ACCOUNTS - Final Accounts **

An analysis of turnover by class of business is as follows:

Registered number: 05256840

NORTHUMBERLAND HOUSE LIMITED

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2025

NORTHUMBERLAND HOUSE LIMITED

COMPANY INFORMATION

Directors	Mr J D Horowitz
	Mr C S Kacherski


Company secretary	Mr J D Horowitz


Registered number	05256840


Registered office	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ


Auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

NORTHUMBERLAND HOUSE LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 25

NORTHUMBERLAND HOUSE LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business review

The results for the year and the financial position as at year-end date were considered satisfactory by the Directors.

Principal risks and uncertainties

The Board is responsible for maintaining an adequate system of internal control and risk management. The Company is subject to risks which may materially impact the financial earnings, assets and liquidity. The Board believes it has taken reasonable steps to mitigate loss due to risks and uncertainties.

The Company's hotel is located in London and is in part dependent on the strength of the London market and its member organisations. The Company faces competition in the London market, but has been successful in maintaining adequate market share. The Company faces the risk of terrorist activities, IT intrusions and environmental casualties. The Company maintains insurance to offset potential losses related to these types of events.

The Company meets its day to day liquidity requirements through its cash reserves.

Price risk

Management performs periodic reviews of room rates, to ensure the Company and its rates remain competitive, in order to continue to attract new and existing guests.

Credit risk

The Company is not exposed to significant credit risk. Guests pay in advance of their stay at the hotel and charges are made against guest’s credit cards upon arrival, which serves to reduce any associated risk of non-payment of any services provided during the guests stay at the hotel.

Liquidity risk and Cashflow risk

Management manages liquidity and cashflow risk through cash reserves and retained profit. The Company is
part of wider group and additional liquidity could be provided, if needed, by other group companies

Foreign exchange risk

Foreign exchange risk relates to intercompany balances with other group companies. Management do not hedge this risk as they do not believe this to be a significant risk to the operations of the Company.

Interest rate risk

The Company is exposed to interest rate risk in respect of its bank borrowings and movements in the underlying reference rate of this debt, SONIA. The Company has not hedged the associated interest rate risk, as management are comfortable that the exposure can be managed through effective management of the Company’s liquidity and cashflow.

Page 1

NORTHUMBERLAND HOUSE LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

The Company uses a series of key performance indicators to monitor the performance of the business.

2025 2024

Turnover £21.1m £20.4m

Gross profit £13.5m £13.2m

Gross profit margin 64% 65%

Other key performance indicators

The directors do not consider that there are any other key performance indicators for the Company.

This report was approved by the board and signed on its behalf.

Mr J D Horowitz

Director

Date: 27 July 2026

Page 2

NORTHUMBERLAND HOUSE LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

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

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.

Principal activity

The principal activity of the Company is that of hoteliers.

Results and dividends

The profit for the year, after taxation, amounted to £3,545,826 (2024 - £3,372,516).

The Directors declared dividends of £Nil (2024 - £Nil).

Directors

The Directors who served during the year were:

Mr J D Horowitz

Mr C S Kacherski

Matters covered in the Strategic Report

The business review and principal risks and uncertainties of the business have been included in the strategic report.

Page 3

NORTHUMBERLAND HOUSE LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006, Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

Mr J D Horowitz

Director

Date: 27 July 2026

Page 4

NORTHUMBERLAND HOUSE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHUMBERLAND HOUSE LIMITED

Opinion

We have audited the financial statements of Northumberland House Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Auditors' 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.

Page 5

NORTHUMBERLAND HOUSE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHUMBERLAND HOUSE LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the 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.

Page 6

NORTHUMBERLAND HOUSE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHUMBERLAND HOUSE LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, UK company tax laws and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

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

∙Assessing the susceptibility of the Company’s financial statements to material misstatements by obtaining an understanding of how fraud might occur.

∙Enquiring of management and those charged with governance as to actual and potential litigation and claims and testing of internal controls in place, where applicable, to mitigate risks of fraud and non-compliance with laws and regulations.

∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Company through discussions with management and reviewing inspection reports, where applicable, to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Company.

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, as well as reviewing minutes of meetings of those charged with Governance, where available.

∙Performing audit work over the risk of timing and recognition of income, including testing of internal controls over income reconciliation and recognition, analytical procedures to ensure completeness and substantive procedures to ensure accuracy, based on the requirements of accounting standards.

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and performing analytical procedures to identify any significant unusual or unexpected transactions or relationships.

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. This 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.

Page 7

NORTHUMBERLAND HOUSE LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHUMBERLAND HOUSE LIMITED (CONTINUED)

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 Auditors' 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 Auditors' 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.

