REGISTERED NUMBER: 09451231 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

NINE BASINGSTOKE LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

Mrs J K Chadha

G S Chadha

REGISTERED OFFICE:

Vivek House

65-67 Clarendon Road

Watford

WD17 1DS

REGISTERED NUMBER:

09451231 (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 30 June 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

Mrs J K Chadha

G S Chadha

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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, is deemed to be re-appointed and therefore will continue in office.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G S Chadha - Director

23 June 2026

Opinion

We have audited the financial statements of Nine Basingstoke 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 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 30 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities 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

2,261,515

2,167,698

Cost of sales

1,226,787

1,204,516

GROSS PROFIT

1,034,728

963,182

Administrative expenses

821,251

820,548

OPERATING PROFIT

5

213,477

142,634

Interest receivable and similar income

15,900

-

229,377

142,634

Interest payable and similar expenses

231,881

245,527

LOSS BEFORE TAXATION

(2,504

)

(102,893

)

Tax on loss

6

(102,867

)

(212,535

)

PROFIT FOR THE FINANCIAL YEAR

100,363

109,642

PROFIT FOR THE YEAR

100,363

109,642

OTHER COMPREHENSIVE INCOME

Other comprehensive income

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

100,363

109,642

FIXED ASSETS

Tangible assets

7

5,330,577

5,294,684

CURRENT ASSETS

Debtors

8

2,420,094

2,448,556

Cash at bank and in hand

468,619

134,514

2,888,713

2,583,070

CREDITORS

Amounts falling due within one year

9

4,689,736

3,170,299

NET CURRENT LIABILITIES

(1,801,023

)

(587,229

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,529,554

4,707,455

CREDITORS

Amounts falling due after more than one year

10

3,320,147

4,598,411

NET ASSETS

209,407

109,044

CAPITAL AND RESERVES

Called up share capital

740,001

740,001

Revaluation reserve

13

300,000

300,000

Retained earnings

(830,594

)

(930,957

)

SHAREHOLDERS' FUNDS

209,407

109,044

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

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:

G S Chadha - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2023

740,001

(1,040,599

)

300,000

(598

)

Changes in equity

Total comprehensive income

-

109,642

-

109,642

Balance at 30 June 2024

740,001

(930,957

)

300,000

109,044

Changes in equity

Total comprehensive income

-

100,363

-

100,363

Balance at 30 June 2025

740,001

(830,594

)

300,000

209,407

1.	STATUTORY INFORMATION

Nine Basingstoke 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Nine Basingstoke Limited (the "Company') is a company incorporated and domiciled in England, United Kingdom. The Company is a private company limited by shares. The registered number is 09451231 and the registered address is Vivek House, 65-67 Clarendon Road, Watford, England, WD17 1DS.

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/ Rental: Revenue from room sales/ rental 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 - 2.02% Straight line (over remaining useful life when revalued)

Plant and machinery - 33.33% on cost

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.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances. Investment properties are held to earn rental income and for capital appreciation. Investment properties are stated at fair value and are determined by a third party valuation.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 32 ) .

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

186,737

148,914

6.

TAXATION

Analysis of the tax credit

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

2025

2024

£

£

Deferred tax

(102,867

)

(212,535

)

Tax on loss

(102,867

)

(212,535

)

UK corporation tax has been charged at 25% .

Reconciliation of total tax credit 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

£

£

Loss before tax

(2,504

)

(102,893

)

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

(626

)

(25,723

)

Effects of:

Expenses not deductible for tax purposes

143

-

Capital allowances in excess of depreciation

(11,584

)

(4,320

)

Utilisation of tax losses

12,067

30,043

Deferred tax

(102,867

)

(212,535

)

Total tax credit

(102,867

)

(212,535

)

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2025.

