REGISTERED NUMBER: 07454539 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2025

for

RW Threadneedle Street Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Ms P Poussier

A Jordan

C F Skellett

SECRETARIES:

Quayseco Limited

Ms R E Jefferson

REGISTERED OFFICE:

Wessex Water Operations Centre

Claverton Down Road

Claverton

Bath

BA2 7WN

REGISTERED NUMBER:

07454539 (England and Wales)

The directors present their strategic report for the year ended 30 June 2025.

The principal activity of the Company is the operation of the Autograph by Marriott - Threadneedles Hotel in London.

Threadneedles Hotel is a Marriott branded hotel with the Autograph brand. It benefits from the Marriott brand and its loyalty programme.

Threadneedles Hotel total's turnover increased from £7.7M to £8.1M. The Company's adjusted EBITDA, as a measure of its key performance indicator (KPI) was £2.3m for the period (2024: £2.2m).

However, the net result of the hotel has negatively been impacted by higher borrowing costs; interest of £2.5M (2024: £2.5M).

The hotel continues to face challenges, particularly in recruiting staff, with rising payroll costs exerting pressure on profitability. Nonetheless, lower energy prices have provided a buffer, supporting margins. Positioned in the City of London, the hotel benefits from a strong influx of business travel, which continues to be a key growth driver.

By addressing recruitment challenges and managing rising payroll costs, while capitalising on its strategic location in the City of London and lower energy prices, the hotel can sustain profitability and enhance its market position in 2025 and beyond.

ON BEHALF OF THE BOARD:

Ms P Poussier - Director

26 June 2026

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

DIRECTORS

The directors during the year under review were:

Ms P Poussier

A Jordan

C F Skellett

The directors holding office at 30 June 2025 did not hold any beneficial interest in the issued share capital of the company at 1 July 2024 or 30 June 2025.

Ms P Poussier holds 12,089 shares in YTL Power International Berhad.

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in the Statement of accounting policies in the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms P Poussier - Director

26 June 2026

Opinion

We have audited the financial statements of RW Threadneedle Street Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Other 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 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.

Basis for 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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

Except for the matter referred to in the basis of qualified opinion section of our report in our opinion, based on the work undertaken in the course of the audit:

-

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

-

the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter referred to in the basis of qualified opinion section of our report, 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	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 directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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.

Simon Cunningham (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

Lennox House

3 Pierrepont Street

Bath

Somerset

BA1 1LB

26 June 2026

TURNOVER

8,147,595

7,736,270

Cost of sales

2,649,965

2,420,161

GROSS PROFIT

5,497,630

5,316,109

Administrative expenses

3,810,016

3,864,574

1,687,614

1,451,535

Other operating income

3,612

52,745

OPERATING PROFIT

1,691,226

1,504,280

Interest payable and similar expenses

4

2,463,391

2,581,591

LOSS BEFORE TAXATION

5

(772,165

)

(1,077,311

)

Tax on loss

6

(234,040

)

(189,629

)

LOSS FOR THE FINANCIAL YEAR

(538,125

)

(887,682

)

LOSS FOR THE YEAR

(538,125

)

(887,682

)

OTHER COMPREHENSIVE INCOME

Item that will not be reclassified to profit or loss:

Revaluation of PPE

6,887,686

-

Income tax relating to item that will not be reclassified to profit or loss

(1,721,922

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

5,165,764

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,627,639

(887,682

)

FIXED ASSETS

Tangible assets

7

39,000,000

32,578,589

CURRENT ASSETS

Stocks

8

13,585

15,053

Debtors

9

1,024,863

845,065

Cash at bank and in hand

476,700

482,595

1,515,148

1,342,713

CREDITORS

Amounts falling due within one year

10

2,661,199

2,346,125

NET CURRENT LIABILITIES

(1,146,051

)

(1,003,412

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,853,949

31,575,177

CREDITORS

Amounts falling due after more than one year

11

(25,824,726

)

(25,824,726

)

PROVISIONS FOR LIABILITIES

12

(4,270,333

)

(2,619,200

)

NET ASSETS

7,758,890

3,131,251

CAPITAL AND RESERVES

Called up share capital

13

8,354,987

8,354,987

Revaluation reserve

14

20,298,623

15,132,859

Retained earnings

14

(20,894,720

)

(20,356,595

)

SHAREHOLDERS' FUNDS

7,758,890

3,131,251

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2026 and were signed on its behalf by:

Ms P Poussier - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

8,354,987

(19,468,913

)

15,132,859

4,018,933

Changes in equity

Total comprehensive income

-

(887,682

)

-

(887,682

)

Balance at 30 June 2024

8,354,987

(20,356,595

)

15,132,859

3,131,251

Changes in equity

Total comprehensive income

-

(538,125

)

5,165,764

4,627,639

Balance at 30 June 2025

8,354,987

(20,894,720

)

20,298,623

7,758,890

1.	STATUTORY INFORMATION

RW Threadneedle Street 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.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Going concern

The directors believe that given the financial resources and the continued support of its parent undertaking, the company will remain a going concern and be able to meet its liabilities as they fall due in the next 12 months from the signing of the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.

Tangible fixed assets

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

Leasehold land and buildings

lesser of 50 years or lease term

Plant and equipment

10 years

Fixtures and fittings

3 - 10 years

Stocks

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

Stocks are stated at the lower of cost and net realisable value. 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. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Employee benefit costs

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

Loans & receivables

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Financial assets

All financial assets are recognised and de-recognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.

