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Registered number: 11077925 SBH STYLES LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
SBH STYLES LTD COMPANY INFORMATION
Directors | P A Callingham
| R Niederman
| J Schreiber
| M Schreiber
| M Schreiber
| N Schreiber
| F G Callingham
Registered number | 11077925
Registered office | c/o Starboard Hotels Limited
| Park House
| 10 Penn Road
| Beaconsfield
| Buckinghamshire
| HP9 2LH
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
SBH STYLES LTD CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3
Directors' responsibilities statement | 4
Independent auditor's report | 5 - 7
Consolidated profit and loss account | 8
Consolidated balance sheet | 9
Company balance sheet | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 12
Consolidated statement of cash flows | 13
Notes to the financial statements | 14 - 31
SBH STYLES LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors present their strategic report for the year ended 30 June 2025. The principal activity of the group during the year was that of owning and operating hotels.
Business review
The group owns four hotels in four wholly owned subsidiaries in Birmingham NEC, Crewe, Haydock and Barnsley. The subsidiary companies and their hotels were acquired on 7 March 2018. During the year, some of the hotels in the group went through a rebrand and refurbishment affecting the performance in the year.
Financial risk management objectives and policies
Liquidity risk The group manages its cash and borrowing requirements to ensure that the group has sufficient liquid resources to meet the operating needs of its business. Credit risk Policies and procedures exist to ensure that trade customers have the means to pay or have an appropriate credit history. I nterest rate risk The group and company is exposed to fluctuations in interest rates through a bank loan linked to LIBOR/SONIA.
Financial key performance indicators
The group's key performance indicator is EBITDA which amounted to £1,219,365 (2024: £4,384,166).
Principal risks and uncertainties
The directors consider the following to be the principal operating risks and uncertainties facing the group: ∙Economic recession; ∙Changes in government regulations, including legislation in respect of employee matters, environmental matters, health & safety and accessibility; ∙The impact upon international travel caused by natural disasters, acts of terrorism etc; ∙Competition from new and existing hotel operators; The directors have taken measures to minimise the group's exposure to these risks and review them on an ongoing basis. Page 1
SBH STYLES LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Corporate social responsibility
The group actively monitors adherence to governance and regulatory requirements. It has a number of internal policies and standards to ensure compliance and, where appropriate, provides training to relevant members of staff where needed. The recommended codes of conduct are regarded as minimum standards for serving to protect welfare of the communities, customers and staff with whom we operate. The impact of the group’s activities on the environment is monitored. The group has zero tolerance to slavery and human trafficking and our statement is made in accordance with the Modern Slavery Act 2015, which is reviewed by the board annually. This report was approved by the board and signed on its behalf.
P A Callingham Director
Date: 6 July 2026
Page 2
SBH STYLES LTD DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Results and dividends
The loss for the year, after taxation, amounted to £1,820,687 (2024 - profit of £1,629,123). The directors do not recommend a dividend.
Directors
The directors who served during the year were:
P A Callingham
R Niederman
J Schreiber
M Schreiber
M Schreiber
N Schreiber
F G Callingham
Matters covered in the Group Strategic Report
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and groups (Accounts and Reports) Regulations 2008' in the strategic report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information. This report was approved by the board and signed on its behalf.
P A Callingham Director
Date: 6 July 2026
Page 3
SBH STYLES LTD DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
SBH STYLES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SBH STYLES LTD FOR THE YEAR ENDED 30 JUNE 2025
Opinion
We have audited the financial statements of SBH Styles Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 group's and of the parent company's affairs as at 30 June 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 group's or the parent 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. Page 5
SBH STYLES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SBH STYLES LTD (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinion 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 group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company 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 4, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 6
SBH STYLES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SBH STYLES LTD (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Auditor's 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 an auditor's report 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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: 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 auditor's report.
