Company registration number 02018937 (England and Wales)
OATLANDS INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2025
OATLANDS INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
K Dhala
N Jamal
K Jamal
R Jamal
A Somji
S Somji
Secretary
N Jamal
Company number
02018937
Registered office
146 Oatlands Drive
Weybridge
Surrey
KT13 9HB
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
OATLANDS INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
OATLANDS INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 28 September 2025.

Principal risks and uncertainties

The principal risks facing the Company are categorised as competitive, legislative and financial. The Board and senior management meet regularly to review trading performance and assess the principal risks and uncertainties affecting the business.

The Company operates in a competitive and inflationary environment, with local competition increasing following the opening of a large chain hotel in Woking. In response, the Company accepted a controlled sacrifice of ADR and margin to secure volume growth, while the finance team has maintained tight cost control and required proof of value across spend.

Legislative risk relates to changes in regulation affecting the operation of the hotel that may have a material impact on the Company's profitability. The scheduled reduction in Business Rates Relief, combined with rising energy costs, has increased the overall cost burden on the business. Cost inflation, particularly in respect of payroll and operational expenditure, remains a key challenge and continues to be closely managed.

External risks, including geopolitical developments, rising borrowing costs and broader macroeconomic uncertainty, continue to be monitored closely by the Board, given their potential impact on both trading levels and the wider financial markets.

The Company maintains strict credit checking procedures and pursues timely collections in respect of credit lines extended to corporate customers, thereby minimising exposure to bad debt. The Board is also mindful of the growing threat of cyber-fraud, and the Company's systems and procedures are reviewed on a regular basis to safeguard its financial and operational position. Management remains committed to ensuring continued compliance with all applicable regulations and standards.

The Company continues to place an emphasis on credit vetting and timely collections where credit lines are extended to corporate customers, helping to avoid bad debts. The Company is also mindful of the increasing threat of cyber-fraud, and its systems and procedures are reviewed regularly to safeguard its position. Management continues to ensure compliance with current regulations and standards.

Development and performance

Continued strong enquiry and booking levels confirmed the benefit of the Hotel's refurbishment programme, which included refurbished accommodation, enhanced kitchen food safety and hygiene measures to address allergen management, electrical works to the substation, and guest toilet refurbishment. Management remained focused on improving customer service, with this reflected in stronger customer feedback over the period. Alongside this, tight cost controls remained in place across payroll and other expenses, and the year's results reflect the value of these combined efforts.

During the year, the Hotel also invested in upgrading its IT systems, including the Micros system, supporting smooth day-to-day operations and improving the daily audit and review of food and beverage income. Upgrading the Micros system is expected to bring greater accuracy and speed to order processing, real-time visibility of food and beverage sales, and tighter control over stock and wastage. It should also strengthen reporting capability, making it easier to identify trends and respond quickly to changes in customer demand.

The Hotel also completed an upgrade of its website, providing guests with clearer, more accessible information and introducing an AI-powered chatbot to support enquiries and bookings. This enhancement is expected to improve the guest experience from the very first point of contact, while also freeing up staff time previously spent on routine queries.

OATLANDS INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 2 -
Key performance indicators

The Hotel's average daily room rate showed a decrease on the prior year of £7.72 (2024: £4.43 decrease), 4,089 more rooms were sold, whilst occupancy increased by 5.75% year-on-year.

Operational KPIs

Guest Satisfaction as scored on customer experience review platform, etc. showed.

Booking.com score rose from 8.2 to 8.3 over the year.

TripAdvisor awarded 4/5 and the Travellers' Choice Award.

AA Inspection Report granted four silver stars and an AA Rosette for culinary excellence.

Strategic Initiatives: The Hotel is developing marketing partnerships to strengthen its position in the premium segment. Further improvements in ADR and occupancy are expected as these relationships develop and as the leisure offering is expanded, supported by the Hotel's growing reputation for quality.

Going concern

In preparing the financial statements the Directors are required to assess the Company's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, the Directors have given due consideration to the Company's available cash funds, historical and current trading, together with forward looking projections which have taken into account the impact of the unsettled geo-political landscape. At the Balance sheet date, the Company has net current liabilities of £1,207k (2024: £1,095k) of which £171k (2024: £306k) is deferred income.

The Company continues to strive for cost reduction and control initiatives to conserve cash and secure the longer-term viability of the business. There is continued emphasis on developing new marketing channels to boost revenues.

