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REGISTERED NUMBER: 00202935 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Hotel Metropole (Llandrindod) Limited |

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 8 |

| Other Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Notes to the Financial Statements | 12 |

| Hotel Metropole (Llandrindod) Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | G S Brar

| P Singh

| SECRETARY: | G S Brar

| REGISTERED OFFICE: | Crest Hotels Group

| Arnos Manor Hotel

| 470 Bath Road

| Bristol

| Somerset

| BS4 3HQ

| REGISTERED NUMBER: | 00202935 (England and Wales)

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Strategic Report

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

The company's aim is to increase shareholder value and the directors have continued with the company's strategy of achieving sustainable growth.

Key performance Indicators

The company made an operating profit before interest and tax of £276,034 for the year (2024: £442,579).

| 2025 |  | 2024 |  |

Gross Profit (%) |  | 37.3% |  | 41.3% |  | Gross profit / Turnover |

The directors are of the opinion that, given the straightforward nature of the business, further analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are in relation to the company as a whole and include the following:

1) The impact of current economic conditions on consumer spending levels: the company operates in an industry which is impacted by consumer spending levels. The fact that the hotel operates in a variety of markets including corporate, leisure, conference and functions, is considered to provide us with adequate sheltering from the impact of any drop in consumer spending levels.

2) Debtors: the company maintains strong relationships with its key customers and has established credit control parameters. Appropriate credit terms are agreed with key customers and these are closely monitored.

3) Competitive risk: the company operates in competitive markets. Product development by competitors could adversely affect the company. The company's focus on quality and standards together with the continual investment in its product reduces the possible effect of any action by any single competitor.

4) Political risk: the continuing situation in Ukraine with rising prices in the period since March 2022 for oil and gas and in Iran since March 2026 has affected the UK and Europe particularly not to mention globally and the directors have taken steps within its hotels to mitigate its costs accordingly.

The financial statements have been prepared on a going concern basis, as explained in note 2 to the financial statements.

FUTURE DEVELOPMENTS

The directors aim is to continue to build upon the existing reputation and stature of the hotel which has been in operation since 1897.

ON BEHALF OF THE BOARD:

G S Brar - Director

30 June 2026

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of hoteliers.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

G S Brar

P Singh

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

G S Brar - Director

30 June 2026

Report of the Independent Auditors to the Members of

Hotel Metropole (Llandrindod) Limited

Opinion

We have audited the financial statements of Hotel Metropole (Llandrindod) Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Hotel Metropole (Llandrindod) Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Hotel Metropole (Llandrindod) Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- |  |  | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |

- |  |  | Understanding of management's internal controls designed to prevent and detect irregularities, and fraud; |

- |  |  | Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud; |

- |  |  | Review of tax compliance with the involvement of our tax specialists in the audit; |

- |  |  | Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; |

- |  |  | Testing transactions entered into outside of the normal course of the Company's business; and |

- |  |  | Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers. |

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Hotel Metropole (Llandrindod) Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

Suite B, Blackdown House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

1 July 2026

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Income Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4,726,070 |  | 4,760,114 |  |

Cost of sales | 2,960,566 |  | 2,795,750 |  |

GROSS PROFIT | 1,765,504 |  | 1,964,364 |  |

Administrative expenses | 1,513,190 |  | 1,546,014 |  |

252,314 |  | 418,350 |  |

Other operating income | 23,720 |  | 24,229 |  |

OPERATING PROFIT | 4 | 276,034 |  | 442,579 |  |

Interest receivable and similar income | - |  | 178 |  |

PROFIT BEFORE TAXATION | 276,034 |  | 442,757 |  |

Tax on profit | 5 | 73,137 |  | 133,333 |  |

PROFIT FOR THE FINANCIAL YEAR | 202,897 |  | 309,424 |  |

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 202,897 |  | 309,424 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 202,897 |  | 309,424 |  |

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 6 | 5,338,979 |  | 5,513,640 |  |

CURRENT ASSETS

Stocks | 7 | 37,105 |  | 37,190 |  |

Debtors | 8 | 1,095,796 |  | 643,802 |  |

Cash at bank and in hand | 180,150 |  | 237,624 |  |

1,313,051 |  | 918,616 |  |

CREDITORS

Amounts falling due within one year | 9 | 930,832 |  | 871,581 |  |

NET CURRENT ASSETS | 382,219 |  | 47,035 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,721,198 |  | 5,560,675 |  |

CREDITORS

Amounts falling due after more than one year | 10 | (96,819 | ) | (120,317 | ) |

PROVISIONS FOR LIABILITIES | 13 | (121,874 | ) | (140,750 | ) |

NET ASSETS | 5,502,505 |  | 5,299,608 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 653,400 |  | 653,400 |  |

