Company Registration No. 09631005 (England and Wales)
GSY Hospitality Limited
Annual report and financial statements
for the year ended 31 December 2025
GSY Hospitality Limited
Company information
Directors
Mohamed Shanil Valiyakath Abdullakutty
Unnikrishnan Gopinatha Menon
Anand Ganesan
Company number
09631005
Registered office
10 Norwich Street
London
EC4A 1BD
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Business address
3-5 Great Scotland Yard
London
SW1A 2HN
GSY Hospitality Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
GSY Hospitality Limited
Strategic report
For the year ended 31 December 2025
1

The Directors present their Strategic Report for the year ended 31 December 2025. The principal activity of GSY Hospitality Ltd during the year continued to be the operation of the Great Scotland Yard Hotel in London, United Kingdom, providing luxury accommodation, food and beverage services, retail leasing, event facilities and related hospitality services.

Fair review of the business

During 2025, GSY Hospitality Ltd continued to strengthen its position within London's luxury hospitality market. Building on the operational improvements achieved in previous years, the Company remained focused on enhancing guest experiences, optimizing operational performance and strengthening its long-term financial position.

The hotel continued to benefit from demand across both leisure and corporate travel segments. London remained a preferred destination for international visitors and business travellers, supported by continued tourism activity, major events and a recovering corporate travel market. The Company's strong brand positioning and focus on service excellence enabled it to maintain healthy occupancy levels and competitive room rates throughout the year.

Room revenue remained the primary contributor to overall performance, supported by disciplined revenue management strategies, targeted marketing initiatives and a continued focus on delivering premium guest experiences. The Company's commitment to quality service contributed to strong guest satisfaction levels and repeat business from both domestic and international markets.

The Food and Beverage division continued to contribute positively to overall performance through a combination of resident guest spend, local patronage, private events and strategic partnerships. Management continued to enhance dining experiences through seasonal promotions, curated events and increased engagement with local communities and corporate clients.

Throughout the year, management maintained a disciplined approach to cost control and operational efficiency. Continuous review of procurement processes, staffing structures and operating procedures helped preserve margins while maintaining service standards. Investments in technology and operational systems further supported operational efficiency and guest satisfaction.

During the year, the Company successfully refinanced its existing debt facilities, strengthening its long-term funding structure and providing additional financial flexibility. This refinancing demonstrates lender confidence in both the underlying asset and the Company's long-term business prospects.

Under the guidance of the Board and senior management team, the Company remained committed to innovation, operational excellence and prudent financial management. These efforts have strengthened the Company's competitive position and established a solid platform for future growth.

Looking ahead, the Directors remain optimistic regarding the outlook for the business. Supported by a strong market position, improving operational performance and continued investment in guest experience, the Company is well positioned to capitalize on opportunities within London's luxury hospitality sector while continuing to focus on sustainable long-term value creation.

GSY Hospitality Limited
Strategic report (continued)
For the year ended 31 December 2025
2
Principal risks and uncertainties

The Company operates within the hospitality and tourism industry, which remains subject to various external risks and uncertainties, including economic conditions, inflationary pressures, geopolitical developments, changes in travel patterns, consumer spending trends, labour market challenges and increasing competition within the London hotel market.

Management continuously monitors these risks and has implemented appropriate control measures designed to mitigate their impact. These include regular forecasting and budgeting processes, active revenue management strategies, cost control initiatives, refinancing of funding arrangements and maintaining strong relationships with key stakeholders.

Despite these uncertainties, the Directors remain confident in the long-term prospects of the business given its established market position, strong brand reputation, high-quality asset base and experienced management team.

Going concern

The Directors have assessed the financial position of the Company and are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

During 2025, the Company continued to demonstrate resilience within a competitive market environment. The hotel maintained stable trading performance and generated positive operating cash flows, supported by continued demand across both leisure and business travel segments.

During 2025, the Company successfully completed the refinancing of its external borrowings, further strengthening its liquidity position and extending the maturity profile of its debt facilities. The Directors consider this refinancing to be a significant positive factor supporting the Company's going concern assessment.

Management has prepared detailed financial forecasts and cash flow projections covering a period of at least twelve months from the date of approval of the financial statements. These forecasts have been prepared using current trading performance, forward bookings, anticipated occupancy levels, expected Average Daily Rate growth and forecast debt servicing requirements.

