IRIS Accounts Production v26.1.10.61 10150585 Board of Directors Board of Directors 31.12.25 1.1.25 31.12.25 31.12.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. hoteliers. true true true false true true false false false true true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 10150585 2024-12-31 10150585 2025-12-31 10150585 2025-01-01 2025-12-31 10150585 2023-12-31 10150585 2024-01-01 2024-12-31 10150585 2024-12-31 10150585 ns15:EnglandWales 2025-01-01 2025-12-31 10150585 ns14:PoundSterling 2025-01-01 2025-12-31 10150585 ns10:Director1 2025-01-01 2025-12-31 10150585 ns10:Director2 2025-01-01 2025-12-31 10150585 ns10:Consolidated 2025-12-31 10150585 ns10:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 10150585 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 10150585 ns10:Consolidated ns10:MediumEntities 2025-01-01 2025-12-31 10150585 ns10:Consolidated ns10:Audited 2025-01-01 2025-12-31 10150585 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 10150585 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 10150585 ns10:Consolidated 2025-01-01 2025-12-31 10150585 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 10150585 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2025-01-01 2025-12-31 10150585 ns10:FullAccounts 2025-01-01 2025-12-31 10150585 1 2025-01-01 2025-12-31 10150585 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 10150585 ns10:RegisteredOffice 2025-01-01 2025-12-31 10150585 ns10:Consolidated 2024-01-01 2024-12-31 10150585 ns5:CurrentFinancialInstruments 2025-12-31 10150585 ns5:CurrentFinancialInstruments 2024-12-31 10150585 ns5:ShareCapital 2025-12-31 10150585 ns5:ShareCapital 2024-12-31 10150585 ns5:CapitalRedemptionReserve 2025-12-31 10150585 ns5:CapitalRedemptionReserve 2024-12-31 10150585 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 10150585 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 10150585 ns5:ShareCapital 2023-12-31 10150585 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 10150585 ns5:CapitalRedemptionReserve 2023-12-31 10150585 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 10150585 ns5:CapitalRedemptionReserve 2024-01-01 2024-12-31 10150585 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 10150585 ns5:CapitalRedemptionReserve 2025-01-01 2025-12-31 10150585 ns5:NetGoodwill 2025-01-01 2025-12-31 10150585 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 10150585 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 10150585 ns5:FurnitureFittings 2025-01-01 2025-12-31 10150585 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 10150585 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 10150585 ns5:Non-currentFinancialInstruments 2025-12-31 10150585 ns5:Non-currentFinancialInstruments 2024-12-31 10150585 ns10:OrdinaryShareClass1 2025-12-31

REGISTERED NUMBER: 10150585 (England and Wales)

| Group Strategic Report, Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Crest Group Limited |

| Crest Group Limited (Registered number: 10150585) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Statement of Comprehensive Income | 9 |

| Consolidated Balance Sheet | 10 |

| Company Balance Sheet | 11 |

| Consolidated Statement of Changes in Equity | 12 |

| Company Statement of Changes in Equity | 13 |

| Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| Crest Group Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | P Singh

| G S Brar

| REGISTERED OFFICE: | Crest Hotels Group

| Arnos Manor Hotel

| 470 Bath Road

| Bristol

| Somerset

| BS4 3HQ

| REGISTERED NUMBER: | 10150585 (England and Wales)

| Crest Group Limited (Registered number: 10150585) |

Group Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The performance of the group during the financial year and the results of those operations can be found on page 8 of the financial statements. The directors believe that the results for the year are satisfactory whilst the group has carried out major refurbishment programmes from 2022 to 2025 across its hotels which has temporarily reduced profitability in those periods.

The group's overall aim is to increase shareholder value and the directors intend to continue with the strategy of achieving sustainable growth across its hotels in the future.

Key performance Indicators

The group made an operating profit before interest charges of £244,474 (2024: profit £983,191).

| 2025 |  | 2024 |  |

Gross Profit (%) |  | 37.98% |  | 39.6% |  | 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 group.

PRINCIPAL RISKS AND UNCERTAINTIES

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

1) The impact of current economic conditions on consumer spending levels: the Group operates in an industry which is impacted by consumer spending levels. Crest Hotels Group operates in a variety of markets including corporate, leisure, conference and functions. This usually provides the Group 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 related parties and has established credit control parameters. Appropriate credit terms are agreed with key customers and these are closely monitored. The group's exposure to bad debts as a result was minimal.

