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 company or to cease operations, or have no realistic alternative but to do so.

UNIQUE BOUTIQUE HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIQUE BOUTIQUE HOTELS LIMITED
- 7 -
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.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

The objectives of our audit, in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and employment law;

- We considered the nature of the industry, the control environment and business performance, including key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes.

UNIQUE BOUTIQUE HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIQUE BOUTIQUE HOTELS LIMITED
- 8 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect all non-compliance with laws and regulations.

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.

Our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Hunter FCA (Senior Statutory Auditor)
For and on behalf of TC Group
8 June 2026
Statutory Auditor
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
UNIQUE BOUTIQUE HOTELS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
6,864,574
6,878,061
Cost of sales
(1,400,238)
(1,360,245)
Gross profit
5,464,336
5,517,816
Administrative expenses
(5,477,237)
(5,259,017)
Operating (loss)/profit
4
(12,901)
258,799
Interest payable and similar expenses
8
(701,613)
(701,613)
Loss before taxation
(714,514)
(442,814)
Tax on loss
9
50,737
97,356
Loss for the financial year
23
(663,777)
(345,458)
Loss for the financial year is attributable to:
- Owners of the parent company
(288,954)
(179,307)
- Non-controlling interests
(374,823)
(166,151)
(663,777)
(345,458)
UNIQUE BOUTIQUE HOTELS LIMITED
GROUP BALANCE SHEET
AS AT 29 MARCH 2025
29 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
13,639,371
14,020,426
Current assets
Stocks
14
36,610
39,335
Debtors
15
1,129,254
1,192,711
Cash at bank and in hand
208,790
541,987
1,374,654
1,774,033
Creditors: amounts falling due within one year
16
(13,281,800)
(13,158,360)
Net current liabilities
(11,907,146)
(11,384,327)
Total assets less current liabilities
1,732,225
2,636,099
Creditors: amounts falling due after more than one year
17
(637,422)
(778,395)
Provisions for liabilities
Deferred tax liability
20
5,454
56,191
(5,454)
(56,191)
Net assets
1,089,349
1,801,513
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
23
7,131,075
7,131,075
Profit and loss reserves
23
(6,434,024)
(6,096,683)
Equity attributable to owners of the parent company
697,151
1,034,492
Non-controlling interests
392,198
767,021
1,089,349
1,801,513
UNIQUE BOUTIQUE HOTELS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 29 MARCH 2025
29 March 2025
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
08 June 2026
Mr J S H Houlston
Director
UNIQUE BOUTIQUE HOTELS LIMITED
COMPANY BALANCE SHEET
AS AT 29 MARCH 2025
29 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
21,817
29,377
Investments
12
1
1
21,818
29,378
Current assets
Debtors
15
249,415
144,265
Cash at bank and in hand
52,461
89,534
301,876
233,799
Creditors: amounts falling due within one year
16
(132,704)
(138,125)
Net current assets
169,172
95,674
Total assets less current liabilities
190,990
125,052
Creditors: amounts falling due after more than one year
17
(23,668)
(27,770)
Provisions for liabilities
Deferred tax liability
20
5,454
259
(5,454)
(259)
Net assets
161,868
97,023
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
161,768
96,923
Total equity
161,868
97,023

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 profit for the year was £113,233 (2024 - £23,765 profit).

