Company Registration No. SC436357 (Scotland)
CSG GLASGOW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
CSG GLASGOW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 13
CSG GLASGOW LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
55,702,402
54,289,684
Investments
5
101
-
0
55,702,503
54,289,684
Current assets
Stocks
42,392
30,385
Debtors
6
1,084,454
7,702,011
Cash at bank and in hand
364,407
355,839
1,491,253
8,088,235
Creditors: amounts falling due within one year
7
(30,811,579)
(31,290,580)
Net current liabilities
(29,320,326)
(23,202,345)
Total assets less current liabilities
26,382,177
31,087,339
Creditors: amounts falling due after more than one year
8
(19,341,427)
(19,385,546)
Provisions for liabilities
10
(3,414,420)
(3,767,313)
Net assets
3,626,330
7,934,480
Capital and reserves
Called up share capital
12
1
1
Revaluation reserve
1,563,959
12,063,959
Profit and loss reserves
2,062,370
(4,129,480)
Total equity
3,626,330
7,934,480

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 8 June 2026 and are signed on its behalf by:
C J Stewart
Director
Company Registration No. SC436357
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

CSG Glasgow Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o Johnston Carmichael, 7-11 Melville Street, Edinburgh, Scotland, EH3 7PE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary 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 the revaluation of freehold properties. The principal accounting policies adopted are set out below.

Under section 1A Small Entities of FRS 102 the company is not required to prepare a cash flow statement.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements have been prepared on the going concern basis, notwithstanding the net current liabilities of £29,320,326 (2024: £23,202,345) which the directors believe to be appropriate for the following reasons. true

The directors have prepared these forecasts for a period in excess of 12 months from the date of signing the financial statements. They are based on management’s latest assumptions including occupancy rates, average daily rate and staff costs. The forecasts have been prepared with reference to latest actual trading results as well as seeking to model the impact of severe but plausible downside risks.

At the balance sheet date, the group, of which the company is a part of, was in breach of the gross leverage covenants relating to its bank facility. Accordingly, the bank loans and overdrafts under the RBS facility have been classified as falling due within one year. Subsequent to the year end, RBS formally waived the covenant breach and confirmed that the facility remains available in accordance with its original maturity profile, with no requirement for repayment within 12 months of the reporting date.

The forecasts for the company assume that its creditors under common control of the ultimate controlling party, Christopher Stewart, will not withdraw amounts forwarded to it. This has been confirmed in writing by those parties.

Based on the company’s forecast and projections, access to finance and support from related parties, the directors have a reasonable expectation that the company will have adequate resources to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover represents the total invoice value of sales made during the year and is shown net of VAT and other sales related taxes.

Turnover comprises the following streams:

- Sale of goods: Turnover from the sale of food and beverages is recognised at the point of sale.

- Rendering of services: Revenue from room sales and other guest services is recognised when rooms are occupied and as services are provided.

1.4
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. No depreciation has been applied to the company's freehold land and buildings. The directors believe that, given the nature of the property, the residual value is at least equal to the carrying value.

For other assets, depreciation is recognised so as to write off the cost or valuation less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated but subject to annual revaluation exercise
Fixtures and fittings
4-5 years Straight Line
Computers
3-5 years Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in the profit and loss account or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

1.6
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -

All other borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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 the profit and loss account, 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 the profit and loss account, 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.

1.8
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.

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.10
Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the 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.

Impairment of financial assets

Financial assets 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 the profit and loss account.

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 the profit and loss account.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors and loans from fellow group companies, 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 receipts 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. A m ounts 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.

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 6 -
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 when the company has 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.

1.13
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.

1.14
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.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 s asset are consumed.

1.16
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.

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Carrying value of fixed assets

The company’s freehold land and buildings ar e carried at valuation. The directors are therefore required to consider the valuation s each year to ensure that th e carrying value remains appropriately stated. In performing this review, the d i rectors consider a number of factors including valuations performed by Chartered Surveyors in accordance with RICS appraisal and valuation standards.

The carrying value of fixed assets at the reporting date is outlined at note 4.