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

4) Political risk: the 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 to mitigate its costs accordingly.

The financial statements have been prepared on a going concern basis, as explained in note 3 to the financial statements.

| Crest Group Limited (Registered number: 10150585) |

Group Strategic Report

for the Year Ended 31 December 2025

FUTURE DEVELOPMENTS

The group is continuing to support the development of the facilities offered by its hotels in the coming year to achieve continued growth with the directors aim to build upon the existing reputations of the hotels in their portfolio.

ON BEHALF OF THE BOARD:

G S Brar - Director

30 June 2026

| Crest Group Limited (Registered number: 10150585) |

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 is £59,999 (2024: £71,998).

DIRECTORS

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

P Singh

G S Brar

CHARITABLE DONATIONS AND EXPENDITURE

The group made a charitable donation of £Nil (2024 £10,000) in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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

Crest Group Limited

Opinion

We have audited the financial statements of Crest Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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

Crest Group Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 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 Statement of Directors' Responsibilities set out on page four, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Crest Group 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 Group 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 Group. 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 Group'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 Group'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

Crest Group 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

| Crest Group Limited (Registered number: 10150585) |

Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 13,253,962 |  | 13,402,116 |  |

Cost of sales | 8,221,342 |  | 8,100,683 |  |

GROSS PROFIT | 5,032,620 |  | 5,301,433 |  |

Distribution costs | 13,057 |  | 17,163 |  |

Administrative expenses | 5,066,087 |  | 4,459,028 |  |

|  |  | 5,079,144 |  |  |  |  | 4,476,191 |  |

(46,524 | ) | 825,242 |  |

Other operating income | 4 | 289,174 |  | 157,949 |  |

OPERATING PROFIT | 6 | 242,650 |  | 983,191 |  |

Interest receivable and similar income | 1,695 |  | 23,996 |  |

244,345 |  | 1,007,187 |  |

Interest payable and similar expenses | 7 | 917,903 |  | 1,096,705 |  |

LOSS BEFORE TAXATION | (673,558 | ) | (89,518 | ) |

Tax on loss | 8 | 32,970 |  | 150,311 |  |

LOSS FOR THE FINANCIAL YEAR | (706,528 | ) | (239,829 | ) |

OTHER COMPREHENSIVE INCOME |

Revaluations of properties | 263,999 |  | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 263,999 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (442,529 | ) | (239,829 | ) |

Loss attributable to:

Owners of the parent | (706,528 | ) | (239,829 | ) |

Total comprehensive income attributable to:

Owners of the parent | (442,529 | ) | (239,829 | ) |

| Crest Group Limited (Registered number: 10150585) |

Consolidated Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 625,766 |  | 1,349,011 |  |

Tangible assets | 12 | 28,481,757 |  | 28,922,313 |  |

Investments | 13 | - |  | - |  |

29,107,523 |  | 30,271,324 |  |

CURRENT ASSETS

Stocks | 14 | 98,471 |  | 92,478 |  |

Debtors | 15 | 4,690,750 |  | 3,972,776 |  |

Cash at bank and in hand | 483,098 |  | 760,117 |  |

5,272,319 |  | 4,825,371 |  |

CREDITORS

Amounts falling due within one year | 16 | 9,843,826 |  | 6,805,188 |  |

NET CURRENT LIABILITIES | (4,571,507 | ) | (1,979,817 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 24,536,016 |  | 28,291,507 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (11,127,699 | ) | (14,233,817 | ) |

PROVISIONS FOR LIABILITIES | 21 | (1,818,335 | ) | (1,965,180 | ) |

NET ASSETS | 11,589,982 |  | 12,092,510 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 406,886 |  | 406,886 |  |

Revaluation reserve | 7,811,885 |  | 7,782,322 |  |

Capital redemption reserve | 1,691,785 |  | 1,691,785 |  |

Merger reserve | 351,330 |  | 351,330 |  |

Retained earnings | 1,328,096 |  | 1,860,187 |  |

SHAREHOLDERS' FUNDS | 11,589,982 |  | 12,092,510 |  |

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

| Crest Group Limited (Registered number: 10150585) |

Company Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 7,920,437 |  | 9,813,354 |  |

