REGISTERED NUMBER: 13290260 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

FOR

BLANTURN HOLDCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

6

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Mr. Girish Kumar Grover

Mr Johann Scheid

REGISTERED OFFICE:

AG Hotels Group

The Crown London Hotel

142-152 Cricklewood Broadway

London

NW2 3ED

REGISTERED NUMBER:

13290260 (England and Wales)

AUDITORS:

Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

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

REVIEW OF BUSINESS

Each company in the group took on the trade and assets of a hotel, 11 hotels in total are in operation at the end of the year to 31 July 2025.

The key performance indicators for the group were as follows:

- Turnover for the group amounted to £15,832,981 (2024: £18,721,432)

- The gross profit margin percentage for the group was 85.5% (2024: 86.3%)

- The loss before tax was £2,546,074 (2024: loss £1,037,212)

The directors also monitor the following key performance indicators regularly:

- Turnover

- Gross profit margin percentage

- Net profit

- Occupancy rates

Future Developments

The group continues to focus on managing its investment portfolio and supporting subsidiary undertakings in delivering operational improvements. Management remains committed to identifying opportunities to strengthen revenues, manage costs, and enhance overall financial resilience.

PRINCIPAL RISKS AND UNCERTAINTIES

The group has an established and structured approach to risk management. Its activities expose it to a variety of risks and uncertainties, and the group has adopted risk management policies designed to mitigate these risks in a cost-effective manner.

Commercial risk

The principal risk faced by the group remains commercial uncertainty, particularly given the wider macro-economic environment. Rising inflation, elevated interest rates, and the potential for a slowdown in consumer demand may impact both revenues and operating costs. The directors closely monitor these factors and continue to implement measures to maintain profitability and operational resilience.

Health & safety

The group recognises the critical importance of health and safety and is committed to safeguarding its employees and guests. Robust fire safety policies, strict food safety procedures, and regular employee training programmes are maintained across all sites. The directors consider compliance with health and safety legislation to be a priority area of risk management.

Labour market and staffing

Ongoing pressures in the UK labour market present a risk of staff shortages and increased employment costs. The group mitigates this by focusing on staff retention, training, and the development of competitive employee benefits to attract and retain talent.

Regulatory and compliance risk

The hospitality sector remains subject to increasing regulation, including environmental, employment, and data protection requirements. Non-compliance could lead to reputational damage and financial penalties. The group continually reviews its compliance frameworks to ensure adherence to applicable laws and regulations.

Environmental and sustainability risk

The growing emphasis on environmental sustainability and climate change presents both risks and opportunities for the group. Rising energy costs, increasing regulatory requirements, and stakeholder expectations around sustainability may affect operations and capital investment needs. The group is actively pursuing energy-efficient initiatives, exploring the use of renewable energy solutions, and embedding sustainable practices into its operations to mitigate these risks and align with long-term ESG objectives.

GOING CONCERN

The directors have prepared the accounts on a going concern basis, having considered the group’s cash flows, funding arrangements, and support from shareholders. The directors are satisfied that the group has adequate resources to meet its obligations as they fall due. The group looks to the future with optimism and with a continuing plan to expand more hotels.

ON BEHALF OF THE BOARD:

Mr. Girish Kumar Grover - Director

22 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of hotels and similar accommodation. The company is a holding company with investments in subsidiary undertakings engaged in the hospitality sector and related services.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

Mr. Girish Kumar Grover has held office during the whole of the period from 1 August 2024 to the date of this report.

FINANCIAL INSTRUMENTS

Objectives and policies

The group’s principal financial instruments comprise trade creditors, customer deposits received in advance, and loans from related undertakings. The primary purpose of these instruments is to finance and support the group’s core operations. The Board is committed to managing the associated risks proactively to ensure financial stability and operational resilience.

Price risk, credit risk, liquidity risk and cash flow risk

Liquidity Risk

Subsequent to the year end, certain entities within the group refinanced investor loans with bank borrowings at more favourable interest rates. This refinancing strengthens the group’s liquidity position and reduces ongoing finance costs.

