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Registered number: 10647164 HSH HOTELS (2017) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
HSH HOTELS (2017) LIMITED COMPANY INFORMATION
Directors | L I P Carminger
| M A Carminger
Company secretary | L I P Carminger
Registered number | 10647164
Registered office | Fourteen Acre Barn
| Climping Street
| Climping
| Littlehampton
| West Sussex
| BN17 5TG
Independent auditors | Nyman Libson Paul LLP
| Chartered Accountants & Statutory Auditors
| 124 Finchley Road
| London
| NW3 5JS
HSH HOTELS (2017) LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditors' Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Balance Sheet | 12 - 13
Company Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Company Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17 - 18
Notes to the Financial Statements | 19 - 38
HSH HOTELS (2017) LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 30 NOVEMBER 2025
Introduction
The directors present their strategic report of the company and the group for the period ended 24 November 2025. Principal activities The principal activity of the group during the period continued to be the operation of luxury country house hotels and wellness centres.
Business review
The group is operating in an established and specialised niche within the hospitality industry and competing with an appropriate business model. The group largely competes in the southern part of England with providers of luxury hotel and spa services. The historic premises and parkland of the group’s operations has over many years been subject to substantial investment and development. The group operates in a wide ranging legal and regulatory environment such as but not limited to: corporate governance, health and safety, environment, bribery and corruption, employment law and diversity, disability access, data privacy and information protection, relationships, accounting and taxation. The overriding aim of the group is to further strengthen its financial position, produce the reserves needed to continue to reward its employees and shareholders, provide funds for future capital investment and provide support to the local community. Operationally the group is focused on customer or guest satisfaction. The aim of the group is to meet those needs and develop customer loyalty. Over many years the group has made continuing and substantial capital investment into the property by way of upgrading, bedroom expansion, the addition of facilities such as the wellness centre and technological improvements. These changes have enabled the business to upscale its price point(s), increase volumes and reduce per capita cost, bringing about a significant and substantive improvement in operating margins and ultimately earnings. To continue to grow its business substantially and responsibly the group needs a talented and passionate team of people and we as a group employ and attract some of the best professionals in our sector. The group has access to a broader range of operational technologies and systems which will deliver commercial advantage. The directors consider the financial performance in 2025 to be satisfactory. Page 1
HSH HOTELS (2017) LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 30 NOVEMBER 2025
Principal risks and uncertainties
The group is exposed to political and economic developments such as recession, inflation, availability of credit and currency fluctuations that could lower revenues, reduce profit and ultimately impact the value of the business. The room rates and occupancy levels of the group could be adversely impacted by events that reduce domestic travel, such as natural disasters and epidemics. A decrease in demand for hotel rooms as a result of such events may have an adverse effect on the company operations and financial results. In addition, inadequate contingency planning or recovery capability in relation to a major incident or crisis may prevent operational continuity and consequently impact the reputation of the company. The group is required to comply with existing and changing regulations. This affects countless aspects of the group's business ranging from corporate governance, health and safety, environment, bribery and corruption, employment law and diversity, disability access, data privacy and information protection, relationships, accounting and taxation. Regulatory changes may require significant changes in the way the business operates and may inhibit the strategy including the markets the group operates in, brand protection and use of transmittal or customer data. If the group fails to comply with existing or changing regulation, the group may be subject to fines, prosecution or loss of operational licenses, which may cause the group to cease or restrict normal trading levels, or reputation damage. The group is exposed to a variety of risks associated with its financial stability and ability to borrow and satisfy debt covenants. The group has utilised its own capital and utilised lenders funds in order to develop and extend its business. The group is reliant upon having financial strength to meet its debt service covenants. Noncompliance with these covenants could result in the lenders demanding repayment of the funds advanced. Sustainability The group continues to place sustainability and responsible hospitality at the core of its operations. This includes a focus on the use of locally sourced produce, supporting regional suppliers and reducing food miles, as well as maintaining strong links with the local community. The group seeks to balance the preservation of its historic assets with environmentally responsible practices, ensuring that its properties operate in a manner that respects both heritage and the surrounding environment while delivering a high-quality guest experience.