Revaluation reserve | 2,174,750 |  | 2,215,750 |  |

Capital redemption reserve | 20,992 |  | 20,992 |  |

Retained earnings | 2,653,363 |  | 2,409,466 |  |

SHAREHOLDERS' FUNDS | 5,502,505 |  | 5,299,608 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

G S Brar - Director

P Singh - Director

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 653,400 |  | 2,059,042 |  | 2,256,750 |  | 20,992 |  | 4,990,184 |  |

Changes in equity

Total comprehensive income | - |  | 309,424 |  | - |  | - |  | 309,424 |  |

Transfer between reserves | - |  | 41,000 |  | (41,000 | ) | - |  | - |  |

Balance at 31 December 2024 | 653,400 |  | 2,409,466 |  | 2,215,750 |  | 20,992 |  | 5,299,608 |  |

Changes in equity

Total comprehensive income | - |  | 202,897 |  | - |  | - |  | 202,897 |  |

Transfer between reserves | - |  | 41,000 |  | (41,000 | ) | - |  | - |  |

Balance at 31 December 2025 | 653,400 |  | 2,653,363 |  | 2,174,750 |  | 20,992 |  | 5,502,505 |  |

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Hotel Metropole (Llandrindod) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The company's place of business is the Hotel Metropole, Temple Street, Llandrindod Wells, Powys

| LD1 5DY.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Going Concern

| The company is part of the Crest Hotels Group. The financial statements have been prepared on the going concern basis which assumes that the group and company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the group and the company for at least 12 months from the anticipated date of signing the financial statements and are satisfied that the group and company will be able to meet its liabilities as they fall due.

| Functional and presentation currency

| The company's functional and presentational currency is the pound Sterling. All amounts in the financial statements have been rounded to the nearest pound.

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 33.7.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the company's accounting policies which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experiences 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

| i) Useful economic life of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (ii) Impairment of debtors

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

| Turnover

| Turnover is recognised when the significant risks and rewards of the goods and services provided are transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the rendering transaction will flow to the company.

| Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

| Turnover for the company comprises of the following streams:

| 1) Sale of goods - Turnover from the sale of food and beverages is recognised at the point of sale.

| 2) Rendering of services - Turnover from room sales and other guest services is recognised when rooms are occupied and as services are provided.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on straight line basis

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Freehold Land is not depreciated.

| The company has a policy of revaluation for its freehold property in accordance with FRS 102 section 17.

| Freehold Property is stated in the balance sheet at its revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the balance sheet.

| All fixed assets are initially recorded at cost. Expenditures incurred after the fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally charged to the profit and loss account in the period in which the costs are incurred. In situations where it can be clearly demonstrated that the expenditures have resulted in an increase in the future economic benefits expected to be obtained from the use of the item of property and equipment beyond its originally assessed standard of performance, the expenditures are capitalised as an additional cost of property and equipment.

| Subsequent additions and major components

| Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

| The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

| Derecognition

| Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets

| Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

| 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) the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other creditors, bank loans and overdrafts 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 receipts discounted at a market rate of interest.

| 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. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Impairment of assets

| Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below:

| Non-financial assets

| At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying amount of the asset (or asset's cash generating unit).

| The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value is use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and risks inherent in the asset.

| If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter an excess is recognised in profit or loss.

| If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

| Financial assets

| For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

| For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the report date.

| Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial assets to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Provisions and contingencies

| Provisions

| Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

| Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

| Contingencies

| Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (a) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (b) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

| Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable.

| Share capital

| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

| Distributions to equity holders

| Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

| Related party transactions

| The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

| For the purposes of these financial statements, a party is considered to be related to the company if:

| i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

| ii) the company and the party are subject to common control;

| iii) the party is an associate of the company or a joint venture in which the company is a venturer;

| iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

| v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,637,819 |  | 1,557,137 |  |

| Social security costs | 182,131 |  | 129,303 |  |

| Other pension costs | 31,512 |  | 29,798 |  |

1,851,462 |  | 1,716,238 |  |

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

| 2025 |  | 2024

| Direct staff | 66 |  | 67 |  |

| Management staff | 1 |  | 1 |  |

67 |  | 68 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 12,705 |  | 9,424 |  |

| Other operating leases | 37,160 |  | 36,120 |  |

| Depreciation - owned assets | 250,498 |  | 230,076 |  |

| Auditors' remuneration | 19,022 |  | 17,340 |  |

5. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 92,013 |  | 89,447 |  |

| Deferred tax | (18,876 | ) | 43,886 |  |

| Tax on profit | 73,137 |  | 133,333 |  |

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 276,034 |  | 442,757 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 69,009 |  | 110,689 |  |

| Effects of:

