REGISTERED NUMBER: 08620660 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 JUNE 2025

FOR

NINE ESTATES LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

5

Other Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

Mr G S Chadha

Mrs J K Chadha

REGISTERED OFFICE:

Vivek House

65-67 Clarendon Road

Watford

Hertfordshire

WD17 1DU

REGISTERED NUMBER:

08620660 (England and Wales)

AUDITORS:

MCA Audit Limited

7 St John's Road

Harrow

HA1 2EY

The directors present their report with the financial statements of the company for the year ended 28 June 2025.

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 29 June 2024 to the date of this report.

Mr G S Chadha

Mrs J K Chadha

POST BALANCE SHEET EVENTS

No information relating to events since the end of the year has been identified for disclosure in the financial statements.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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

Pursuant to Section 487(2) of the Companies Act 2006, the auditors, MCA Audit Limited, will be deemed to be re-appointment and therefore will continue in office..

ON BEHALF OF THE BOARD:

Mr G S Chadha - Director

23 June 2026

Opinion

We have audited the financial statements of Nine Estates Limited (the 'company') for the year ended 28 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 28 June 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 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 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

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

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 Directors' Responsibilities Statement set out on page two, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with ourresponsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

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.

Shailesh Patel (Senior Statutory Auditor)

for and on behalf of MCA Audit Limited

7 St John's Road

Harrow

HA1 2EY

25 June 2026

TURNOVER

2,100,275

2,751,192

Cost of sales

1,141,343

609,169

GROSS PROFIT

958,932

2,142,023

Administrative expenses

1,004,510

1,164,492

(45,578

)

977,531

Other operating income

342,361

24,898

OPERATING PROFIT

4

296,783

1,002,429

Interest payable and similar expenses

5

265,007

289,110

PROFIT BEFORE TAXATION

31,776

713,319

Tax on profit

6

7,918

704,898

PROFIT FOR THE FINANCIAL YEAR

23,858

8,421

PROFIT FOR THE YEAR

23,858

8,421

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

23,858

8,421

FIXED ASSETS

Tangible assets

7

8,783,726

9,025,728

Investment property

8

2,060,000

2,060,000

10,843,726

11,085,728

CURRENT ASSETS

Debtors

9

4,406,390

4,114,668

Cash at bank and in hand

150,129

295,355

4,556,519

4,410,023

CREDITORS

Amounts falling due within one year

10

1,893,138

1,823,802

NET CURRENT ASSETS

2,663,381

2,586,221

TOTAL ASSETS LESS CURRENT LIABILITIES

13,507,107

13,671,949

CREDITORS

Amounts falling due after more than one year

11

(3,794,185

)

(3,940,818

)

PROVISIONS FOR LIABILITIES

14

(1,994,205

)

(2,036,272

)

NET ASSETS

7,718,717

7,694,859

CAPITAL AND RESERVES

Called up share capital

15

2

2

Revaluation reserve

16

5,079,746

5,079,746

Retained earnings

16

2,638,969

2,615,111

SHAREHOLDERS' FUNDS

7,718,717

7,694,859

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr G S Chadha - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 29 June 2023

2

2,606,690

5,079,746

7,686,438

Changes in equity

Total comprehensive income

-

8,421

-

8,421

Balance at 28 June 2024

2

2,615,111

5,079,746

7,694,859

Changes in equity

Total comprehensive income

-

23,858

-

23,858

Balance at 28 June 2025

2

2,638,969

5,079,746

7,718,717

1.	STATUTORY INFORMATION

Nine Estates 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 presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

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.

Turnover

Under FRS 102, the turnover represents the total revenue generated by the hotel from its operating activities. This includes, but is not limited to, room sales, food and beverage services, and other ancillary services provided to guests. The recognition of turnover under FRS 102 is subject to the following criteria:

1. Revenue Recognition: Revenue is measure at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel

2. Measurement of Revenue: Revenue is measured at the fair value of the consideration received or receivable, taking into account the amount of any trade discounts and volume rebates allowed by the hotel.

3. Room Sales: Revenue from room sales is recognized on a daily basis when the rooms are occupied and the service is provided.

4. Food and Beverages Services: Revenue from food and beverage services is recognized at the point of sale when the service is rendered to the customer.

This policy ensures that the turnover is recognized in a manner that accurately reflects the hotel’s performance and is consistent with the principles of FRS 102. The hotel applies the accruals concept in recognizing revenue, ensuring that it is matched with the period in which the service is provided.

Tangible fixed assets

Definition: Fixed assets, also known as property, plant, and equipment (PPE), are tangible items that:

-Are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.