7,920,437 |  | 9,813,354 |  |

CURRENT ASSETS

Debtors | 15 | 3,350,502 |  | 3,332,780 |  |

Cash at bank | 11,362 |  | 7,832 |  |

3,361,864 |  | 3,340,612 |  |

CREDITORS

Amounts falling due within one year | 16 | 8,580,234 |  | 8,227,060 |  |

NET CURRENT LIABILITIES | (5,218,370 | ) | (4,886,448 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,702,067 |  | 4,926,906 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 406,886 |  | 406,886 |  |

Capital redemption reserve | 1,691,785 |  | 1,691,785 |  |

Retained earnings | 603,396 |  | 2,828,235 |  |

SHAREHOLDERS' FUNDS | 2,702,067 |  | 4,926,906 |  |

Company's (loss)/profit for the financial year | (2,164,840 | ) | 5,514 |  |

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:

P Singh - Director

G S Brar - Director

| Crest Group Limited (Registered number: 10150585) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Revaluation

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1 January 2024 | 406,886 |  | 1,937,578 |  | 8,016,758 |  |

Changes in equity

Dividends | - |  | (71,998 | ) | - |  |

Total comprehensive income | - |  | (239,829 | ) | - |  |

Revaluation depreciation

transfer | - |  | 234,436 |  | (234,436 | ) |

Balance at 31 December 2024 | 406,886 |  | 1,860,187 |  | 7,782,322 |  |

Changes in equity

Dividends | - |  | (59,999 | ) | - |  |

Total comprehensive income | - |  | (706,528 | ) | 263,999 |  |

Revaluation depreciation

transfer | - |  | 234,436 |  | (234,436 | ) |

Balance at 31 December 2025 | 406,886 |  | 1,328,096 |  | 7,811,885 |  |

| Capital |

| redemption |  | Merger |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 1,691,785 |  | 351,330 |  | 12,404,337 |  |

Changes in equity

Dividends | - |  | - |  | (71,998 | ) |

Total comprehensive income | - |  | - |  | (239,829 | ) |

Balance at 31 December 2024 | 1,691,785 |  | 351,330 |  | 12,092,510 |  |

Changes in equity

Dividends | - |  | - |  | (59,999 | ) |

Total comprehensive income | - |  | - |  | (442,529 | ) |

Balance at 31 December 2025 | 1,691,785 |  | 351,330 |  | 11,589,982 |  |

| Crest Group Limited (Registered number: 10150585) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 406,886 |  | 2,894,719 |  | 1,691,785 |  | 4,993,390 |  |

Changes in equity

Dividends | - |  | (71,998 | ) | - |  | (71,998 | ) |

Total comprehensive income | - |  | 5,514 |  | - |  | 5,514 |  |

Balance at 31 December 2024 | 406,886 |  | 2,828,235 |  | 1,691,785 |  | 4,926,906 |  |

Changes in equity

Dividends | - |  | (59,999 | ) | - |  | (59,999 | ) |

Total comprehensive income | - |  | (2,164,840 | ) | - |  | (2,164,840 | ) |

Balance at 31 December 2025 | 406,886 |  | 603,396 |  | 1,691,785 |  | 2,702,067 |  |

| Crest Group Limited (Registered number: 10150585) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 27 | 1,976,118 |  | 529,835 |  |

Interest paid | (942,708 | ) | (1,095,830 | ) |

Tax paid | (121,789 | ) | (1,211 | ) |

Net cash from operating activities | 911,621 |  | (567,206 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (313,163 | ) | (616,032 | ) |

Interest received | 1,695 |  | 23,996 |  |

Net cash from investing activities | (311,468 | ) | (592,036 | ) |

Cash flows from financing activities

New loans in year | - |  | 3,000,000 |  |

Loan repayments in year | (601,700 | ) | (2,500,330 | ) |

Amount introduced by directors | 59,999 |  | 71,998 |  |

Amount withdrawn by directors | (275,472 | ) | (623,366 | ) |

Equity dividends paid | (59,999 | ) | (71,998 | ) |

Net cash from financing activities | (877,172 | ) | (123,696 | ) |

Decrease in cash and cash equivalents | (277,019 | ) | (1,282,938 | ) |

Cash and cash equivalents at beginning of year | 28 | 760,117 |  | 2,043,055 |  |

Cash and cash equivalents at end of year | 28 | 483,098 |  | 760,117 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Crest Group 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 General Information page.

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

| The company's principal place of business is 470 Bath Rd, Arnos Vale, Bristol BS4 3HQ.