| Expenses not deductible for tax purposes | 282 |  | 230 |  |

| Income not taxable for tax purposes | (5,930 | ) | (6,057 | ) |

| Capital allowances in excess of depreciation | - |  | (15,415 | ) |

| Depreciation in excess of capital allowances | 43,097 |  | - |  |

| Group relief | (14,445 | ) | - |  |

| Deferred tax | (18,876 | ) | 43,886 |  |

| Total tax charge | 73,137 |  | 133,333 |  |

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |  | Motor |

| property |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 5,113,578 |  | 1,895,777 |  | 5,082 |  | 7,014,437 |  |

| Additions | - |  | 75,837 |  | - |  | 75,837 |  |

| At 31 December 2025 | 5,113,578 |  | 1,971,614 |  | 5,082 |  | 7,090,274 |  |

| DEPRECIATION

| At 1 January 2025 | 195,763 |  | 1,299,952 |  | 5,082 |  | 1,500,797 |  |

| Charge for year | 93,271 |  | 157,227 |  | - |  | 250,498 |  |

| At 31 December 2025 | 289,034 |  | 1,457,179 |  | 5,082 |  | 1,751,295 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,824,544 |  | 514,435 |  | - |  | 5,338,979 |  |

| At 31 December 2024 | 4,917,815 |  | 595,825 |  | - |  | 5,513,640 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 450,000 (2024 - £ 450,000 ) which is not depreciated.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 December 2025 is represented by:

| Fixtures |

| Freehold |  | and |  | Motor |

| property |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| Valuation in 2022 | 2,050,000 |  | - |  | - |  | 2,050,000 |  |

| Cost | 3,063,578 |  | 1,971,614 |  | 5,082 |  | 5,040,274 |  |

5,113,578 |  | 1,971,614 |  | 5,082 |  | 7,090,274 |  |

| The property was revalued upon acquisition of the company in November 2022 by the Crest Hotels Group based on a valuation by qualifed MRICS valuers. Prior to this, the property was recognised at deemed cost under the transitional provisions of FRS102. The directors are of the opinion that its carrying value is not materially different to market value at the 31 December 2025.

7. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 37,105 |  | 37,190 |  |

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 190,650 |  | 161,642 |  |

| Amounts owed by group undertakings | 276,482 |  | - |  |

| Other debtors | 590,927 |  | 440,000 |  |

| Prepayments and accrued income | 37,737 |  | 42,160 |  |

1,095,796 |  | 643,802 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 227,113 |  | 175,207 |  |

| Amounts owed to group undertakings | - |  | 162,040 |  |

| Corporation tax | 92,013 |  | 89,447 |  |

| Social security and other taxes | 76,228 |  | 64,463 |  |

| VAT | 185,231 |  | 144,466 |  |

| Other loans | 32,000 |  | - |  |

| Other creditors | 227,629 |  | 173,607 |  |

| Accrued expenses | 90,618 |  | 62,351 |  |

930,832 |  | 871,581 |  |

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Accruals and deferred income | 96,819 |  | 120,317 |  |

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 17,677 |  | 1,508 |  |

| Between one and five years | 42,107 |  | - |  |

59,784 |  | 1,508 |  |

12. | SECURED DEBTS

| The company is subject to a debenture created on the 14 November 2022 containing a fixed and floating charge and negative pledge in connection with a 6 year bank loan facility to its immediate parent company Crest Hotels (Powys) Limited and secured on the property owned by this company under a cross-guarantee of £4.2M at 2% over base. As part of this security, the immediate parent company has entered into a deed of sub-ordination limited to £1.2M in respect of the intercompany loan it owes to its parent company Crest Group Limited.

13. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 121,874 |  | 140,750 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 140,750 |  |

| Credit to Income Statement during year | (18,876 | ) |

| Balance at 31 December 2025 | 121,874 |  |

| Deferred tax is provided at 25% and represents temporary timing differences between depreciation and capital allowances. It is considered that due to accumulated property costs and indexation available to 31 December 2017 that there is no deferred tax provision required in respect of the 2022 revaluation of the property.

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 653,400 | Ordinary | £1.00 | 653,400 |  | 653,400 |  |

15. | PENSION COMMITMENTS

| At the year end the company's outstanding pension contributions payable amounted to £7,052 (2024: £6,267)

16. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Hotel Metropole (Llandrindod) Limited (Registered number: 00202935) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

16. | RELATED PARTY DISCLOSURES - continued

| Within other debtors are loans of £590,926 (2024: £440,000) due from companies outside the group also owned by the directors.

| Within other creditors are loans of £32,000 (2024: Nil) owed to a company owned by the parents of the directors.

17. | ULTIMATE CONTROLLING PARTY

| The company is under the control of the directors who are also directors of and own 100% of the share capital of the ultimate parent company Crest Group Limited.

| The consolidated financial statements of Crest Group Limited are available from Companies House.