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 an auditor's report 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. Andrew Sanford (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH Date: 8 July 2026 Page 7
SBH STYLES LTD CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 10,233,902 | 13,589,267
Cost of sales |  | (4,478,570) | (4,637,669)
Gross profit |  | 5,755,332 | 8,951,598
Administrative expenses |  | (6,024,935) | (6,117,998)
Exceptional administrative expenses |  | (212,831) | -
Other operating income | 5 | 160,000 | 40,000
Operating (loss)/profit | 6 | (322,434) | 2,873,600
Interest receivable and similar income | 8 | - | 15,829
Interest payable and similar expenses | 9 | (1,410,919) | (1,287,027)
(Loss)/profit before tax |  | (1,733,353) | 1,602,402
Tax on (loss)/profit | 10 | (87,334) | 26,721
(Loss)/profit for the financial year |  | (1,820,687) | 1,629,123
(Loss)/profit for the year attributable to: |  |  |
Owners of the parent |  | (1,820,687) | 1,629,123
|  | (1,820,687) | 1,629,123
There are no items of other comprehensive income for either the year or the prior year other than the (loss)/profit for the year. Accordingly, no statement of other comprehensive income has been presented.
The notes on pages 14 to 31 form part of these financial statements.
Page 8
|  | REGISTERED NUMBER:11077925
SBH STYLES LTD CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | (4,700,091) |  | (4,810,182)
Tangible assets | 13 |  | 43,827,310 |  | 44,811,544
|  |  | 39,127,219 |  | 40,001,362
Current assets |  |  |  |  |
Stocks | 15 | 29,266 |  | 28,465 |
Debtors: amounts falling due after more than one year | 16 | 841,237 |  | 830,829 |
Debtors: amounts falling due within one year | 16 | 67,880,169 |  | 62,772,968 |
Cash at bank and in hand | 17 | 2,381,820 |  | 204,297 |
|  | 71,132,492 |  | 63,836,559 |
Creditors: amounts falling due within one year | 18 | (24,198,098) |  | (18,011,309) |
Net current assets |  |  | 46,934,394 |  | 45,825,250
Total assets less current liabilities |  |  | 86,061,613 |  | 85,826,612
Creditors: amounts falling due after more than one year | 19 |  | (64,446,607) |  | (62,478,253)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (1,396,668) |  | (1,309,334) |
|  |  | (1,396,668) |  | (1,309,334)
Net assets |  |  | 20,218,338 |  | 22,039,025
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 100 |  | 100
Revaluation reserve | 24 |  | 12,017,402 |  | 12,017,402
Profit and loss account | 24 |  | 8,200,836 |  | 10,021,523
Total equity |  |  | 20,218,338 |  | 22,039,025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P A Callingham
Director
Date: 6 July 2026
The notes on pages 14 to 31 form part of these financial statements. Page 9
|  | REGISTERED NUMBER:11077925
SBH STYLES LTD COMPANY BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 2,116,086 |  | 2,116,085
|  |  | 2,116,086 |  | 2,116,085
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 16 | 841,237 |  | 830,829 |
Debtors: amounts falling due within one year | 16 | 70,843,443 |  | 67,302,050 |
Cash at bank and in hand | 17 | 2,221,780 |  | 43,447 |
|  | 73,906,460 |  | 68,176,326 |
Creditors: amounts falling due within one year | 18 | (27,121,139) |  | (21,969,669) |
Net current assets |  |  | 46,785,321 |  | 46,206,657
Total assets less current liabilities |  |  | 48,901,407 |  | 48,322,742
Creditors: amounts falling due after more than one year | 19 |  | (53,366,697) |  | (51,333,543)
Net liabilities |  |  | (4,465,290) |  | (3,010,801)
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 100 |  | 100
Profit and loss account carried forward |  |  | (4,465,390) |  | (3,010,901)
Total equity |  |  | (4,465,290) |  | (3,010,801)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P A Callingham
Director
Date: 6 July 2026
The notes on pages 14 to 31 form part of these financial statements. Page 10
SBH STYLES LTD CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 100 | 12,097,565 | 8,312,237 | 20,409,902
Comprehensive income for the year |  |  |  |
Profit for the financial year | - | - | 1,629,123 | 1,629,123
Deferred tax movement | - | (80,163) | 80,163 | -
At 30 June 2024 and 1 July 2024 | 100 | 12,017,402 | 10,021,523 | 22,039,025
Comprehensive income for the year |  |  |  |
Loss for the financial year | - | - | (1,820,687) | (1,820,687)
At 30 June 2025 | 100 | 12,017,402 | 8,200,836 | 20,218,338
| The notes on pages 14 to 31 form part of these financial statements.