2. | STATEMENT OF COMPLIANCE

| The financial statements of the Group have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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. During the period 2022 to 2025 the group has been carrying out major refurbishment programmes in its hotels. Therefore, profitability has been temporarily reduced during the refurbishment programmes. Banking facilities across the group have either been renewed during 2023 or 2024 and after considering the working capital and other requirements of the group for at least 12 months from the anticipated date of signing the financial statements the directors are satisfied that the group and company will be able to meet its liabilities as they fall due. Therefore, 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.

| Functional and presentation currency

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

| Basis of consolidation

| The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 December 2025. Unless the merger accounting method is permitted by FRS 102, the purchase method has been adopted. Under this method, the results of the subsidiary undertakings acquired or disposed of in the year are included in the consolidated income statement from the date of acquisition or up to the date of disposal.

| The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus costs directly attributable to the business combination. Any excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. For the purpose of impairment testing, the goodwill acquired in a business combination is allocated, on acquisition date, to the cash generating units that are expected to benefit from the synergies of the combination.

| Related party exemption

| 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| 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 group.

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

| Turnover for the group 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.

| Goodwill

| Goodwill is represented by the amount paid in connection with the acquisitions of businesses in 2002, 2005, 2022 and 2023. The goodwill purchased in 2002 and 2005 was amortised evenly over its estimated useful life of five years and is fully amortised.

| The goodwill recognised upon the acquisitions in 2022 and 2023 is being amortised over 10 years from that date being its estimated useful life.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

3. | 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

| 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 asset's 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.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

3. | 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 and bank loans and overdrafts, 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 Consolidated Statement of Comprehensive Income, 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.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

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

| The group provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

| Short term benefits

| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

| 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 asset 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.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Basic financial instruments

| Trade Debtors

| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

| Cash and cash equivalent

| Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

| Trade and other creditors

| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

| 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.

| Distributions to equity holders

| Dividends and other distributions to group'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 group's shareholders. These amounts are recognised in the statement of changes in equity.

| Related party transactions

| The group 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 group if:

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

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

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

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| iv) the party is a member of key management personnel of the group or the group'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 group.

| 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.

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Rents received | 21,930 |  | 28,097 |  |

| Sundry receipts | 67,724 |  | 1,373 |  |

| Other income receivable | 175,800 |  | 104,250 |  |

| Government grants | 23,720 |  | 24,229 |  |

289,174 |  | 157,949 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,191,340 |  | 4,949,590 |  |

| Social security costs | 526,369 |  | 357,349 |  |

| Other pension costs | 88,653 |  | 78,000 |  |

5,806,362 |  | 5,384,939 |  |

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

| 2025 |  | 2024

| Direct staff | 220 |  | 223 |  |

| Management staff | 10 |  | 10 |  |

230 |  | 233 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 24,000 |  | 24,000 |  |

| Directors' pension contributions to money purchase schemes | 346 |  | 346 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 49,405 |  | 46,239 |  |

| Other operating leases | 4,640 |  | 3,600 |  |

| Depreciation - owned assets | 1,017,718 |  | 1,051,537 |  |

| Goodwill amortisation | 176,903 |  | 179,795 |  |

| Auditors' remuneration | 118,292 |  | 118,864 |  |

| Auditors' remuneration for non audit work | - |  | 80,284 |  |

| Impairment of goodwill | 546,342 |  | - |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 917,903 |  | 1,096,254 |  |

| HP & Finance lease and other

| interest charges | - |  | 451 |  |

917,903 |  | 1,096,705 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 179,815 |  | 121,789 |  |

| Deferred tax | (146,845 | ) | 28,522 |  |

| Tax on loss | 32,970 |  | 150,311 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

8. | 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

£ | £ |

| Loss before tax | (673,558 | ) | (89,518 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | (168,390 | ) | (22,380 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 2,062 |  | 900 |  |

| Income not taxable for tax purposes | (5,930 | ) | (6,400 | ) |

| Depreciation in excess of capital allowances | 194,345 |  | 124,863 |  |

| Utilisation of tax losses | (7,336 | ) | (4,073 | ) |

| Reduction in tax rate to 19% on certain subsidiaries | (401 | ) | - |  |

| Deferred tax movement in the year | (146,845 | ) | 28,522 |  |

| Amortisation on goodwill upon consolidation not eligible for tax relief | 28,879 |  | 28,879 |  |

| Impairment of goodwill upon consolidation not eligible for tax relief | 136,586 |  | - |  |

| Total tax charge | 32,970 |  | 150,311 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluations of properties | 263,999 |  | - |  | 263,999 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluations of properties

