Company registration number NI636916 (Northern Ireland)
PROPITEER HOTELS EXETER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
PROPITEER HOTELS EXETER LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
PROPITEER HOTELS EXETER LIMITED
BALANCE SHEET
AS AT
26 JUNE 2025
26 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
18,525
-
0
Investment property
6
9,500,000
9,500,000
9,518,525
9,500,000
Current assets
Debtors
7
785,083
4,549,035
Cash at bank and in hand
144,237
144,042
929,320
4,693,077
Creditors: amounts falling due within one year
8
(2,351,986)
(3,920,142)
Net current (liabilities)/assets
(1,422,666)
772,935
Total assets less current liabilities
8,095,859
10,272,935
Creditors: amounts falling due after more than one year
9
(11,869,986)
(11,890,461)
Net liabilities
(3,774,127)
(1,617,526)
Capital and reserves
Called up share capital
11
200
200
Profit and loss reserves
(3,774,327)
(1,617,726)
Total equity
(3,774,127)
(1,617,526)

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

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

The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
C T Sandy
Director
Company registration number NI636916 (Northern Ireland)
PROPITEER HOTELS EXETER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 26 JUNE 2025
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 27 June 2023
200
1,220,024
(880,539)
339,685
Year ended 26 June 2024:
Loss and total comprehensive income
-
-
(737,187)
(737,187)
Other movements
-
(1,220,024)
-
(1,220,024)
Balance at 26 June 2024
200
-
0
(1,617,726)
(1,617,526)
Year ended 26 June 2025:
Loss and total comprehensive income
-
-
(2,156,601)
(2,156,601)
Balance at 26 June 2025
200
-
0
(3,774,327)
(3,774,127)
PROPITEER HOTELS EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 JUNE 2025
- 3 -
1
Accounting policies
Company information

Propiteer Hotels Exeter Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Hampton by Hilton Exter Airport Hotel, Exeter Airport, Clyst Honiton, Exeter, United Kingdom, EX5 2LJ.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

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

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

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 over their useful lives on the following bases:

Plant and equipment
10% reducing balance
Fixtures and fittings
33% 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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

PROPITEER HOTELS EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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 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.

1.7
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.

1.8
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.

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 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.

PROPITEER HOTELS EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
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. 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.

1.9
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
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.

1.11
Leases
As lessee

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.

As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

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.

PROPITEER HOTELS EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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
Employees

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

2025
2024
Number
Number
2
3
4
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
24,000
-
0
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 27 June 2024
53,819
931,619
985,438
Additions
-
0
18,525
18,525
At 26 June 2025
53,819
950,144
1,003,963
Depreciation and impairment
At 27 June 2024 and 26 June 2025
53,819
931,619
985,438
Carrying amount
At 26 June 2025
-
0
18,525
18,525
At 26 June 2024
-
0
-
0
-
0
PROPITEER HOTELS EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2025
- 7 -
6
Investment property
2025
£
Fair value
At 27 June 2024 and 26 June 2025
9,500,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at April 2021 by Lambert smith Hampton Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
650,669
2,076,427
Other debtors
30,631
-
0
Prepayments and accrued income
103,783
2,472,608
785,083
4,549,035
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
77,301
58,195
Amounts owed to group undertakings
471,212
1,028,698
Taxation and social security
-
0
381,311
Other creditors
1,776,973
1,850,148
Accruals and deferred income
26,500
601,790
2,351,986
3,920,142
9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
10
11,869,986
11,890,461
10
Loans and overdrafts
2025
2024
£
£
Loans from group undertakings
11,869,986
11,890,461
Payable after one year
11,869,986
11,890,461
PROPITEER HOTELS EXETER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 JUNE 2025
10
Loans and overdrafts
(Continued)
- 8 -

Bcmglobal (UK) Limited holds fixed charges in respect of the property Hampton by Hilton, Exeter Airport Industrial Estate and in respect of the shares in Exeter Airport Hotel Trading Limited.

Bcmglobal (UK) Limited also holds fixed charges of all its rights in respect of plant and machinery, amounts standing to the credit of any account, all of its books and other debts, insurances, all relevant contracts and intellectual property.

Bcmglobal (UK) Limited also holds a floating charge on all Exeter Airport Hotel Trading Limited assets.

11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
12
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 26 June 2025 and of its 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.

Senior Statutory Auditor:
Sadikali Premji FCCA
Statutory Auditor:
TC Group
Date of audit report:
26 June 2026
13
Ultimate controlling party

The company's parent undertaking is Propiteer Acquisitions Limited.

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