The Directors have reviewed the Company's forecasts and cash flow projections, as well as performing stress testing, covering 12 months from the date of approval of these financial statements. Based on their best assessment, they believe that the Company will have sufficient cash in order for the Company to settle its liabilities as they fall due. Given significant improvements in overall business performance during the period under review the Directors consider it appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.

The Company has a good relationship with its bank and continues to keep them informed through management accounts and regular meetings of performance, updates on forecasts, and future plans. The Company's performance during the period under review was in line with budget forecasts. Having provided refurbishment funding and arranged loan re-financing during the pandemic, the bank continues to be supportive.

Future Developments

Having been granted Listed Buildings Consent in 2020, Planning Permission was granted in January 2021 for a development to include a Spa. The Company has also been granted Planning and Listed Buildings Consent for a secondary spa/other facility which could be opened sooner if needed.

On behalf of the board

N Jamal
Director
23 July 2026
OATLANDS INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 28 September 2025.

Principal activities

The principal activity of the company continued to be that of hotel accommodation and hospitality.

Results and dividends

The results for the year are set out on page 8.

The Company's accounting reference date is 28 September. In any given year, the Directors' report is for the 52 or 53 week period that culminates on or prior to this date.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors recommend the payment of a preferential dividend of 10% per 'A' Ordinary share, being £50,000 (2024 - £50,000).

Directors

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

K Dhala
N Jamal
K Jamal
R Jamal
A Somji
S Somji
Financial instruments

The Company's operations are financed by a mixture of retained profits and bank borrowings. Bank loans have been part of the medium-to-long term financing structure of the Company. Working capital requirements are met out of operational cash flow and retained profits. In addition, various financial instruments such as trade debtors and trade creditors arise directly from the Company's operations. Current bank loans carry interest rates between 3.05% to 4.06% above base rate.

Research and development

The company's future developments are shown in the Strategic report.

Statement of directors' responsibilities

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

OATLANDS INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 4 -

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N Jamal
Director
23 July 2026
OATLANDS INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OATLANDS INVESTMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Oatlands Investments Limited (the 'company') for the year ended 28 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 September 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

OATLANDS INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OATLANDS INVESTMENTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest area of risk was in relation to management override, completeness of income, compliance with loan covenants and the valuation of fixed assets.

We have obtained an understanding of the legal and regulatory frameworks that the company operates in from discussions with the directors and our knowledge of the company and its industry sector. We have focussed on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, local tax legislation and licensing regulations.

OATLANDS INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OATLANDS INVESTMENTS LIMITED (CONTINUED)
- 7 -

We performed the following audit procedures after consideration of the above risks which included the following:

- assess and independently challenge the valuations performed in respect of fixed assets, including testing the key assumptions, methodologies and supporting data used;

- review the covenants of loans currently drawn down and ensure company is complying with these requirements;

- t racing of transactions from external point of sale systems to the accounting records to ensure sales are recorded appropriately and included in the correct accounts period;

- enquiry of management of actual and potential litigation and claims;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Tracey Wickens (Senior Statutory Auditor)
For and on behalf of MGI Midgley Snelling LLP, Statutory Auditor
Chartered Accountants
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
23 July 2026
OATLANDS INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
6,620,223
6,343,911
Cost of sales
(2,662,078)
(2,572,833)
Gross profit
3,958,145
3,771,078
Administrative expenses
(3,697,596)
(3,759,380)
Other operating income
31,460
7,430
Operating profit
4
292,009
19,128
Interest payable and similar expenses
8
(456,041)
(504,884)
Loss before taxation
(164,032)
(485,756)
Tax on loss
9
(71,429)
60,733
Loss for the financial year
(235,461)
(425,023)
Other comprehensive income
Revaluation of tangible fixed assets
427,678
3,529,132
Tax relating to other comprehensive income
147,472
(900,569)
Total comprehensive income for the year
339,689
2,203,540