Mark Nelligan FCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

Date: 27 July 2026

Page 8

NORTHUMBERLAND HOUSE LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	21,127,953	20,358,045
Cost of sales		(7,634,792)	(7,109,070)
Gross profit		13,493,161	13,248,975
Administrative expenses		(6,740,233)	(6,778,150)
Other operating income	5	1,381,878	1,475,710
Other operating charges		(66,142)	(88,213)
Operating profit	6	8,068,664	7,858,322
Interest receivable and similar income	10	313,151	337,787
Interest payable and similar expenses	11	(3,330,085)	(3,474,963)
Profit before tax		5,051,730	4,721,146
Tax on profit	12	(1,505,904)	(1,348,630)
Profit after tax		3,545,826	3,372,516

Retained earnings
Retained earnings at the beginning of the year	13,325,974	9,953,458
Profit for the year	3,545,826	3,372,516
Retained earnings at the end of the year	16,871,800	13,325,974

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 25 form part of these financial statements.

Page 9

NORTHUMBERLAND HOUSE LIMITED

REGISTERED NUMBER: 05256840

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible fixed assets	13		29,650,439		28,889,839
Current assets
Stocks	14	265,195		268,678
Debtors: amounts falling due within one year	15	33,045,008		32,344,069
Cash at bank and in hand	16	9,829,635		12,313,716
		43,139,838		44,926,463
Creditors: amounts falling due within one year	17	(48,573,917)		(53,145,768)
Net current liabilities			(5,434,079)		(8,219,305)
Total assets less current liabilities			24,216,360		20,670,534
Provisions for liabilities
Deferred tax	19	(7,294,560)		(7,294,560)
			(7,294,560)		(7,294,560)
Net assets			16,921,800		13,375,974

Capital and reserves
Called up share capital	20	50,000	50,000
Profit and loss account	21	16,871,800	13,325,974
Shareholder's funds		16,921,800	13,375,974

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr J D Horowitz

Director

Date: 27 July 2026

The notes on pages 12 to 25 form part of these financial statements.

Page 10

NORTHUMBERLAND HOUSE LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	3,545,826	3,372,516
Adjustments for:
Depreciation of tangible assets	776,826	740,709
Interest payable	3,330,085	3,474,963
Interest receivable	(313,151)	(337,787)
Taxation charge	1,505,904	1,348,630
Decrease/(increase) in stocks	3,483	(24,997)
(Increase) in debtors	(216,574)	(88,354)
(Increase) in amounts owed by groups	(484,364)	(538,235)
(Decrease)/increase in creditors	(1,278,014)	918,774
(Decrease)/increase in amounts owed to groups	(2,027,483)	1,884,713
Corporation tax (paid)	(2,472,258)	(773,031)
Net cash generated from operating activities	2,370,280	9,977,901

Cash flows from investing activities
Purchase of tangible fixed assets	(1,537,427)	(495,251)
Interest received	313,151	337,787
Net cash from investing activities	(1,224,276)	(157,464)
Cash flows from financing activities
Repayment of loans	(300,000)	(400,000)
Interest paid	(3,330,085)	(3,474,963)
Net cash used in financing activities	(3,630,085)	(3,874,963)
Net (decrease)/increase in cash and cash equivalents	(2,484,081)	5,945,474
Cash and cash equivalents at beginning of year	12,313,716	6,368,242
Cash and cash equivalents at the end of year	9,829,635	12,313,716

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	9,829,635	12,313,716

Page 11

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Northumberland House Limited is a private company, limited by shares, incorporated in England and Wales, registration number 05256840. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. The principal place of business is 8 Northumberland Avenue, London WC2N 5BY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

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

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ludgate Northumberland House Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

2.4

Going concern

The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for the foreseeable future, a period of not less than 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Company's business model and the availability of cash resources. The Directors site that the Company was profit making in the period and is in a net asset position at the year end date. The Company meets its day-to-day working capital requirements through its cash holdings. The Company’s forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company should be able to operate comfortably within the level of its current cash reserves. The existing bank loan terminates 6 December 2026. The lender has indicated a willingness to extend the loan for an additional three years based on our strong relationship. We anticipate the extension to be finalised in the third quarter of 2026

Page 12

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Provision of hotel services - over the period the service is provided.

Rental income - over the period the property is let to the tenant.

2.7

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

2.8

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.9

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Borrowing costs

All borrowing costs are capitalised and recognised in the Statement of Income and Retained Earnings over the period of the loan.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 14

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property	-	50 years
Assets under construction	-	Depreciated when construction complete
Plant and machinery	-	7 to 15 years
Fixtures and fittings	-	5 to 7 years
Office equipment	-	5 years
Other fixed assets	-	5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.13

Stocks

Stocks consists mainly of uniforms and miscellaneous supplies. Initial base stocks are included at cost, while replacement items are expensed upon their purchase and use.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and

Page 16

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.

Page 17

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Hotel services	21,127,953	20,358,045

Analysis of turnover by country of destination:

					2025	2024
					£	£

	United Kingdom	21,127,953	20,358,045

5.	Other operating income
		2025	2024
		£	£

Net rents receivable	1,143,583	1,039,721
Sundry income	238,295	435,989
	1,381,878	1,475,710

Exchange differences

(232,756)

(11,076)

Fees payable to the Company's auditors for the audit of the Company's financial statements

15,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	1,858,899	1,827,853
Social security costs	271,802	220,059
	2,130,701	2,047,912

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	52	53

9.	Directors' remuneration

The directors did not receive any remuneration from the Company in the year (2024 - £Nil).