Financial key performance indicators
The group has a holistic set of carefully selected key performance indicators to monitor its success in achieving strategy. In particular the group uses the following measures to monitor performance: • Revenue • Staff costs as a percentage of revenue • EBITDA The group's recent performance against these KPI's is summarised below: • Revenue in the year increased by 10% • Staff costs as a % of revenue was 41% • EBITDA increased by 19% Page 2
HSH HOTELS (2017) LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 30 NOVEMBER 2025 This report was approved by the board on 19 June 2026 and signed on its behalf.
L I P Carminger Director
Page 3
HSH HOTELS (2017) LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 30 NOVEMBER 2025 The directors present their report and the financial statements for the period ended 30 November 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period, after taxation, amounted to £1,219,254 (2024 - £675,369). A dividend of £459,000 (2024: £462,500) was paid in the period.
Directors
The directors who served during the period were:
L I P Carminger
M A Carminger
Page 4
HSH HOTELS (2017) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 NOVEMBER 2025
Financial instruments
The group's financial instruments comprise bank balances, bank loans and overdrafts, trade creditors, trade debtors and finance lease arrangements. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group has mitigated its risk to interest rate changes by fixing the cost of its borrowings with short and medium term financial instruments. The group's approach to managing other risks applicable to the financial instruments concerned is shown below: In respect of bank balances the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The group makes use of fixed deposit facilities where funds are available. Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Company's policy for payment of creditors
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 - pay in accordance with the company's contractual and other legal obligations
Engagement with employees
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Group's performance.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 5
HSH HOTELS (2017) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 NOVEMBER 2025 This report was approved by the board on 19 June 2026 and signed on its behalf.
L I P Carminger Director
Page 6
HSH HOTELS (2017) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED
Opinion
We have audited the financial statements of HSH Hotels (2017) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 November 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 November 2025 and of the Group's profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
HSH HOTELS (2017) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 8
HSH HOTELS (2017) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED (CONTINUED)
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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 9
HSH HOTELS (2017) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Hetal Mistry (Senior Statutory Auditor) for and on behalf of Nyman Libson Paul LLP Chartered Accountants Statutory Auditors 124 Finchley Road London NW3 5JS 2 July 2026 Page 10
HSH HOTELS (2017) LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 16,551,577 | 15,039,733
Cost of sales |  | (1,926,784) | (1,843,053)
Gross profit |  | 14,624,793 | 13,196,680
Administrative expenses |  | (12,018,884) | (11,035,468)
Operating profit | 5 | 2,605,909 | 2,161,212
Interest receivable and similar income | 10 | 211,448 | 231,171
Interest payable and similar expenses | 11 | (1,127,374) | (1,088,986)
Profit before taxation |  | 1,689,983 | 1,303,397
Tax on profit | 12 | (470,729) | (628,028)
Profit for the financial period |  | 1,219,254 | 675,369
Profit for the period attributable to: |  |  |
Owners of the Parent Company |  | 1,219,254 | 675,369
|  | 1,219,254 | 675,369
Total comprehensive income for the period attributable to: |  |  |
Owners of the Parent Company |  | 1,219,254 | 269,400
|  | 1,219,254 | 269,400
Page 11
HSH HOTELS (2017) LIMITED REGISTERED NUMBER: 10647164 CONSOLIDATED BALANCE SHEET AS AT 30 NOVEMBER 2025
|  | 30 November |  | 24 November
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 47,854,498 |  | 47,804,836
|  |  | 47,854,498 |  | 47,804,836
Current assets |  |  |  |  |
Stocks | 17 | 171,518 |  | 167,757 |
Debtors: amounts falling due within one year | 18 | 552,697 |  | 589,173 |
Cash at bank and in hand | 19 | 9,981,335 |  | 8,878,030 |
|  | 10,705,550 |  | 9,634,960 |
Creditors: amounts falling due within one year | 20 | (5,564,661) |  | (5,291,095) |
Net current assets |  |  | 5,140,889 |  | 4,343,865
Total assets less current liabilities |  |  | 52,995,387 |  | 52,148,701
Creditors: amounts falling due after more than one year | 21 |  | (20,000,000) |  | (20,000,000)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (7,136,803) |  | (7,050,371) |
|  |  | (7,136,803) |  | (7,050,371)
Net assets |  |  | 25,858,584 |  | 25,098,330
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 200 |  | 200
Capital redemption reserve |  |  | 2,400,000 |  | 2,400,000
Other reserves |  |  | 14,547,348 |  | 14,547,348
Profit and loss account |  |  | 8,911,036 |  | 8,150,782
|  |  | 25,858,584 |  | 25,098,330
Page 12
HSH HOTELS (2017) LIMITED REGISTERED NUMBER: 10647164 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 NOVEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 June 2026.