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Final | 59,999 |  | 71,998 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 January 2025 | 2,113,426 |  |

| Impairments | (546,342 | ) |

| At 31 December 2025 | 1,567,084 |  |

| AMORTISATION

| At 1 January 2025 | 764,415 |  |

| Amortisation for year | 176,903 |  |

| At 31 December 2025 | 941,318 |  |

| NET BOOK VALUE

| At 31 December 2025 | 625,766 |  |

| At 31 December 2024 | 1,349,011 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 27,847,132 |  | 4,515,217 |  | 32,362,349 |  |

| Additions | 106,899 |  | 206,264 |  | 313,163 |  |

| At 31 December 2025 | 27,954,031 |  | 4,721,481 |  | 32,675,512 |  |

| DEPRECIATION

| At 1 January 2025 | 966,468 |  | 2,473,568 |  | 3,440,036 |  |

| Charge for year | 480,543 |  | 537,175 |  | 1,017,718 |  |

| Revaluation adjustments | (263,999 | ) | - |  | (263,999 | ) |

| At 31 December 2025 | 1,183,012 |  | 3,010,743 |  | 4,193,755 |  |

| NET BOOK VALUE

| At 31 December 2025 | 26,771,019 |  | 1,710,738 |  | 28,481,757 |  |

| At 31 December 2024 | 26,880,664 |  | 2,041,649 |  | 28,922,313 |  |

| Included in cost or valuation of land and buildings is freehold land of £3,215,000 (2024 - £3,215,000) which is not depreciated.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Freehold properties held by the group have been valued by MRICS valuers as fully operational entities as follows.

| 2022: £7.7M

| 2023: £9.7M

| 2025: £3.7M

| The directors are of the opinion that the value of each property owned by the group at 31 December 2025 is not materially different to their carrying values.

| The historical cost of the land and hotels is £19,808,360 had the properties not been revalued.

| Apart from properties held with a value of £2,538,121, the other properties are secured as shown in note 19 to the accounts.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

13. | FIXED ASSET INVESTMENTS

| Company

|  | Unlisted investments |  |

| £ |  |

| COST |  |

| At 1 January 2025 |  |  | 9,813,154 |  |

| Additions |  |  | - |  |

| 31 December 2025 |  |  | 9,813,154 |  |

| IMPAIRMENT |  |

| At 1 January 2025 |  |  | - |  |

| Impairment |  |  | 1,892,917 |  |

| 31 December 2025 |  |  | 1,892,917 |  |

| NET BOOK VALUE |  |

| At 31 December 2025 |  |  | 7,920,237 |  |

| At 31 December 2024 |  |  | 9,813,154 |  |

| The company's subsidiaries at the balance sheet date included in the consolidated accounts are the following:

| Company name |  | Nature of business |  | Class of shares held |  | % Held |  |

| Almondsbury InterchangeHotels Limited |  | Hoteliers |  | Ordinary |  | 100% (directly) |  |

| Crest Hotels (Knowsley) Limited |  | Hoteliers |  | Ordinary |  | 100% (directly) |  |

| Arnos Manor Hotel Limited |  | Hoteliers |  | Ordinary |  | 100% (indirectly) |  |

| Crest Hotels (Bristol) Limited |  | Holding Company |  | Ordinary |  | 100% (directly) |  |

| Crest Hotels (Ludlow) Limited |  | Hoteliers |  | Ordinary |  | 100% (directly) |  |

| Crest Hotels Limited |  | Holding Company |  | Ordinary and Preference |  | 100% (directly) |  |

| Crest Hotels (Powys) Limited |  | Holding Company |  | Ordinary |  | 100% (directly) |  |

| Crest Group (Developments) Limited |  | Property investment |  | Ordinary |  | 100% (directly) |  |

| Hotel Metropole (Llandrindod) Limited |  | Hoteliers |  | Ordinary |  | 100% (indirectly) |  |

| Lowman Hotels Ltd |  | Holding Company |  | Ordinary |  | 100% (directly) |  |

| Ivymax 1 Ltd |  | Hoteliers |  | Ordinary |  | 100% (indirectly) |  |

| All of the subsidiary undertakings have a country of incorporation in England and Wales and the same registered office address of Crest Hotels Group Arnos Manor Hotel, 470 Bath Road, Bristol, United Kingdom, BS4 3HQ with the exception of Hotel Metropole (Llandrindod) Limited whose registered office is The Hotel Metropole, Temple Street, Llandrindod Wells, Powys LD1 5DY and Lowman Hotels Ltd and Ivymax 1 Ltd whose registered office is Suite B Blackdown House, Blackbrook Park Avenue, Taunton, Somerset, England, TA1 2PX.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 98,471 |  | 92,478 |  |

15. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 318,211 |  | 234,257 |  | - |  | - |  |

| Other debtors | 3,414,023 |  | 2,895,613 |  | 1,561,501 |  | 1,546,001 |  |

| VAT | - |  | - |  | 2,231 |  | 9 |  |

| Prepayments and accrued income | 244,239 |  | 130,201 |  | - |  | - |  |

3,976,473 |  | 3,260,071 |  | 1,563,732 |  | 1,546,010 |  |

| Amounts falling due after more than one | year: |

| Amounts owed by group undertakings | - |  | - |  | 1,207,250 |  | 1,207,250 |  |

| Other debtors | 714,277 |  | 712,705 |  | 579,520 |  | 579,520 |  |

714,277 |  | 712,705 |  | 1,786,770 |  | 1,786,770 |  |

| Aggregate amounts | 4,690,750 |  | 3,972,776 |  | 3,350,502 |  | 3,332,780 |  |

| Within the other debtor due over one year is an amount of £579,520 subject to a deed of sub-ordination from Crest Group Limited parent company in connection with a bank loan arrangement for a related party as shown in note 24 to the accounts.

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 3,269,809 |  | 788,889 |  | - |  | - |  |

| Trade creditors | 634,962 |  | 627,833 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 5,074,867 |  | 4,570,738 |  |

| Corporation tax | 179,815 |  | 121,789 |  | - |  | - |  |

| Social security and other taxes | 232,475 |  | 209,801 |  | - |  | - |  |

| VAT | 499,039 |  | 373,148 |  | - |  | - |  |

| Other loans | 546,793 |  | 432,538 |  | 340,000 |  | 290,000 |  |

| Other creditors | 813,192 |  | 509,908 |  | 13,333 |  | - |  |

| Directors' current accounts | 3,134,834 |  | 3,350,306 |  | 3,134,834 |  | 3,350,306 |  |

| Accruals & deferred income | 532,907 |  | 390,976 |  | 17,200 |  | 16,016 |  |

9,843,826 |  | 6,805,188 |  | 8,580,234 |  | 8,227,060 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Within the group, there are subsidiaries with bank loans subject to periodic covenant tests. At the year end, one of the subsidiaries was in breach of one out of three of these tests under its covenant. Therefore, in accordance with accounting standard requirements, the bank loan of this subsidiary amounting to £2,812,909 has been re-classified as due in less than one year rather than in accordance with its maturity period. The directors have discussed the performance of this subsidiary with its bank and no additional terms have been applied. The directors are satisfied that this subsidiary continues to be supported by the bank. In addition, the subsidiary has the support of the wider Crest Group if required.

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

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 11,030,880 |  | 14,113,500 |  |

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

11,127,699 |  | 14,233,817 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or | on demand: |

| Bank loans | 3,269,809 |  | 788,889 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 456,900 |  | 788,889 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | 10,573,980 |  | 12,168,864 |  |

| Amounts falling due in more than five | years: |

| Repayable otherwise than by instalments |

| Bank loans more 5 yrs non-inst | - |  | 1,000,000 |  |

| Repayable by instalments

| Bank loans more 5 yr by instal | - |  | 155,747 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank loans | 14,300,689 |  | 14,902,389 |  |

| Bank borrowings

| Bank borrowings within the Group are secured by way of mortgages over the freehold properties within the Group with fixed and floating charges thereon. The loans are repaid either by monthly or quarterly instalments other than £6,925,000 which is on a non-instalment basis. Interest rates are 2% over bank base rate. The Group will re-finance its obligations as and when renewals are due.