Price Risk

Pricing policies are determined in advance of each trading period and are subject to regular review by management to ensure competitiveness and sustainability.

Credit Risk

The group’s exposure to credit risk remains limited, as the majority of revenues are received at the point of sale or secured through customer deposits in advance. Accordingly, the directors do not consider credit risk to represent a material threat to the business.

Operational Risk

The directors remain mindful of evolving legal and regulatory requirements and associated compliance costs. Measures are taken in advance to ensure the group continues to meet its obligations in a timely and cost-effective manner.

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.

AUDITORS

The auditors, Accumen Business Consultancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr. Girish Kumar Grover - Director

22 July 2026

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.

Opinion

We have audited the financial statements of Blanturn Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 Consolidated Cash Flow Statement, 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 July 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

- we assessed th extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the Accounting Policies were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

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.

Tejinder Saran (Senior Statutory Auditor)

for and on behalf of Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

22 July 2026

TURNOVER

3

15,832,981

18,721,432

Cost of sales

2,298,977

2,569,837

GROSS PROFIT

13,534,004

16,151,595

Administrative expenses

14,007,832

13,654,941

(473,828

)

2,496,654

Other operating income

4

305,936

337,445

OPERATING (LOSS)/PROFIT

6

(167,892

)

2,834,099

Interest receivable and similar income

10,487

5,483

(157,405

)

2,839,582

Interest payable and similar expenses

8

2,388,669

3,876,794

LOSS BEFORE TAXATION

(2,546,074

)

(1,037,212

)

Tax on loss

9

(328,056

)

(134,927

)

LOSS FOR THE FINANCIAL YEAR

(2,218,018

)

(902,285

)

Loss attributable to:

Owners of the parent

(2,218,018

)

(902,285

)

LOSS FOR THE YEAR

(2,218,018

)

(902,285

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,218,018

)

(902,285

)

Total comprehensive income attributable to:

Owners of the parent

(2,218,018

)

(902,285

)

FIXED ASSETS

Intangible assets

11

336,664

386,714

Tangible assets

12

44,704,929

45,120,939

Investments

13

-

-

45,041,593

45,507,653

CURRENT ASSETS

Stocks

14

51,992

60,708

Debtors

15

8,120,273

1,348,272

Cash at bank and in hand

1,914,621

1,807,544

10,086,886

3,216,524

CREDITORS

Amounts falling due within one year

16

11,921,182

5,347,370

NET CURRENT LIABILITIES

(1,834,296

)

(2,130,846

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,207,297

43,376,807

CREDITORS

Amounts falling due after more than one year

17

(45,966,746

)

(44,254,592

)

PROVISIONS FOR LIABILITIES

19

-

336,354

NET LIABILITIES

(2,759,449

)

(541,431

)

CAPITAL AND RESERVES

Called up share capital

20

110

110

Share premium

21

517,371

517,371

Retained earnings

21

(3,276,930

)

(1,058,912

)

SHAREHOLDERS' FUNDS

(2,759,449

)

(541,431

)

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

Mr. Girish Kumar Grover - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

1,000

1,000

1,000

1,000

CURRENT ASSETS

Debtors

15

28,544,452

25,927,611

Cash at bank

5,421

621

28,549,873

25,928,232

CREDITORS

Amounts falling due within one year

16

4,992,591

2,892,120

NET CURRENT ASSETS

23,557,282

23,036,112

TOTAL ASSETS LESS CURRENT LIABILITIES

23,558,282

23,037,112

CREDITORS

Amounts falling due after more than one year

17

27,333,300

24,762,624

NET LIABILITIES

(3,775,018

)

(1,725,512

)

CAPITAL AND RESERVES

Called up share capital

20

110

110

Share premium

517,371

517,371

Retained earnings

(4,292,499

)

