Company Registration No. 03898114 (England and Wales)
Wickman Hotels Ltd.
Annual report and
group financial statements
for the year ended 31 December 2025
Wickman Hotels Ltd.
Company information
Directors
Kevin Wickman
Edward Wickman
Secretary
Kevin Wickman
Company number
03898114
Registered office
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Auditor
Saffery LLP
Torridon House
Beechwood Park
Inverness
IV2 3BW
Business address
Cuillin Hills Hotel
Portree
Isle of Skye
IV51 9QU
Wickman Hotels Ltd.
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 31
Wickman Hotels Ltd.
Strategic report
For the year ended 31 December 2025
1

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

The Cuillin Hills Hotel continued to uphold its reputation as one of Scotland's most stunning hotels. Renowned for its exceptional views, warm Highland hospitality, culinary excellence and strong guest satisfaction, the hotel continues to attract both domestic and international visitors seeking an authentic, premium island experience. Throughout the year, the business remained focused on enhancing the guest journey, strengthening its reputation, and delivering the high standards of service and quality that underpin the Wickman Hotels brand.

The Flodigarry Hotel continues to deliver strongly against the Group’s long-term strategic vision. Following significant investment and repositioning, the hotel is increasingly recognised as a destination-led property, combining exceptional accommodation, outstanding food and beverage experiences, and a unique connection to Skye’s landscape, culture and heritage. Guest satisfaction and online review scores remained exceptionally strong during the year, reflecting the success of the Group’s strategy to establish Flodigarry as one of Scotland’s leading experience-led hotels, whilst laying the foundations for future growth through planned investment in wellness, dining and accommodation offerings.

More broadly, the Group continued to strengthen its position within the premium hospitality sector, benefiting from growing demand for authentic, experience-led travel and destination dining. Investment in people, guest experience, operational excellence and the stewardship of unique island properties has enabled the Group to achieve significant growth whilst remaining true to its family-owned values and long-term commitment to quality, sustainability and the communities in which it operates.

Group revenue increased by 43% compared to last year, resulting in total revenue for the year of £7,312,670 compared to £5,129,556. The Group reported a gross profit of £4,171,743 compared to £3,080,066 in the prior year; and an increase in profit before tax, from £940,700 last year to £1,520,982 in the current year. EBITDA increased from 22.8% in 2024 to 29.2% this year, and Group financial performance was strong with both hotels achieving operating margin targets.

Principal risks and uncertainties

The main risk to the group is how market conditions impact on the hotel and restaurant industry and the likelihood of difficult economic conditions continuing into the coming years. However the directors continue to minimise this risk by maintaining and marketing the group's reputation for quality.

From a liquidity perspective, the key risk will be the availability of appropriate finance to meet the growth plans of the group.

Development and performance

Continuing to provide customers with a quality service in the hotel s, bars and restaurant s it operates is the most important aspect of the group's objectives. The quality of service provided to guests is monitored constantly and there is an ongoing staff training programme designed to ensure that standards are maintained and improved wherever possible.

The group has an ongoing marketing programme to ensure that occupation levels and revenues are maximised throughout the year.

On behalf of the board

Edward Wickman
Director
10 July 2026
Wickman Hotels Ltd.
Directors' report
For the year ended 31 December 2025
2

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company and group continued to be that of operating hotels.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £48,000 (2024: £80,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Kevin Wickman
Mary Wickman
(Resigned 10 February 2026)
Edward Wickman
Post reporting date events

A post reporting date event note is provided in the main body of the financial statements at note 27.

Future developments

Over the next three years, the directors anticipate growing the business through planned development projects.

Auditor

The auditor, Saffery LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Edward Wickman
Director
10 July 2026
Wickman Hotels Ltd.
Directors' responsibilities statement
For the year ended 31 December 2025
3

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Wickman Hotels Ltd.
Independent auditor's report
To the members of Wickman Hotels Ltd.
4
Opinion

We have audited the financial statements of Wickman Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, 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 our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

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. 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.