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

OATLANDS INVESTMENTS LIMITED
BALANCE SHEET
AS AT
28 SEPTEMBER 2025
28 September 2025
- 9 -
28 September 2025
24 September 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
27,200,000
27,200,000
Current assets
Stocks
12
58,863
51,708
Debtors
13
711,735
339,251
Cash at bank and in hand
1,689,198
1,954,719
2,459,796
2,345,678
Creditors: amounts falling due within one year
14
(3,666,851)
(3,441,166)
Net current liabilities
(1,207,055)
(1,095,488)
Total assets less current liabilities
25,992,945
26,104,512
Creditors: amounts falling due after more than one year
15
(4,894,516)
(5,179,943)
Provisions for liabilities
Deferred tax liability
17
2,431,901
2,597,730
(2,431,901)
(2,597,730)
Net assets
18,666,528
18,326,839
Capital and reserves
Called up share capital
19
500
500
Share premium account
89,500
89,500
Revaluation reserve
20,802,464
20,227,314
Profit and loss reserves
(2,225,936)
(1,990,475)
Total equity
18,666,528
18,326,839

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

The financial statements were approved by the board of directors and authorised for issue on 23 July 2026 and are signed on its behalf by:
K Dhala
N Jamal
Director
Director
Company registration number 02018937 (England and Wales)
OATLANDS INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 25 September 2023
500
89,500
17,598,751
(1,565,452)
16,123,299
Year ended 22 September 2024:
Loss
-
-
-
(425,023)
(425,023)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
3,529,132
-
3,529,132
Tax relating to other comprehensive income
-
-
(900,569)
-
0
(900,569)
Total comprehensive income
-
-
2,628,563
(425,023)
2,203,540
Balance at 22 September 2024
500
89,500
20,227,314
(1,990,475)
18,326,839
Year ended 28 September 2025:
Loss
-
-
-
(235,461)
(235,461)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
427,678
-
427,678
Tax relating to other comprehensive income
-
-
147,472
-
0
147,472
Total comprehensive income
-
-
575,150
(235,461)
339,689
Balance at 28 September 2025
500
89,500
20,802,464
(2,225,936)
18,666,528
OATLANDS INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,067,334
1,299,269
Net cash inflow from operating activities
1,067,334
1,299,269
Investing activities
Purchase of tangible fixed assets
(641,387)
(739,649)
Net cash used in investing activities
(641,387)
(739,649)
Financing activities
Bank loans
(285,427)
(289,759)
Interest paid
(406,041)
(454,884)
Net cash used in financing activities
(691,468)
(744,643)
Net decrease in cash and cash equivalents
(265,521)
(185,023)
Cash and cash equivalents at beginning of year
1,954,719
2,139,742
Cash and cash equivalents at end of year
1,689,198
1,954,719
OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 12 -
1
Accounting policies
Company information

Oatlands Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 146 Oatlands Drive, Weybridge, Surrey, KT13 9HB.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

In preparing the financial statements the Directors are required to assess the Company's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, the Directors have given due consideration to the Company's available cash funds, historical and current trading, together with forward looking projections which have taken into account the impact of the unsettled geo-political landscape. At the Balance sheet date, the Company has net current liabilities of £1,207k (2024: £1,095k) of which £171k (2024: £306k) is deferred income true.

The Company continues to strive for cost reduction and control initiatives to conserve cash and secure the longer-term viability of the business. There is continued emphasis on developing new marketing channels to boost revenues.

The Directors have reviewed the Company's forecasts and cash flow projections, as well as performing stress testing, covering 12 months from the date of approval of these financial statements. Based on their best assessment, they believe that the Company will have sufficient cash in order for the Company to settle its liabilities as they fall due. Given significant improvements in overall business performance during the period under review the Directors consider it appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.

The Company has a good relationship with its bank and continues to keep them informed through management accounts and regular meetings of performance, updates on forecasts, and future plans. The Company's performance during the period under review was in line with budget forecasts. Having provided refurbishment funding and arranged loan re-financing during the pandemic, the bank continues to be supportive.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Sales of goods

The Company operates restaurants and bars at its hotel. Sales of goods are recognised when the hotel restaurant or bars sell a product to a customer.

Sales of services

The Company supplies conference and event facilities as well as hotel rooms to businesses and private customers. Sales of rooms and conference and event facilities are recognised on the dates those facilities are used. Deposits received in advance are not recognised as turnover until the day of the stay or event.