-Are expected to be used during more than one accounting period.

Recognition Criteria: An item of PPE is recognized as an asset if, and only if:

-It is probable that future economic benefits associated with the item will flow to the entity.

-The cost of the item can be measured reliably.

Initial Measurement: Fixed assets are initially measured at cost. The cost includes the purchase price and any costs directly attributable to bringing the asset to its location and condition necessary for it to be capable of operating in the manner intended by management.

Subsequent Measurement: After initial recognition, fixed assets, besides Freehold Property, are measured using the cost model. Under the cost model, an asset is carried at its cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation: Depreciation is charged to write off the cost of the asset, less its residual value, over its useful life. The depreciation method used reflects the pattern in which the asset's future economic benefits are expected to be consumed by the entity, being on the straight-line method, as per the useful lives summary shown below.

Freehold property - 2.51% Straight line (over remaining useful life when revalued)

Plant and machinery - 25% on cost

Motor Vehicles - 25% reducing balance

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets

Basic financial assets, including trade and other debtors, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

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) 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

Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial assets and liabilities are offset and 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.

Financial assets and liabilities are offset and 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.

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Finance leases

Where substantially all risks and rewards of ownership of a leased asset are borne by the entity, the asset is recorded as property, plant and equipment and a corresponding liability is recorded. The value at which both are recognised is the lower of the fair value of the asset or the present value of the minimum lease payments, discounted using the interest rate implicit in the lease.

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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

569,403

439,186

Social security costs

54,725

32,342

Other pension costs

-

5,275

624,128

476,803

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

2025

2024

Employees

34

20

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

4,149

3,986

Depreciation - owned assets

242,002

244,199

Auditors remuneration

9,000

9,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

265,007

280,602

Bank loan interest

-

8,508

265,007

289,110

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

49,984

212,594

Deferred tax

(42,066

)

492,304

Tax on profit

7,918

704,898

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

31,776

713,319

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

7,944

178,330

Effects of:

Depreciation in excess of capital allowances

42,040

36,135

Adjustments to tax charge in respect of previous periods

-

(1,871

)

Deferred tax

(42,066

)

492,304

Total tax charge

7,918

704,898

7.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 29 June 2024

and 28 June 2025

9,800,000

78,774

189,880

100,711

10,169,365

DEPRECIATION

At 29 June 2024

993,265

78,773

47,470

24,129

1,143,637

Charge for year

175,387

-

47,470

19,145

242,002

At 28 June 2025

1,168,652

78,773

94,940

43,274

1,385,639

NET BOOK VALUE

At 28 June 2025

8,631,348

1

94,940

57,437

8,783,726

At 28 June 2024

8,806,735

1

142,410

76,582

9,025,728

Cost or valuation at 28 June 2025 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2021

3,772,245

78,774

173,651

100,711

4,125,381

Valuation in 2023

3,200,000

-

-

-

3,200,000

Valuation in 2024

-

-

16,229

-

16,229

Cost

2,827,755

-

-

-

2,827,755

9,800,000

78,774

189,880

100,711

10,169,365

If freehold property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

2,827,755

2,827,755

Aggregate depreciation

1,189,265

952,665

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 29 June 2024

and 28 June 2025

2,060,000

NET BOOK VALUE

At 28 June 2025

2,060,000

At 28 June 2024

2,060,000

Fair value at 28 June 2025 is represented by:

£

Valuation in 2021

841,009

Valuation in 2023

(950,000

)

Cost

2,168,991

2,060,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

2,168,991

2,168,991

Investment property was valued on an open market basis on 28 June 2023 by Gerald Eve .

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

190,899

81,612

Amounts owed by participating interests

4,133,262

-

Other debtors

42,872

4,001,910

Director's current account

4,955

7,487

Prepayments

34,402

23,659

4,406,390

4,114,668

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 12)

106,018

66,446

Hire purchase contracts (see note 13)

65,671

80,001

Trade creditors

285,115

272,945

Amounts owed to group undertakings

835,450

-

Corporation Tax payable

347,178

427,278

Social security and other taxes

2,252

1,564

VAT

43,859

9,732

Other creditors

114,988

932,540

Director's current account

55,824

695

Accrued expenses

36,783

32,601

1,893,138

1,823,802

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 12)

3,794,185

3,933,554

Hire purchase contracts (see note 13)

-

7,264

3,794,185

3,940,818

12.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

106,018

66,446

Amounts falling due between one and two years:

Bank loans - 1-2 years

235,511

94,352

Amounts falling due between two and five years:

Bank loans - 2-5 years

718,674

327,362

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 yrs

2,840,000

3,511,840