Wickman Hotels Ltd.
Independent auditor's report (continued)
To the members of Wickman Hotels Ltd.
5

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 3, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Wickman Hotels Ltd.
Independent auditor's report (continued)
To the members of Wickman Hotels Ltd.
6

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Eunice McAdam (Senior Statutory Auditor)
For and on behalf of Saffery LLP
13 July 2026
Statutory Auditors
Torridon House
Beechwood Park
Inverness
IV2 3BW
Wickman Hotels Ltd.
Group statement of comprehensive income
For the year ended 31 December 2025
7
2025
2024
Notes
£
£
Turnover
3
7,312,670
5,129,556
Cost of sales
(3,140,927)
(2,049,490)
Gross profit
4,171,743
3,080,066
Administrative expenses
(2,425,718)
(2,121,080)
Other operating income
106,133
64,587
Operating profit
4
1,852,158
1,023,573
Interest receivable and similar income
8
7,753
1,489
Interest payable and similar expenses
9
(251,563)
(84,362)
Profit before taxation
1,608,348
940,700
Tax on profit
10
(466,541)
(302,554)
Profit for the financial year
1,141,807
638,146
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Wickman Hotels Ltd.
Group statement of financial position
As at 31 December 2025
8
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,233,221
1,429,195
Tangible assets
13
9,646,211
8,645,877
10,879,432
10,075,072
Current assets
Stocks
16
72,578
59,039
Debtors
17
990,054
653,972
Cash at bank and in hand
255,902
447,157
1,318,534
1,160,168
Creditors: amounts falling due within one year
18
(923,094)
(1,206,109)
Net current assets/(liabilities)
395,440
(45,941)
Total assets less current liabilities
11,274,872
10,029,131
Creditors: amounts falling due after more than one year
19
(3,823,604)
(3,766,934)
Provisions for liabilities
Deferred tax liability
22
654,432
559,168
(654,432)
(559,168)
Net assets
6,796,836
5,703,029
Capital and reserves
Called up share capital
25
120
120
Profit and loss reserves
6,796,716
5,702,909
Total equity
6,796,836
5,703,029

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 10 July 2026 and are signed on its behalf by:
10 July 2026
Edward Wickman
Director
Company registration number 03898114 (England and Wales)
Wickman Hotels Ltd.
Company statement of financial position
As at 31 December 2025
31 December 2025
9
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
6,814,160
6,280,748
Investments
14
3,954,875
4,039,520
10,769,035
10,320,268
Current assets
Stocks
16
51,920
56,993
Debtors
17
969,962
603,693
Cash at bank and in hand
161,193
401,142
1,183,075
1,061,828
Creditors: amounts falling due within one year
18
(1,196,480)
(1,538,113)
Net current liabilities
(13,405)
(476,285)
Total assets less current liabilities
10,755,630
9,843,983
Creditors: amounts falling due after more than one year
19
(3,755,991)
(3,766,934)
Provisions for liabilities
Deferred tax liability
22
189,274
176,082
(189,274)
(176,082)
Net assets
6,810,365
5,900,967
Capital and reserves
Called up share capital
25
120
120
Profit and loss reserves
6,810,245
5,900,847
Total equity
6,810,365
5,900,967

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £957,398 (2024 - £836,084 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 10 July 2026 and are signed on its behalf by:
10 July 2026
Edward Wickman
Director
Company registration number 03898114 (England and Wales)
Wickman Hotels Ltd.
Group statement of changes in equity
For the year ended 31 December 2025
10
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
120
5,144,763
5,144,883
Year ended 31 December 2024:
Profit and total comprehensive income
-
638,146
638,146
Dividends
11
-
(80,000)
(80,000)
Balance at 31 December 2024
120
5,702,909
5,703,029
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,141,807
1,141,807
Dividends
11
-
(48,000)
(48,000)
Balance at 31 December 2025
120
6,796,716
6,796,836
Wickman Hotels Ltd.
Company statement of changes in equity
For the year ended 31 December 2025
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
120
5,144,763
5,144,883
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
836,084
836,084
Dividends
11
-
(80,000)
(80,000)
Balance at 31 December 2024
120
5,900,847
5,900,967
Year ended 31 December 2025:
Profit and total comprehensive income
-
957,398
957,398
Dividends
11
-
(48,000)
(48,000)
Balance at 31 December 2025
120
6,810,245
6,810,365
Wickman Hotels Ltd.
Group statement of cash flows
For the year ended 31 December 2025
12
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,756,000
1,133,969
Interest paid
(251,563)
(84,362)
Income taxes paid
(348,199)
(330,943)
Net cash inflow from operating activities
1,156,238
718,664
Investing activities
Purchase of business
-
(2,089,545)
Purchase of tangible fixed assets
(1,152,479)
(1,074,196)
Purchase of subsidiaries
84,645
86,551
Loans to directors
(236,170)
-
Interest received
7,753
1,489
Net cash used in investing activities
(1,296,251)
(3,075,701)
Financing activities
Repayment of bank loans
-
(1,433,443)
Proceeds from new bank loans
-
3,750,000
Payment of finance leases obligations
(3,242)
-
Dividends paid to equity shareholders
(48,000)
(80,000)
Net cash (used in)/generated from financing activities
(51,242)
2,236,557
Net decrease in cash and cash equivalents
(191,255)
(120,480)
Cash and cash equivalents at beginning of year
447,157
567,637
Cash and cash equivalents at end of year
255,902
447,157
Wickman Hotels Ltd.
Notes to the group financial statements
For the year ended 31 December 2025
13
1
Accounting policies
Company information