2024

Gross

Tax

Net

£

£

£

Other comprehensive income

7.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 July 2024

5,150,000

293,598

5,443,598

Additions

-

222,630

222,630

Reclassification/transfer

105,175

(105,175

)

-

At 30 June 2025

5,255,175

411,053

5,666,228

DEPRECIATION

At 1 July 2024

88,000

60,914

148,914

Charge for year

88,880

97,857

186,737

At 30 June 2025

176,880

158,771

335,651

NET BOOK VALUE

At 30 June 2025

5,078,295

252,282

5,330,577

At 30 June 2024

5,062,000

232,684

5,294,684

Cost or valuation at 30 June 2025 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2023

4,750,000

105,175

4,855,175

Valuation in 2023

400,000

-

400,000

Valuation in 2024

105,175

(105,175

)

-

Valuation in 2024

-

188,423

188,423

Valuation in 2025

-

222,630

222,630

5,255,175

411,053

5,666,228

The company commenced its own trading operations in 2023 from a property previously held as an investment. The property has been reclassified from investment property to tangible fixed assets of valuation at 15 September 2022. Land and buildings were valued on an open market basis on 17 April 2023 by Gerald Eve LLP. Furthermore, improvements were made to the property to better suit its intended trading purpose. These upgrades were aimed at enhancing its functionality and ensuring it could be fully utilized for business operations. Management's intended usage of the property officially commenced at the beginning of the current financial year, confirming its status as an operational asset for the company.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

40,241

64,697

Amounts owed by participating interests

2,044,536

2,206,727

Other debtors

335,317

177,132

2,420,094

2,448,556

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 11)

92,531

58,140

Trade creditors

412,252

392,505

Taxation and social security

94,176

93,263

Other creditors

4,090,777

2,626,391

4,689,736

3,170,299

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 11)

3,320,147

3,441,859

Other creditors

-

1,156,552

3,320,147

4,598,411

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Natwest Loans beyond 5 yrs

2,485,000

3,072,859

11.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Natwest Loan A within 1 year

92,531

58,140

Amounts falling due between one and two years:

Natwest Loan A - 1-2 years

203,201

82,558

Amounts falling due between two and five years:

Natwest Loan A - 2-5 years

631,946

286,442

Long term director's loan

-

1,156,552

631,946

1,442,994

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Natwest Loans beyond 5 yrs

2,485,000

3,072,859

The Loan is to be repaid by the Repayment Date. The repayment date which is 120 months after the Loan is drawn (end of June 2033).

The borrowings are secured by a debenture creating fixed and floating charges over all the assets of the company. In addition, a legal charge has been granted over the property known as Holiday Inn, Grove Road, Basingstoke, Hampshire, RG21 3EE, pledged thereby as security.

The company has also entered into an intercompany guarantee in favour of NatWest Bank, under which Dragon Hotel Limited, Nine Basingstoke Limited and Nine Estates Limited guarantee the obligations of the company. The guarantee is limited to £11,275,000.

12.	DEFERRED TAX

£

Balance at 1 July 2024

(112,535

)

Credit to Income Statement during year

(102,868

)

Balance at 30 June 2025

(215,403

)

13.

RESERVES

Revaluation

reserve

£

At 1 July 2024

and 30 June 2025

300,000

14.	RELATED PARTY DISCLOSURES

A balance of £2,044,536 (2024: £2,206,727) due from companies where the directors have an interest in, either as director, or participator, with which transactions have taken place.

A balance of £4,050,965 (2024: £2,588,562) due to companies where the directors have an interest in either as a director or participator, with which transactions have taken place.

Included within other creditors is a balance of Nil (2024: £1,156,552) due to the directors, with which transactions have taken place.

Included within other debtors is a balance of £19,787 (2024: Nil) due from the directors, with which transactions have taken place

15.	GOING CONCERN

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net asset of £209,407 at 30 June 2025 (2024: net asset of £109,044) based on the ongoing support of the directors/shareholders.

In the event that the directors were to seek repayment of the loans, the company would have insufficient resources to continue as a going concern. The directors of the inter-companies will not seek repayments in the next 12 months. The financial statements do not include adjustments that would result if the company were unable to continue as a going concern.