Company registration number 10030512 (England and Wales)
FCH1 (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
FCH1 (UK) LIMITED
COMPANY INFORMATION
Director
Mr Mike Pille
Secretary
IQ EQ Secretaries (UK) Limited
Company number
10030512
Registered office
3 More London Riverside
4th Floor
London
SE1 2AQ
Auditor
King and King
83-85 Baker Street
London
W1U 6AG
FCH1 (UK) LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 18
FCH1 (UK) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of a leased hotel operator.

Director

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

Mr Mike Pille
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, King and King, Chartered Accountants and Statutory Auditor, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

The director is 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. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

FCH1 (UK) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Going concern

During the year the hotel was let in its entirety under an exclusive usage agreement, which ended after the year end. The director has decided to close the hotel temporarily to carry out refurbishment works before re-opening it to the general public, as it operated previously. The refurbishment is funded by FCH Holdings (Singapore) Pte Ltd, a fellow group undertaking which holds the group's corporate funds and provides financial support to the company. The company has no external bank borrowings, although it has given guarantees in respect of borrowings of other group companies (note 10). In assessing going concern the director has prepared forecasts covering at least twelve months from approval of these financial statements, reflecting the temporary closure and phased re-opening, the company's cash resources and net asset position at the year end, and the hotel's established trading record. FCH Holdings (Singapore) Pte Ltd has confirmed its intention to provide such financial support as may be required to enable the company to meet its liabilities as they fall due throughout that period, and the director is satisfied it can do so. On this basis the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and that no material uncertainty exists in relation to going concern. Accordingly, he continues to adopt the going concern basis of accounting.

Small companies exemption

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

On behalf of the board
Mr Mike Pille
Director
20 July 2026
FCH1 (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FCH1 (UK) LIMITED
- 3 -
Opinion

We have audited the financial statements of FCH1 (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 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 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 director's 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 director 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 director is 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 director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

FCH1 (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FCH1 (UK) LIMITED (CONTINUED)
- 4 -
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 director's r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

FCH1 (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FCH1 (UK) LIMITED (CONTINUED)
- 5 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the Company operates in and how the Company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, food hygiene and similar regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

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.

Diwakar Kafle (Senior Statutory Auditor)
For and on behalf of King and King, Statutory Auditor
Chartered Accountants
83-85 Baker Street
London
W1U 6AG
20 July 2026
FCH1 (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
3
2,912,315
3,046,305
Cost of sales
(98,961)
(64,575)
Gross profit
2,813,354
2,981,730
Administrative expenses
(2,378,650)
(2,549,363)
Operating profit
434,704
432,367
Interest receivable and similar income
1,020
1,328
Interest payable and similar expenses
(9,560)
(49,293)
Profit before taxation
426,164
384,402
Tax on profit
(108,931)
(108,425)
Profit for the financial year
317,233
275,977

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FCH1 (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
151,080
191,116
Current assets
Debtors - deferred tax
6,261
5,380
Debtors - other
6
819,200
546,802
Cash at bank and in hand
767,495
631,218
1,592,956
1,183,400
Creditors: amounts falling due within one year
7
(779,420)
(736,693)
Net current assets
813,536
446,707
Total assets less current liabilities
964,616
637,823
Creditors: amounts falling due after more than one year
8
(161,567)
(152,007)
Net assets
803,049
485,816
Capital and reserves
Called up share capital
100
100
Capital contribution reserve
9
398,902
398,902
Profit and loss reserves
404,047
86,814
Total equity
803,049
485,816

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

The financial statements were approved and signed by the director and authorised for issue on 20 July 2026
Mr Mike Pille
Director
Company registration number 10030512 (England and Wales)
FCH1 (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
100
398,902
(189,163)
209,839
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
275,977
275,977
Balance at 31 December 2024
100
398,902
86,814
485,816
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
317,233
317,233
Balance at 31 December 2025
100
398,902
404,047
803,049
FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
1
Accounting policies
Company information

FCH1 (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 More London Riverside, 4th Floor, London, SE1 2AQ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of FCH 1 (Jersey)

Limited. These consolidated financial statements are available from its registered office, 2nd Floor, Gaspé House, 66 72 Esplanade, St Helier, Jersey, JE1 1GH.

FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 10 -
1.2
Going concern

During the year the hotel was let in its entirety under an exclusive usage agreement, which ended after the year end. The director has decided to close the hotel temporarily to carry out refurbishment works before re-opening it to the general public, as it operated previously. The refurbishment is funded by FCH Holdings (Singapore) Pte Ltd, a fellow group undertaking which holds the group's corporate funds and provides financial support to the company. The company has no external bank borrowings, although it has given guarantees in respect of borrowings of other group companies (note 10).true

In assessing going concern the director has prepared forecasts covering at least twelve months from approval of these financial statements, reflecting the temporary closure and phased re-opening, the company's cash resources and net asset position at the year end, and the hotel's established trading record. FCH Holdings (Singapore) Pte Ltd has confirmed its intention to provide such financial support as may be required to enable the company to meet its liabilities as they fall due throughout that period, and the director is satisfied it can do so.

On this basis the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and that no material uncertainty exists in relation to going concern. Accordingly, he continues to adopt the going concern basis of accounting.

1.3
Revenue

Revenue represents the fair value of consideration received or receivable for goods and services provided in the normal course of business, net of discounts, VAT, and other sales-related taxes.

Revenue from government contracts for the provision of accommodation and support services is recognised over time as the service is provided. This is typically based on the contractual daily rate for the availability or occupancy of rooms as specified in the agreement.

1.4
Tangible fixed assets

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

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Fixtures and fittings
Estimated useful life ranges from 3 to 10 years

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

The 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.

FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Impairment of fixed assets

At each reporting period 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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
Cash and cash equivalents

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

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

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

1.9
Taxation

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

Current tax

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

Deferred tax

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

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

1.10
Employee benefits

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

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

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

1.11
Retirement benefits

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

1.12
Leases
As lessee
FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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

Rentals paid under operating leases to parent undertaking are charged to the Statement of Comprehensive Income and are payable on 75% of hotel EBITDA which is defined in the lease agreement as earnings before interest, tax, dividends, exceptional items, foreign exchange gains and losses, depreciation and amortisation.

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

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

Useful lives of assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as physical wear and tear and commercial obsolescence are taken into account. Residual value assessment consider issues such as future market conditions and the remaining useful life of the asset.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Revenue from room sales
2,718,527
2,872,240
Other revenue
193,788
174,065
2,912,315
3,046,305

All turnover arose within the United Kingdom.

Operating Metrics 2025 2024

Occupancy rate 100.00% 100.00%

Average room rates £64.77 £68.24

FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Employees

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

2025
2024
Number
Number
Total
18
18

The director is not a member of the Company's defined contribution pension scheme, and no separate directors' remuneration is payable by the Company.

5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025 and 31 December 2025
1,348,357
Depreciation and impairment
At 1 January 2025
1,157,241
Depreciation charged in the year
40,036
At 31 December 2025
1,197,277
Carrying amount
At 31 December 2025
151,080
At 31 December 2024
191,116
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,167
17,389
Amounts owed by group undertakings
677,607
375,348
Other debtors
97,484
117,123
782,258
509,860
FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Debtors
(Continued)
- 16 -
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
36,942
36,942
Deferred tax asset
6,261
5,380
43,203
42,322
Total debtors
825,461
552,182

Other debtors due within one year includes £nil (2024: £3 0,871) relating to VAT repayment due from HMRC.

Other debtors due more than one year is an amount of £36,942 (2024: £36,942) relating to security deposits paid to electricity and gas suppliers, which is recoverable at the end of the respective supply agreements or upon termination of the contracts.

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

7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
129,502
80,614
Corporation tax
109,812
107,264
Other taxation and social security
78,573
7,962
Other creditors
-
0
65,862
Accruals and deferred income
461,533
474,991
779,420
736,693

Accruals and deferred income at the year-end includes an amount owed to group undertakings of £314,323 (2024 : £264,920). Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
161,567
152,007
FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Creditors: amounts falling due after more than one year
(Continued)
- 17 -

The amounts owed to group undertakings comprise an unsecured shareholder loan which is interest free and repayable on the maturity date of 30 June 2029, though the loan may be repaid in part or in full at an earlier date without penalty.

The loan was initially measured at fair value, determined by discounting the future repayment at a market interest rate of 6.10%, and is subsequently measured at amortised cost using the effective interest method. The principal value of the loan of £1,000,000 was fully drawn by 31 December 2018 and the principal amount outstanding at the year end was £200,000 (2024: £200,000). The carrying amount at 31 December 2025 was £161,567 (2024: £152,007); the movement of £9,560 (2024: £49,293) represents the unwinding of the discount, charged to profit or loss.

9
Capital contribution reserve

There was no movement in capital contribution during the year, the carrying amount derived from a drawdown of interest free loan owed to group undertaking.

10
Contingent liabilities

The group of which the company is a member has raised finance with loans from Barclays Bank PLC, as a result the bank has fixed charges over the Company's assets to secure bank loans to the group.

The company has provided unlimited guarantee on borrowings on behalf of FCH1 (Jersey) Limited, the immediate parent company.

The company has guaranteed the obligations of the other members of the guarantee group The St Johns Hotel Solihull Limited a fellow subsidiary company, to the bank. At 31 December 2025 the maximum potential liability of the company under the guarantee, being the amount outstanding under the facility, was £5,362,500 (2024: £nil). No liability is expected to arise and accordingly no provision has been made.

11
Operating lease commitments
As lessee

The Company entered into a 10 year hotel operating lease with its parent undertaking on 30 November 2016, which expires on 30 November 2026, leaving a remaining term of 11 months at the reporting date. On 11 June 2025 the Company entered into a renewed lease with the same parent undertaking, taking effect on expiry of the existing lease and running to 31 December 2034.

The future minimum lease payments under these leases cannot be reliably estimated, because the lease payments are linked to hotel performance and are calculated as 75% of EBITDA, as detailed in note 1.12.

12
Events after the reporting date

The exclusive usage agreement under which the hotel was let in its entirety terminated on 7 June 2026. Following its termination, the director has closed the hotel to carry out refurbishment works, and the hotel is expected to re-open to the general public in January 2027. The refurbishment is being funded by FCH Holdings (Singapore) Pte Ltd, a fellow group undertaking; the company bears no part of the cost.

These are non-adjusting events and no adjustment has been made to the amounts recognised in these financial statements. The company will earn no room revenue during the closure and turnover for the year ending 31 December 2026 is expected to be lower.

FCH1 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
13
Related party transactions

The company has taken exemption according to paragraph 33.1A of FRS102 to not disclose transactions with 100% owned group companies.

14
Parent company

As at 31 December 2025, FCH1 (Jersey) Limited, a company incorporated and registered in Jersey, was the immediate parent undertaking of the Company. Its registered office address is 2nd Floor, Gaspé House, 66-72 Esplanade, St Helier, Jersey, JE1 1GH.

The ultimate controlling party is CL Global Huicheng (Shanghai) Investment Fund LLP, a limited liability partnership registered in Shanghai, China.

FCH1 (Jersey) Limited is the parent undertaking of both the smallest and the largest group for which consolidated financial statements are drawn up and of which the Company is a member. Copies of those financial statements are available from its registered office above.

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