Wickman Hotels Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.

The group consists of Wickman Hotels Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain assets and liabilities at fair value on the acquisition of subsidiary undertakings. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Wickman Hotels Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
14
1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0% - 2% per annum straight line basis
Plant and equipment
10% - 15% per annum reducing balance and straight line basis
Fixtures and fittings
15% per annum reducing balance basis
Computers
25% - 33% per annum straight line basis
Motor vehicles
25% per annum straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
15

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
16
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
17
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
18
1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful life of goodwill

Goodwill is amortised in accordance with the accounting policy in note 1.6. The rate of amortisation is based on the directors' estimate of its useful life.

Intangibles recognised on business combinations

Management is required to assess the fair value of intangibles on acquisition. This process is highly judgemental and involves assessing the income streams expected to be generated in the future. Actual results may differ from expectations or events may occur that cannot be predicted. Management review intangibles for impairment where triggers are considered to exist and assess the useful economic lives on an annual basis.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Hotel and restaurant sales
7,312,670
5,129,556
2025
2024
£
£
Other revenue
Interest income
7,753
1,489
Government grants received
93,713
64,587
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
19
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(93,713)
(64,587)
Depreciation of tangible fixed assets
235,466
143,580
(Profit)/loss on disposal of tangible fixed assets
(102,784)
220,654
Amortisation of intangible assets
137,025
-
Operating lease charges
32,964
24,461
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
37,120
28,188
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
73
81
55
55

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,028,258
1,411,146
1,577,449
1,402,463
Social security costs
226,387
152,151
176,402
152,151
Pension costs
26,180
23,886
21,389
23,795
2,280,825
1,587,183
1,775,240
1,578,409
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
20
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
64,941
100,161
Company pension contributions to defined contribution schemes
-
2,202
64,941
102,363
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,498
902
Other interest income
255
587
Total income
7,753
1,489
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,498
902
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
4,000
26,000
Other finance costs:
Interest on finance leases and hire purchase contracts
3,160
-
Other interest
244,403
58,362
Total finance costs
251,563
84,362
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
21
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
396,973
265,913
Adjustments in respect of prior periods
-
0
662
Total current tax
396,973
266,575
Deferred tax
Origination and reversal of timing differences
69,568
35,979
Total tax charge
466,541
302,554

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,608,348
940,700
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
402,087
235,175
Tax effect of expenses that are not deductible in determining taxable profit
22,192
31,767
Tax effect of income not taxable in determining taxable profit
(2,616)
-
0
Adjustments in respect of prior years
-
0
1,389
Under/(over) provided in prior years
-
0
(754)
Fixed asset differences
32,015
34,977
Movement in deferred tax not recognised
12,863
-
0
Taxation charge
466,541
302,554
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
48,000
80,000
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
22
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2025
1,429,195
Other changes
25,696
Adjustment to acquisition consideration
(84,645)
At 31 December 2025
1,370,246
Amortisation and impairment
At 1 January 2025
-
0
Amortisation charged for the year
137,025
At 31 December 2025
137,025
Carrying amount
At 31 December 2025
1,233,221
At 31 December 2024
1,429,195

