Registered number: 09658620
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The principal activity of Chadha Capital Investments Limited continues to be that of a holding company of the investments in the various group entities. The subsidiaries collectively known as The Nine Group currently operate five hotels across the United Kingdom under a variety of franchised brands. During part of the period, the group also operated 38 franchised fast-food outlets, through the Nine Food Group Limited subsidiary.
There have not been any significant changes to the Chadha Capital Investments Limited group structure within FY25.
The year end was changed during the period which has resulted in these accounts being prepared for an 18 month period, compared to a 12 month prior period.
There have not been any significant changes to the Chadha Capital Investments Limited group structure within FY25.
The year end was changed during the period which has resulted in these accounts being prepared for an 18 month period, compared to a 12 month prior period.
The group has reported consolidated turnover in the current period of £41.3m compared with £41.7m in the prior year. The contribution from Nine Food Group Limited and the contribution from Exclusive Use contracts for some of the group hotels.
As at the balance sheet date the group has net assets of £27.2m (2024: £22m) and held cash of £5.4m (2024: £7.9m).
Business performance
Chadha Capital Investments Limited
As detailed above, the main activity of the company is that of a holding company of the investments in the subsidiaries and joint ventures. The company has not generated any turnover during the period as an individual company but has reported a group consolidated profit after tax for the period of £4.9m (2024: £2.8m).
Nine Heathrow Ventures Limited
Nine Heathrow Ventures Limited owns and operates the Novotel Heathrow Hotel. The hotel's primary market is focused on providing accommodation for travellers using Heathrow Airport and local corporates although is currently under an Exclusive Use contract. The hotel operates in a competitive location but since its opening in February 2018 it has achieved high levels of occupancy.
The hotel has recovered well from the impact of COVID-19, aided by the Exclusive Use contract, and evidenced by its performance during the period. In the financial period to December 25, Occupancy was 100% (2024: 100%), Revenue Per Available Room (REVPAR) was £56.45 (2024: £69.99), and Turnover was £9.8m (2024: £6.5m). The company has reported EBITDA* for the period of £5.1m (2024: £4.2m).
Nine Reading Hotel Limited
Nine Reading Hotel Limited own and operate the Most House Hotel in Reading. The hotel's primary market is focused on providing accommodation for corporate and leisure guests although is currently under an Exclusive Use contract. Following acquisition by Chadha Capital Investments Limited the hotel had extensive refurbishment from acquisition until mid-2020 to improve the quality of the experience at the hotel.
The hotel has recovered well from the impact of COVID-19, aided by the Exclusive Use contract and evidenced by its performance during the period. In the financial period to December 25, Occupancy was 75% (2024: 85.8%), Revenue Per Available Room (REVPAR) was £43.57 (2024: £68.14), and Turnover was £6m (2024: £3.1m). The company has reported EBITDA for the period of £2.6m (2024: £1.6m).
As at the balance sheet date the group has net assets of £27.2m (2024: £22m) and held cash of £5.4m (2024: £7.9m).
Business performance
Chadha Capital Investments Limited
As detailed above, the main activity of the company is that of a holding company of the investments in the subsidiaries and joint ventures. The company has not generated any turnover during the period as an individual company but has reported a group consolidated profit after tax for the period of £4.9m (2024: £2.8m).
Nine Heathrow Ventures Limited
Nine Heathrow Ventures Limited owns and operates the Novotel Heathrow Hotel. The hotel's primary market is focused on providing accommodation for travellers using Heathrow Airport and local corporates although is currently under an Exclusive Use contract. The hotel operates in a competitive location but since its opening in February 2018 it has achieved high levels of occupancy.
The hotel has recovered well from the impact of COVID-19, aided by the Exclusive Use contract, and evidenced by its performance during the period. In the financial period to December 25, Occupancy was 100% (2024: 100%), Revenue Per Available Room (REVPAR) was £56.45 (2024: £69.99), and Turnover was £9.8m (2024: £6.5m). The company has reported EBITDA* for the period of £5.1m (2024: £4.2m).
