ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:

Registered number: 08490735

OLD AMERSHAM HOTELS (HOLDINGS) LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

OLD AMERSHAM HOTELS (HOLDINGS) LTD

COMPANY INFORMATION

Directors	M J Ashfield
	B J Bradley
	K Harris (resigned 15 December 2025)
	J L Ireland
	G Jinks
	P St Lawrence
	D A Thompson


Registered number	08490735


Registered office	The Kings Arms Hotel
	30 High Street
	Old Amersham
	Buckinghamshire
	HP7 0DJ


Independent auditors	Ryecroft Glenton
	Chartered Accountants & Statutory Auditors
	32 Portland Terrace
	Newcastle upon Tyne
	NE2 1QP

OLD AMERSHAM HOTELS (HOLDINGS) LTD

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11
Company Balance Sheet	12 - 13
Consolidated Statement of Changes in Equity	14
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Consolidated Analysis of Net Debt	17
Notes to the Financial Statements	18 - 33

OLD AMERSHAM HOTELS (HOLDINGS) LTD

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

Introduction

The directors present the strategic report and financial statements for the year ended 30 November 2025.

Business review

The year to 30 November 2025 posed a number of challenges for the business, primarily relating to the departure of the Food and Beverage operator at the Crown. Revenue increased 5.57% in the year but this belies a change from licence fee income (constituting 10% of the operator’s revenue) to the full sales with all costs attached. The focus on setting up a new offering impacts efficiency, with staff costs as a percentage of turnover increasing to 44.5% (2024: 39.7%), both food and beverage margins dropping to 65% and 66% respectively (2024: both 67%). These factors led to consolidated site-level EBITDA margin of 12.3% (2023: 20.3%) and year-on year EBITDA decline of 35.8%. The bulk of these challenges were confined to the first half of the year, with the second half out-performing the same period in the previous year by 5.7% at EBITDA level so the outlook is positive.

The group’s key performance indicators were as follows:
	2025	2024	Movement
			%

Turnover (£'000)	4,294	4,066	6
Site-level EBITDA (£'000)	529	825	(36)
Occupancy (%)	59	68	(13)
ARR (£)	102	92	10

Principal risks and uncertainties

The directors review the principal risks and uncertainties facing the business in board meetings, typically every six months. The executive directors review operational risks more frequently with senior members of the management team as part of the regular business review process. The main risks facing the group are as follows:

Economic risk
Whilst inflationary pressures have reduced substantially, the risk of changes in government policy and taxation has increased to become the most immediate concern, both directly and through increases in operating costs for suppliers which inevitably flow to us in time.

The Group reviews the expected impact of legislation and taxation changes as they are announced to ensure any economic impact is controlled when the changes come into effect.

Workforce risk
Attracting and retaining staff remains a significant risk across the hospitality sector. We address this by prioritising employee engagement and fostering a supportive, welcoming working environment. In addition, we maintain a supply of staff accommodation, which strengthens our ability to recruit talent from other parts of the country.

Liquidity risk
Cashflow is carefully monitored and, due to the nature of revenues, can be relatively accurately forecasted allowing alignment with supplier payments and payroll.

Page 1

OLD AMERSHAM HOTELS (HOLDINGS) LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2025

This report was approved by the board on 22 October 2026 and signed on its behalf.

................................................

B J Bradley

Director

Page 2

OLD AMERSHAM HOTELS (HOLDINGS) LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

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

Principal activity

The principal activity of the group is the operation of hotels, restaurants and public houses, and room hire and catering for functions.

Directors

The directors who served during the year were:

M J Ashfield

B J Bradley

K Harris (resigned 15 December 2025)

J L Ireland

G Jinks

P St Lawrence

D A Thompson

Going concern

The group is financed by a combination of internally generated cash, shareholder loans and bank loans. The directors have prepared forecasts covering the next two financial years following the period covered by these financial statements and are anticipating continued positive EBITDA for both years. Results to date in the year to 30 November 2026 have also been positive, with EBITDA for the year to date above the full year level achieved in 2025.

Although there were covenant breaches on the bank loans during the year, the group has maintained a positive relationship with the bank throughout and no action has been taken as a result. The loans continue to be due for repayment in instalments over the periods to 2027. Part of the debt was renewed and extended to June 2027 after the covenant breaches. The loan agreements currently expire in June 2027 and so are not guaranteed for the period covered by the going concern review.

The directors anticipate opening discussions on refinancing in good time and are not aware of any matters or circumstances which would impact on the renewal or replacement of the existing facility. The shareholders have also indicated their willingness to continue to support the group.