L I P Carminger
Director
The notes on pages 19 to 38 form part of these financial statements. Page 13
HSH HOTELS (2017) LIMITED REGISTERED NUMBER: 10647164 COMPANY BALANCE SHEET AS AT 30 NOVEMBER 2025
|  | 30 November |  | 24 November
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 10,060,310 |  | 10,060,310
|  |  | 10,060,310 |  | 10,060,310
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 12,418,740 |  | 12,324,313 |
Cash at bank and in hand | 19 | 94,241 |  | 185,051 |
|  | 12,512,981 |  | 12,509,364 |
Creditors: amounts falling due within one year | 20 | (173,091) |  | (169,474) |
Net current assets |  |  | 12,339,890 |  | 12,339,890
Total assets less current liabilities |  |  | 22,400,200 |  | 22,400,200
Creditors: amounts falling due after more than one year | 21 |  | (20,000,000) |  | (20,000,000)
Net assets |  |  | 2,400,200 |  | 2,400,200
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 200 |  | 200
Capital redemption reserve |  |  | 2,400,000 |  | 2,400,000
|  |  | 2,400,200 |  | 2,400,200
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 June 2026.
L I P Carminger
Director
Page 14
HSH HOTELS (2017) LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 NOVEMBER 2025
| Called up share capital | Capital redemption reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 26 November 2023 | 200 | 2,400,000 | 14,953,317 | 7,937,913 | 25,291,430
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 675,369 | 675,369
Revaluation adjustment | - | - | (540,956) | - | (540,956)
Deferred tax on revaluation | - | - | 134,987 | - | 134,987
Dividends: Equity capital | - | - | - | (462,500) | (462,500)
At 24 November 2024 | 200 | 2,400,000 | 14,547,348 | 8,150,782 | 25,098,330
Profit for the period | - | - | - | 1,219,254 | 1,219,254
Dividends: Equity capital | - | - | - | (459,000) | (459,000)
At 30 November 2025 | 200 | 2,400,000 | 14,547,348 | 8,911,036 | 25,858,584
Page 15
HSH HOTELS (2017) LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 NOVEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 26 November 2023 | 200 | 2,400,000 | - | 2,400,200
Profit for the period | - | - | 462,500 | 462,500
Dividends: Equity capital | - | - | (462,500) | (462,500)
At 24 November 2024 | 200 | 2,400,000 | - | 2,400,200
Profit for the period | - | - | 459,000 | 459,000
Dividends: Equity capital | - | - | (459,000) | (459,000)
At 30 November 2025 | 200 | 2,400,000 | - | 2,400,200
Page 16
HSH HOTELS (2017) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 NOVEMBER 2025
|  |  | 30 November | 24 November
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 1,219,254 | 675,369
Adjustments for: |  |
Depreciation of tangible assets | 316,265 | 294,772
Impairments of fixed assets | - | 540,956
Interest paid | 1,127,374 | 1,088,985
Interest received | (211,448) | (231,171)
Taxation charge | 384,296 | 264,749
(Increase) in stocks | (3,761) | (7,069)
Decrease/(increase) in debtors | 36,474 | (98,152)
Increase in creditors | 151,965 | 561,102
Corporation tax (paid) | (208,583) | (144,178)
Net cash generated from operating activities | 2,811,836 | 2,945,363
Page 17
HSH HOTELS (2017) LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 30 NOVEMBER 2025
|  | 30 November | 24 November
|  | 2025 | 2024
|  | £ | £
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (365,926) | (480,581)
Interest received | 211,448 | 231,171
Net cash from investing activities | (154,478) | (249,410)
Cash flows from financing activities |  |
Dividends paid | (459,000) | (462,500)
Interest paid | (1,095,053) | (1,088,985)
Net cash used in financing activities | (1,554,053) | (1,551,485)
Net increase in cash and cash equivalents | 1,103,305 | 1,144,468
Cash and cash equivalents at beginning of period | 8,878,030 | 7,733,562
Cash and cash equivalents at the end of period | 9,981,335 | 8,878,030
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 9,981,335 | 8,878,030
| 9,981,335 | 8,878,030
The notes on pages 19 to 38 form part of these financial statements.