The Directors acknowledge that the ultimate parent company, Twenty14 Holdings Limited, has confirmed its willingness and ability to provide financial support to the Company, if required, for a period of at least twelve months from the date of approval of these financial statements. However, based on the Company's current trading performance, forecast cash flows and the expected strength of trading during the forthcoming summer season, management is of the view that the business will generate sufficient operating cash flows to meet its operational and financing obligations as they fall due and that no financial support from the shareholders is expected to be required during the assessment period.

However, t he Directors take comfort from the continued financial support available from the ultimate parent company, Twenty14 Holdings Limited, if required, for a period of at least twelve months from the date of approval of these financial statements.

Based on the above considerations, the Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing the financial statements.

GSY Hospitality Limited
Strategic report (continued)
For the year ended 31 December 2025
3
Financial Key Performance Indicators

During 2025, GSY Hospitality Ltd continued to demonstrate resilient operational performance despite a challenging trading environment. FY2025 showed several encouraging operational improvements despite revenue remaining broadly stable. Cost of sales reduced by 14.5% (£324k) from £2.23 million to £1.91 million, resulting in a strong gross profit of £15.18 million, representing an improved gross margin of 88.8% compared to 87.4% in FY2024. In addition, cash balances increased significantly from £0.8 million to £3.4 million, trade and other receivables reduced by £0.7 million, and trade and other payables reduced by £1.7 million, reflecting improved working capital management. The Company also successfully refinanced its external borrowings during the year, securing a new £94 million long-term banking facility, which strengthened liquidity and extended debt maturities.

Liquidity management remains a key focus area for the Company. Through disciplined cash flow management, successful refinancing of debt facilities, access to shareholder support and ongoing monitoring of working capital requirements, the Company continues to maintain adequate financial flexibility to support its operations and future growth objectives.

On behalf of the board

Mohamed Shanil Valiyakath Abdullakutty
Director
21 July 2026
GSY Hospitality Limited
Directors' report
For the year ended 31 December 2025
4

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

Principal activities

The principal activity of this company during the year was the operation of the Great Scotland Yard Hotel, in London, England, that let out premises for room facilities, shops and restaurants, sale of food and beverage and related services.

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

Mohamed Shanil Valiyakath Abdullakutty
Unnikrishnan Gopinatha Menon
Anand Ganesan
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Financial instruments
Risk management

Details regarding the financial instrument risk management of the company can be seen in note 19 of the financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that Saffery LLP be reappointed as auditor of the company will be put at a General Meeting.

GSY Hospitality Limited
Directors' report (continued)
For the year ended 31 December 2025
5
Statement of directors' responsibilities

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

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware, and

- the directors have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Mohamed Shanil Valiyakath Abdullakutty
Unnikrishnan Gopinatha Menon
Director
Director
21 July 2026
GSY Hospitality Limited
Independent auditor's report
To the members of GSY Hospitality Limited
6
Opinion

We have audited the financial statements of GSY Hospitality Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, 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 UK adopted international accounting standards.

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 loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Directors' Report has been prepared in accordance with the applicable legal requirements.

GSY Hospitality Limited
Independent auditor's report (continued)
To the members of GSY Hospitality Limited
7
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 Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

GSY Hospitality Limited
Independent auditor's report (continued)
To the members of GSY Hospitality Limited
8

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities 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.

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
21 July 2026
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
GSY Hospitality Limited
Statement of comprehensive income
For the year ended 31 December 2025
9
2025
2024
Notes
£
£
Revenue
4
17,084,588
17,700,728
Cost of sales
(1,906,809)
(2,231,179)
Gross profit
15,177,779
15,469,549
Administrative expenses
(15,875,520)
(14,098,876)
Operating (loss)/profit
6
(697,741)
1,370,673
Finance costs
7
(10,131,583)
(10,121,025)
Loss before taxation
(10,829,324)
(8,750,352)
Income tax expense
8
-
-
Loss and total comprehensive income for the year
(10,829,324)
(8,750,352)