(2,242,993

)

SHAREHOLDERS' FUNDS

(3,775,018

)

(1,725,512

)

Company's loss for the financial year

(2,049,506

)

(1,361,314

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

Mr. Girish Kumar Grover - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 August 2023

1,210

(156,627

)

517,371

361,954

Changes in equity

Issue of share capital

(1,100

)

-

-

(1,100

)

Total comprehensive income

-

(902,285

)

-

(902,285

)

Balance at 31 July 2024

110

(1,058,912

)

517,371

(541,431

)

Changes in equity

Total comprehensive income

-

(2,218,018

)

-

(2,218,018

)

Balance at 31 July 2025

110

(3,276,930

)

517,371

(2,759,449

)

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 August 2023

110

(881,679

)

517,371

(364,198

)

Changes in equity

Total comprehensive income

-

(1,361,314

)

-

(1,361,314

)

Balance at 31 July 2024

110

(2,242,993

)

517,371

(1,725,512

)

Changes in equity

Total comprehensive income

-

(2,049,506

)

-

(2,049,506

)

Balance at 31 July 2025

110

(4,292,499

)

517,371

(3,775,018

)

Cash flows from operating activities

Cash generated from operations

1

1,245,680

5,480,737

Interest paid

(2,388,669

)

-

Tax paid

336,349

134,923

Net cash from operating activities

(806,640

)

5,615,660

Cash flows from investing activities

Purchase of tangible fixed assets

(948,913

)

(2,250,445

)

Interest received

10,487

5,483

Net cash from investing activities

(938,426

)

(2,244,962

)

Cash flows from financing activities

Loan repayments in year

1,852,143

520,131

-

(3,876,796

)

Net cash from financing activities

1,852,143

(3,356,665

)

Increase in cash and cash equivalents

107,077

14,033

Cash and cash equivalents at beginning of year

2

1,807,544

1,793,511

Cash and cash equivalents at end of year

2

1,914,621

1,807,544

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.7.25

31.7.24

£

£

Loss before taxation

(2,546,074

)

(1,037,212

)

Depreciation charges

1,414,974

1,520,067

Accrued expenses

59,864

(134,920

)

Finance costs

2,388,669

3,876,794

Finance income

(10,487

)

(5,483

)

1,306,946

4,219,246

Decrease/(increase) in stocks

8,716

(5,979

)

(Increase)/decrease in trade and other debtors

(4,716,102

)

76,275

Increase in trade and other creditors

4,646,120

1,191,195

Cash generated from operations

1,245,680

5,480,737

2.	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 July 2025

31.7.25

1.8.24

£

£

Cash and cash equivalents

1,914,621

1,807,544

Year ended 31 July 2024

31.7.24

1.8.23

£

£

Cash and cash equivalents

1,807,544

1,793,511

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.8.24

Cash flow

At 31.7.25

£

£

£

Net cash

Cash at bank and in hand

1,807,544

107,077

1,914,621

1,807,544

107,077

1,914,621

Debt

Debts falling due within 1 year

(562,028

)

(139,990

)

(702,018

)

Debts falling due after 1 year

(44,254,593

)

(1,712,153

)

(45,966,746

)

(44,816,621

)

(1,852,143

)

(46,668,764

)

Total

(43,009,077

)

(1,745,066

)

(44,754,143

)

1.	STATUTORY INFORMATION

Blanturn Holdco 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.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

FRS102 allows a qualifying entity certain disclosure exemptions, which have been adopted by the company as follows:

(i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows included in these financial statements includes the company's cash flows;

(ii) From the financial instrument disclosures, required under FRS102 paragraphs 11.39 to 11.48A as the information is provided in the consolidated financial statement disclosures.

(iii) The requirements of Section 33 Related Party Disclosures paragraph 33.7.

The group has also taken advantage of the exemption under FRS102 paragraph 33.1A in respect of transactions between members of the group, where those group companies are 100% owned.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2025.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.