Page 18
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
1. | General information
HSH Hotels (2017) Limited is a private company limited by shares and is incorporated in England. The address of the registered office is Fourteen Acre Barn, Climping Street, Climping, Littlehampton, West Sussex, BN17 5TG 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows based on uninterrupted trading for the forseeable future. Throughout the period and on an ongoing basis the group has and continues to have the full support of its bankers, through its existing loan facility of £20,000,000 as at the balance sheet date. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts Page 19
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Income from accommodation The hotel supplies conference and event facilities as well as hotel rooms to businesses and private customers. Revenue generated from the sale of rooms and conference and event facilities is recognised when the rooms are occupied, the functions have taken place and services have been rendered. Deposits received in advance are not recognised as revenue until the day of the stay or the event. Income from bars and restaurants The hotel operates bar and restaurant activities. Revenue comprises sales of food and drink and is recognised as income at the point of sale. Income from spa treatments and membership Spa membership joining fees are recognised in full at the time membership commences. Annual subscriptions are recognised evenly over the membership year. Income from management fees Management fees in connection with the operation of the groups hotels are recognised evenly over Page 20
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue (continued)
the period the services are provided, exclusive of VAT and trade discounts.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Group 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 Group. 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Leasehold improvements - Over the life of the lease Fixtures, fittings & equipment - 10% or 20% reducing balance Health club and spa equipment - 10% straight line Freehold buildings and long leasehold buildings are maintained to such a standard that the estimated residual value is not less than cost or valuation, therefore no depreciation is charged as it is not material. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income' in the Statement of comprehensive income. Page 21
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.7 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 22
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Financial instruments are recognised in the company's statement of financial position 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. Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price.
| 2.14 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.15 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 23
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.17 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.18 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.19 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.20 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 24
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.21 | Comparatives
Comparatives are for the period 27 November 2023 to 24 November 2024.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In preparing these financial statements, the directors have had to make the following judgments: • Determine whether leases entered into by the group either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. • Determine whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. The following are the group's key sources of estimation uncertainty: Revaluation of land and buildings The group carries its property, plant and equipment at fair value with changes in fair value being recognised in other comprehensive income. The directors used the professional valuation carried out on behalf of the group's bankers in February 2025 of £47.8m. Tangible assets Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Accruals The management makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment. Deferred taxation Deferred taxation is calculated using the fair value of land and buildings and the estimated tax rate expected to apply when the liability is settled or the asset realised. Page 25
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
4. | Turnover
The whole of the turnover is attributable to the group's activities as the operation of a number of quality Country House Hotels and Spas.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 175,828 | 172,036
6. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 37,500 | 35,500
Page 26
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group 30 November | Group 24 November
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 6,149,400 | 5,586,101
| Social security costs | 562,745 | 412,543
| Cost of defined contribution scheme | 124,855 | 107,229
|  | 6,837,000 | 6,105,873
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management | 3 | 3 | 2 | 2
|  | Administration | 31 | 26 | - | -
|  | Household and garden | 260 | 244 | - | -
|  |  | 294 | 273 | 2 | 2
8. | Directors' remuneration
| The highest paid director received remuneration of £6,625 (2024: £6,500).