At the time of approving the financial statements, the directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Results and dividends

The loss for the year, after taxation, amounted to £117,100 (2024 - profit £228,425). Dividends paid during the year are disclosed within the Statement of Changes in Equity. No further dividends are proposed.

Page 3

OLD AMERSHAM HOTELS (HOLDINGS) LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2025

Directors' responsibilities statement

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.

Disclosure of information to auditors

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.

Auditors

The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 October 2026 and signed on its behalf.

................................................

B J Bradley

Director

Page 4

OLD AMERSHAM HOTELS (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD AMERSHAM HOTELS (HOLDINGS) LTD

Opinion

We have audited the financial statements of Old Amersham Hotels (Holdings) Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, 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 30 November 2025 and of the Group's loss 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.

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 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.

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 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

OLD AMERSHAM HOTELS (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD AMERSHAM HOTELS (HOLDINGS) LTD (CONTINUED)

Other information

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.

Opinion 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 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.

Matters on which we are required to report by exception

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.

Page 6

OLD AMERSHAM HOTELS (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD AMERSHAM HOTELS (HOLDINGS) LTD (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

Auditors' 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud

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 responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the Group through discussions with directors and
other management, and from our commercial knowledge and experience of the sector in which the Group operates;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation
legislation,employment legislation and health and safety regulations;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

• making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Page 7

OLD AMERSHAM HOTELS (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD AMERSHAM HOTELS (HOLDINGS) LTD (CONTINUED)

To address the risk of fraud through management bias and override of controls, we: -

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims;
• reviewing correspondence with HMRC, and the Group’s legal advisers where appropriate.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Page 8

OLD AMERSHAM HOTELS (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD AMERSHAM HOTELS (HOLDINGS) LTD (CONTINUED)

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 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.

Jon Routledge (Senior Statutory Auditor)

for and on behalf of

Ryecroft Glenton

Chartered Accountants

Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP

22 October 2026

Page 9

OLD AMERSHAM HOTELS (HOLDINGS) LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

	2025	2024
Note	£	£


Turnover	4	4,366,379	4,132,769
Cost of sales		(2,967,017)	(2,507,828)
Gross profit		1,399,362	1,624,941
Administrative expenses		(1,210,507)	(953,083)
Operating profit		188,855	671,858
Interest payable and similar expenses	8	(311,777)	(332,532)
(Loss)/profit before taxation		(122,922)	339,326
Tax on (loss)/profit	9	5,822	(110,901)
(Loss)/profit for the financial year		(117,100)	228,425

(Loss)/profit for the year attributable to:
Owners of the Parent Company	(117,100)	228,425
	(117,100)	228,425

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 18 to 33 form part of these financial statements.

Page 10

OLD AMERSHAM HOTELS (HOLDINGS) LTD

REGISTERED NUMBER: 08490735

CONSOLIDATED BALANCE SHEET

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	13		6,259,546		6,283,506
			6,259,546		6,283,506
Current assets
Stocks	15	49,371		55,178
Debtors: amounts falling due within one year	16	410,395		730,769
Cash at bank and in hand	17	509,095		334,796
		968,861		1,120,743
Creditors: amounts falling due within one year	18	(1,464,334)		(1,259,424)
Net current liabilities			(495,473)		(138,681)
Total assets less current liabilities			5,764,073		6,144,825
Creditors: amounts falling due after more than one year	19		(4,199,828)		(4,451,696)
Provisions for liabilities
Deferred taxation	22	(277,471)		(283,293)
			(277,471)		(283,293)
Net assets			1,286,774		1,409,836

Capital and reserves
Called up share capital	23	1,550,007	1,550,007
Profit and loss account	24	(263,233)	(140,171)
		1,286,774	1,409,836

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2026.

................................................

B J Bradley

Director

The notes on pages 18 to 33 form part of these financial statements.

Page 11

OLD AMERSHAM HOTELS (HOLDINGS) LTD

REGISTERED NUMBER: 08490735

COMPANY BALANCE SHEET

AS AT 30 NOVEMBER 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Investments	14		7		7
			7		7
Current assets
Debtors: amounts falling due within one year	16	6,083,844		6,332,715
Cash at bank and in hand	17	12,334		35,470
		6,096,178		6,368,185
Creditors: amounts falling due within one year	18	(176,249)		(139,953)
Net current assets			5,919,929		6,228,232
Total assets less current liabilities			5,919,936		6,228,239

Creditors: amounts falling due after more than one year	19		(4,199,828)		(4,451,696)

Net assets			1,720,108		1,776,543

Capital and reserves
Called up share capital	23		1,550,007		1,550,007
Profit and loss account brought forward		226,536		89,641
Loss/(profit) for the year		(50,473)		160,741
Other changes in the profit and loss account		(5,962)		(23,846)
Profit and loss account carried forward			170,101		226,536
			1,720,108		1,776,543

Page 12

OLD AMERSHAM HOTELS (HOLDINGS) LTD

REGISTERED NUMBER: 08490735

COMPANY BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2026.

