REGISTERED NUMBER: 04191465 (England and Wales)

Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 28 February 2025

for

Vinyl Space Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTOR:

T J Robinson

REGISTERED OFFICE:

15 Newland

Lincoln

Lincolnshire

LN1 1XG

REGISTERED NUMBER:

04191465 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The director presents his strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

During the year under review the company continued to manage and operate the hotel, plus the separate event, leisure and farm businesses.

Turnover overall in the year decreased from £10,169,645 to £8,226,248.

The hotel business turnover decreased over the previous year on account of reduced activity pending a reorganisation of the business. Operating expenses were reduced in line with the reduced activity so that the EBITDA for the business was similar to the previous year.

A planning application was drawn up with external consultants for an outdoor swimming pool and associated buildings within the existing walled garden. This was submitted during the year and consent was received after the year end.

The hotel and River House continued to be available to Soho House members throughout the year with growing popularity.

The events business in London continued to benefit from strong demand with turnover and net profit increasing over the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks to the business reflect those of the broader economy and the demand for hotel leisure, conferences and events related activities.

FUTURE DEVELOPMENTS

The hotel business has continued with its association with Soho House and the bookings made at both the River House and the hotel through the Soho House member's app or SHapp. Oakley Court has a growing popularity with Soho House members given its proximity to central London and specifically west London and this is expected to continue into the future.

ANALYSIS OF DEVELOPMENT AND PERFORMANCE AND FINANCIAL KEY PERFORMANCE INDICATORS

Turnover for the year decreased to £8,226,248 (2024: £10,169,645).

Gross profit for the period decreased to £4,053,289 (2024: £4,537,459).

ON BEHALF OF THE BOARD:

T J Robinson - Director

26 June 2026

The director presents his report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of holding of property for management and development, the operation of a hotel and the operation of an events business.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

DIRECTOR

T J Robinson held office during the whole of the period from 1 March 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

T J Robinson - Director

26 June 2026

Opinion

We have audited the financial statements of Vinyl Space Limited (the 'company') for the year ended 28 February 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit 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 qualified 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 Auditors' 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. Due to a limitation of scope we have not been able to verify the valuation of investment property shown in the Company's financial statements at a value of £3,000,000.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of 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 a Report of the Auditors 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.

Paul Colcomb FCCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

26 June 2026

TURNOVER

3

8,226,248

10,169,645

Cost of sales

4,172,959

5,632,186

GROSS PROFIT

4,053,289

4,537,459

Administrative expenses

4,252,959

4,788,570

(199,670

)

(251,111

)

Other operating income

4

1,500

7,610

OPERATING LOSS

6

(198,170

)

(243,501

)

Interest payable and similar expenses

7

480

-

LOSS BEFORE TAXATION

(198,650

)

(243,501

)

Tax on loss

8

419

-

LOSS FOR THE FINANCIAL YEAR

(199,069

)

(243,501

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(199,069

)

(243,501

)

FIXED ASSETS

Tangible assets

9

5,449,541

6,314,721

Investment property

10

3,000,000

3,000,000

8,449,541

9,314,721

CURRENT ASSETS

Stocks

11

81,169

139,918

Debtors

12

3,737,412

3,608,508

Cash at bank and in hand

73,673

159,178

3,892,254

3,907,604

CREDITORS

Amounts falling due within one year

13

2,081,893

2,566,773

NET CURRENT ASSETS

1,810,361

1,340,831

TOTAL ASSETS LESS CURRENT LIABILITIES

10,259,902

10,655,552

CREDITORS

Amounts falling due after more than one year

14

(5,516,453

)

(5,713,034

)

PROVISIONS FOR LIABILITIES

15

(149,096

)

(149,096

)

NET ASSETS

4,594,353

4,793,422

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings -

undistributable

17

219,179

219,179

Retained earnings

17

4,375,173

4,574,242

SHAREHOLDERS' FUNDS

4,594,353

4,793,422

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

T J Robinson - Director

Called up

Retained

share

Retained

earnings

Total

capital

earnings

- undistributable

equity

£

£

£

£

Balance at 1 March 2023

1

4,817,743

219,179

5,036,923

Changes in equity

Total comprehensive income

-

(243,501

)

-

(243,501

)

Balance at 29 February 2024

1

4,574,242

219,179

4,793,422

Changes in equity

Total comprehensive income

-

(199,069

)

-

(199,069

)

Balance at 28 February 2025

1

4,375,173

219,179

4,594,353

1.	STATUTORY INFORMATION

Vinyl Space Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principle places of business are 16-18 Marshall Street, London, W1F 7BE and The Oakley Court, Windsor Road, Water Oakley, Windsor SL4 5UR.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis due to the agreement of the director together with the Vinyl Factory Limited, the parent company of the group, to continue to support the Company.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

In the process of applying its accounting policies, the company is required to make certain estimates, judgments and assumptions that it believes are reasonable based on the information available.These judgments, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.

On an ongoing basis, the group evaluates its estimate using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

- Tangible fixed assets

The estimated useful economic lives of tangible fixed assets are based on management's judgment and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively.

- Valuation of investment properties

The Directors exercise judgment in their valuation of investment properties. Valuations are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Turnover

Revenue represents net hotel income, rents received and net venue hire for the period. Revenue is recognised on the accruals basis in the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

16% - 33% on cost

Hotel equipment

-

25% on cost and Straight line over 14 years

Hotel furnishings

-

25% on cost, not provided and Straight line over 14 years

Motor vehicles

-

25% on cost

Fixtures and fittings

-

Straight line over 14 years

A large proportion of hotel furnishings are not depreciated as the value of the items is not estimated to decrease due to being antiques and artwork furnishings. Regular impairment reviews are undertaken.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are 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 Statement of Comprehensive Income.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and loss before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Event revenue

840,597

747,821

Rents received

117,500

152,450

Hotel revenue

7,268,151

9,269,374

8,226,248

10,169,645

4.	OTHER OPERATING INCOME

2025

2024

£

£

Sundry income

1,500

7,610

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,577,591

3,433,827

Social security costs

245,509

309,935

Other pension costs

54,406

63,719

2,877,506

3,807,481

The average number of employees during the year was as follows:

2025

2024

Vinyl Space

2

2

Hotel

83

121

85

123

Key Management Personnel

Key management includes the director and the hotel manager. The compensation payable to key management for employee services is shown below:

2025

2024

£

£

Salaries and other short-term benefits

123,300

119,900

123,300

119,900

2025

2024

£

£

Director's remuneration

-

-

6.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

12,212

14,914

Other operating leases

-

1,800

Depreciation - owned assets

994,626

1,065,673

Profit on disposal of fixed assets

-

(15,334

)

Auditors' remuneration

25,220

22,300

Foreign exchange differences

9

-

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

HMRC interest

480

-

8.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

Prior year under provision

419

-

Tax on loss

419

-

UK corporation tax has been charged at 19% (2024 - 19%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(198,650

)

(243,501

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2024 - 19%)

(37,744

)

(46,265

)

Effects of:

Expenses not deductible for tax purposes

5,245

7,694

Depreciation in excess of capital allowances

149,019

65,861

Utilisation of tax losses

(116,520

)

(81,076

)

Prior year adjustment

419

-

Recognition of previously unrecognised tax losses

-

53,786

Total tax charge

419

-

9.	TANGIBLE FIXED ASSETS

Improvements

to

Hotel

Hotel

property

equipment

furnishings

£

£

£

COST

At 1 March 2024

363,843

8,179,651

2,433,069

Additions

-

80,979

37,966

At 28 February 2025

363,843

8,260,630

2,471,035

DEPRECIATION

At 1 March 2024

363,843

4,224,221

239,394

Charge for year

-

874,943

88,696

At 28 February 2025

363,843

5,099,164

328,090

NET BOOK VALUE

At 28 February 2025

-

3,161,466

2,142,945

At 29 February 2024

-

3,955,430

2,193,675

Fixtures

Motor

and

vehicles

fittings

Totals

£

£

£

COST

At 1 March 2024

39,500

351,709

11,367,772

Additions

-

10,501

129,446

At 28 February 2025

39,500

362,210

11,497,218

DEPRECIATION

At 1 March 2024

39,500

186,093

5,053,051

Charge for year

-

30,987

994,626

At 28 February 2025

39,500

217,080

6,047,677

NET BOOK VALUE

At 28 February 2025

-

145,130

5,449,541

At 29 February 2024

-

165,616

6,314,721

10.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2024

and 28 February 2025

3,000,000

NET BOOK VALUE

At 28 February 2025

3,000,000

At 29 February 2024

3,000,000

Investment properties were subject to valuation by T J Robinson, a director who is a professionally qualified valuer although is no longer a member of the Royal Institute of Chartered Surveyors.

The methods and significant assumptions used to ascertain the fair value of £3,000,000 are as follows:

The original purchase price of the property was used and adjusted for capital improvements. This was then uplifted in line with current market data for similar properties within the surrounding area.

The director T J Robinson has assessed the value at the year end and feels that the valuation is not materially different to the current carry value.

11.

STOCKS

2025

2024

£

£

Stocks

81,169

139,918

12.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

189,129

212,961

Other debtors

417,550

436,246

606,679

649,207

2025

2024

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

31,260

17,899

Other debtors

3,099,473

2,941,402

3,130,733

2,959,301

Aggregate amounts

3,737,412

3,608,508

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

1,203,729

1,314,838

Tax

-

(419

)

Social security and other taxes

107,838

56,251

VAT

90,368

37,008

Other creditors

679,958

1,159,095

2,081,893

2,566,773

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

5,516,453

5,713,034

15.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

149,096

149,096

Deferred

tax

£

Balance at 1 March 2024

149,096

Balance at 28 February 2025

149,096

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

17.

RESERVES

Retained

Retained

earnings

earnings

- undistributable

Totals

£

£

£

At 1 March 2024

4,574,242

219,179

4,793,421

Deficit for the year

(199,069

)

(199,069

)

At 28 February 2025

4,375,173

219,179

4,594,352