20. | FINANCIAL INSTRUMENTS

| The carrying value of the financial assets and liabilities are summarised by category below:

| Group |  |

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Financial assets |  |

| Measured at undiscounted amount receivable |  |

| - Trade and other debtors and accrued income |  | 4,690,750 |  |  | 3,971,236 |  |

| - Cash at bank and at hand |  | 483,096 |  |  | 760,116 |  |

|  | 5,173,846 |  |  | 4,731,352 |  |

| Financial liabilities |  |

| Measured at undiscounted amount payable |  |

| - Trade and other creditors and accruals |  | (5,759,507 | ) |  | (5,431,876 | ) |

| - Bank loans |  | (14,300,689 | ) |  | (14,902,390 | ) |

|  | (20,060,196 | ) |  | (20,334,266 | ) |

| The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

21. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 1,818,335 |  | 1,965,180 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 1,965,180 |  |

| Credit to Statement of Comprehensive Income during year | (146,845 | ) |

| Balance at 31 December 2025 | 1,818,335 |  |

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

21. | PROVISIONS FOR LIABILITIES - continued

| Deferred tax is provided at 25% (2024: 25%) and represents a provision for temporary timing differences between depreciation and capital allowances of £355,962 (2024: £431,792) less deferred tax losses of £36,996.

| The provision for deferred taxation at 25% on the revaluation of the hotels is £1,499,369 (2024: £1,533,388) due to valuations where relevant being in excess of costs plus indexation.

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 406,886 | Ordinary | £1 | 406,886 |  | 406,886 |  |

| All shares rank equally in regards to voting rights.

| The shares have a nominal value of £1 and were issued at par.

| All shares rank equally in regards to dividends.

| All shares rank in proportion to the nominal amount paid up with regards to capital distributions including on winding up or other repayment of capital.

23. | PENSION COMMITMENTS

| The group made defined pension contributions in respect of its employees amounting to £79,681 (2024 - £72,535) during the year. Contributions unpaid at the year end were £17,854 (2024 - £14,678).

24. | CONTINGENT LIABILITIES

| A guarantee has been provided by Crest Hotels (Bristol) Limited and its subsidiary Arnos Manor Hotel Limited in connection with a bank loan to a company outside the Group also owned by the directors as detailed in note 25.

25. | RELATED PARTY DISCLOSURES

| The directors have provided a loan to the group of £3,134,834 (2024: £3,350,306) which is interest free and repayable on demand. This is shown in creditors.

| At the year end a loan amounting to £210,000 (2024: £210,000) was owed to the group by the parents of the directors. This is shown in other debtors.

| At the year end loans amounting to £3,599,887 (2024: £3,152,101) were owed from companies that are owned by the directors. These are shown in other debtors. Of this amount, £579,520 is subject to a deed of sub-ordination in connection with a bank loan for £1.5M in a company outside of the group owned by the directors. Management and adminstrative charges were charged to these companies from the group of £15,200 (2024: by these companies to the group of £100,000).

| At the year end loans amounting to £363,136 (2024: (£140,278) were owed to a group of companies that are owned by the parents of the directors. These are shown in other loans in creditors. Management and administrative charges were charged to these companies of £82,200 (2024: £69,250).

26. | ULTIMATE CONTROLLING PARTY

| The group is under the control of the directors who own 100% of the share capital.

| Crest Group Limited (Registered number: 10150585) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

27. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Loss before taxation | (673,558 | ) | (89,518 | ) |

| Depreciation charges | 1,194,621 |  | 1,231,332 |  |

| Impairment of goodwill | 546,342 |  | - |  |

| Finance costs | 917,903 |  | 1,096,705 |  |

| Finance income | (1,695 | ) | (23,996 | ) |

1,983,613 |  | 2,214,523 |  |

| (Increase)/decrease in stocks | (5,993 | ) | 7,624 |  |

| Increase in trade and other debtors | (717,974 | ) | (1,932,319 | ) |

| Increase in trade and other creditors | 716,472 |  | 240,007 |  |

| Cash generated from operations | 1,976,118 |  | 529,835 |  |

28. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 483,098 |  | 760,117 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 760,117 |  | 2,043,055 |  |

29. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 760,117 |  | (277,019 | ) | 483,098 |  |

760,117 |  | (277,019 | ) | 483,098 |  |

| Debt

| Debts falling due within 1 year | (788,889 | ) | (2,480,920 | ) | (3,269,809 | ) |

| Debts falling due after 1 year | (14,113,500 | ) | 3,082,620 |  | (11,030,880 | ) |

(14,902,389 | ) | 601,700 |  | (14,300,689 | ) |

| Total | (14,142,272 | ) | 324,681 |  | (13,817,591 | ) |