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Registered number:
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
COMPANY INFORMATION
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HSH HOTELS (2017) LIMITED
CONTENTS
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HSH HOTELS (2017) LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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.
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.
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HSH HOTELS (2017) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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.
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%
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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.
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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.
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.
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.
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.
The directors who served during the period were:
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HSH HOTELS (2017) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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.
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
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.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HSH HOTELS (2017) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
This report was approved by the board on
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HSH HOTELS (2017) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED
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).
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.
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.
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HSH HOTELS (2017) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED (CONTINUED)
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.
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.
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.
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HSH HOTELS (2017) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED (CONTINUED)
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.
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HSH HOTELS (2017) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HSH HOTELS (2017) LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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HSH HOTELS (2017) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
REGISTERED NUMBER: 10647164
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2025
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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
The notes on pages 19 to 38 form part of these financial statements.
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HSH HOTELS (2017) LIMITED
REGISTERED NUMBER: 10647164
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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HSH HOTELS (2017) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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
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:
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.
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
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
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
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
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.
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
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. 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.
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
2.Accounting policies (continued)
Comparatives are for the period 27 November 2023 to 24 November 2024.
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.
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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.
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
Page 28
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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).
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
15.Tangible fixed assets (continued)
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
15.Tangible fixed assets (continued)
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
Subsidiary undertakings (continued)
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
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.
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
Page 36
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
As at 24 November 2024, one of the subsidiary companies had contracted for refurbishment works amounted to £Nil (2024: £nil).
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.
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HSH HOTELS (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
The ultimate controlling parties are the directors and shareholders, M A Carminger and L I P Carminger.
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