10.	Interest receivable
		2025	2024
		£	£

Other interest receivable

313,151

337,787

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	3,211,923	3,474,963
Other interest payable	118,162	-
	3,330,085	3,474,963

Page 19

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	1,484,352	1,348,630
Adjustments in respect of previous periods	21,552	-

Total current tax	1,505,904	1,348,630

	Deferred tax
	Total deferred tax	-	-


	Tax on profit	1,505,904	1,348,630

Profit on ordinary activities before tax

5,051,730

4,721,146

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,262,932	1,180,287
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	53,092	4,559
Depreciation on assets not attracting capital allowances	185,177	124,476
Short-term timing difference leading to an increase (decrease) in taxation	4,703	39,308
Total tax charge for the year	1,505,904	1,348,630

Factors that may affect future tax charges

There are no factors affecting future tax charges.

Page 20

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Tangible fixed assets

	Freehold property	Assets under construction	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	41,696,953	495,251	12,179,470	3,418,134	-	57,789,808
Additions	-	1,387,938	-	144,692	4,797	1,537,427
At 31 December 2025	41,696,953	1,883,189	12,179,470	3,562,826	4,797	59,327,235
Depreciation
At 1 January 2025	13,302,366	-	12,179,470	3,418,134	-	28,899,970
Charge for the year on owned assets	740,709	-	-	35,317	800	776,826
At 31 December 2025	14,043,075	-	12,179,470	3,453,451	800	29,676,796
Net book value
At 31 December 2025	27,653,878	1,883,189	-	109,375	3,997	29,650,439
At 31 December 2024	28,394,587	495,251	-	-	-	28,889,838

14.	Stocks
		2025	2024
		£	£

	Cleaning equipment, linen and uniforms.	265,195	268,678

Page 21

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.

Debtors

					2025	2024
					£	£


Trade debtors	970,593	681,023
Amounts owed by group undertakings	31,834,908	31,350,543
Other debtors	29,870	68,094
Prepayments and accrued income	209,637	244,409
	33,045,008	32,344,069

Amounts owed by group undertakings are interest free and repayable on demand.

16.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	9,829,635	12,313,716

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	44,218,531	44,518,531
Trade creditors	107,784	304,496
Amounts owed to group undertakings	1,918,448	3,945,931
Corporation tax	451,935	1,418,289
Other taxation and social security	702,078	1,587,727
Other creditors	456,145	347,780
Accruals and deferred income	718,996	1,023,014
	48,573,917	53,145,768

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

The bank loans included in creditors are secured by way of a first legal mortgage over the freehold property and a fixed and floating charge over the assets of the Company. The loan matures December 2026 and interest is charged at SONIA plus the margin.

Page 22

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Amounts falling due within one year
Bank loans	44,218,531	44,518,531

19.	Deferred taxation

	2025	2024
	£	£

At beginning of year	7,294,560	7,294,560
At end of year	7,294,560	7,294,560

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(176,798)	(176,798)
Rollover relief	7,471,358	7,471,358
	7,294,560	7,294,560

A provision for deferred tax has been made regarding the rollover relief claimed in 2007 by a fellow subsidiary company against the property additions of the Company.

Page 23

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

50,000 (2024 - 50,000) Ordinary shares of £1.00 each	50,000	50,000

21.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

22.	Analysis of net debt

		At 1 January 2025	Cash flows	At 31 December 2025
		£	£	£

Cash at bank and in hand	12,313,716	(2,484,081)	9,829,635
Debt due within 1 year	(44,518,531)	300,000	(44,218,531)
	(32,204,815)	(2,184,081)	(34,388,896)

Not later than 1 year	620,000	245,000
Later than 1 year and not later than 5 years	2,105,000	480,000
Later than 5 years	260,000	380,000
	2,985,000	1,105,000

Page 24

NORTHUMBERLAND HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.

Related party transactions

The Company has taken advantage of Section 33 paragraph 1A not to disclose transactions with wholly owned group members.

At the year end, the Company was owed £31,833,730 (2024: £31,350,544) from a company under common control and an amount totalling £1,918,448 (2024: £3,945,931) was due to a company under common control. The amounts are interest free and are repayable on demand.

During the year the Company paid service costs of £1,635,740 (2024: £1,638,233) to companies under common control.

During the year the Company paid management fees of £2,746,355 (2024: £2,677,243) to companies under common control.

During the year Company paid £706,252 asset under construction costs to companies under common control.

25.	Controlling party

The parent company is Ludgate Northumberland Holdings Limited which has a 100% holding in the Company. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ and principal place of business is 8 Northumberland Ave, London WC2N 5BY. There is no ultimate controlling party.

The smallest and largest group of undertakings into which the results of the Company are consolidated is
headed by Ludgate Northumberland Holdings Limited. The consolidated financial statements can be obtained from Companies House.

Page 25