Nine Reading Hotel Limited
Nine Reading Hotel Limited own and operate the Most House Hotel in Reading. The hotel's primary market is focused on providing accommodation for corporate and leisure guests although is currently under an Exclusive Use contract. Following acquisition by Chadha Capital Investments Limited the hotel had extensive refurbishment from acquisition until mid-2020 to improve the quality of the experience at the hotel.
The hotel has recovered well from the impact of COVID-19, aided by the Exclusive Use contract and evidenced by its performance during the period. In the financial period to December 25, Occupancy was 75% (2024: 85.8%), Revenue Per Available Room (REVPAR) was £43.57 (2024: £68.14), and Turnover was £6m (2024: £3.1m). The company has reported EBITDA for the period of £2.6m (2024: £1.6m).
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Dragon Hotel Limited
The Dragon Hotel is based in the centre of Swansea and is an unbranded independent hotel, which has been a celebrated landmark hotel for the last 50+ years.
The hotel has recovered well from the impact of COVID-19, evidenced by its performance during the year. In the financial period to Dec 25, Occupancy was 80.20% (2024: 65.7%) Revenue Per Available Room (REVPAR) was 58.91 (2024: £67.63), and Turnover was £3.7m (2024: £1.8m). The company has reported EBITDA for the period of £1.35m (2024: £0.4m).
Nine Gatwick Hotel Limited
The hotel opened at the end of March 2021 as the Four Points by Sheraton London Gatwick Hotel and is the first hotel under this brand that has opened in the UK. The hotel is located just two miles from Gatwick Airport and boasts onsite parking, a gastro pub, bar and gym facilities.
The hotel has recovered well from the impact of COVID-19, evidenced by its performance during the period. In the financial period to December 25, Occupancy was 100% (2024: 99.0%), Revenue Per Available Room (REVPAR) was £57.10 (2024: £69.30), and Turnover was £7.1m (2024: £4.6m). The company has reported EBITDA for the period of £3.7m (2024: £2.8m).
Nine Greenwich Hotel Limited
In October 2022 Nine Greenwich Hotel Limited became a wholly owned subsidiary of Chadha Capital Investments Limited (previously a JV). The hotel opened in August 2021 as the Radisson Red London Greenwich The O2 Hotel.
The hotel has traded well during the period to December 25, Occupancy was 89% (2024: 93.3%), Revenue Per Available Room (REVPAR) was £100.04 (2024: £76.42), and Turnover was £4.3m (2024: £2.1m). The company has reported EBITDA for the period of £1.1m (2024: £1m).
*Note EBITDA is an internal measure.
The Dragon Hotel is based in the centre of Swansea and is an unbranded independent hotel, which has been a celebrated landmark hotel for the last 50+ years.
The hotel has recovered well from the impact of COVID-19, evidenced by its performance during the year. In the financial period to Dec 25, Occupancy was 80.20% (2024: 65.7%) Revenue Per Available Room (REVPAR) was 58.91 (2024: £67.63), and Turnover was £3.7m (2024: £1.8m). The company has reported EBITDA for the period of £1.35m (2024: £0.4m).
Nine Gatwick Hotel Limited
The hotel opened at the end of March 2021 as the Four Points by Sheraton London Gatwick Hotel and is the first hotel under this brand that has opened in the UK. The hotel is located just two miles from Gatwick Airport and boasts onsite parking, a gastro pub, bar and gym facilities.
The hotel has recovered well from the impact of COVID-19, evidenced by its performance during the period. In the financial period to December 25, Occupancy was 100% (2024: 99.0%), Revenue Per Available Room (REVPAR) was £57.10 (2024: £69.30), and Turnover was £7.1m (2024: £4.6m). The company has reported EBITDA for the period of £3.7m (2024: £2.8m).