Page 27
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
9. | Key management compensation
|  |  |  |  | 30 November | 24 November
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors salaries | 13,250 | 13,000
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 211,448 | 231,171
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,050,983 | 903,729
| Loan arrangement and other fees | 76,391 | 185,257
|  | 1,127,374 | 1,088,986
Page 28
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 384,297 | 264,749
| Adjustments in respect of previous periods | - | (5,786)
|  | 384,297 | 258,963
| Total current tax | 384,297 | 258,963
| Deferred tax |  |
| Origination and reversal of timing differences | 86,432 | 369,065
| Total deferred tax | 86,432 | 369,065
| Tax on profit | 470,729 | 628,028
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,689,983 | 1,303,397
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 422,496 | 325,849
| Effects of: |  |
| Expenses not deductible for tax purposes | 2,854 | (780)
| Capital allowances for period in excess of depreciation | (41,053) | (60,321)
| Adjustments to tax charge in respect of prior periods | - | (5,786)
| Other timing differences | 86,432 | 82,866
| Other timing differences in respect of prior periods | - | 286,200
| Total tax charge for the period | 470,729 | 628,028
Page 29
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
13. | Dividends
|  |  |  |  | 30 November | 24 November
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 459,000 | 462,500
|  | 459,000 | 462,500
14. | Parent company profit for the year
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the period was £459,000 (2024: £462,500).
15. | Tangible fixed assets
| Group
|  | Freehold property | Long-term leasehold property | Short-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 25 November 2024 | 38,158,442 | 9,153,719 | 1,745,661 | 2,907,910 | 51,965,732
| Additions | - | - | - | 365,926 | 365,926
| At 30 November 2025 | 38,158,442 | 9,153,719 | 1,745,661 | 3,273,836 | 52,331,658
| Depreciation |  |  |  |  |
| At 25 November 2024 | - | 2,303,552 | 63,387 | 1,793,957 | 4,160,896
| Charge for the period on owned assets | - | - | 30,586 | 285,678 | 316,264
| At 30 November 2025 | - | 2,303,552 | 93,973 | 2,079,635 | 4,477,160
| Net book value |  |  |  |  |
| At 30 November 2025 | 38,158,442 | 6,850,167 | 1,651,688 | 1,194,201 | 47,854,498
| At 24 November 2024 | 38,158,442 | 6,850,167 | 1,682,274 | 1,113,953 | 47,804,836
Page 30
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 15.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 30 November | 24 November
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 38,158,442 | 38,158,442
| Long leasehold | 6,850,167 | 6,850,167
| Short leasehold | 1,651,688 | 1,682,274
|  | 46,660,297 | 46,690,883
Page 31
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 15.Tangible fixed assets (continued)
| The net book value of assets held under the historical cost convention, included above, are as follows:
|  |  |  |  | 30 November | 24 November
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 14,896,301 | 14,896,301
| Accumulated depreciation | (1,059,896) | (1,049,697)
|  | 13,836,405 | 13,846,604
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 25 November 2024 | 10,060,310
| At 30 November 2025 | 10,060,310
| Subsidiary undertakings
| The following were direct or indirect subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Historic Sussex Hotels Limited | A-C | 100%
| The Spread Eagle Hotel (Midhurst) Limited | Ordinary | 100%
| Ockenden Manor Limited | Ordinary | 100%
| Bailiffscourt Limited | Ordinary | 100%
Page 32
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025 Subsidiary undertakings (continued)
| The aggregate of the share capital and reserves as at 30 November 2025 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit
|  | £ | £
| Historic Sussex Hotels Limited | 11,960 | 461,594
| The Spread Eagle Hotel (Midhurst) Limited | 5,803,829 | 199,262
| Ockenden Manor Limited | 11,295,441 | 361,614
| Bailiffscourt Limited | 16,407,731 | 655,784
17. | Stocks
|  | Group 30 November | Group 24 November
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 171,518 | 167,757
|  | 171,518 | 167,757
Page 33
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
18. | Debtors
|  | Group 30 November | Group 24 November | Company 30 November | Company 24 November
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 144,603 | 94,928 | - | -
| Amounts owed by group undertakings | - | - | 12,256,627 | 12,047,839
| Other debtors | 56,171 | 23,854 | - | -
| Prepayments and accrued income | 351,923 | 470,391 | 162,113 | 276,474
|  | 552,697 | 589,173 | 12,418,740 | 12,324,313
| Included within amounts owed by group undertakings is £11,869,750 (2024: £11,869,750) which is due in more than one year.
