Registered number: 05338294

 

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

AUDITED

ANNUAL REPORT 
 AND FINANCIAL STATEMENTS

 
FOR THE YEAR ENDED
 31 DECEMBER 2025

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

COMPANY INFORMATION

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

CONTENTS

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

 

The Directors present the strategic report for the year ended 31 December 2025.

 

The results for the year and the financial position at year-end were considered satisfactory by the Directors. The performance reflects steady demand across both the business and leisure travel sectors, supported by strong occupancy levels and resilient average room rates.

 

The Board is responsible for maintaining an adequate system of internal control and risk management. The Group is subject to risks which may materially impact the financial earnings, assets and liquidity. The Board believes it has taken reasonable steps to mitigate loss due to risks and uncertainties.

The Group's hotels are located in London and are in part dependent on the strength of the London market and their member organizations. The Group faces competition in the London market, but has been successful in maintaining adequate market share. The Group faces the risk of terrorist activities, IT intrusions and environmental casualties. The Group maintains insurance to offset potential losses related to these types of events. 

Price risk

Management performs periodic reviews of room rates, to ensure the Group and its rates remain competitive, in order to continue to attract new and existing guests.

Credit risk

The Group is not exposed to significant credit risk. Guests pay in advance of their stay at the hotel and charges are made against guest’s credit cards upon arrival, which serves to reduce any associated risk of non-payment of any services provided during the guests stay at the hotel.

Liquidity risk and Cashflow risk

Management manages liquidity and cashflow risk through cash reserves and retained profit. The Group is
part of wider group and additional liquidity could be provided, if needed, by other group companies

Foreign exchange risk

Foreign exchange risk relates to intercompany balances with other group companies and bank balances held in a foreign currency. Management do not hedge this risk as they do not believe this to be a significant risk to the operations of the Group.

Interest rate risk

The Group is exposed to interest rate risk in respect of its bank borrowings and movements in the underlying reference rate of this debt, SONIA. The Group has not hedged the associated interest rate risk, as management are comfortable that the exposure can be managed through effective management of the Group’s liquidity and cashflow.






 

Page 1

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

 

The Group uses a series of key performance indicators to monitor the performance of the business.

                                                 2025               2024

Turnover                                  £33.71m        £32.38m

Gross profit                               £20.3m          £19.8m

Gross profit margin                    60.12%          61.25%

 

The Directors do not consider that there are any other key performance indicators for the Group.

This report was approved by the board and signed on its behalf.

Page 2

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 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.
 

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 judgements 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 Group's principal activity during the year continued to be that of hoteliers.

The profit for the year, after taxation, amounted to £6,311,078 (2024 - £6,521,436).

The Directors have recommended paying a dividend of £9,000,000 (2024 - £15,250,000).

The Directors who served during the year were:

The Group continues to explore opportunities in the London hotel market.

The business review and principal risks and uncertainties of the business have been included in the strategic report.

Page 3

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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.

Subsequent to the year end:

∙On the 14 April 2026 the Company declared and paid a dividend of £9,000,000.
 

∙With one subsidiary, major works commenced in early 2026 to renovate and reposition the hotel as a boutique/lifestyle hotel. Works are anticipated to be completed by October 2026. 

These are non-adjusting events after the reporting date.

Under section 487(2) of the Companies Act 2006, Wellden Turnbull will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

 

Page 4

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

We have audited the financial statements of Ludgate Northumberland Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 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 31 December 2025 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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.

Page 5

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS 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 year 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.

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.

 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

Page 6

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks and that the Group operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Group's operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, UK tax laws and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

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

∙Assessing the susceptibility of the Group’s financial statements to material misstatements by obtaining an understanding of how fraud might occur;
 

∙Enquiring of management and those charged with governance as to actual and potential litigation and claims and testing of internal controls in place, where applicable, to mitigate risks of fraud and non-compliance with laws and regulations;
 

∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Group through discussions with management and reviewing inspection reports, where applicable, to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Group;
 

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, as well as reviewing minutes of meetings of those charged with Governance, where available;
 

∙Performing audit work over the risk of timing and recognition of income, including testing of internal controls over income reconciliation and recognition, analytical procedures to ensure completeness and substantive procedures to ensure accuracy, based on the requirements of accounting standards, and 
 

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and performing analytical procedures to identify any significant unusual or unexpected transactions or relationships.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUDGATE NORTHUMBERLAND HOLDINGS LIMITED (CONTINUED)

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.

 

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.

Mark Nelligan FCA (Senior statutory auditor)

  

for and on behalf of

Wellden Turnbull

 

Chartered Accountants

Statutory Auditors

  

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

 
Date: 14 September 2026

Page 8

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

Page 9

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

REGISTERED NUMBER: 05338294

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

The notes on pages 14 to 27 form part of these financial statements.

Page 10

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

REGISTERED NUMBER: 05338294

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

The notes on pages 14 to 27 form part of these financial statements.

Page 11

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

Page 12

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page 13

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Ludgate Northumberland Holdings Limited is a private company, limited by shares and incorporated in England and Wales, registration number 05338294. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

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 judgement 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 financial statements have been prepared in accordance with the provisions of FRS102. There have been no material deviations from the standard. 

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.

Merger accounting principles are applied where transfers into the Group have the characteristics of group reconstructions in accordance with FRS 102 19.27. With merger accounting, the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value on consolidation, although appropriate adjustments are made to achieve uniformity of accounting policies where necessary. The results of the Group have been presented as if the Group had been established throughout the current and prior years. All financial statements are made up to 31 December 2025.

All intra-group transactions, balances and unrealised gains on transactions between group    companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Page 14

LUDGATE NORTHUMBERLAND HOLDINGS LIMITED

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

The financial statements have been prepared on a going concern basis which means that the Group and the Company can be expected to meet its liabilities as they fall due for the foreseeable future, a period of not less than 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Group's business model and the availability of cash resources. The Directors site that the Group was profit making in the period and is in a net asset position at the year end date. The Group meets its day-to-day working capital requirements through its cash holdings. The Group’s forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Group should be able to operate comfortably within the level of its current cash reserves. The Group third party debt of £44m  terminates in December 2026. The lender has indicated a willingness to extend the loan for an additional three years based on our strong relationship. We anticipate the extension to be finalised prior to current maturity. 

Functional and presentation currency

The financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest £.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Consolidated statement of comprehensive income.

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:

Provision of hotel services - over the period the service is provided.

Rental income - over the period the property is let to the tenant.

Staff hire - over the period the staff are provided.