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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
COMPANY INFORMATION
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COCKPIT HOTEL (LONDON) LIMITED
CONTENTS
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COCKPIT HOTEL (LONDON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
Principal activity The company has continued to operate a hotel in London in the year.
The Company operates in a highly competitive hospitality market in London and is exposed to a range of industry-specific and macroeconomic risks.
Key risks identified by the Director include:
∙Macroeconomic Environment – Economic uncertainty, inflationary pressures, and changes in consumer spending behaviour may adversely impact occupancy levels and revenue performance.
∙UK Market Attractiveness – Changes in travel patterns, geopolitical factors, and the overall attractiveness of the UK as a destination may influence demand.
∙Competitive Landscape – The London hotel market remains highly competitive, with pressure on pricing, occupancy, and service differentiation.
∙Regulatory Compliance – Ongoing compliance with health & safety, employment, environmental, and industry regulations is essential and may result in increased operational costs.
The Board undertakes regular reviews of these risks and implements appropriate mitigation strategies to safeguard the Company’s performance and support long-term sustainability.
The Company has delivered a significant improvement in both financial and operational performance during the year. This reflects the fact that 2024 represented a transitional year, with the completion of the refurbishment programme impacting trading performance, whereas 2025 represents the first full year of stabilised operations following the completion of the multi-year refurbishment.
As a result, the year-on-year improvements are particularly strong and demonstrate the underlying performance potential of the asset post-refurbishment. Key performance indicators are as follows:
∙Turnover – Revenue increased by 34% compared to the prior year, reflecting the full-year impact of restored inventory and improved trading conditions following refurbishment.
∙EBITDA – EBITDA increased significantly to £3,397,997 (2024: £504,665), driven by enhanced operational efficiency and revenue growth in a stabilised operating environment.
∙Occupancy Rate – Occupancy increased by 12.4 percentage points to 85.3% (2024: 72.9%), supported by the return to full capacity and stronger demand.
∙Average Room Rate (ARR) – ARR increased by £9.55 to £112.91 (2024: £103.36), reflecting improved market positioning, pricing strategy, and enhanced product offering.
Overall, the Director consider the Company’s performance for the year to be strong, reflecting the transition from a refurbishment-impacted year in 2024 to a stabilised and fully operational trading environment in 2025.
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COCKPIT HOTEL (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Results and dividends
The profit for the year, after taxation, amounted to £3,398,425 (2024 - £411,030). The director does not recommend the payment of a dividend (2024 - £Nil). Future Outlook The Company remains focused on consolidating the benefits of the refurbishment programme and further enhancing its market position. The upgraded facilities are expected to:
∙Improve overall guest experience and satisfaction
∙Support continued growth in occupancy and average room rates
∙Strengthen competitive positioning within the London market
The Director are confident that these initiatives will drive sustained revenue growth, improved profitability, and long-term financial stability.
This report was approved by the board on 14 July 2026 and signed on its behalf.
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COCKPIT HOTEL (LONDON) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £3,398,425 (2024 - £411,030).
The director does not recommend the payment of a dividend (2024 - £Nil).
The director who served during the year was:
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COCKPIT HOTEL (LONDON) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Going concern
The Director has assessed the Company’s ability to continue as a going concern and has a reasonable expectation that the Company has adequate resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. The Company continued to strengthen its financial position during the year ended 31 December 2025, with further improvement in profitability and a increase in net assets compared with the previous year. Trading performance remained strong throughout the year, supported by the successful completion of the refurbishment programme and the continued operation of the property under the dual Ibis and Mercure brands. Revenue growth was driven by improved occupancy levels, higher average room rates, and enhanced food and beverage performance following the refurbishment of the hotel rooms, restaurant, and bar facilities. The Company maintains sufficient cash reserves and continues to have access to adequate financial resources to support its ongoing operations and working capital requirements. The wider UK economic outlook during 2026 remains cautiously uncertain due to ongoing geopolitical tensions, together with continuing inflationary and cost pressures affecting the wider economy. Higher energy prices, labour costs, and broader economic uncertainty may continue to impact consumer spending and business confidence. However, the hospitality sector has remained relatively resilient, supported by sustained demand for travel, improving international visitor activity, and the continued recovery of both corporate and leisure business. Management continues to monitor economic conditions closely and will take appropriate actions to mitigate any potential impact on the Company’s operations and financial performance. The Company’s fellow subsidiary, Lillie Investments Limited, owns the property used by Cockpit Hotel (London) Limited to trade. Cockpit Hotel (London) Ltd continues to act as guarantor for the bank loan refinanced by Lillie Investments Ltd in 2022. In preparing the forecasts, management has considered current trading performance, forward bookings, market conditions, seasonality, and ongoing cost pressures. Based on these forecasts and cash flow projections covering a period of at least 12 months from the date of approval of the financial statements, the Director is satisfied that the going concern basis of accounting remains appropriate.