Page 11
SBH STYLES LTD COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 July 2023 | 100 | (1,864,634) | (1,864,534)
Comprehensive income for the year |  |  |
Loss for the financial year | - | (1,146,267) | (1,146,267)
At 30 June 2024 and 1 July 2024 | 100 | (3,010,901) | (3,010,801)
Comprehensive income for the year |  |  |
Loss for the financial year | - | (1,454,489) | (1,454,489)
At 30 June 2025 | 100 | (4,465,390) | (4,465,290)
| The notes on pages 14 to 31 form part of these financial statements.
Page 12
SBH STYLES LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (1,820,687) | 1,629,123
Adjustments for: |  |
Amortisation of intangible assets | (110,091) | (110,091)
Depreciation of tangible assets | 1,651,890 | 1,620,656
Interest paid | 1,410,919 | 1,287,027
Interest received | - | (15,829)
Taxation charge | 87,334 | (26,721)
Increase in stocks | (801) | (11,005)
(Increase)/decrease in debtors | (52,657) | 259,871
Increase/(decrease) in creditors | 1,344,775 | (325,725)
Net cash generated from operating activities | 2,510,682 | 4,307,306
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (667,656) | (422,200)
Net cash used in investing activities | (667,656) | (422,200)
Cash flows from financing activities |  |
New secured loans | 4,000,000 | 2,000,000
Repayment of loans | (1,581,215) | (1,329,849)
Movement in related party debtors | (5,064,952) | (7,420,598)
Movement in related party creditors | 4,391,583 | 3,493,905
Interest paid | (1,111,986) | (865,656)
Repayment of sale and leaseback | (298,933) | (312,605)
Net cash generated from/(used in) financing activities | 334,497 | (4,434,803)
Net increase/(decrease) in cash and cash equivalents | 2,177,523 | (549,697)
Cash and cash equivalents at beginning of year | 204,297 | 753,994
Cash and cash equivalents at the end of year | 2,381,820 | 204,297
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,381,820 | 204,297
| 2,381,820 | 204,297
The notes on pages 14 to 31 form part of these financial statements.
Page 13
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
The group operates and owns four IBIS Styles hotels which are located at NEC, Barnsley, Crewe and Haydock. SBH Styles Ltd is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. On 27 February 2025, the group acquired SBH Hospitality Ltd. The subsidiary was not consolidated on the basis that its effect is immaterial to the group's financial statements. Management has assessed the quantitative and qualitative impact of consolidation and concluded that inclusion would not affect the users' understanding of the group's financial position or performance. The parent company has recognised an impairment of the investment in SBH Hospitality Ltd in its separate financial statements. Had the subsidiary been consolidated, the impact on the group financial statements for the year would have been insignificant. Page 14
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The company has a deficiency on its balance sheet of £4,465,290 (2024: £3,010,801). There is an outstanding loan due to New World NEC Limited of £3,373,316 and the entity has confirmed that they will not seek repayment of the debt, until the company is in a position to repay the loan. In addition New World (NEC) Limited has total equity reserves of £25,145,919 as at 30 June 2025, and New World (NEC) Limited could eliminate the deficit on shareholder funds in SBH Styles Limited if it chose to do by the issuance of dividends. In preparing these accounts, the group has a solvent balance sheet as at 30 June 2025 and the going concern basis has been adopted based on trading forecasts which indicate that the group has sufficient financial headroom and profitability covering a period of twelve months from the date the accounts are signed. The financial statements do not contain any adjustment if the company was not a going concern.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax. The following criteria must also be met before revenue is recognised: Rendering of services and goods Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from the rendering of services (such as accommodation and use of facilities) is recognised when services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time when the goods are delivered to customers.