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Tangible fixed assets

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

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

Freehold property
2% per annum
Fixtures and fittings
15% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

1.5
Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

1.7
Cash and cash equivalents

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

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

Current tax

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

Deferred tax

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

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

1.11
Employee benefits

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

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.13
Leases

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

1.14

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible assets

Determine whether there are any indicators of impairment of the Company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

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

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Hotel property

The hotel property value is considered by the directors on an annual basis. The directors obtain independent valuations periodically in accordance with the RICS Red Book. There is, however, a degree of judgement and estimation involved in that each property is unique and the value can only be reliably tested in the market.

3
Turnover and other revenue

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
3
Turnover and other revenue
(Continued)
- 16 -
2025
2024
£
£
Other revenue
Net rents receivable
31,460
7,430
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,069,065
1,223,717
Operating lease charges
21,244
21,244
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,000
21,000
6
Employees

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

2025
2024
Number
Number
Administration
27
29
Other
55
54
Total
82
83

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,092,273
1,905,192
Social security costs
235,714
178,694
Pension costs
52,639
46,659
2,380,626
2,130,545
OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 17 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
75,018
85,487
Company pension contributions to defined contribution schemes
1,904
1,904
76,922
87,391

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
406,041
454,884
Dividends on redeemable preference shares not classified as equity
50,000
50,000
456,041
504,884
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
89,786
-
0
Deferred tax
Origination and reversal of timing differences
(18,357)
(60,733)
Total tax charge/(credit)
71,429
(60,733)
OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
9
Taxation
(Continued)
- 18 -

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

2025
2024
£
£
Loss before taxation
(164,032)
(485,756)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(41,008)
(121,439)
Tax effect of expenses that are not deductible in determining taxable profit
5,777
8,052
Tax effect of utilisation of tax losses not previously recognised
(85,377)
(92,529)
Permanent capital allowances in excess of depreciation
211,339
205,733
Other non-reversing timing differences
(945)
183
Deferred tax adjustment
(18,357)
(60,733)
Taxation charge/(credit) for the year
71,429
(60,733)

In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Valuation of property
(147,472)
900,569
10
Dividends

Dividends in arrears total £550,000 (2024 - £500,000).

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 19 -
11
Tangible fixed assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 23 September 2024
25,019,520
10,720,188
35,739,708
Additions
132,650
508,737
641,387
Revaluation
255,678
-
0
255,678
At 28 September 2025
25,407,848
11,228,925
36,636,773
Depreciation and impairment
At 23 September 2024
-
0
8,539,708
8,539,708
Depreciation charged in the year
172,000
897,065
1,069,065
Revaluation
(172,000)
-
0
(172,000)
At 28 September 2025
-
0
9,436,773
9,436,773
Carrying amount
At 28 September 2025
25,407,848
1,792,152
27,200,000
At 22 September 2024
25,019,520
2,180,480
27,200,000

In June 2024 a professional valuation was carried out on the instructions of our bank. The report stated that the market valuation of the hotel that comprises the freehold property including fixtures, fittings and equipment was £27,200,000 using a Discounted Cash Flow valuation methodology based on the professional valuer’s projections which was compared to recent market transactions on an arm's length terms for similar properties.The directors consider that the professional valuation of the freehold property, including fixtures, fittings and equipment from June 2024 remains applicable and is to be adopted for the year end accounts as at 28 September 2025.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £2,777,958 (2024 - £2,724,135), being cost £5,768,850 (2024 - £5,636,200) and depreciation £2,990,892 (2024 - £2,912,065).

12
Stocks
2025
2024
£
£
Finished goods and goods for resale
58,863
51,708
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
575,552
204,053
Other debtors
4,470
4,920
Prepayments and accrued income
131,713
130,278
711,735
339,251
OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
282,622
282,622
Other borrowings
16
1,000,000
1,000,000
Trade creditors
234,806
241,254
Corporation tax
89,786
-
0
Other taxation and social security
302,758
257,947
Dividends payable
550,000
500,000
Other creditors
673,345
554,695
Accruals and deferred income
533,534
604,648
3,666,851
3,441,166
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
4,394,516
4,679,943
Other borrowings
16
500,000
500,000
4,894,516
5,179,943
16
Loans and overdrafts
2025
2024
£
£
Bank loans
4,677,138
4,962,565
Preference shares
500,000
500,000
Loans from related parties
1,000,000
1,000,000
6,177,138
6,462,565
Payable within one year
1,282,622
1,282,622
Payable after one year
4,894,516
5,179,943

The bank loans rank in preference to the loans due to shareholders/directors totalling £750,000 (2024: £750,000) and are secured by a debenture over the company's assets and a legal charge over the company's freehold property. Guarantees on bank loans have also been provided by the shareholders totalling £1,160,000 (2024: £1,160,000).