There have been no significant events affecting the Company since the year end.
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COCKPIT HOTEL (LONDON) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory change, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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COCKPIT HOTEL (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COCKPIT HOTEL (LONDON) LIMITED
We have audited the financial statements of Cockpit Hotel (London) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, and the related notes, including 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 auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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COCKPIT HOTEL (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COCKPIT HOTEL (LONDON) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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COCKPIT HOTEL (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COCKPIT HOTEL (LONDON) LIMITED (CONTINUED)
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 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:
∙Reviewing and documenting systems and controls and assessing risk of fraud and misstatement from any weaknesses identified;
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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COCKPIT HOTEL (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COCKPIT HOTEL (LONDON) LIMITED (CONTINUED)
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.
for and on behalf of
MHA, Statutory auditor
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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COCKPIT HOTEL (LONDON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
REGISTERED NUMBER: 03405105
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 29 form part of these financial statements.
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COCKPIT HOTEL (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cockpit Hotel (London) Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act. The address of the registered office and principal place of business is 47 Lillie Road, London, SW6 1UD.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Director has assessed the Company’s ability to continue as a going concern and has a reasonable expectation that the Company has adequate resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
The Company continued to strengthen its financial position during the year ended 31 December 2025, with further improvement in profitability and a increase in net assets compared with the previous year. Trading performance remained strong throughout the year, supported by the successful completion of the refurbishment programme and the continued operation of the property under the dual Ibis and Mercure brands. Revenue growth was driven by improved occupancy levels, higher average room rates, and enhanced food and beverage performance following the refurbishment of the hotel rooms, restaurant, and bar facilities. The Company maintains sufficient cash reserves and continues to have access to adequate financial resources to support its ongoing operations and working capital requirements. The wider UK economic outlook during 2026 remains cautiously uncertain due to ongoing geopolitical tensions, together with continuing inflationary and cost pressures affecting the wider economy. Higher energy prices, labour costs, and broader economic uncertainty may continue to impact consumer spending and business confidence. However, the hospitality sector has remained relatively resilient, supported by sustained demand for travel, improving international visitor activity, and the continued recovery of both corporate and leisure business. Management continues to monitor economic conditions closely and will take appropriate actions to mitigate any potential impact on the Company’s operations and financial performance. The Company’s fellow subsidiary, Lillie Investments Limited, owns the property used by Cockpit Hotel (London) Limited to trade. Cockpit Hotel (London) Ltd continues to act as guarantor for the bank loan refinanced by Lillie Investments Ltd in 2022. In preparing the forecasts, management has considered current trading performance, forward bookings, market conditions, seasonality, and ongoing cost pressures. Based on these forecasts and cash flow projections covering a period of at least 12 months from the date of approval of the financial statements, the Director is satisfied that the going concern basis of accounting remains appropriate. The following criteria must also be met before turnover is recognised;
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (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:
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.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
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 profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
The whole of the turnover is attributable to one class of business.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
No remuneration was paid to the director during the year (2024: £Nil).
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There are no factors affecting future tax charges.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's reserves are as follows:
Profit and loss account
In May 2017, the company provided a guarantee to the lenders of Lillie Investments Limited in respect of bank facilities, which had outstanding balances as at 31 December 2025 of £60,381,697 (2024 - £60,225,855). Those facilities were also secured by fixed and floating charges over the company's assets.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £114,879 (2024 - £129,147). Contributions totalling £595 (2024 - £Nil) were payable to the fund at balance sheet date and are included in creditors.
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COCKPIT HOTEL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate and ultimate parent undertaking is Tambusu Holdings Limited (incorporated in the British Virgin Islands) and Tambusu Group Holdings Limited (incorporated in the Cayman Islands) respectively.
Mr Teo Kok Woon is the ultimate controlling party.
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