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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
COMPANY INFORMATION
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LONDON BRIDGE HOTELS LIMITED
CONTENTS
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LONDON BRIDGE HOTELS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2025.
The London hotel market remained highly competitive in 2025, much as it has in recent years, with approximately 2300 new hotel rooms added to the market, the majority of which, around 600 new rooms were concentrated in East London. Despite these challenging conditions, it has been an outstanding year for the hotel, with room sales exceeding expectations every month.
Our strategic decision to prioritise occupancy and adopt a more competitive pricing approach delivered excellent results. Rooms revenue finished £460,000 ahead of budget, representing a 6% uplift on target and a 14% increase over 2024, equivalent to a year-on-year growth of £834,000. While our Rooms division performed exceptionally well, it was disappointing that the Food & Beverage department was unable to fully capitalise on this success. The local market remains extremely competitive, and many of our guests chose to take advantage of the vibrant and ever-expanding hospitality offering in the London Bridge area.
The directors believe that risk assessment is a vital part of running the business. However, due to the nature of the hospitality industry there is always exposure to financial risk. We have in place working capital forecasts for purpose of cash requirements to manage liquidity risk. We also aim to manage capital in order to provide returns to shareholders and optimisecapital structure to reduce cost to capital. Market risks are managed by having a broad customer base and credit risk ismanaged by quarterly and annual credit checks and reviewing credits offered to accounts that are not in regular use.
The directors believe the financial key performance indicators of the business as follows:
- Revenue Generation Index - Average Rate Index - Market Penetration Index They continue to price strategically based on current trends in order to maintain, if not beat competitors.
This report was approved by the board and signed on its behalf.
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LONDON BRIDGE HOTELS 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 who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company's financial statements 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £903,019 (2024 - £2,929,515).
Overall, we have delivered a very strong performance year-on-year amid a challenging trading environment, achieving an excellent result and demonstrating resilience, adaptability, and a continued focus on driving revenue and profitability.
2025 profitability was further strengthened by a substantial business rates credit and favourable utility tariffs throughout the year. Attention to payroll has also helped curb on our expenses. These factors helped offset the impact of having an empty commercial outlet vacant for the entire year. We will continue in enhancing guest experience to which we are widely praised for in majority of our guest feedback and make sure they look forward to returning on their next visit.
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LONDON BRIDGE HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Our strategic focus on driving occupancy rather than average daily rate delivered strong results in 2025, and we see no compelling reason to deviate from this approach in 2026. Building on this success, we aim to further expand our corporate client base while implementing measured rate increases of 3–4% across existing accounts.
To support these objectives, our newly appointed Director of Sales and Marketing has been tasked with securing more new corporate business, strengthening relationships with existing clients, and ensuring the successful implementation of our commercial strategy. In addition, he will oversee our revenue management practices to maximise profitability and optimise overall business performance. We will also continue to maintain rigorous oversight of cash flow and operational controls, ensuring prudent financial management, business resilience, and the ongoing continuity of operations.
After the year end, the Company announced that the hotel had entered into a franchise agreement with Hilton and will become part of the Tapestry Collection by Hilton brand. As part of this, the hotel is expected to undergo a major refurbishment to improve the guest experience.
As these plans were agreed after 31 December 2025, the directors consider this to be a significant non-adjusting event and have disclosed it accordingly.
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LONDON BRIDGE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON BRIDGE HOTELS LIMITED
We have audited the financial statements of London Bridge Hotels Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LONDON BRIDGE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON BRIDGE HOTELS 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LONDON BRIDGE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON BRIDGE HOTELS 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 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:
- Holding discussions with Management to consider any known or suspected instances of non-compliance with laws and regulations or fraud identified by them; - Gaining an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, through discussion with Management and the audit committee and our knowledge of the industry; - Considering the significant laws and regulations of the countries in which the Group operates to be those relating to the industry, financial reporting framework, tax legislation and the listing rules. - Assessing the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur; - Testing the appropriateness of journal entries made through the year by applying specific criteria to detect possible irregularities and fraud. - Performing a detailed review of the Group’s year-end adjusting entries and consolidation elimination journals, investigating any that appear unusual as to nature or amount and agreeing to supporting documentation; - For significant and unusual transactions, particularly those occurring at or near year-end, obtaining evidence for the rationale of these transactions and the sources of financial resources supporting the transactions; - Assessed whether the judgements made in accounting estimates were indicative of a potential bias (refer to key audit matters above); - Extending inquiries to individuals outside of Management and the accounting department to corroborate Management’s ability and intent to carry out plans that are relevant to developing the estimate set out in the key audit matters section above; - Reviewing minutes from board meetings of those charged with governance to identify any instances of non- compliance with laws and regulations; and - Directing the auditors of the significant components to ensure an assessment is performed on the extent of the components compliance with the relevant local and regulatory framework.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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LONDON BRIDGE HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON BRIDGE HOTELS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
101 New Cavendish Street
1st Floor South
London
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LONDON BRIDGE HOTELS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
REGISTERED NUMBER: 03163638
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
REGISTERED NUMBER: 03163638
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 on
The notes on pages 14 to 29 form part of these financial statements.
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LONDON BRIDGE HOTELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
London Bridge Hotel Limited is a private company limited by shares, incorporated in England & Wales (registered number: 03163638).
The principal activity of the company continued to be that of Hotel and similar accommodation. The company's registered office address is 8-18 London Bridge Street, London, SE1 9SG.
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 management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Taxation (continued)
There are no known factors which may affect future tax charges.
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The 2025 valuations were made by Cushman & Wakefield on the 3rd March 2025, on an open market value for existing use basis.
On 22 September 2025, the Company disposed of an investment property to its fellow subsidiary, Ivason House Limited. The investment property had a carrying amount of £9,664,251 immediately prior to disposal.
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Revaluation reserve
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LONDON BRIDGE HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
As these plans were agreed after 31 December 2025, the directors consider this to be a significant non-adjusting event and have disclosed it accordingly.
The immediate and ultimate parent undertaking of the Company is London Bridge Ivason Ltd, a company incorporated in England and Wales, by virtue of its 100% ownership of the Company's issued share capital.
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