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Registered number: 09262825
FIRMDALE WEST END LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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FIRMDALE WEST END LIMITED
COMPANY INFORMATION
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FIRMDALE WEST END LIMITED
CONTENTS
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Notes to the Financial Statements
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FIRMDALE WEST END LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the audited financial statements for the year ended 31 January 2026.
The company is part of a Group which is headed by Firmdale Holdings Limited (hereafter referred to as 'the Group'). The future outlook of the company is integrated with those of its principal trading subsidiaries, which are listed in Note 4 of the financial statements, the details of which are outlined in those companies' financial statements.
Principal risks and uncertainties
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From the perspective of the company, the principal risks and uncertainties are integrated with the principal risks of the principal trading subsidiaries of Firmdale Holdings Limited and are not managed separately. Accordingly the principal risks and uncertainties are discussed in the annual report and financial statements of Firmdale Holdings Limited, which do not form part of this report.
Financial key performance indicators
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As Firmdale West End Limited is an intermediate holding company within the Firmdale Holdings Limited group it does not individually monitor key performance indicators ('KPIs'). Analysis of key group performance indicators are given in the consolidated financial statements of Firmdale Holdings Limited.
Directors' statement of compliance with duty to promote the success of the Company
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The directors consider the successful running of the company in terms of achieving its long-term growth strategy which centres around building a sustainable, profitable business which has brand reputation at its heart. The success of the Group centres around positive and effective dealings with all the stakeholders of the group and the directors were mindful of the long-term consequences of key commercial decisions made during the year, and determined that these were in the interests of the company's employees, suppliers, customers and other stakeholders, as they were all aligned to the group’s growth strategy.
The company's and group’s success depends on the company maintaining a reputation for high standards of business conduct with customers and other stakeholders, whether in relation to specific community issues or with regards to environmental issues such as minimising the production of waste.
The principal decisions made by the directors, confirm that throughout the year they have acted in the way that they consider, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole.
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FIRMDALE WEST END LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
In assessing the company’s ability to continue as a going concern, the directors have considered the cash flow forecasts, liabilities, and funding arrangements of the wider Firmdale Holdings Ltd group (“the Group”), of which the company is a member. The company is reliant on continued financial support from the Group in order to meet its liabilities as they fall due. Accordingly, the directors have considered the funding and liquidity position of the Group as a whole in assessing the appropriateness of preparing the financial statements on a going concern basis.
The net current liabilities figure of £148m reported in the January 2025 Group Financial Statements was driven by a £167m (US$200m) long term loan from Wells Fargo Bank maturing in November 2025. This loan was refinanced by Wells Fargo in September 2025 with a new $225m facility with an initial term of three years, plus three one year extension options taking the final maturity out to year 2031. The next loan maturities within the Group are not until 2028, when just 15% of the total borrowings become repayable.
The international travel disruption caused by the US military intervention in Iran during February created some drag on first quarter trading, leading to a Group Earnings shortfall to budget. However, there has been a marked improvement during the second quarter, and Group Earnings for the first half year as a whole are expected to outperform budget. The prospects for the remainder of the year are good subject to no material escalation of the Middle East conflicts. With some 80% of borrowings protected by fixed interest rates or caps, the possibility of rising base rates is not a significant concern.
In light of the positive trading and cash generation projections, projected delivery of financial covenant requirements, and supportive banks, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required.
This report was approved by the board and signed on its behalf.
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FIRMDALE WEST END LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The principal activity of the company is that of a holding company.
The profit for the year, after taxation, amounted to £NIL (2025 - £NIL).
The company has not traded during the year or the preceding financial year. During these periods, the company received no income and incurred no expenditure. Accordingly, no statement of changes in equity has been prepared and the directors do not recommend a dividend.
The directors who served during the year were:
Qualifying third-party indemnity provisions
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Third party qualifying directors' and officers’ insurance has been maintained throughout the financial year and to the date of this report which extends to all subsidiaries within the wider group under Firmdale Holdings Limited.