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

UNIQUE BOUTIQUE HOTELS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 29 MARCH 2025
29 March 2025
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
08 June 2026
Mr J S H Houlston
Director
Company Registration No. 09633534
UNIQUE BOUTIQUE HOTELS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2025
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 30 March 2023
101
7,131,075
(5,890,494)
1,240,682
933,172
2,173,854
Year ended 29 March 2024:
Loss and total comprehensive income for the year
-
-
(179,307)
(179,307)
(166,151)
(345,458)
Dividends
10
-
-
(26,882)
(26,882)
-
(26,882)
Other movements
(1)
-
-
(1)
-
(1)
Balance at 29 March 2024
100
7,131,075
(6,096,683)
1,034,492
767,021
1,801,513
Year ended 29 March 2025:
Loss and total comprehensive income for the year
-
-
(288,954)
(288,954)
(374,823)
(663,777)
Dividends
10
-
-
(48,387)
(48,387)
-
(48,387)
Balance at 29 March 2025
100
7,131,075
(6,434,024)
697,151
392,198
1,089,349
UNIQUE BOUTIQUE HOTELS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2025
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 March 2023
100
100,040
100,140
Year ended 29 March 2024:
Profit and total comprehensive income for the year
-
23,765
23,765
Dividends
10
-
(26,882)
(26,882)
Balance at 29 March 2024
100
96,923
97,023
Year ended 29 March 2025:
Profit and total comprehensive income for the year
-
113,232
113,232
Dividends
10
-
(48,387)
(48,387)
Balance at 29 March 2025
100
161,768
161,868
UNIQUE BOUTIQUE HOTELS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 MARCH 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
511,526
968,897
Interest paid
(701,613)
(701,613)
Net cash (outflow)/inflow from operating activities
(190,087)
267,284
Investing activities
Purchase of tangible fixed assets
-
(935)
Net cash used in investing activities
-
(935)
Financing activities
Repayment of bank loans
(90,621)
(60,000)
Payment of finance leases obligations
(4,102)
(4,102)
Dividends paid to equity shareholders
(48,387)
(26,882)
Net cash used in financing activities
(143,110)
(90,984)
Net (decrease)/increase in cash and cash equivalents
(333,197)
175,365
Cash and cash equivalents at beginning of year
541,987
366,622
Cash and cash equivalents at end of year
208,790
541,987
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2025
- 17 -
1
Accounting policies
Company information

Unique Boutique Hotels Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ground Floor, 6 Queen Street, Leeds, West Yorkshire, United Kingdom, LS1 2TW.

The group consists of Unique Boutique Hotels 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 £1.

The financial statements have been prepared under the historical cost convention. 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 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
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.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Unique Boutique Hotels 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 29 March 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.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

The financial statements have been prepared on a going concern basis.

The directors have prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements, which reflect the current trading performance, committed cost base and expected future funding profile.

The forecasts indicate that the Group will require the successful refinancing of its existing loan facilities in order to meet its liabilities (including the rent arrears) as they fall due. However, at the date of approval of these financial statements, the refinancing of existing debt and rent arears has not been finalised. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.

The directors are actively engaged in discussions regarding the refinancing of these facilities and are progressing plans to secure appropriate funding on acceptable terms. However, at the date of approval of these financial statements, the refinancing has not been finalised.

Notwithstanding the above, the directors have a reasonable expectation that the Group will be able to successfully refinance its loan facilities and reach satisfactory arrangements with the landlord, and on that basis have prepared the financial statements on a going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
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
over 125 years
Fixtures and fittings
15% reducing balance
Computers
3 years straight line
Motor vehicles
25% Reducing Balance

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.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.7
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 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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.9
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.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 21 -

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.

1.10
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.

1.11
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. Financial assets classified as receivable within one year are not amortised.

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.

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.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.12
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.

1.13
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Retirement benefits

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

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 23 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

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
Accommodation
5,351,055
5,451,216
Food & Beverages
1,091,996
1,124,047
Events
104,666
145,676
Leisure
23,191
1,574
Other
293,666
155,548
6,864,574
6,878,061

All turnover arose within the United Kingdom.