................................................

B J Bradley

Director

The notes on pages 18 to 33 form part of these financial statements.

Page 13

OLD AMERSHAM HOTELS (HOLDINGS) LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£
At 1 December 2023	1,550,007	(344,750)	1,205,257	1,205,257

Profit for the year	-	228,425	228,425	228,425
Dividends: Equity capital	-	(23,846)	(23,846)	(23,846)

At 1 December 2024	1,550,007	(140,171)	1,409,836	1,409,836

Loss for the year	-	(117,100)	(117,100)	(117,100)
Dividends: Equity capital	-	(5,962)	(5,962)	(5,962)
At 30 November 2025	1,550,007	(263,233)	1,286,774	1,286,774

The notes on pages 18 to 33 form part of these financial statements.

Page 14

OLD AMERSHAM HOTELS (HOLDINGS) LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 December 2023	1,550,007	89,641	1,639,648

Profit for the year	-	160,741	160,741
Dividends: Equity capital	-	(23,846)	(23,846)

At 1 December 2024	1,550,007	226,536	1,776,543

Loss for the year	-	(50,473)	(50,473)
Dividends: Equity capital	-	(5,962)	(5,962)
At 30 November 2025	1,550,007	170,101	1,720,108

The notes on pages 18 to 33 form part of these financial statements.

Page 15

OLD AMERSHAM HOTELS (HOLDINGS) LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 NOVEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(117,100)	228,425
Adjustments for:
Depreciation of tangible assets	57,688	64,561
Loss on disposal of tangible assets	(9,028)	296
Interest paid	311,777	332,532
Taxation charge	(5,822)	110,901
Decrease in stocks	5,806	22,054
Decrease/(increase) in debtors	564,053	(176,957)
(Increase)/decrease in amounts owed by associates	(243,679)	5,000
Increase in creditors	203,504	42,046
Corporation tax received/(paid)	-	(9,228)
Net cash generated from operating activities	767,199	619,630

Cash flows from investing activities
Purchase of tangible fixed assets	(44,648)	(104,557)
Sale of tangible fixed assets	19,949	-
Net cash from investing activities	(24,699)	(104,557)
Cash flows from financing activities
Repayment of loans	(250,462)	(293,219)
Dividends paid	(5,962)	(23,846)
Interest paid	(311,777)	(332,532)
Net cash used in financing activities	(568,201)	(649,597)
Net increase/(decrease) in cash and cash equivalents	174,299	(134,524)
Cash and cash equivalents at beginning of year	334,796	469,320
Cash and cash equivalents at the end of year	509,095	334,796

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	509,095	334,796
	509,095	334,796

Page 16

OLD AMERSHAM HOTELS (HOLDINGS) LTD

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 NOVEMBER 2025


At 1 December 2024	Cash flows	At 30 November 2025
£	£	£

Cash at bank and in hand	334,796	174,299	509,095
Debt due after 1 year	(4,431,696)	251,868	(4,179,828)
Debt due within 1 year	(371,022)	18,456	(352,566)
	(4,467,922)	444,623	(4,023,299)

The notes on pages 18 to 33 form part of these financial statements.

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OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

Old Amersham Hotels (Holdings) Limited is a private company limited by shares, incorporated in England and Wales (registration number: 08490735). The registered office is The Kings Arms Hotel, 30 High Street, Old Amersham, Buckinghamshire, HP7 0JD.

Old Amersham Hotels (Holdings) Limited is a holding company and the principal activity of its subsidiaries is the operation of hotels, restaurants and public houses, and room hire and catering for functions.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 financial statements are prepared in sterling, which is the functional currency of the Company and the Group.

Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

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.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

2.4

Revenue

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:

Revenue from bar and restaurant sales as well as accommodation is recognised when utilised.

Revenue from room hire and catering for functions is recognised on delivery of goods and services.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property	-	Buildings, not land, over 50 years straight line
Motor vehicles	-	4 years straight line
Fixtures and fittings	-	3 - 10 years straight line
Computer equipment	-	3 years straight line

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.

