DRPT PROPERTIES LIMITED

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The company recorded a profit for the year ended 31 December 2024 of £183k (2023: £418k) and ended the year with net current assets of £1.36m (2023: £4.5m net current liabilities). Trading within the year was challenging given the performance of the wider Manchester Hotel market and combined with the increases in the national living wage, inflationary pressures on consumables and unseasonal utility costs have all impacted on operations this year. The company is financed principally through a group bank facility with fellow subsidiaries DRPT Birmingham Limited, and Shudehill Hotel Company Limited of approximately £23m, with the debt allocated to this entity totalling c£6m. The facility was renewed in January 2024 and is next due for renewal in January 2036. The directors have prepared cash flow forecasts covering a period not less than twelve months from the date of approval of these financial statements. These forecasts indicate that the company will have sufficient cash to meet its liabilities for a period not less than twelve months from the date of approval of these financial statements. The company also has a loan from a related entity of £3m. The loan is repayable on demand, however the company has received a letter of support confirming that the related entity will not demand repayment of this loan balance unless the company has sufficient funds to do so, and that it will continue to support the company financially for a period of not less than twelve months from the date of approval of these financial statements. The bank facility includes various covenants for which a breach occurred post year end in June 2025 in relation to the leverage covenant. A formal waiver has since been provided by the bank confirming that no action will be taken in respect of this breach. No further breaches are anticipated for the forecast period. Taking into account the above matters, the company's good relationship with its longstanding and supportive bankers, with whom the directors are in regular contact, and its supportive parent, ultimate group shareholders and related party lenders, the directors are satisfied that the company is a going concern and that it remains appropriate to prepare these financial statements on a going concern basis.”

Significant events

• “During the year, the £4m debenture loan from Hyatt Plaza Limited was repaid in part being £1m. A new facility was extended to the company on the same date being £3.0m with a repayment being on demand.”
• “During the year, on 31st January 2024, a groupwide facility was entered into, the total facility for the group was for £23m, over a 12-year term, with final repayment date of 31st January 2036. Subsequently the Bank debt as disclosed in the prior year's financial statements as being falling due within one year has been extended out to now fall due after one year.”
• “The Board obtained a professional valuation of the hotel in Q4 2024, and, after giving due consideration to the current market value of the Holiday Inn Express Manchester Arena, and the current UK Hotel investment market, decided to recognise a decrease in value based on the valuation report.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -4.2%

  £4,290,376 → £4,110,649

• Cash

  -55.2%

  £2,841,942 → £1,272,619

• Net assets

  -10.2%

  £13,702,261 → £12,305,612

• Employees

  -40.4%

  52 → 31

• Operating profit

  -3.3%

  £882,413 → £853,081

• Profit before tax

  +2.9%

  £548,528 → £564,408

• Wages

  +18.3%

  £1,001,521 → £1,184,710

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers