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Registered number: 05848066 NEW WORLD (NEC) LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
NEW WORLD (NEC) LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Statement of changes in equity | 4
Notes to the financial statements | 5 - 14
NEW WORLD (NEC) LIMITED COMPANY INFORMATION
Directors | F G Callingham
| P A Callingham
| J Schreiber
Registered number | 05848066
Registered office | C/O Starboard Hotels Limited
| Park House
| 10 Penn Road
| Beaconsfield
| HP9 2LH
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:05848066
NEW WORLD (NEC) LIMITED BALANCE SHEET AS AT 30 JUNE 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 4 |  | 28,395,781 |  | 28,688,463
Current assets |  |  |  |  |
Stocks |  | 9,196 |  | 9,548 |
Debtors: amounts falling due within one year | 5 | 7,737,095 |  | 7,297,599 |
Cash at bank and in hand |  | 111,574 |  | 36,194 |
|  | 7,857,865 |  | 7,343,341 |
Creditors: amounts falling due within one year |  | (927,100) |  | (649,479) |
Net current assets |  |  | 6,930,765 |  | 6,693,862
Total assets less current liabilities |  |  | 35,326,546 |  | 35,382,325
Creditors: amounts falling due after more than one year | 6 |  | (8,783,959) |  | (8,835,534)
Deferred tax | 8 | (1,396,668) |  | (1,309,334) |
|  |  | (1,396,668) |  | (1,309,334)
Net assets |  |  | 25,145,919 |  | 25,237,457
Capital and reserves |  |  |  |  |
Called up share capital | 9,12 |  | 100 |  | 100
Revaluation reserve | 11 |  | 6,811,061 |  | 6,811,061
Profit and loss account | 11 |  | 18,334,758 |  | 18,426,296
Total equity |  |  | 25,145,919 |  | 25,237,457
Page 2
|  | REGISTERED NUMBER:05848066
NEW WORLD (NEC) LIMITED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P A Callingham
Director
Date: 24 June 2026
The notes on pages 5 to 14 form part of these financial statements. Page 3
NEW WORLD (NEC) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital (as restated) | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 26,548,236 | 6,891,224 | (8,456,558) | 24,982,902
Comprehensive income for the year |  |  |  |
Profit for the financial year | - | - | 254,555 | 254,555
Surplus on revaluation of freehold property | - | (80,163) | 80,163 | -
Capital reduction | (26,548,136) | - | - | (26,548,136)
Contributions by and distributions to owners |  |  |  |
Transfer to profit and loss account | - | - | 26,548,136 | 26,548,136
At 30 June 2024 and 1 July 2024 | 100 | 6,811,061 | 18,426,296 | 25,237,457
Comprehensive loss for the year |  |  |  |
Loss for the financial year | - | - | (91,538) | (91,538)
At 30 June 2025 | 100 | 6,811,061 | 18,334,758 | 25,145,919
| The notes on pages 5 to 14 form part of these financial statements.
Page 4
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
New World (NEC) Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH. The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax. The following criteria must also be met before revenue is recognised: Rendering of services and goods Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from the rendering of services (such as accommodation and use of facilities) is recognised when services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time when the goods are delivered to customers.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2%
|  |  |  | Fixtures and fittings | - | 14%
|  |  |  | Office equipment | - | 14%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value.
| 2.6 | Revaluation of freehold properties
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.7 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.8 | Share capital
Ordinary shares are classified as equity. Page 6
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.9 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses".
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.11 | Leased assets
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.12 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.13 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. Page 7
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 8
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. Page 9
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.15 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 36 (2024 - 36).
Page 10
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Tangible fixed assets
|  | Hotel buildings | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 July 2024 | 27,262,123 | 2,244,528 | 31,984 | 29,538,635
| Additions | - | 639,574 | 4,629 | 644,203
| At 30 June 2025 | 27,262,123 | 2,884,102 | 36,613 | 30,182,838
| Depreciation |  |  |  |
| At 1 July 2024 | 545,242 | 278,335 | 26,595 | 850,172
| Charge for the year | 545,243 | 386,732 | 4,910 | 936,885
| At 30 June 2025 | 1,090,485 | 665,067 | 31,505 | 1,787,057
| Net book value |  |  |  |
| At 30 June 2025 | 26,171,638 | 2,219,035 | 5,108 | 28,395,781
| At 30 June 2024 | 26,716,881 | 1,966,193 | 5,389 | 28,688,463
| The directors have obtained a valuation as at 17 February 2023, undertaken by Savills which shows a valuation on an open market basis of £19,750,000 for the leasehold interest of the hotel (including fixtures and fittings) on the basis of the existing management agreement with Starboard Hotels Limited. The valuation has been adjusted for additions and depreciation in the year. Included in the valuation of land and hotel buildings is freehold land of £3,700,000 (2024: £3,700,000) which is not depreciated. On 7 March 2018, the hotel was subject to a sale and leaseback transaction whereby the freehold element was sold for £9,360,300 with the option to buy back the property for £1 in 80 years' time. This was treated as a financing transaction. See note 9 for details.
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 26,171,638 | 26,716,881
Page 11
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 217,974 | 134,082
| Amounts owed by group undertakings | 7,476,701 | 7,134,269
| Other debtors | 74 | 74
| Prepayments and accrued income | 42,346 | 29,174
|  | 7,737,095 | 7,297,599
6. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 8,783,959 | 8,835,534
7. | Finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 51,575 | 50,475
| Between 1-5 years | 217,933 | 213,245
| Over 5 years | 8,566,026 | 8,622,289
|  | 8,835,534 | 8,886,009
| The finance lease relates to a sale and leaseback on the hotel whereby the freehold element was sold for £9,360,300, with the option to buyback the property for £1 in 80 years' time.
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,309,334)
| Charged to profit or loss | (87,334)
| At end of year | (1,396,668)
Page 12
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 8.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (114,055) | -
| Revaluation gain | (1,282,613) | (1,309,334)
|  | (1,396,668) | (1,309,334)
9. | Share capital
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
10. | Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. Transactions with other related parties are as follows: Support costs of £180,000 (2024: £173,563) were charged by Starboard Hotels Limited, a company with common directors and shareholders.
11. | Reserves
Revaluation reserve The revaluation reserve relates to the revaluation of the company's freehold property, net of deferred tax. The reserve is not distributable. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses. Page 13
NEW WORLD (NEC) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Prior year adjustment
During the year, it was identified that the share capital balance reported in the prior year’s financial statements was misstated. The company had legally completed a reduction of share capital from £26,548,236 to £100 on 31 July 2023, however this transaction was not reflected in the prior year’s financial statements. As a result, share capital at 30 June 2024 was overstated by £26,548,136, with a corresponding understatement of reserves. The comparative figures have been restated retrospectively as if the correct share capital and reserve balances had been recognised at the time of reduction.
13. | Contingent liabilities
A fixed charge was in place over the company's assets as part of a cross guarantee against bank loans totalling £57,980,171 (2024: £55,670,153) at the balance sheet date. The loans are owed by companies in which the director P A Callingham has an interest.
14. | Capital commitments
| At 30 June 2025 the company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 116,000
15. | Controlling party
The smallest group for which consolidated financial statements are drawn up is headed by SBH Styles Limited whose registered office is C/O Starboard Hotels Limited, Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH.
16. | Auditor's information
The auditor's report on the financial statements for the year ended 30 June 2025 was unqualified. The audit report was signed on 24 June 2026 by Andrew Sanford (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 14