Page 20

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash

Page 21

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgements in applying the accounting policies applied, or any key sources of estimation uncertainty in preparing these financial statements.

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Accommodation, bar and restaurant sales	3,282,774	3,014,130
Room hire and catering for functions	1,011,177	1,063,020
Gratuities	72,428	55,619
	4,366,379	4,132,769

All turnover arose within the United Kingdom.

Page 22

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements	29,800	30,450
Fees payable to the Company's auditors in respect of:
Taxation compliance services	2,250	2,000
All non-audit services not included above	14,950	14,550

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	1,757,953	1,530,538	36,333	38,675
Social security costs	161,843	98,007	-	-
Cost of defined contribution scheme	53,478	35,379	27,000	12,750
	1,973,274	1,663,924	63,333	51,425

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Management and operational staff	109	97	7	7

Page 23

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	36,333	38,675
Group contributions to defined contribution pension schemes	27,000	12,750
	63,333	51,425

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

8.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	288,473	310,815
Other loan interest payable	21,655	21,604
Other interest payable	1,649	113
	311,777	332,532

Corporation tax
Current tax on profits for the year	-	79,419
	-	79,419

Total current tax	-	79,419

Deferred tax
Origination and reversal of timing differences	(5,822)	31,482
Total deferred tax	(5,822)	31,482


		(5,822)	110,901

Page 24

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

9.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(122,922)

339,326

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(30,731)	84,832
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	21,369	599
Capital allowances for year in excess of depreciation	(8,479)	470
Adjustments to tax charge in respect of prior periods	-	25,000
Unrelieved tax losses carried forward	12,019	-
Total tax charge for the year	(5,822)	110,901

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

10.	Dividends
		2025	2024
		£	£

	Dividends - preference shares	5,962	23,846
		5,962	23,846

11.	Parent company profit for the year

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 loss after tax of the parent Company for the year was £50,473 (2024 - profit £160,741).

Page 25

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

12.	Intangible assets
	Group

		Goodwill
		£

	At 1 December 2024	970,000
	At 30 November 2025	970,000

	At 1 December 2024	970,000
	At 30 November 2025	970,000
	Net book value
	At 30 November 2025	-
	At 30 November 2024	-

All of the Group's intangible fixed assets are held in the subsidiaries

Page 26

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

13.	Tangible fixed assets
	Group

	Freehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 December 2024	5,964,131	75,912	1,457,857	7,271	7,505,171
Additions	25,124	-	19,525	-	44,649
Disposals	-	(62,917)	-	-	(62,917)
At 30 November 2025	5,989,255	12,995	1,477,382	7,271	7,486,903
Depreciation
At 1 December 2024	-	64,991	1,151,345	5,329	1,221,665
Charge for the year on owned assets	-	-	56,529	1,159	57,688
Disposals	-	(51,996)	-	-	(51,996)
At 30 November 2025	-	12,995	1,207,874	6,488	1,227,357
Net book value
At 30 November 2025	5,989,255	-	269,508	783	6,259,546
At 30 November 2024	5,964,131	10,921	306,512	1,942	6,283,506

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	5,989,255	5,964,131
	5,989,255	5,964,131

The directors believe the residual value of the properties to be at least equal to cost, and accordingly no depreciation has been charged (2024 - £nil).

Page 27

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 December 2024	7
	At 30 November 2025	7

	Net book value
	At 30 November 2025	7
	At 30 November 2024	7

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Old Amersham Hotels Ltd (Company registration number 08106219)	The Kings Arms Hotel, 30 High Street, Old Amersham, Buckinghamshire, HP7 0DJ	Ordinary	100%
Old Amersham Hotels (Crown) Limited (Company registration number 08490746)	The Kings Arms Hotel, 30 High Street, Old Amersham, Buckinghamshire, HP7 0DJ	Ordinary	100%
Old Amersham Chapel Limited (Company registration number 08224532)	The Kings Arms Hotel, 30 High Street, Old Amersham, Buckinghamshire, HP7 0DJ	Ordinary	100%

The subsidiary undertakings listed above have taken the audit exemption available under section 479A of the Companies Act 2006. Under section 479C Old Amersham Hotels (Holdings) Limited has provided a guarantee for each subsidiary undertakings liabilities outstanding as at 30 November 2025.

Page 28

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

15.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	49,371	55,178
	49,371	55,178

16.