3
Employees

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

2025
2024
Number
Number
Total
77
49
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2024
51,475,208
2,814,476
54,289,684
Additions
137,674
-
0
137,674
Revaluation
1,882,500
-
0
1,882,500
At 30 June 2025
53,495,382
2,814,476
56,309,858
Depreciation and impairment
At 1 July 2024
-
0
-
0
-
0
Depreciation charged in the year
-
0
607,456
607,456
At 30 June 2025
-
0
607,456
607,456
Carrying amount
At 30 June 2025
53,495,382
2,207,020
55,702,402
At 30 June 2024
51,475,208
2,814,476
54,289,684

Sale and Leaseback

During the year ended 30 June 2020, the company entered into a sale and leaseback agreement, secured on its land. Under this agreement, the land is subject to ongoing rental obligations over a period of 150 years, with the option to repurchase the site for £1 at the end of the lease agreement. The total proceeds received by the company under this sale and lease back agreement total £19.3m.

In accordance with FRS 102 Chapter 20, the land continues to be recognised on balance sheet as if the sale and leaseback transactions had not occurred with these transactions accounted for as financing arrangements. Rent payable under the arrangement is subject to annual inflationary increases linked to RPI. The directors have elected to record the land value at sales price, being £19.3m. The land value will be amortised over the lease term of 150 years down to its residual value of £3.2m.

Included within freehold land and buildings is borrowing costs of £3,769,958 (2024: £3,769,958) directly attributable to the acquisition and development of the assets.

Revaluation of land and buildings

Freehold land and buildings are carried at valuation.

The company's land was valued by the directors with reference to the company's sale and leaseback arrangement outlined above which was with an unconnected third party, completed on an arm's length basis.

The company's buildings have been subject to recent independent valuations by property agents not connected with the company which conform to International Valuation Standards. These valuations were performed on the basis of market value and where appropriate on a fully equipped operational hotel basis. The directors have considered these valuations in making their assessment that the carrying value at the reporting date is an accurate reflection of the fair value of the company's freehold buildings at this time.

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
4
Tangible fixed assets
(Continued)
- 9 -

If the company's land was measured using the cost model, the carrying amount would have been approximately £3,204,405 (2024: £3,204,405), being cost of £3,204,405 (2024: £3,204,405) and depreciation £Nil (2024: £Nil).

If the company's buildings and internal fittings were measured using the cost model, the carrying amount would have been approximately £38,265,497 (2024: £38,735,279), being cost of £39,277,924 (2024: £39,140,250) and depreciation £1,012,427 (2024: £404,971).

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
101
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024
-
Additions
101
At 30 June 2025
101
Carrying amount
At 30 June 2025
101
At 30 June 2024
-

On 18 December 2024, the company acquired the entire Ordinary share capital of Love Loan Limited, a former fellow subsidiary undertaking, from CSG Commercial Limited. CSG Commercial Limited was the company's former ultimate parent undertaking prior to a group reorganisation.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
202,750
203,750
Amounts owed by related parties
-
7,048,703
Other debtors
881,704
449,558
1,084,454
7,702,011
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
7
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18,372,750
18,700,000
Obligations under finance leases
9
44,119
39,362
Trade creditors
580,009
307,349
Amounts owed to group undertakings
38,160
10,483,450
Amounts owed to related parties
10,087,547
-
Taxation and social security
397,594
400,894
Other creditors
396,212
401,635
Accruals and deferred income
895,188
957,890
30,811,579
31,290,580

Amounts due to group undertakings and related parties are unsecured, interest free and repayable on demand. Amounts owed to related parties in the current year includes balances which were formerly disclosed as amounts owed to group undertakings in the prior year. This follows a corporate reorganisation where the company's shares were acquired by CSG Hotels and Apartments Limited, an undertaking under the same common control as CSG Commercial Limited, the company's former parent.

Current year bank loans outlined above include amounts drawn down by the company during the year against the company's allocation of a group facility agreement held with RBS. Bank borrowings are secured by fixed and floating charges over all of the property or undertaking of the company.

At the balance sheet date, the group, of which the company is a part of, was in breach of a gross leverage covenant relating to its bank facility. Accordingly, the bank loans and overdrafts under the RBS facility have been classified as falling due within one year. Subsequent to the year end, RBS formally waived these covenant breaches and confirmed that the facility remains available in accordance with its original maturity profile, with no requirement for repayment within 12 months of the reporting date.

8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
9
19,341,427
19,385,546

Further details in relation to the disclosure of bank borrowings as falling due within one year is outlined at note 7.

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
9
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
546,963
530,093
In two to five years
2,108,574
2,130,130
In over five years
70,340,620
70,845,620
72,996,157
73,505,843
Less: future finance charges
(53,610,611)
(54,080,935)
19,385,546
19,424,908
Analysis of amounts due in over five years
Repayable between five and ten years
2,525,000
2,525,000
Repayable between ten and twenty years
5,050,000
5,050,000
Repayable between twenty and fifty years
15,150,000
15,150,000
Repayable in more than fifty years
47,615,620
48,120,620
70,340,620
70,845,620

Finance lease obligations above includes £19.3m in respect of obligations associated with the company's sale and leaseback arrangement as well as £0.1m relating to obligations associated with other fixtures, fittings and equipment.