| 2.5 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Negative goodwill arising on acquisitions, represents the excess of the fair value of the identifiable net assets acquired over the fair value of the purchase consideration and is recognised and separately disclosed from positive goodwill. Negative goodwill up to the fair values of non- monetary assets acquired is amortised over the period in which the non-monetary assets are recovered. Negative goodwill in excess of the fair value of non monetary assets acquired is amortised over the periods expected to benefit. The goodwill is amortised at 2% straight line.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 15
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold land | - | Not depreciated
|  |  |  | Freehold property | - | 2%
|  |  |  | Fixtures and fittings | - | 14%
|  |  |  | Office equipment | - | 14%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment of losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit and loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | Stocks
Stocks are stated at the lower of cost or net realisable value.
| 2.10 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
| 2.11 | Financial instruments
The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. Page 16
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued) Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. The group’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial instruments (continued) Financial liabilities Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets 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 profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 17
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued) Derecognition of financial assets and financial liabilities 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) despite having retained some significant risks and rewards of ownership, 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities 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.
| 2.12 | Share capital
Ordinary shares are classified as equity.
| 2.13 | Foreign currency translation
Functional and presentation currency The group's functional and presentational currency is Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account.
| 2.14 | 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. Page 18
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.15 | Leased assets
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.16 | Pensions
Defined contribution pension plan The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
| 2.17 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. Page 19
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.18 | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the group operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.19 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 20
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The key assumptions made concerning the future and other sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year, are disclosed below: Negative goodwill Goodwill is amortised over its useful economic life. Future results are impacted by the amortisation periods adopted, and potentially, any differences between estimated and actual circumstances related to individual intangible assets. Fixed assets In preparing these financial statements, the directors have exercised judgement in determining the valuation of their tangible fixed assets. In valuing the properties they have utilised the services of a professional valuer, whose valuation is based on certain key assumptions including general economic factors, financial forecasts and market conditions. These assumptions are inherently subjective and a change in the assumption can result in a material change in valuation. Derecognition of financial assets and financial liabilities In preparing these financial statements, the directors have exercised judgement in determining whether there are indicators of impairment of the company's intercompany debtors. Factors taken into consideration in reaching such a decision include the economic viability and expected financial performance of the hotels assessed as at 30 June 2025.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Provision of hotel accommodation | 10,233,902 | 13,589,267
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 10,233,902 | 13,589,267
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Marketing contribution from Accor | 40,000 | 40,000
| Insurance claims receivable | 120,000 | -
|  | 160,000 | 40,000
Page 21
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible assets | 1,651,890 | 1,620,657
| Auditor's remuneration | 38,560 | 72,630
| Other operating lease rentals | (110,091) | (110,091)
7. | Employees
| Staff costs were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 3,176,802 | 2,681,944
| Social security costs | 125,038 | 86,491
| Cost of defined contribution scheme | 27,536 | 22,696
|  | 3,329,376 | 2,791,131
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 98 | 94
| The group is managed by key personnel from Starboard Hotels Limited, who are remunerated through that company. It is not practical to apportion wage costs for the services they have provided. The company has no employees other than the directors, who did not receive any renumeration in the current or prior year from group or company. No director received any remuneration in the current or prior year from a group company.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | - | 15,829
Page 22
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,111,986 | 994,095
| Finance leases and hire purchase contracts | 298,933 | 292,932
|  | 1,410,919 | 1,287,027
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 87,334 | (26,721)
| Total deferred tax | 87,334 | (26,721)
| Tax on (loss)/profit on ordinary activities | 87,334 | (26,721)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (1,733,353) | 1,602,402
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (433,338) | 400,601
| Effects of: |  |
| Non-tax deductible amortisation of negative goodwill | (27,523) | (27,523)
| Disallowable expenses | (15,445) | (15,849)
| Capital allowances for year in excess of depreciation | 303,604 | 283,112
| Utilisation of tax losses | 260,036 | (640,341)
| Deferred tax | - | (26,721)
| Total tax charge for the year | 87,334 | (26,721)
Page 23
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 10.Taxation (continued)
| Factors that may affect future tax charges
The group has losses carried forward of £6.4m (2024: £5.1m). A deferred tax asset has not been recognised in respect of these losses due to uncertainty with regards to their utilisation. There is no deferred tax liability in respect of the fair value accounting on tangible fixed assets due to the tax base cost of the properties.
11. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Write off of investment | 212,831 | -
| During the year, the company acquired a subsidiary undertaking. Following a post-acquisition review of the subsidiary's financial position and future prospects, management determined that the carrying amount of the investment exceeded its recoverable amount. As a result, the company has recognised an impairment of the investment, which has been presented as an exceptional item due to its size and one-off nature.
12. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 July 2024 | (5,504,572)
| At 30 June 2025 | (5,504,572)
| Amortisation |
| At 1 July 2024 | (694,390)
| Charge for the year | (110,091)
| At 30 June 2025 | (804,481)
| Net book value |
| At 30 June 2025 | (4,700,091)
| At 30 June 2024 | (4,810,182)
Page 24
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 July 2024 | 43,671,171 | 3,561,600 | 53,669 | 47,286,440
| Additions | - | 641,109 | 26,547 | 667,656
| At 30 June 2025 | 43,671,171 | 4,202,709 | 80,216 | 47,954,096
| Depreciation |  |  |  |
| At 1 July 2024 | 1,046,403 | 1,389,534 | 38,959 | 2,474,896
| Charge for the year | 1,046,408 | 594,140 | 11,342 | 1,651,890
| At 30 June 2025 | 2,092,811 | 1,983,674 | 50,301 | 4,126,786
| Net book value |  |  |  |
| At 30 June 2025 | 41,578,360 | 2,219,035 | 29,915 | 43,827,310
| At 30 June 2024 | 42,624,768 | 2,172,066 | 14,710 | 44,811,544
| The carrying amount of fixed assets which have been pledged as security for liabilities is £43,827,310 (2024: £44,811,544). Included in the valuation of land and buildings is land of £6,243,082 which has been depreciated. The directors have obtained a valuation as at 17 February 2023, undertaken by Savills which shows a valuation on an open market basis of £34,250,000 for the leasehold interest of the hotels for Crewe, Haydock, Barnsley and NEC (including fixtures and fittings) on the basis of the existing management agreement with Starboard Hotels Limited. The valuation has been adjusted for additions and depreciation in the year. On 7 March 2018, two hotels (Crewe and NEC) were subject to a sale and lease back transaction whereby the freehold element was sold for £11,760,000 with the option to buyback the property for £1 in 80 years time. This has been treated as a financing transaction. See note 20 for details.
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 41,578,360 | 42,624,768
Page 25
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 July 2024 | 2,116,085
| Additions | 212,832
| At 30 June 2025 | 2,328,917
| Impairment |
| Charge for the period | 212,831
| At 30 June 2025 | 212,831
| Net book value |
| At 30 June 2025 | 2,116,086
| At 30 June 2024 | 2,116,085
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Registered office | Class of shares | Holding
| New World Barnsley Limited | Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH | Ordinary | 100%
| New World Crewe Limited | Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH | Ordinary | 100%
| New World Haydock Limited | Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH | Ordinary | 100%
| New World (NEC) Limited | Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH | Ordinary | 100%
| SBH Hospitality Ltd | C/O Starboard Hotels Limited Park House, 10 Penn Road, Beaconsfield, England, HP9 2LH | Ordinary | 99.99%
Page 26
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bar and food stock | 29,266 | 28,465
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 841,237 | 830,829 | 841,237 | 830,829
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 453,728 | 241,873 | - | -
| Amounts owed by group undertakings | - | - | 3,625,885 | 4,941,223
| Other debtors | 66,233,877 | 61,427,570 | 66,217,558 | 61,360,827
| Prepayments and accrued income | 1,192,564 | 1,103,525 | 1,000,000 | 1,000,000
|  | 67,880,169 | 62,772,968 | 70,843,443 | 67,302,050
| Other debtors greater than one year comprised 6 months rental payments under a financing arrangement. They have been placed in a restricted cash account and can only be accessible by the financing company. As such they have been classified as other debtors greater than one year. There is a charge over this amount. Group and company Included within other debtors are amounts due from entities under the influence of shareholders of SBH tyles Ltd of £66,217,558 (2024: £61,360,827). Included within prepayments and accrued income are amounts due to companies under the control of the shareholder of SBH Styles Ltd of £1,000,000 (2024: £1,000,000).