19. | Cash and cash equivalents
|  | Group 30 November | Group 24 November | Company 30 November | Company 24 November
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 9,981,335 | 8,878,030 | 94,241 | 185,051
|  | 9,981,335 | 8,878,030 | 94,241 | 185,051
20. | Creditors: Amounts falling due within one year
|  | Group 30 November | Group 24 November | Company 30 November | Company 24 November
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 526,618 | 804,921 | - | -
| Corporation tax | 338,295 | 162,749 | - | -
| Other taxation and social security | 614,846 | 514,585 | - | -
| Other creditors | 269,328 | 240,879 | - | -
| Accruals and deferred income | 3,815,574 | 3,567,961 | 173,091 | 169,474
|  | 5,564,661 | 5,291,095 | 173,091 | 169,474
Page 34
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
21. | Creditors: Amounts falling due after more than one year
|  | Group 30 November | Group 24 November | Company 30 November | Company 24 November
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000
|  | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000
The bank loans are secured by a fixed charge over the freehold and leasehold land and buildings, by a debenture over the assets, and by a fixed and floating charge over all assets of the company and its subsidiaries. The loan bears interest that fluctuates in line with SONIA. The group mitigates its risks to interest rate changes by fixing the cost of borrowings with short and medium term financial instruments.
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group 30 November | Group 24 November | Company 30 November | Company 24 November
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000
|  | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000
23. | Financial instruments
|  | Group 30 November | Group 24 November | Company 30 November | Company 24 November
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 155,928 | 95,920 | 12,256,627 | 12,047,839
| Financial liabilities |  |  |  |
| Other financial liabilities measured at fair value through profit or loss | (20,764,564) | (21,012,862) | 20,000,000 | (20,000,000)
Page 35
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
24. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (7,050,371)
| Charged to profit or loss | (86,432)
| At end of year | (7,136,803)
| The deferred tax balance is made up as follows:
|  | Group 30 November | Group 24 November
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (1,217,787) | (1,125,301)
| Short term differences | 11,054 | 5,000
| Revaluations | (5,930,070) | (5,930,070)
|  | (7,136,803) | (7,050,371)
| Comprising: |  |  |  |
| Liability | (7,136,803) | (7,050,371) | - | -
|  | (7,136,803) | (7,050,371) | - | -
Page 36
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
25. | Share capital
|  |  |  |  | 30 November | 24 November
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 200 (2024 - 200) ordinary shares shares of £1.00 each | 200 | 200
26. | Capital commitments
As at 24 November 2024, one of the subsidiary companies had contracted for refurbishment works amounted to £Nil (2024: £nil).
27. | Pension commitments
The Group operates certain defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £124,855 (2024: £107,229). As at 30 November 2025, £16,975 (2024: £11,075) was outstanding in respect of this contribution and is included within accruals.
28. | Commitments under operating leases
| At 30 November 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group 30 November | Group 24 November
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 228,348 | 223,227
| Later than 1 year and not later than 5 years | 968,756 | 913,392
| Later than 5 years | 21,944,921 | 22,176,112
|  | 23,142,025 | 23,312,731
Page 37
HSH HOTELS (2017) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 NOVEMBER 2025
29. | Related party transactions
| Dividends of £459,000 (2024: £462,500) were paid during the year to the shareholders of the company. The company has taken advantage of the exemption allowed by FRS102 paragraph 33.1A to disclose any transactions with wholly owned subsidiary undertakings. Group companies have given various guarantees to secure the company's bank borrowings. Additionally the company has entered into unlimited corporate guarantees along with its fellow subsidiary undertakings The Spread Eagle Hotel (Midhurst) Limited, Ockenden Manor Limited and Bailiffscourt Limited in respect of all liabilities incurred between them.
30. | Controlling party
The ultimate controlling parties are the directors and shareholders, M A Carminger and L I P Carminger.
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