Nine Greenwich Hotel Limited
In October 2022 Nine Greenwich Hotel Limited became a wholly owned subsidiary of Chadha Capital Investments Limited (previously a JV). The hotel opened in August 2021 as the Radisson Red London Greenwich The O2 Hotel.
The hotel has traded well during the period to December 25, Occupancy was 89% (2024: 93.3%), Revenue Per Available Room (REVPAR) was £100.04 (2024: £76.42), and Turnover was £4.3m (2024: £2.1m). The company has reported EBITDA for the period of £1.1m (2024: £1m).
*Note EBITDA is an internal measure.
The directors work to promote the success of the group for the benefit of its members as a whole with regard to its stakeholders and to the matters set out in Section 172 of the Companies Act 2006.
The board operates a standing rolling agenda of items aligned to the group's operating and reporting cycles with approval, endorsement, review and monitoring functions. The success of the group is determined by positive and effective stakeholder engagement. The group's key stakeholders are considered to be investors and debtholders, customers, suppliers, employees and the communities and environments in which the group operates. All decisions made by the directors consider the impact on each stakeholder group. Throughout the period the group proactively communicated the organisation's objectives and strategy to each stakeholder grouping.
The Board's strategy and decisions have been disclosed throughout the financial statements. The directors confirm that throughout the period they have acted in good faith to promote the success of the group for the benefit of its members as a whole.
The board operates a standing rolling agenda of items aligned to the group's operating and reporting cycles with approval, endorsement, review and monitoring functions. The success of the group is determined by positive and effective stakeholder engagement. The group's key stakeholders are considered to be investors and debtholders, customers, suppliers, employees and the communities and environments in which the group operates. All decisions made by the directors consider the impact on each stakeholder group. Throughout the period the group proactively communicated the organisation's objectives and strategy to each stakeholder grouping.
The Board's strategy and decisions have been disclosed throughout the financial statements. The directors confirm that throughout the period they have acted in good faith to promote the success of the group for the benefit of its members as a whole.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Key Performance Indicators of the Company and its subsidiaries include turnover, gross profit and margin, costs, gross and net assets, cash generation and capital expenditure. These KPl's are reviewed against budget and prior year with benchmarking against similar businesses where comparable information is available.
The company's key financial performance indicators during the period were as follows:
The company's key financial performance indicators during the period were as follows:
The group's activities expose it to a number of financial risks including credit risk and liquidity risk. The group is also exposed to the financial risks of changes in foreign currency exchange rates.
Credit risk
The groups principal financial assets are cash, trade, and other receivables. The groups credit risk is primarily attributable to its trade receivables. An allowance for impairment is made where there is an identified loss event, which based on previous experience, is a reduction in the recoverability of the cash flows. Deposits may be collected from customers to reduce the risk associated with credit risk.
Liquidity risk
Liquidity risk reflects the risk that the group will have insufficient resources to meet its financial liabilities as they fall due. The group actively manages a mixture of short-term debt finance that is designed to ensure that the group has sufficient available funds for operations. Management assesses the availability of credit facilities if needed from associated companies and external finance. Management also review the compliance with loan covenants on an on-going basis.
Interest rate risk
The group has interest bearing liabilities, which are linked to the Bank of England base rate, which are variable. There are some uncertainties surrounding the movements in these rates in future. This is reviewed by management on an ongoing basis to ensure that the finance products and rates that are used remain appropriate to the business.
Business risks
Customer satisfaction
The hotel general manager reviews internal and external feedback such as TripAdvisor reviews on a regular basis and responds to any negative comments appropriately.
Credit risk
The groups principal financial assets are cash, trade, and other receivables. The groups credit risk is primarily attributable to its trade receivables. An allowance for impairment is made where there is an identified loss event, which based on previous experience, is a reduction in the recoverability of the cash flows. Deposits may be collected from customers to reduce the risk associated with credit risk.