4
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
381,055
431,138
Operating lease charges
1,144,901
1,126,599
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 24 -
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
-
-
Audit of the financial statements of the company's subsidiaries
15,250
15,000
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
Directors
4
4
2
2
Hotel operations
89
84
-
-
Total
93
88
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,718,451
1,670,484
44,000
44,000
Social security costs
136,189
128,120
4,817
4,816
Pension costs
25,709
24,610
-
0
-
0
1,880,349
1,823,214
48,817
48,816
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
44,000
44,000
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 25 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
697,920
697,920
Other finance costs:
Interest on finance leases and hire purchase contracts
3,693
3,693
Total finance costs
701,613
701,613
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(50,737)
(90,892)
Adjustment in respect of prior periods
-
0
(6,464)
Total deferred tax
(50,737)
(97,356)

The actual 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
(714,514)
(442,814)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.97%)
(178,629)
(110,559)
Tax effect of expenses that are not deductible in determining taxable profit
13,382
795
Adjustments in respect of prior years
-
0
(6,464)
Permanent capital allowances in excess of depreciation
19,016
18,992
Change in rate in deferred tax
-
0
(120)
Movement in deferred tax not recognised
95,494
-
0
Taxation credit
(50,737)
(97,356)
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 26 -
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
48,387
26,882
11
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 March 2024 and 29 March 2025
12,685,306
4,086,721
1,680
50,333
16,824,040
Depreciation and impairment
At 30 March 2024
507,556
2,273,422
1,021
21,615
2,803,614
Depreciation charged in the year
101,500
271,995
380
7,180
381,055
At 29 March 2025
609,056
2,545,417
1,401
28,795
3,184,669
Carrying amount
At 29 March 2025
12,076,250
1,541,304
279
21,538
13,639,371
At 29 March 2024
12,177,750
1,813,299
659
28,718
14,020,426
Company
Computers
Motor vehicles
Total
£
£
£
Cost
At 30 March 2024 and 29 March 2025
1,680
50,333
52,013
Depreciation and impairment
At 30 March 2024
1,021
21,615
22,636
Depreciation charged in the year
380
7,180
7,560
At 29 March 2025
1,401
28,795
30,196
Carrying amount
At 29 March 2025
279
21,538
21,817
At 29 March 2024
659
28,718
29,377
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 27 -
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 March 2024 and 29 March 2025
1
Carrying amount
At 29 March 2025
1
At 29 March 2024
1
13
Subsidiaries

Details of the company's subsidiaries at 29 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
UBH Manchester Limited
Hotel Indigo Manchester Victoria Station, 6 Todd Street, Manchester, England, M3 1WU
Ordinary
55.00
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
36,610
39,335
-
0
-
0
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 28 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
358,063
315,758
116,500
135,447
Other debtors
405,303
530,896
132,417
8,818
Prepayments and accrued income
365,888
346,057
498
-
0
1,129,254
1,192,711
249,415
144,265
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
18
60,000
60,000
-
0
-
0
Obligations under finance leases
19
4,102
4,102
4,102
4,102
Other borrowings
18
8,724,000
8,724,000
-
0
-
0
Trade creditors
1,086,818
439,396
119,284
4,824
Other taxation and social security
86,240
221,849
3,404
8,956
Other creditors
714,895
898,884
2,934
4,996
Accruals and deferred income
2,605,745
2,810,129
2,980
115,247
13,281,800
13,158,360
132,704
138,125
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
5,212
95,833
-
0
-
0
Obligations under finance leases
19
23,668
27,770
23,668
27,770
Other creditors
608,542
654,792
-
0
-
0
637,422
778,395
23,668
27,770
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
423,542
469,792
-
-
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 29 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
65,212
155,833
-
0
-
0
Other loans
8,724,000
8,724,000
-
0
-
0
8,789,212
8,879,833
-
-
Payable within one year
8,784,000
8,784,000
-
0
-
0
Payable after one year
5,212
95,833
-
0
-
0

Other loans include a loan provided by Octopus Administrative Services Financial Limited, which is denominated in Pounds Sterling with a nominal interest rate of 8.0%. The carrying value at the period end is £8,724,000 (2024 - £8,724,000). The loan is due for repayment within 12 months of the reporting date and is therefore classified as due within one year.