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

GSY Hospitality Limited
Statement of financial position
As at 31 December 2025
31 December 2025
10
2025
2024
as restated
Notes
£
£
Non-current assets
Property, plant and equipment
9
169,011,123
172,238,194
Current assets
Inventories
10
112,754
111,561
Trade and other receivables
11
1,220,178
1,902,328
Cash and cash equivalents
3,354,514
827,827
4,687,446
2,841,716
Current liabilities
Trade and other payables
14
4,008,682
5,675,820
Borrowings
12
-
0
85,000,000
4,008,682
90,675,820
Net current assets/(liabilities)
678,764
(87,834,104)
Non-current liabilities
Borrowings
12
132,584,417
36,598,068
Lease liabilities
13
40,812,523
40,683,751
173,396,940
77,281,819
Net (liabilities)/assets
(3,707,053)
7,122,271
Equity
Called up share capital
17
958,001
958,001
Share premium account
18
46,942,000
46,942,000
Other reserves
9,680,907
9,680,907
Retained earnings
(61,287,961)
(50,458,637)
Total equity
(3,707,053)
7,122,271
The financial statements were approved by the board of directors and authorised for issue on 21 July 2026 and are signed on its behalf by:
Mohamed Shanil Valiyakath Abdullakutty
Unnikrishnan Gopinatha Menon
Director
Director
Company Registration No. 09631005
GSY Hospitality Limited
Statement of changes in equity
For the year ended 31 December 2025
11
Share capital
Share premium account
Other reserves
Retained earnings
Total
£
£
£
£
£
Balance at 1 January 2024
958,001
46,942,000
9,680,907
(41,708,285)
15,872,623
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(8,750,352)
(8,750,352)
Balance at 31 December 2024
958,001
46,942,000
9,680,907
(50,458,637)
7,122,271
Year ended 31 December 2025:
Loss and total comprehensive income for the year
-
-
-
(10,829,324)
(10,829,324)
Balance at 31 December 2025
958,001
46,942,000
9,680,907
(61,287,961)
(3,707,053)
GSY Hospitality Limited
Statement of cash flows
For the year ended 31 December 2025
12
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,543,149
3,573,651
Interest paid
(6,243,538)
(4,554,569)
Net cash outflow from operating activities
(4,700,389)
(980,918)
Financing activities
Proceeds from borrowings
1,413,139
2,843,511
Repayment of borrowings
(1,858,116)
(193,943)
Repayment of borrowings from refinancing
(85,000,000)
-
Increase in borrowings from refinancing
94,000,000
-
Payment of lease liabilities
(1,327,947)
(1,300,672)
Net cash generated from financing activities
7,227,076
1,348,896
Net increase in cash and cash equivalents
2,526,687
367,978
Cash and cash equivalents at beginning of year
827,827
459,849
Cash and cash equivalents at end of year
3,354,514
827,827
GSY Hospitality Limited
Notes to the financial statements
For the year ended 31 December 2025
13
1
Accounting policies
Company information
GSY Hospitality Limited is a company limited by shares incorporated in England and Wales. The registered office is 10 Norwich Street, London, EC4A 1BD.
1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements have been prepared under the historical cost basis. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. This is based on forecasts that have been produced for 12 month period, which show it can meet its debts as they fall due and the financial support provided by its parent company and ultimate beneficial owner.

The company have taken the relevant steps to ensure that they remain financially strong in uncertain times. The Directors have considered the impact of various factors affecting the business in the past and on current and future trading and have put in place robust plans for business continuity. The aim will be to continue to build on its reputation for quality and service excellence, aiming to further enhance profitability and grow Average Daily Rate in line with market opportunities. I f required, the company will have continued support from the ultimate parent, Twenty14 Holdings Limited, and have received a signed confirmation of this support from the ultimate beneficial owner f or a period of at least 12 months from the date of approval of the financial statements. Through the production of detailed forecasts, the company ensures that cash preservation remains a priority.

As a result of the continued financial support received from its ultimate parent company, the directors expect that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in the preparation of the financial statements.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The revenue is recognised on the day the guest stays at the hotel, future bookings are deferred until the guest commences their stay at the hotel. For food and beverages and other services provided by the hotel outside of the room bookings are recognised on the date the service is provided.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
14
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Once the company commenced operations, depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

Leasehold land and buildings
Over the duration of the lease
Fixture and fittings
10 years straight line
Computer equipment
5 years straight line
Right of use asset
Over the duration of the lease

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 recognised in the income statement.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalised within the cost of that asset.

1.5
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Inventories 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 inventories to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
15
1.7
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. IFRS 13 mainly impacts the disclosures of the Company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards. There was no impact on the company from the adoption of IFRS 13 as assets and liabilities are held at amortised cost.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Loans and receivables

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
16
Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

1.11
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

1.12
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 inventories or non-current assets.