The acquisition consideration was adjusted during the year following the release of escrow funds and the finalisation of acquisition-related costs.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
23
13
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
9,538,818
-
0
(86,875)
472,192
14,740
-
0
9,938,875
Additions
410,203
455,836
197,388
165,190
26,646
31,200
1,286,463
Disposals
(20,000)
-
0
-
0
-
0
-
0
-
0
(20,000)
At 31 December 2025
9,929,021
455,836
110,513
637,382
41,386
31,200
11,205,338
Depreciation and impairment
At 1 January 2025
1,037,932
-
0
3,165
245,935
5,966
-
0
1,292,998
Depreciation charged in the year
158,720
-
0
10,537
51,217
10,312
4,680
235,466
Arising on acquisitions
30,663
-
0
-
0
-
0
-
0
-
0
30,663
At 31 December 2025
1,227,315
-
0
13,702
297,152
16,278
4,680
1,559,127
Carrying amount
At 31 December 2025
8,701,706
455,836
96,811
340,230
25,108
26,520
9,646,211
At 31 December 2024
8,500,886
-
0
(90,040)
226,257
8,774
-
0
8,645,877
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
13
Tangible fixed assets (continued)
24
Company
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
6,865,709
-
0
15,909
472,192
14,740
-
0
7,368,550
Additions
183,928
455,836
17,887
43,170
7,999
31,200
740,020
Disposals
(20,000)
-
0
-
0
-
0
-
0
-
0
(20,000)
At 31 December 2025
7,029,637
455,836
33,796
515,362
22,739
31,200
8,088,570
Depreciation and impairment
At 1 January 2025
832,736
-
0
3,165
245,935
5,966
-
0
1,087,802
Depreciation charged in the year
131,454
-
0
4,595
40,413
5,466
4,680
186,608
At 31 December 2025
964,190
-
0
7,760
286,348
11,432
4,680
1,274,410
Carrying amount
At 31 December 2025
6,065,447
455,836
26,036
229,014
11,307
26,520
6,814,160
At 31 December 2024
6,032,973
-
0
12,744
226,257
8,774
-
0
6,280,748
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
25
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,954,875
4,039,520
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
4,039,520
Other movements
(84,645)
At 31 December 2025
3,954,875
Carrying amount
At 31 December 2025
3,954,875
At 31 December 2024
4,039,520
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Hotel In The Skye Limited
Scotland
Hotelier
Ordinary shares
100.00

The subsidiary has been included in the consolidated accounts. For the period ended 31 December 2025, the above subsidiary is entitled to exemption from audit under s479A of the Companies Act 2006. The parent company has provided a guarantee in respect of the subsidiary company in accordance with sections 479A-479C of the Companies Act 2006, as the subsidiary is exempt from the requirements of the Companies Act 2006 relating to audit by virtue of section 479A of that Act.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
20,658
2,046
-
-
Finished goods and goods for resale
51,920
56,993
51,920
56,993
72,578
59,039
51,920
56,993
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
26
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
19,796
4,148
19,796
4,148
Corporation tax recoverable
138,536
138,536
138,536
138,536
Other debtors
754,356
445,245
752,358
410,208
Prepayments and accrued income
77,366
66,043
59,272
50,801
990,054
653,972
969,962
603,693
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
31,250
-
0
31,250
-
0
Obligations under finance leases
21
5,111
-
0
5,111
-
0
Payments received on account
101,644
229,321
70,590
212,943
Trade creditors
126,909
129,534
116,733
86,758
Corporation tax payable
396,973
348,199
354,211
298,987
Other taxation and social security
139,091
221,720
134,457
219,101
Government grants
23
7,210
2,988
2,540
2,988
Other creditors
21,493
178,982
404,317
651,433
Accruals and deferred income
93,413
95,365
77,271
65,903
923,094
1,206,109
1,196,480
1,538,113
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
3,718,750
3,750,000
3,718,750
3,750,000
Obligations under finance leases
21
22,847
-
0
22,847
-
0
Government grants
23
82,007
16,934
14,394
16,934
3,823,604
3,766,934
3,755,991
3,766,934
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
27
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
3,750,000
3,750,000
3,750,000
3,750,000
Payable within one year
31,250
-
0
31,250
-
0
Payable between two and five years
750,000
-
750,000
-
Payable in more than five years
2,968,750
3,750,000
2,968,750
3,750,000

The long-term loans are secured by fixed charges over the land and buildings owned by the company.