Debtors

Group	Group	Company	Company As restated
2025	2024	2025	2024
£	£	£	£

Amounts falling due within one year
Trade debtors	29,059	238,066	-	-
Amounts owed by group undertakings	-	-	6,083,844	6,332,715
Amounts owed by joint ventures and associated undertakings	243,679	-	-	-
Other debtors	37,375	414,994	-	-
Prepayments and accrued income	100,282	77,709	-	-
	410,395	730,769	6,083,844	6,332,715

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	509,095	334,796	12,334	35,470
	509,095	334,796	12,334	35,470

Page 29

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	102,466	101,060	102,466	101,060
Other loans	250,000	250,000	-	-
Trade creditors	237,768	190,244	-	-
Amounts owed to associates	-	5,000	-	-
Corporation tax	81,068	79,419	-	-
Other taxation and social security	186,317	201,079	-	-
Other creditors	248,694	221,455	-	-
Accruals and deferred income	358,021	211,167	73,783	38,893
	1,464,334	1,259,424	176,249	139,953

Other loans comprise Fixed Rate Unsecured Loan Notes. The interest rate is 8% and the loan notes are repayable on demand.

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	4,179,828	4,431,696	4,179,828	4,431,696
Other creditors	20,000	20,000	20,000	20,000
	4,199,828	4,451,696	4,199,828	4,451,696

The bank loans are secured by a fixed and floating charge over all of the assets of the company and those of its subsidiary undertakings together with cross guarantees throughout the group.

The Group has two bank loans which are repayable by monthly instalments up to June 2027. Interest on the loans is charged at 6.3% and SONIA + 3.625%.

Page 30

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	102,466	101,060	102,466	101,060
Other loans	250,000	250,000	-	-
	352,466	351,060	102,466	101,060
Amounts falling due 1-2 years
Bank loans	4,179,828	4,431,696	4,179,828	4,431,696
	4,179,828	4,431,696	4,179,828	4,431,696

	4,532,294	4,782,756	4,282,294	4,532,756

21.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	509,095	334,796	12,341	35,477
Financial assets measured at amortised cost	545,126	730,769	5,658,844	6,332,715
	1,054,221	1,065,565	5,671,185	6,368,192

	Financial liabilities
	Financial liabilities measured at amortised cost	5,369,776	5,475,963	4,376,077	4,636,990

	Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and unlisted investments.
	Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and prepayments and accrued income.
	Financial liabilities measured at amortised cost comprise bank loans, other loans, trade creditors, amounts due to associated undertakings, other creditors and accruals and deferred income.

Page 31

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(283,293)
	Charged to profit or loss	5,822
	At end of year	(277,471)

Company

		2025

	At end of year	-

		Group	Group
		2025	2024
		£	£

	Accelerated capital allowances	(277,471)	(283,293)
		(277,471)	(283,293)

23.	Share capital
		2025	2024
		£	£

Ordinary share capital - Allotted, called up and fully paid

7 (2024 - 7) Ordinary shares of £1.00 each	7	7
1,550,000 (2024 - 1,550,000) Preference shares of £1.00 each	1,550,000	1,550,000

	1,550,007	1,550,007

Holders of preference shares are entitled to receive in respect of each financial year a cumulative dividend of 8% per annum, which accrues daily, on the paid up amount on each share and on any rolled up dividends thereon. However, these dividends are only declared and paid at the discretion of the directors.

Page 32

OLD AMERSHAM HOTELS (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

24.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.

25.	Prior year adjustment

The parent company’s comparative balance sheet as at 30 November 2024 has been restated to correct the classification of loans receivable from its subsidiaries. Loans totalling £6,332,715, previously classified as falling due after more than one year, have been reclassified as falling due within one year. This adjustment has no effect on the profit for the year or net assets.

26.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £26,478 (2024 - £22,629). Contributions totalling £4,196 (2024 - £4,843) were payable to the fund at the balance sheet date and are included in creditors.

27.

Related party transactions

During the year, the group entered into transactions and had balances outstanding with Number Four Stow Limited, a related party by way of common shareholders and common key management personnel.

The Group also entered into transactions with the following entities, who were related parties until a change of ownership in April 2025:

- Redesdale Arms Limited
- Redesdale Holdings Limited

During the year, the group advanced amounts totalling £248,679 (2024 - £63,196) to these entities. At the year end the amount outstanding from these related parties was £243,679 (2024 - £351,635) and amounts outstanding to these related parties was £nil (2024 - £5,000).

Amounts due between related parties are unsecured, interest free, and repayable on demand.

Key management personnel

Key management are those considered responsible at senior management level for the running of the group. The remuneration payable to key management for the year was £63,333 (2024 - £51,425) including employers' pension of £27,000 (2024 - £12,750).

Page 33