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

A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered the service entitling them to the contributions.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
17
1.14
Leases

The company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to the ownership of the underlying asset to the company.

The company is a lessee of Long leasehold properties and, under IFRS 16, where the company had recognised a lease as an operating lease and payments made under the lease were recognised in profit or loss on a straight-line basis over the term of the lease, the company now recognises a right-of-use asset and a lease liability for most leases i.e. these leases are on-balance sheet.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

Lease payments included in the measurement of the lease liability comprise the following:

- fixed payments, including in-substance fixed payments

- variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date

- amounts expected to be payable under a residual value guarantee, and

- the exercise price under a purchase option that the group is reasonably certain to exercise, lease payments in an optional renewal period if the group is reasonably certain to exercise such an option to extend and penalties for early termination of a lease unless the group is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the group’s estimate of the amount expected to be payable under a residual value guarantee or if the group changes its assessment of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group presents right-of-use assets in ‘property, plant and equipment’ and lease liabilities in current and non-current liabilities in the statement of financial position.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
18
2
Adoption of new and revised standards and changes in accounting policies

In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:

- Lack of Exchangeability (Amendments to IAS 21)

Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.

Standards issued but not yet effective:

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the company and which have not been applied in these financial statements, were in issue but were not yet effective:

- Annual Improvements to IFRS Accounting Standards – Volume 11

- Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)

- Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

- IFRS 18 – Presentation and Disclosure in Financial Statements

The directors are evaluating the impact that these standards will have on the financial statement of the company.

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the company and which have not been applied in these financial statements, have not been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.

- IFRS 19 – Subsidiaries without Public Accountability: Disclosures

- Translating financial information into hyperinflationary currencies (Amendments to IAS 21)

The directors are evaluating the impact that these standards will have on the financial statements of the company.

3
Critical accounting 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
3
Critical accounting judgements and key sources of estimation uncertainty (continued)
19
Key sources of estimation uncertainty
Impairment review

The leasehold property has been included within the financial statements at cost less depreciation, this balance is reviewed annually for impairment. Judgements are required to make an assessment as to whether there is an indication of impairment. An external valuation was carried out by professional surveyor Hotelivate Private Limited in April 2026, who was an independent valuer not connected to the company. The market value was undertaken using discounted cash flow method, available market information on trading hotels and the current trading activity of the hotels.

4
Revenue

An analysis of the company's revenue is as follows:

2025
2024
£
£
Revenue analysed by class of business
Rooms
13,802,099
14,307,605
Food & Beverage
3,031,905
3,378,636
Other
250,584
14,487
17,084,588
17,700,728
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was 176 (2024: 171).

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,096,197
5,292,376
Social security costs
572,257
482,014
Pension costs
128,246
140,445
5,796,700
5,914,835

The directors and key management personnel emoluments was £nil for both periods.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
20
6
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,150,221)
(10,013)
Fees payable to the company's auditor for the audit of the company's financial statements
47,350
46,000
Depreciation of property, plant and equipment
3,227,071
3,245,651
Cost of inventories recognised as an expense
1,906,809
2,231,179
7
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
6,243,538
6,402,700
Other interest payable
3,888,045
3,017,149
Total interest expense
10,131,583
10,121,025
8
Income tax expense

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(10,829,324)
(8,750,352)
Expected tax credit based on a corporation tax rate of 25.00%
(2,707,331)
(2,187,588)
Unutilised tax losses carried forward
2,707,331
2,187,588
Taxation charge for the year
-
-
GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
21
9
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Right of use asset
Total
£
£
£
£
£
Cost
At 1 January 2024
122,558,430
26,035,761
32,135
33,429,742
182,056,068
Effect of prior period restatement
-
-
0
-
0
6,782,130
6,782,130
At 31 December 2024
122,558,430
26,035,761
32,135
40,211,872
188,838,198
At 31 December 2025
122,558,430
26,035,761
32,135
40,211,872
188,838,198
Accumulated depreciation and impairment
At 1 January 2024
2,134,100
10,585,199
25,645
609,409
13,354,353
Charge for the year
496,805
2,603,576
6,093
139,177
3,245,651
At 31 December 2024
2,630,905
13,188,775
31,738
748,586
16,600,004
Charge for the year
483,959
2,603,576
397
139,139
3,227,071
At 31 December 2025
3,114,864
15,792,351
32,135
887,725
19,827,075
Carrying amount
At 31 December 2025
119,443,566
10,243,410
-
39,324,147
169,011,123
At 31 December 2024
119,927,525
12,846,986
397
39,463,286
172,238,194

The hotel construction was completed on the 11 October 2019 upon which the company purchased the 125 year leasehold of the property. The hotel became operational in December 2019 at which point the pre-operational assets were transferred from assets under construction to either leasehold land and buildings or fixture and fittings. A modification to the lease was signed on 29 February 2020 to extend the lease term to 250 years.