Liquidity risk
Liquidity risk reflects the risk that the group will have insufficient resources to meet its financial liabilities as they fall due. The group actively manages a mixture of short-term debt finance that is designed to ensure that the group has sufficient available funds for operations. Management assesses the availability of credit facilities if needed from associated companies and external finance. Management also review the compliance with loan covenants on an on-going basis.
Interest rate risk
The group has interest bearing liabilities, which are linked to the Bank of England base rate, which are variable. There are some uncertainties surrounding the movements in these rates in future. This is reviewed by management on an ongoing basis to ensure that the finance products and rates that are used remain appropriate to the business.
Business risks
Customer satisfaction
The hotel general manager reviews internal and external feedback such as TripAdvisor reviews on a regular basis and responds to any negative comments appropriately.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Health, safety and environmental risks
The group has a facilities management team who carry out regular maintenance and inspections of the hotels and surrounding areas to ascertain any potential health and safety or environmental risks and instruct repairs or improvements to be carried out to ensure compliance with legislative requirements.
Changes or breaches of regulatory requirements
Management place significant emphasis of regulatory compliance and invest significant resources into meeting industry standards.
It is recognised that such risks can never be eliminated totally and that the cost controls in minimising these risks may outweigh their potential benefits. Accordingly, the group continues to focus on risk management and incident management. Where appropriate, this is supported by risk transfer mechanism such as insurance.
The group has a facilities management team who carry out regular maintenance and inspections of the hotels and surrounding areas to ascertain any potential health and safety or environmental risks and instruct repairs or improvements to be carried out to ensure compliance with legislative requirements.
Changes or breaches of regulatory requirements
Management place significant emphasis of regulatory compliance and invest significant resources into meeting industry standards.
It is recognised that such risks can never be eliminated totally and that the cost controls in minimising these risks may outweigh their potential benefits. Accordingly, the group continues to focus on risk management and incident management. Where appropriate, this is supported by risk transfer mechanism such as insurance.
This year we intend to continue the strategy applied in previous years of acquiring distressed hotel properties with the intention of either developing these in the medium term and realising the value through ultimate resale or continue to operate these within the group.
The group divested Nine Food Group Limited (operates 38 Pizza Hut delivery and Express stores) in December 2024.
The group divested Nine Food Group Limited (operates 38 Pizza Hut delivery and Express stores) in December 2024.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period 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.
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 profit for the period, after taxation, amounted to £4,858,957 (2024 - £2,761,593).
The directors have not recommended a dividend.
The directors who served during the period were:
The Group employed an average of 502 people in Financial Period 2025. Through its diversity policy, the Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities.
Our policies and procedures support our disabled colleagues. The Group is responsive to the needs of its employees. As such, should any employee of the Group become disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to their working environment where possible, to keep the employee with the Group. It is the policy of the Group that the recruitment, training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Group values the wellbeing and enthusiasm of its employees and has tools in place to engage with the workforce, including regular meetings of the store, regional and senior managers.
Our policies and procedures support our disabled colleagues. The Group is responsive to the needs of its employees. As such, should any employee of the Group become disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to their working environment where possible, to keep the employee with the Group. It is the policy of the Group that the recruitment, training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Group values the wellbeing and enthusiasm of its employees and has tools in place to engage with the workforce, including regular meetings of the store, regional and senior managers.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
The group is exempt from reporting on carbon emissions on the basis that all entities in the group, including the parent itself, do not breach the individual size criteria to require disclosure.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS LIMITED
We have audited the financial statements of Chadha Capital Investments Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated statement of financial position, the Company statement of financial position, 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 Auditor's 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS LIMITED (CONTINUED)
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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS 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 Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
∙The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Group is complying with the legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgements made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity
°Manipulation of amounts subject to significant judgement or estimate.
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.
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 Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHADHA CAPITAL INVESTMENTS 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
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 22 to 48 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
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 22 to 48 form part of these financial statements.
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