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
16
Loans and overdrafts
(Continued)
- 21 -

A bank loan facility of £302k was agreed in October 2020. The loan term is a period of 72 months from the date the first part is drawn. Interest is payable at 4.06% p.a over base rate.

A second bank loan facility of £1.148m was also agreed in October 2020. The loan term is a period of 72 months from the date the first part is drawn. Interest is payable at 4.06% p.a over base rate.

A third bank loan facility of £3.2m was also agreed in October 2020. The loan term is a period of 72 months from the date the first part is drawn. Interest is payable at 3.05% p.a over base rate.

A fourth and final bank loan facility of £1m was also agreed in October 2020. The loan term is a period of 72 months from the date the first part is drawn. Interest is payable at 3.05% p.a over base rate.

17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
178,707
282,441
Tax losses
-
(85,377)
Revaluations
2,253,194
2,400,666
2,431,901
2,597,730
2025
Movements in the year:
£
Liability at 23 September 2024
2,597,730
Credit to profit or loss
(18,357)
Credit to other comprehensive income
(147,472)
Liability at 28 September 2025
2,431,901

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 22 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,639
46,659

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end an amount of £4,615 (2024: £8,393) was outstanding and due to be paid to the pension provider.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'B' Ordinary shares of £1 each
500
500
500
500
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
500,000
500,000
500,000
500,000
Preference shares classified as liabilities
500,000
500,000

Shares classified as debt

500,000 'A' Ordinary shares of £1 each were in issue from the company for the current financial period and previous financial periods. These shares are recognised as a creditor in the accounts.

Further information regarding shares

The 'A' Ordinary shares confer on their holder the right to a fixed cumulative preferential dividend at the rate of 10% per annum on the paid up capital; plus a dividend out of the distributable profits up to a maximum of £3,000,000 per annum.

The 'B' Ordinary shares are eligible for a dividend out of profits above £3,000,000 per annum.

The holders of 'A' Ordinary shares are entitled to capital, for example on a return of assets on a liquidation, up to a maximum of £8,000,000 plus their nominal value of £500,000. The holders of 'B' Ordinary shares are entitled to any capital in excess of this amount.

The 'B' Ordinary shares are non-voting, except in relation to any resolution to vary the rights attached to the 'B' Ordinary shares.

OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
- 23 -
20
Operating lease commitments

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

2025
2024
£
£
Within one year
94
21,244
Between two and five years
-
0
94
94
21,338
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
85,377
95,047

Included in the note below is an additional £6,000 (2024: £6,000) service costs relating to key management personnel.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Services costs
2025
2024
£
£
Entities with control, joint control or significant influence over the company
30,000
30,000
Key management personnel
6,000
6,000
Other related parties
69,481
69,481

Included in the amount above are directors services provided to the company of £63,481 (2024: £63,481) which are accrued to Swiss Cottage Hotel LLP.

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,099,000
1,066,000
Key management personnel
9,000
6,000
Other related parties
392,360
305,983
OATLANDS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2025
21
Related party transactions
(Continued)
- 24 -

Included in amounts due to controlling entities are loan balances totalling £1,000,000 (2024: £1,000,000). Of this amount, £750,000 (2024: £750,000) of these loans are subordinated to the bank loans as per note 16.

Remaining amounts due to related parties are interest free and repayable on demand.

22
Cash generated from operations
2025
2024
£
£
Loss after taxation
(235,461)
(425,023)
Adjustments for:
Taxation charged/(credited)
71,429
(60,733)
Finance costs
406,041
454,884
Depreciation and impairment of tangible fixed assets
1,069,065
1,223,717
Movements in working capital:
(Increase)/decrease in stocks
(7,155)
12,418
Increase in debtors
(372,484)
(9,114)
Increase in creditors
135,899
103,120
Cash generated from operations
1,067,334
1,299,269
23
Analysis of changes in net debt
23 September 2024
Cash flows
28 September 2025
£
£
£
Cash at bank and in hand
1,954,719
(265,521)
1,689,198
Borrowings excluding overdrafts
(6,462,565)
285,427
(6,177,138)
(4,507,846)
19,906
(4,487,940)
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