10
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
11
3,414,420
3,767,313
11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,369,476
1,732,484
Tax losses
(1,641,653)
(1,050,713)
Revaluations
3,456,883
3,087,500
Short term timing differences
229,714
(1,958)
3,414,420
3,767,313
CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Deferred taxation
(Continued)
- 12 -
2025
Movements in the year:
£
Liability at 1 July 2024
3,767,313
Credit to profit or loss
(352,893)
Liability at 30 June 2025
3,414,420
12
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1

During the current financial year the company had the following movements in called up share capital:

- On 17 December 2024, by way of special resolution, the company capitalised an amount equal to £10,500,000 standing to credit on the company’s revaluation reserve, applying this amount in paying up, in full, the issue of 10,500,000 Ordinary shares of £1 each.

- On the same date, by way of a special resolution supported by a directors’ solvency statement, the company reduced its Ordinary share capital from 10,500,001 Ordinary shares of £1 each to 1 Ordinary share of £1 each and applied the amount by which the Ordinary share capital was reduced to the company’s profit and loss reserves.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was James Hamilton and the auditor was Johnston Carmichael LLP.
14
Financial commitments, guarantees and contingent liabilities

As a condition to the availability of the bank loan and overdraft facilities made available by The Royal Bank of Scotland plc to Lateral City Limited, CSG Glasgow Limited, Love Loan Limited and St Andrew Square (Property) Limited, all related by virtue of common ownership (the “Related Group”), The Royal Bank of Scotland plc (in its capacity as Security Agent) holds a floating charge over all the assets of the company and certain fixed charges over certain assets of the company. Under the terms of these finance documents the Related Group must meet certain financial covenants in relation to the Related Group’s financial position. The company’s liability in respect of these finance documents (including pursuant to the guarantees granted under these finance documents) as at 30 June 2025 amounted to £61.6 m.

At the reporting date, the company had pension contributions of £8,404 (2024: £13,962) which were outstanding and included within creditors falling due within one year.

CSG GLASGOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
15
Events after the reporting date

Subsequent to the reporting date, the Group, of which the company is a part, agreed amendments to its existing financing arrangements with its lenders.

The principal changes to the facilities are as follows:

- The maturity date of the term loan, previously June 2028, has been amended to include an option to extend for up to a further two years.

- The margin has been reduced to 1.8%, subject to a leverage-based ratchet mechanism, with a maximum margin of 2.25%.

- The leverage covenant ceiling has been increased, and the existing cash flow cover covenant has been replaced with an interest cover covenant, simplifying the covenant structure and improving covenant headroom.

- The repayment profile of the loan has been amended from amortising to interest-only, increasing short-term cash availability within the Group.

- The £5.0 million revolving credit facility, previously due to expire in June 2026, has been extended to align with the revised term loan maturity date.

These amendments were agreed on 22 May 2026.

The amendments are treated as a non-adjusting event after the reporting date in accordance with FRS 102 Section 32, as they relate to changes in conditions arising after the reporting date. Accordingly, no adjustment has been made to the carrying value of borrowings at the reporting date.

The amendments strengthen the Group’s financial flexibility through extended maturities, an improved covenant structure and enhanced cash flow availability.

As a result of these amendments, the Group expects that the borrowings, which are classified as current liabilities at the reporting date, will be classified as non-current in future reporting periods.

The Directors have considered the impact of these changes in the context of the Group’s going concern assessment and are satisfied that the revised facilities provide improved liquidity and covenant headroom for a period of at least 12 months from the date of approval of the financial statements.

16
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

17
Parent company

As at 30 June 2025, the immediate parent company and the smallest and largest group in which the results are consolidated is CSG Hotels and Apartments Limited, a company whose registered office is c/o Johnston Carmichael, 7-11 Melville Street, Edinburgh, Scotland, EH3 7PE. The company's ultimate parent undertaking is CSG H&A Holdings Limited, a company registered in Scotland whose registered address is c/o Johnston Carmichael, 7-11 Melville Street, Edinburgh, Scotland, EH3 7PE. The ultimate controlling party is Christopher Stewart.

The accounts of CSG Hotels and Apartments Limited can be obtained from the Companies House online register at https://www.gov.uk/government/organisations/companies-house.

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