Impairment of Financial Assets

Financial assets, other than those at fair value through profit and loss, are assessed for indicators of impairment at each balance sheet 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 of the investment have been affected. For listed and unlisted equity investments classified as available for sale, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

For financial assets carried at amortised cost, the amount of the impairment is the differences between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

Government grants

Government grants are recognised at the fair value of the consideration received or receivable in the period in which the Company recognises the related costs for which the grants are intended to compensate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,792,888

1,690,116

Social security costs

197,093

171,563

Other pension costs

38,236

30,142

2,028,217

1,891,821

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

2025

2024

Hotel Staff

57

53

2025

2024

£

£

Directors' remuneration

-

-

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Intercompany interest

2,463,391

2,581,591

5.	LOSS BEFORE TAXATION

The loss before taxation is stated after charging/(crediting):

2025

2024

£

£

Cost of inventories recognised as expense

2,649,965

2,420,161

Depreciation - owned assets

646,684

669,363

Auditors' remuneration

12,164

13,100

Foreign exchange differences

(24,781

)

(11,640

)

6.

TAXATION

Analysis of tax income

2025

2024

£

£

Current tax:

Tax

(163,251

)

(118,840

)

Deferred tax

(70,789

)

(70,789

)

Total tax income in income statement

(234,040

)

(189,629

)

Factors affecting the tax expense

The tax assessed for the year is lower (2024 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before income tax

(772,165

)

(1,077,311

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(193,041

)

(269,328

)

Effects of:

Fixed asset differences

(49,588

)

(65,540

)

Expenses not deductible for tax purposes

140

345

Tax losses (recognised)/ not recognised

8,449

2,149

Prior year tax adjustments

-

142,745

Tax income

(234,040

)

(189,629

)

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Revaluation of PPE

6,887,686

(1,721,922

)

5,165,764

The company has used its taxable trading losses in the current year for group relief and was reimbursed for these and therefore a tax credit has been recognised.

7.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2024

35,999,866

9,241,023

2,941,590

48,182,479

Additions

-

-

180,409

180,409

Revaluations

6,887,686

-

-

6,887,686

At 30 June 2025

42,887,552

9,241,023

3,121,999

55,250,574

DEPRECIATION

At 1 July 2024

4,119,940

8,896,130

2,587,820

15,603,890

Charge for year

483,963

80,082

82,639

646,684

At 30 June 2025

4,603,903

8,976,212

2,670,459

16,250,574

NET BOOK VALUE

At 30 June 2025

38,283,649

264,811

451,540

39,000,000

At 30 June 2024

31,879,926

344,893

353,770

32,578,589

The leasehold land and buildings were re-valued at the year end by Savills (UK) Limited, Chartered Surveyors, on an open market value basis and in accordance with RICS Appraisal and Valuation Standards.

Leasehold land and buildings would have been recognised at a carrying amount of £15,960k (2024 - £15,960k) under the historic cost model.

8.

STOCKS

2025

2024

£

£

Stocks

13,585

15,053

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

14,753

68,866

Amounts owed by group undertakings

579,212

333,350

Other debtors

113,908

130,967

Prepayments and accrued income

316,990

311,882

1,024,863

845,065

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

313,840

906,583

Amounts owed to group undertakings

984,980

584,940

Social security and other taxes

55,272

45,738

VAT

76,719

132,143

Other creditors

364,145

260,442

Accruals and deferred income

866,243

416,279

2,661,199

2,346,125

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

25,824,726

25,824,726

Included within the amounts owed to group undertakings is an amount of £25,824,726 relating to a shareholder loan between the immediate parent company, Threadneedles Hotel Limited, and RW Threadneedle Street Limited. The loan has a term of 5 years from July 2021 and a fixed margin of 3% plus the banks cost of funds.

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

4,270,333

2,619,200

Deferred

tax

£

Balance at 1 July 2024

2,619,200

Credit to Income Statement during year

(70,789

)

Charge to revaluation

1,721,922

Balance at 30 June 2025

4,270,333

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

8,354,987

Ordinary

£1

8,354,987

8,354,987

14.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 July 2024

(20,356,595

)

15,132,859

(5,223,736

)

Deficit for the year

(538,125

)

(538,125

)

Revaluation of PPE

-

5,165,764

5,165,764

At 30 June 2025

(20,894,720

)

20,298,623

(596,097

)

15.	ULTIMATE PARENT COMPANY

The Company's parent company is Threadneedles Hotel Limited, a company incorporated in the United Kingdom.

The largest group in which the results of the Company are consolidated is that headed by YTL Corporation Berhad incorporated in Malaysia. The consolidated financial statements of this group are available to the public and can be obtained from Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia.

16.	LEASING ARRANGEMENTS

The company is committed to make payments under a Lease Agreement which expires in 2037. The amount payable under the lease is contingent on the amount of revenue for the year.

In accordance with IFRS 16, the variable lease payments linked to the lessee's performance are excluded from lease liabilities and are recognised in profit or loss in the period in which the event that triggers those payments occurs. Consequently, a right of use asset and lease liability have not been recognised.

17.	RELATED PARTY DISCLOSURES

There were no balances outstanding with related parties at the year end other than those owed to group undertakings.