10
Inventories
2025
2024
£
£
Finished goods
112,754
111,561
11
Trade and other receivables
2025
2024
£
£
Trade receivables
489,760
1,349,795
Prepayments
730,418
552,533
1,220,178
1,902,328
GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
11
Trade and other receivables (continued)
22

The directors consider that the carrying amount of trade and other receivables, all categorised as loans and receivables held at amortised cost, is approximately equal to their fair value.

The expected credit loss allowance was £nil for both periods.

12
Borrowings
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Borrowings held at amortised cost:
Bank loans
-
85,000,000
94,000,000
-
Loans from parent undertaking
-
-
38,584,417
36,598,068
-
0
85,000,000
132,584,417
36,598,068

Borrowings are classified based on the amounts that are expected to be settled as follows:

The Company has a loan with its parent company with interest at SONIA plus 2.25%. During the year, the Company repaid its existing bank facility in March 2025 and entered into a new facility, which was subsequently refinanced in November 2025. At the reporting date, a single facility remains outstanding with Gulf Bank, with interest at 2.5% plus SONIA and a term of three years. Interest is paid quarterly in March, June, September, and December.

13
Lease liabilities
Under the provisions of IFRS16, relevant leases have been brought onto the financial position statement as a
right-of-use asset and as an offsetting lease liability. Both asset and liability are based on present values of
the lease payments due over the term of the lease with the asset being depreciated in accordance with IAS 16
‘Property, plant and equipment' and the liability increased by the addition of interest and reduced as lease
payments are made.
2025
2024
as restated
Maturity analysis
£
£
Within one year
987,965
987,965
In two to five years
3,951,861
3,951,861
In over five years
316,284,845
317,466,139
Total undiscounted liabilities
321,224,671
322,405,965
Future finance charges and other adjustments
(280,412,148)
(281,722,214)
Lease liabilities in the financial statements
40,812,523
40,683,751
GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
13
Lease liabilities (continued)
23

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
as restated
£
£
Non-current liabilities
40,812,523
40,683,751
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
1,456,719
1,099,240
14
Trade and other payables
2025
2024
£
£
Trade payables
847,495
721,982
Accruals
1,540,325
3,265,208
Social security and other taxation
1,149,017
1,315,443
Other payables
471,845
373,187
4,008,682
5,675,820

The directors consider that the carrying amount of financial liabilities, which are all categorised as financial liabilities held at amortised cost in the financial statements approximate to their fair values.

Trade payables of the company at the year end were equivalent to 25 (2024: 26) day's purchases, based on the average daily amount invoiced by suppliers during the year.

Legal charges and securities

Gulf Bank have a charge dated 5 November 2025, which contains a fixed and floating charge and a negative pledge over certain assets of the company.

15
Deferred taxation

At the reporting end date the company has an estimated unused tax losses of £28,796,639 (31 December 2024: £28,598,493) available for offset against future profits. A deferred tax asset has not been recognised in respect of such losses due to uncertainty whether adequate profit will be achieved in the foreseeable future to offset against these tax losses.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
24
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
128,246
140,445

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.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1,000
1,000
1,000
1,000
Issued and fully paid
Ordinary share of £1 each
958,001
958,001
958,001
958,001

There is only one class of share capital at 31 December 2025. The issued share capital does not have any restrictions on distributions of reserves or repayment of capital attached to each share.

18
Share premium account
2025
2024
£
£
At the beginning and end of the year
46,942,000
46,942,000
GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
25
19
Financial instruments - Risk management

Credit risk

The c ompany has adopted a policy of only dealing with creditworthy counterparties and used its own low level trading records and external agencies to rate its customers. The exposure is continually monitored and, as a result, allowances for doubtful receivables are at a low level.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

Liquidity risk

The companies exposure to liquidity and cash flow risks arises mainly from general funding and business activities. The company manages its liquidity risk through funding received from its ultimate parent company and its own cash held in its bank account.