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,381,820 | 204,297 | 2,221,780 | 43,447
Page 27
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 1,809,640 | 1,424,010 | 1,809,640 | 1,424,010
| Trade creditors | 937,553 | 745,005 | 50,000 | -
| Amounts owed to group undertakings | - | - | 5,074,921 | 5,754,890
| Other taxation and social security | 247,614 | 205,536 | 26,999 | 26,999
| Obligations under finance lease and hire purchase contracts | 66,665 | 65,280 | - | -
| Other creditors | 20,231,944 | 14,793,604 | 20,102,329 | 14,721,520
| Accruals and deferred income | 904,682 | 777,874 | 57,250 | 42,250
|  | 24,198,098 | 18,011,309 | 27,121,139 | 21,969,669
| The amount of bank loans secured by various fixed and floating charges over the assets of the subsidiary undertakings was £55,176,337 (2024: £52,757,553). Main Bank loan At the year end 2023, the group and company obtained a bank overdraft facility from Coutts bank with an inception value of £52,740,000 for 7 years. The first capital repayment commenced in September 2023. The interest is SONIA plus 2.65%. Amounts are shown net of related legal fees. Group and company Included within other creditors are amounts due to entities under the influence of shareholders of SBH Styles Ltd amounting to £20,102,209 (2024: £14,721,400).
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 53,366,697 | 51,333,543 | 53,366,697 | 51,333,543
| Net obligations under finance leases and hire purchase contracts | 11,079,910 | 11,144,710 | - | -
|  | 64,446,607 | 62,478,253 | 53,366,697 | 51,333,543
Details of the maturity of the finance lease obligation are disclosed in Note 20. Page 28
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
20. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 1,809,640 | 1,424,010 | 1,809,640 | 1,424,010
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 1,937,773 | 1,633,604 | 1,937,773 | 1,633,604
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 51,428,924 | 49,699,939 | 51,428,924 | 49,699,939
|  | 55,176,337 | 52,757,553 | 55,176,337 | 52,757,553
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 66,665 | 116,025
| Between 1-5 years | 273,802 | 267,912
| Over 5 years | 10,806,108 | 10,876,798
|  | 11,146,575 | 11,260,735
Page 29
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (1,309,334)
| Charged to profit or loss | (87,334)
| At end of year | (1,396,668)
| The company has no deferred tax asset or liability.
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (114,055) | -
| Revaluation of fixed assets | (1,282,613) | (1,309,334)
|  | (1,396,668) | (1,309,334)
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
| There is a single class of ordinary shares and there are no restrictions on the distribution of dividend and the repayment of capital.
24. | Reserves
Revaluation reserve The revaluation reserve relates to the revaluation of the company's freehold property, net of deferred tax. The reserve is not distributable. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses. Page 30
SBH STYLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
25. | Analysis of net debt
|  | At 1 July 2024 | Cash flows | At 30 June 2025
|  | £ | £ | £
| Cash at bank and in hand | 204,297 | 2,177,523 | 2,381,820
| Debt due after 1 year | (51,333,543) | (2,317,956) | (53,651,499)
| Debt due within 1 year | (1,424,010) | (100,828) | (1,524,838)
| Finance leases | (11,209,990) | 63,415 | (11,146,575)
|  | (63,763,246) | (177,846) | (63,941,092)
| In addition to the above, there were movements in related party balances during the period, comprising of a cash outflow in related party debtors of £5,064,952 and a cash inflow of related party creditors of £4,391,583.
26. | Related party transactions
| The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
27. | Controlling party
The ultimate controlling parties are the Callingham and Schreiber families.
Page 31