This report was approved by the board and signed on its behalf.
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FIRMDALE WEST END LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRMDALE WEST END LIMITED
FOR THE YEAR ENDED 31 JANUARY 2026
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Firmdale West End Limited for the year ended 31 January 2026 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of Firmdale West End Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Firmdale West End Limited and state those matters that we have agreed to state to the Board of Directors of Firmdale West End Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Firmdale West End Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Firmdale West End Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Firmdale West End Limited. You consider that Firmdale West End Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Firmdale West End Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA
Chartered Accountants
6th Floor
2 London Wall Place
London
EC2Y 5AU
29 July 2026
MHA is the trading name of MHA Advisory Limited, a limited liability company registered in England and Wales (company registration number 16233746).
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FIRMDALE WEST END LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2026
The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
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FIRMDALE WEST END LIMITED
REGISTERED NUMBER: 09262825
BALANCE SHEET
AS AT 31 JANUARY 2026
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Debtors: amounts falling due within one year
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Total assets less current liabilities
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For the year ended 31 January 2026 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 7 to 10 form part of these financial statements.
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FIRMDALE WEST END LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Firmdale West End Limited is a private company, limited by shares, incorporated and registered in England and Wales under the Companies Act.
The principal activity of the company is that of a holding company.
The Company's functional and presentational currency is pound sterling (GBP), rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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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 requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Firmdale Holdings Limited as at 31 January 2026 and these financial statements may be obtained from the Registrar of Companies.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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FIRMDALE WEST END LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
In assessing the company’s ability to continue as a going concern, the directors have considered the cash flow forecasts, liabilities, and funding arrangements of the wider Firmdale Holdings Ltd group (“the Group”), of which the company is a member. The company is reliant on continued financial support from the Group in order to meet its liabilities as they fall due. Accordingly, the directors have considered the funding and liquidity position of the Group as a whole in assessing the appropriateness of preparing the financial statements on a going concern basis.
The net current liabilities figure of £148m reported in the January 2025 Group Financial Statements was driven by a £167m (US$200m) long term loan from Wells Fargo Bank maturing in November 2025. This loan was refinanced by Wells Fargo in September 2025 with a new $225m facility with an initial term of three years, plus three one year extension options taking the final maturity out to year 2031. The next loan maturities within the Group are not until 2028, when just 15% of the total borrowings become repayable.
The international travel disruption caused by the US military intervention in Iran during February created some drag on first quarter trading, leading to a Group Earnings shortfall to budget. However, there has been a marked improvement during the second quarter, and Group Earnings for the first half year as a whole are expected to outperform budget. The prospects for the remainder of the year are good subject to no material escalation of the Middle East conflicts. With some 80% of borrowings protected by fixed interest rates or caps, the possibility of rising base rates is not a significant concern.
In light of the positive trading and cash generation projections, projected delivery of financial covenant requirements, and supportive banks, the Board has a high degree of confidence that the company will be able to meet its liabilities as they fall due and meet its covenant obligations for a period of at least twelve months. The Directors have therefore concluded that the company can continue to adopt the going concern basis in preparing the annual report and accounts. The Board will continue to monitor developments closely and adjust their forecasting assumptions as required.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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The average monthly number of employees, including directors, during the year was 4 (2025 - 4).
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FIRMDALE WEST END LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Firmdale Property Investments Limited
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18 Thurloe Place, London, United Kingdom, SW7 2SP
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18 Thurloe Place, London, United Kingdom, SW7 2SP
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The aggregate of the share capital and reserves as at 31 January 2026 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Firmdale Property Investments Limited
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FIRMDALE WEST END LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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Called up share capital not paid
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The company is included within the consolidation of Firmdale Holdings Limited group. The ultimate parent is Firmdale Holdings Limited, head of this group and a company registered in England and Wales. The consolidated accounts of this group, which is the smallest and largest group to include the company, are available from the Registrar of Companies.
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