Interest rate risk

The company was provided with an interest free loan of £29,871,703 (31 December 2024: £30,318,680). The directors have calculated the fair value of the loan using an appropriate interest rate (SONIA plus 2.25%) to be £38,584,417 (31 December 2024: £36,598,068) (see note 12). Interest that is accrued is shown in the income statement as finance cost or have been capitalised prior to the hotel opening.

The company is also exposed to interest rate risk due to an £94,000,000 loan balance due at 31 December 2025, which has a variable interest rate attached (2024: £85,000,000). The company has managed the risk by agreeing short payment terms with the balance repayable within 3 years. Interest rate risk arises from the potential changes in interest rates that may have an adverse effect on the company in the current reporting period and in the future period. At 31 December 2025, if interest rates on floating borrowing rates had been 0.5% higher/lower, losses after tax would have been £47,000 (2024: £42,500 higher/lower).

Capital risk management

The c ompany's objectives when managing capital is to safeguard the c ompany's ability to continue as a going concern in order to be able to move to a position of providing returns for shareholders and benefits for other stakeholder and to maintain an optimal capital structure to reduce the cost of capital.

The c ompany manages trade receivables, trade payables, borrowings and cash as capital. It is meeting its objectives through funding from the ultimate parent company.

20
Related party transactions

The company received unsecured loans from the parent undertaking Twenty 14 Holdings Limited. The highest balance of the loan during this period and the amount outstanding at 31 December 2025 was £38,584,417 (2024: £36,598,068). The loan is considered repayable in greater than one year but less than 5 years.

21
Controlling party

The immediate parent undertaking as at 31 December 2025 was Twenty 14 Holdings Ltd. BVI, a company incorporated in the British Virgin Islands. The ultimate parent undertaking as at 31 December 2025 was Twenty 14 Holdings Ltd. ADGM, a company incorporated in the Abu Dhabi Global Markets.

GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
26
22
Analysis of changes in net debt
1 January 2025
Cash flows
New leases
Accrued interest
31 December 2025
£
£
£
£
£
Cash at bank and in hand
827,827
2,526,687
-
-
3,354,514
Borrowings excluding overdrafts
(121,598,068)
(2,320,158)
-
(8,666,191)
(132,584,417)
Lease liabilities
(40,683,751)
1,327,947
-
(1,456,719)
(40,812,523)
(161,453,992)
1,534,476
-
(10,122,910)
(170,042,426)
1 January 2024
Cash flows
New leases
Accrued interest
31 December 2024
Prior year:
£
£
£
£
£
Cash at bank and in hand
459,849
367,978
-
-
827,827
Borrowings excluding overdrafts
(116,452,971)
3,876,688
-
(9,021,785)
(121,598,068)
Lease liabilities
(34,103,053)
1,300,672
(6,782,130)
(1,099,240)
(40,683,751)
(150,096,175)
5,545,338
(6,782,130)
(10,121,025)
(161,453,992)
23
Cash generated from operations
2025
2024
£
£
Loss for the year before income tax
(10,829,324)
(8,750,352)
Adjustments for:
Finance costs
10,131,583
10,121,025
Depreciation and impairment of property, plant and equipment
3,227,071
3,245,651
Movements in working capital:
Increase in inventories
(1,193)
(13,498)
Decrease/(increase) in trade and other receivables
682,150
(1,027,519)
Decrease in trade and other payables
(1,667,138)
(1,656)
Cash generated from operations
1,543,149
3,573,651
GSY Hospitality Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
27
24
Prior period adjustment

During the year, it was identified that a prior‑year rent review had not been reflected in the financial statements. Under IFRS 16, this results in a remeasurement of the lease liability with a corresponding adjustment to the right‑of‑use asset.

Accordingly, prior‑year comparatives have been restated to recognise the adjustment to both the lease liability and right‑of‑use asset as at 31 December 2024.

Changes to the statement of financial position
At 31 December 2024
Previously reported
Adjustment
As restated
£
£
£
Net assets
Property, plant and equipment
165,456,064
6,782,130
172,238,194
Lease liability
(33,901,621)
(6,782,130)
(40,683,751)
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in comprehensive income
The prior period adjustments do not give rise to any effect upon profit or loss.
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