The group has a 10‑year secured bank loan facility obtained on 29 October 2024. The facility carries interest at the Bank of England Base Rate plus 2.35% and has an interest‑only period for the first 2 years. Repayments of principal commence following the interest‑only period, with 40% payable in equal instalments during the term of the loan and 60% payable on the maturity date.

21
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
5,111
-
0
5,111
-
0
Non-current liabilities
22,847
-
0
22,847
-
0
27,958
-
27,958
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
5,110
-
0
5,110
-
0
In two to five years
22,848
-
0
22,848
-
0
27,958
-
27,958
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
28
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
278,815
201,581
Revaluations
375,617
357,587
654,432
559,168
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
189,274
176,082
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
559,168
176,082
Charge to profit or loss
69,568
13,192
Other
25,696
-
Liability at 31 December 2025
654,432
189,274
23
Government grants
Group
Company
2025
2024
2025
2024
£
£
£
£
Arising from government grants
89,217
19,922
16,934
19,922

Deferred income is included in the financial statements as follows:

Current liabilities
7,210
2,988
2,540
2,988
Non-current liabilities
82,007
16,934
14,394
16,934
89,217
19,922
16,934
19,922
Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
29
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,180
23,886

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
45
88
45
88
ordinary B shares of £1 each
10
10
10
10
ordinary C shares of £1 each
10
10
10
10
ordinary D shares of £1 each
40
12
40
12
ordinary E shares of £1 each
5
-
5
-
ordinary F shares of £1 each
5
-
5
-
ordinary G shares of £1 each
5
-
5
-
120
120
120
120

During the year, the company reclassified shares as follows:

- 28 ordinary shares of £1 each into 28 ordinary D shares

- 5 ordinary shares of £1 each into 5 ordinary E shares

- 5 ordinary shares of £1 each into 5 ordinary F shares

- 5 ordinary shares of £1 each into 5 ordinary G shares

All share reclassifications were made in accordance with the company's Articles of Association.

All ordinary, B, C, D, E, F and G shares carry one vote. Each share has equal rights to dividends and ranks equally for any distribution made on a winding up. The shares are not redeemable.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
30
26
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
42,459
26,485
41,887
26,485
Years 2-5
145,678
61,133
143,820
61,133
188,137
87,618
185,707
87,618
27
Events after the reporting date

Subsequent to the year end, on 10 February 2026, the company repurchased 20 of its own shares for a total consideration of £1 million. The repurchase was funded by new external borrowing.

In addition, subsequent to the year end, on 20 March 2026, one of the directors repaid £480,553 to the company.

T hese transaction s represent non-adjusting events after the reporting date and, accordingly, ha ve not been reflected in the financial statements for the year ended 31 December 2025.

28
Related party transactions

Amounts due to related parties

At the year end a balance of £nil (2024: £154,870) was due by the company to the directors and this is included in other creditors.

Amounts due from related parties

At the year end a balance of £256,150 (2024: £nil) was due by the directors to the company and this is included in other debtors. The Directors loan is unsecured, interest free and repayable on demand.

A separate balance of £410,208 (2024: £410,208) was due by one of the directors. The loan is unsecured, interest free and repayable on demand. The loan is included in other debtors.

Wickman Hotels Ltd.
Notes to the group financial statements (continued)
For the year ended 31 December 2025
31
29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,141,807
638,146
Adjustments for:
Taxation charged
466,541
302,554
Finance costs
251,563
84,362
Investment income
(7,753)
(1,489)
(Gain)/loss on disposal of tangible fixed assets
(102,784)
220,654
Amortisation and impairment of intangible assets
137,025
-
Depreciation and impairment of tangible fixed assets
266,129
143,580
Pension scheme non-cash movement
(176)
250
Movements in working capital:
Increase in stocks
(13,539)
(17,862)
(Increase)/decrease in debtors
(99,912)
4,332
Decrease in creditors
(352,196)
(253,420)
Increase in deferred income
69,295
12,862
Cash generated from operations
1,756,000
1,133,969
30
Analysis of changes in net debt - group
1 January 2025
Cash flows
New finance leases
31 December 2025
£
£
£
£
Cash at bank and in hand
447,157
(191,255)
-
255,902
Borrowings excluding overdrafts
(3,750,000)
-
-
(3,750,000)
Obligations under finance leases
-
3,242
(31,200)
(27,958)
(3,302,843)
(188,013)
(31,200)
(3,522,056)
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