The loan is secured by a way of a fixed and floating charge over the leasehold property known as the land at Todd Street, Manchester, M3 1WU.

19
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,102
4,102
4,102
4,102
In two to five years
23,668
27,770
23,668
27,770
27,770
31,872
27,770
31,872
UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 30 -
20
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
405,632
373,680
Tax losses
(2,182,840)
(2,099,836)
Revaluations
1,782,744
1,782,744
Retirement benefit obligations
(82)
(397)
5,454
56,191
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
5,454
7,344
Tax losses
-
(7,085)
5,454
259
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 30 March 2024
56,191
259
(Credit)/charge to profit or loss
(50,737)
5,195
Liability at 29 March 2025
5,454
5,454

The deferred tax liability set out above relates to accelerated capital allowances and is expected to reverse over the useful economic lives of the associated tangible fixed assets.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 31 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,709
24,610

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.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 10p each
1,000
1,000
100
100
23
Reserves

Share capital

Share capital represents the nominal value of shares in issue.

Profit and loss account

The profit and loss account represents accumulated comprehensive income for the period and prior periods,

after deduction of dividends paid. This reserve is distributable.

Non-controlling interests

Non-controlling interests represents accumulated comprehensive income for the year end and prior periods,

after deduction of dividends, attributable to minority shareholders of group undertakings.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 32 -
24
Related party transactions

Transactions with directors

Included within other creditors are the following amounts owed to directors:

- £12,000 (2024 - £12,000) by Mr J Houlston. No interest was charged on this balance.

St Michael's Falmouth Limited

St Michael's Falmouth Limited was an associate within the B H Hotels group, which is under common control through the shareholding of James Houlston, a person with significant control. The B H Hotels group sold its investment in St Michael's Falmouth Limited on 24 October 2024 and, accordingly, the entity ceased to be a related party from that date.

During the year, the Group made sales of £59,210 (2024 – £78,596) to St Michael's Falmouth Limited. As at 29 March 2025, the Group was owed £3,295 (2024 – £987) from St Michael's Falmouth Limited.

The Swan Hotel (Newby Bridge) Limited

The Swan Hotel (Newby Bridge) Limited is a company under common control. During the year, the Group made sales of £74,830 (2024 - £77,112 to The Swan Hotel (Newby Bridge) Limited. As at 29 March 2025, the Group was owed £41,141 (2024 - £121,822) from The Swan Hotel (Newby Bridge) Limited.

Create Developments (Blackpool) Limited

Create Developments (Blackpool) Limited is a company under common control. During the year, the Group made sales of £1,146 (2024 - £2,585) to Create Developments (Blackpool) Limited. As at 29 March 2025, the Group was owed £2,819 (2024 - £1,443) from Create Developments (Blackpool) Limited.

25
Directors' transactions

Dividends totalling £48,387 (2024 - £26,882) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The controlling party is Mr J S H Houlston by virtue of his majority shareholding.

UNIQUE BOUTIQUE HOTELS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2025
- 33 -
27
Cash generated from group operations
2025
2024
£
£
Loss for the year after tax
(663,777)
(345,458)
Adjustments for:
Taxation credited
(50,737)
(97,356)
Finance costs
701,613
701,613
Depreciation and impairment of tangible fixed assets
381,055
431,138
Movements in working capital:
Decrease/(increase) in stocks
2,725
(16,140)
Decrease/(increase) in debtors
63,457
(265,396)
Increase in creditors
77,190
630,220
Decrease in deferred income
-
(69,724)
Cash generated from operations
511,526
968,897
28
Analysis of changes in net debt - group
30 March 2024
Cash flows
29 March 2025
£
£
£
Cash at bank and in hand
541,987
(333,197)
208,790
Borrowings excluding overdrafts
(8,879,833)
90,621
(8,789,212)
Obligations under finance leases
(31,872)
4,102
(27,770)
(8,369,718)
(238,474)
(8,608,192)
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