TARHOUSE MANAGEMENT LIMITED

	Page
Company Information	1
Directors' Report	2
Independent Auditor's Report	3—5
Profit and Loss Account	6
Balance Sheet	7
Notes to the Financial Statements	8—11

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Company No. 01290055

Directors' Report For The Year Ended 30 September 2025

Directors' Report

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors

The directors who held office during the year were as follows:

S A RANDEREE

Mr F A RANDEREE

Mr N WALLER

Mr R Shroff

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr F A RANDEREE

Director

16/10/2026

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Independent Auditor's Report

to the Members of

TARHOUSE MANAGEMENT LIMITED

Independent Auditor's Report

Opinion

We have audited the financial statements of TARHOUSE MANAGEMENT LIMITED for the year ended 30 September 2025 which comprise the Profit and Loss Account, Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 12 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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, or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

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Independent Auditor's Report (continued)

to the Members of

TARHOUSE MANAGEMENT LIMITED

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 financial statements.

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

We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management overide of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether

judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, 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. Also, 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

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Independent Auditor's Report (continued)

to the Members of

TARHOUSE MANAGEMENT LIMITED

Naresh Jani FCCA (Senior Statutory Auditor)

for and on behalf of Andertons Europe Limited , Statutory Auditor

16/10/2026

Andertons Europe Limited

1st floor Mezzanine

35-37 Ludgate Hill

London

EC4M 7JN

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TARHOUSE MANAGEMENT LIMITED

Profit and Loss Account

For The Year Ended 30 September 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		634,022	2,200,500
Cost of sales		(107,517 )	-

GROSS PROFIT		526,505	2,200,500

Administrative expenses		(2,943,590 )	(606,223 )
Other operating income		2,000,000	-

OPERATING (LOSS)/PROFIT		(417,085 )	1,594,277
Profit on revaluation of investment property		-	22,272,410
Income from Shares in group undertakings		-	(7,131 )
Interest payable and similar charges		(1,921,973 )	(2,123,676 )

(LOSS)/PROFIT BEFORE TAXATION		(2,339,058 )	21,735,880
Tax on (Loss)/profit		(62,109 )	(5,478,746 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(2,401,167 )	16,257,134

The notes on pages 8 to 11 form part of these financial statements.

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TARHOUSE MANAGEMENT LIMITED

Balance Sheet

As At 30 September 2025

Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		401,913		179,459
Investment Properties	5		90,212,813		87,500,000

			90,614,726		87,679,459
CURRENT ASSETS
Debtors	6	16,701,305		17,719,682
Cash at bank and in hand		1,140,630		1,235,264

		17,841,935		18,954,946
Creditors: Amounts Falling Due Within One Year	7	(31,790 )		(399,615 )

NET CURRENT ASSETS (LIABILITIES)			17,810,145		18,555,331

TOTAL ASSETS LESS CURRENT LIABILITIES			108,424,871		106,234,790

Creditors: Amounts Falling Due After More Than One Year	8		(46,326,528 )		(42,597,993 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(9,099,325 )		(9,037,217 )

NET ASSETS			52,999,018		54,599,580

CAPITAL AND RESERVES
Called up share capital	10		5,000		5,000
Profit and Loss Account			52,994,018		54,594,580

SHAREHOLDERS' FUNDS			52,999,018		54,599,580

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr F A RANDEREE

Director

16/10/2026

The notes on pages 8 to 11 form part of these financial statements.

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TARHOUSE MANAGEMENT LIMITED

Notes to the Financial Statements

For The Year Ended 30 September 2025

Notes to the Financial Statements

1. General Information

TARHOUSE MANAGEMENT LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 01290055 . The registered office is 84 Newman Street, London, W1T 3EU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	10% on straight line
Computer Equipment	20% on straight line

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

...CONTINUED

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TARHOUSE MANAGEMENT LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.5. Taxation - continued

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 October 2024	1,831,647	-	1,831,647
Additions	217,796	89,128	306,924

As at 30 September 2025	2,049,443	89,128	2,138,571

Depreciation
As at 1 October 2024	1,652,188	-	1,652,188
Provided during the period	66,644	17,826	84,470

As at 30 September 2025	1,718,832	17,826	1,736,658

Net Book Value
As at 30 September 2025	330,611	71,302	401,913

As at 1 October 2024	179,459	-	179,459

5. Investment Property

	2025
	£
Fair Value
As at 1 October 2024	87,500,000
Additions	2,712,813

As at 30 September 2025	90,212,813

All the tangible assets have been charged as security for the bank loan and overdraft granted to the company.

The historical cost of freehold land and buildings is £ 37,187,816 ( 2024 - £ 34,475,003). Freehold land and buildings have been valued at open marked value at the balance sheet date by the directors based on the current condition of the market and the use of the asset.

Included in the historical cost of freehold land and buildings is £ 866,411 ( 2024 - £ 866,411) in respect of capitalised finance costs.

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TARHOUSE MANAGEMENT LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	5,628	1,087,815
Other debtors	689,464	631,867

	695,092	1,719,682
Due after more than one year
Amounts owed by group undertakings	16,006,213	16,000,000

	16,701,305	17,719,682

The amounts owned to group undertakings represents a group loan. The loan is unsecured, bears an effective interest rate of 2.635% and was repayble in October 2023. Now extended to October 2028. As the loan was extended , no additional capital contribution arises and any unamortised imputed interest will be spread over the revised term.

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	-	257,570
Other creditors	31,790	49,653
Taxation and social security	-	92,392

	31,790	399,615

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	27,500,000	27,500,000
Amounts owed to group undertakings	18,826,528	15,097,993

	46,326,528	42,597,993

The company's borrowings have the following maturity profile :

	2025	2024
	£	£
	£000	£000
Within one year	-	27,500
Between two and five years	18,827	15,098
More than five years	27,500	-
	46,327	42,598
Imputed interest to be charged in future years	801	(NIL)
	47,128	42,598

...CONTINUED

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TARHOUSE MANAGEMENT LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

8. Creditors: Amounts Falling Due After More Than One Year - continued

The bank loan is secured by a fixed charge on all freehold hotel property and a floating charge over the other assets of the company . The bank loan was due for repayment in October 2024 , extended to October 2025, and interest is based on the 3 month libor plus a margin of 2.60% per annum.The company has secured a new borrowing facilities of £57,000,000.

The amounts owned to group undertakings includes a group loan of £15,097.093. The loan is unsecured bears an effective interest rate of 12.5% and was formally repayable in December 2018. On 11 September 2018, the repayment of the shareholder loan was extended to December 2023. The loan was further extended to December 2028. As the loan was extended , no additional capital contribution arises and any unamortised imputed interest will be spread over the revised term.

A further Shareholders loan of £4,529,141 is also included above bearing an effective rate of 3.967% per annum.

9. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 October 2024	9,037,217	9,037,217
Additions	62,108	62,108

Balance at 30 September 2025	9,099,325	9,099,325

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	5,000	5,000

11. Post Balance Sheet Events

The company is carrying out a major refurbishment of the company’s property. This is expected to be completed by the end of 2026. The company expects to open the hotel in January 2027.

12. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

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