Company registration number 03032178 (England and Wales)
HOTBLACK DESIATO LETTINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
HOTBLACK DESIATO LETTINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
HOTBLACK DESIATO LETTINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2025
30 September 2025
- 1 -
30 September 2025
31 March 2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,500
4,783
Current assets
Trade and other receivables
4
716,548
178,445
Cash and cash equivalents
291,771
208,566
1,008,319
387,011
Current liabilities
5
(867,033)
(167,776)
Net current assets
141,286
219,235
Net assets
142,786
224,018
Equity
Called up share capital
6
1,000
1,000
Retained earnings
141,786
223,018
Total equity
142,786
224,018

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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 23 June 2026 and are signed on its behalf by:
J Blissett
Director
Company registration number 03032178 (England and Wales)
HOTBLACK DESIATO LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 2 -
1
Accounting policies
Company information

Hotblack Desiato Lettings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

1.1
Reporting period

These financial statements cover an extended reporting period of 18 months, as the company has changed its accounting reference date to 30 September. As a result of the extended period, the figures presented in the income statement are not directly comparable with those of the previous financial year.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Going concern

Following a group reconstruction during the period, a new parent holding company has been established. The directors intend that the company will be placed into liquidation in the short to medium term and, accordingly, it is not intended that the company will continue to trade indefinitely.

Notwithstanding this intention, the financial statements have been prepared on a going concern basis as the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. The directors consider that this has no impact on the carrying value of the company's assets and liabilities at the balance sheet date.

1.4
Revenue

Turnover represents amounts receivable for services delivered during the year, exclusive of VAT. Turnover is recognised at the point at which the company has fulfilled its contractual obligations to the client.

1.5
Property, plant and equipment

Property, plant and equipment 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
straight line over the lease term
Fixtures, fittings & equipment
20% per annum on the 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 credited or charged to profit or loss.

HOTBLACK DESIATO LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of non-current 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.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
Taxation

The tax expense is the tax currently payable.

HOTBLACK DESIATO LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

1.11
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 non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

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

1.13
Leases

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 s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2025
2024
Number
Number
Total
13
18
HOTBLACK DESIATO LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 5 -
3
Property, plant and equipment
Leasehold land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2024 and 30 September 2025
37,500
50,620
88,120
Depreciation and impairment
At 1 April 2024
34,368
48,969
83,337
Depreciation charged in the period
2,813
470
3,283
At 30 September 2025
37,181
49,439
86,620
Carrying amount
At 30 September 2025
319
1,181
1,500
At 31 March 2024
3,132
1,651
4,783
4
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
610
610
Other receivables
703,598
177,835
Prepayments and accrued income
12,340
-
0
716,548
178,445
5
Current liabilities
2025
2024
£
£
Trade payables
13,798
2,400
Taxation and social security
133,661
36,845
Other payables
164,226
101,337
Accruals and deferred income
555,348
27,194
867,033
167,776

HSBC Bank PLC has fixed and floating charges over the company's assets.

6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
HOTBLACK DESIATO LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
- 6 -
7
Financial commitments, guarantees and contingent liabilities

The company is a guarantor to the lease agreement between Cityspace Estates Limited and Hotb l ack Desiato Highbury Limited in regard to a property at 2 Highbury Park, London N5 2AB.

8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
117,426
157,057
9
Events after the reporting date

Subsequent to the year end, the company assigned its lease in respect of Suite 2 Islington House, 313-314 Upper Street, London, N1 2XQ to its parent undertaking, Hotblack Desiato Holdings Limited.

The assignment took effect on 16 January 2026 and, as a result, the company has no further obligations under the lease from that date.

10
Related party transactions

At the period end the company was owed £560,354 (202 4: £87,112) by other group companies. The balance is interest free, unsecured and repayable on demand.

Management fees of £320,000 (2024: £290,000) were charged by a group company.

There was a restructure during the period, prior to which the group companies were companies under common control.

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