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Registered number: 05399542










CUBITT HOUSE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

 
CUBITT HOUSE LIMITED
 
 
COMPANY INFORMATION


Directors
C Wilkie 
B Magnus 
G Pearman 
S Pearman 




Registered number
05399542



Registered office
10 Motcomb Street

London

England

SW1X 8LA




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
CUBITT HOUSE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12 - 13
Statement of Changes in Equity
 
14
Notes to the Financial Statements
 
15 - 30


 
CUBITT HOUSE LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for Cubitt House Limited (the 'Company') for the period ended 29 December 2024. 
The principal activity of the Company is the operating of pubs and restaurants. 

Business review
 
The Directors are satisfied with the Company’s performance during the period.
At the beginning of the period, the Company continued to be in the midst of economic uncertainty however looked to build on the successes of FY23 on its existing estate. On-going inflationary pressures, consumer uncertainty and increases in the National Living Wage has placed pressure on margins however, the Company has withstood these pressures throughout the period and is well placed to continue to develop its existing estate and growth the business further. The focus for the period was to maximise guest experience as well as ongoing product development.
In February 2024, the Company refurbished one of its existing sites, The Orange (Belgravia). The refurbishment gave the site a much-needed refresh of its trading spaces which included a relaunch of its basement space (The Blood Orange Bar) and added in a new bar on the ground floor restaurant. The early signs are that the refurbishment of the site has been a success, and this will continue throughout FY25 and beyond. 
Minor capital projects were also performed on other sites within the Group to ensure all sites are well placed to give guests optimum experience in high quality sites. 
The Company continues to invest in its employees with the on-going development of the Cubitt House Academy. This, alongside regular training and development programmes such as management training and supplier trips, ensure the Company is well placed to attract the best talent in the industry to ensure our employees successfully continually grow and learn.
In the 30 weeks following the period end, the Company's sales have increased by 7% vs FY24 and on budget. The Company also remains ahead of budget EBITDA for the 30-week period. In April 2025, the Company rebranded and relaunched the first-floor restaurant space at The Alfred Tennyson (Belgravia); named ‘Alfie’s at The Alfred Tennyson’. Early signs and feedback of the relaunch has been positive and is likely to generate strong results as the year progresses.
 
Looking ahead further into FY25, the Chancellor’s Autumn Budget will have an impact on the Company from a cost perspective. The dual impact of National Minimum Wage and the stealth increase in Employer’s National Insurance will suppress margins moving forward. However, the strategic opportunity for the Group is to focus on high quality product alongside highly competitive prices; with a strong emphasis on value for money.    

Principal risks and uncertainties
 
The principal risks and uncertainties faced by the business are considered by the directors to be as follows:
Macroeconomic risk 
The Company has been exposed to a number of macroeconomic challenges including the cost of living crisis, increase in interest rates and inflationary impacts. However, given the location of its sites (Mayfair, Notting Hill, Marylebone and Belgravia), the Company is well placed to continue to provide a quality product at reasonable prices to its guests.
 
Page 1

 
CUBITT HOUSE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024

Supplier and Price Risk
The Company is reliant on raw ingredient supply from local producers and the prices that we pay for these ingredients can fluctuate due to a number of factors, largely due to inflationary pressures. Price increases as a result of these factors could negatively impact margins, or risk deterring our guests through excessive pricing. 
The directors believe that the flexibility in menu’s allows us to mitigate risk, with no over-reliance on a particular source of ingredients. Alongside this we also regularly review our supplier base for cost to ensure that these are appropriate.
Staffing Risk
The hospitality sector continues to face the challenge of recruitment and retention of staff, particularly with the impact of Brexit, legislative changes and overarching structural changes of the labour market. The directors place a great emphasis on the welfare and development of our staff as well as rewarding their valuable contribution. 
The Company also take steps to provide greater structure to the development of our teams and to ensure that they are properly rewarded. We continue to believe that we have a sector leading employee proposition, and that this will support our recruitment and retention efforts in the current labour market.

Financial key performance indicators
 
The directors measure the group’s performance using a number of key performance indicators:
                                                                                          29 Dec 2024             31 Dec 2023
Total revenue                                                                   £20,137k                   £19,933k 
Like-for-like sales                                                             1%                            21.9%
*Adjusted EBITDA                                                            £1,117k                     £1,478k    
*Adjusted EBITDA is calculated as Operating Profit add exceptional items and depreciation on tangible fixed assets. 

Other key performance indicators
 
Non-financial KPI’s are monitored on a regular basis and include employee turnover levels, customer feedback, food standards and health and safety audits. These are reviewed by the management and appropriate action is taken if required. The management is satisfied with the performance of these KPI’s during the period.

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors are aware of their duty under section 172 of the Companies Act 2006, to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so, have regard (amongst other matters) to:
 
the interests of the company’s employees;
the need to foster the company’s business relationships with suppliers, customers and others;
the impact of the company’s operations on the community and the environment;
the desirability of the company maintaining a reputation for high standards of business conduct; and
the need to act fairly as between members.

Below is how we focus and promote these areas:

Page 2

 
CUBITT HOUSE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024

Engagement with employees

The business has gone through a period of growth during the period alongside a change in the operational model including strategic and operational processes including the way we communicate with our employees. The overall management of the Company along side individual site management collectively have a number of years of experience working and leading teams in the hospitality industry. 

With the new operational model now in place such as our people, our systems and processes, the Company will be well placed to explore opportunities going forward and to enhance growth. 

We continue to strengthen our recruitment initiative and have been well placed to attract new talent into both the existing sites.  A key measure of our ongoing success in the future is being able to retain the talent in the business and to help us achieve our ambition and therefore introduced:

Structured bonus schemes driven by specific key performance indicators in place for site level management and head office employees
We hold weekly calls with site management including General Managers, Head Chefs and Bar Managers to discuss site level performance and any significant operating issues which enables quick decision making at the operational level
We also hold senior management meetings on a weekly basis and bi-weekly head of department meetings to ensure all departments are aligned with strategic goals and to take advantage of specific initiatives
Head of Department’s have regular communication with site management
Effective direct communication with all employees about internal and external news which has importance to the business 

Engagement with suppliers, customers and others

Suppliers

Long term partnerships with suppliers and landlords has been built 
Maintain regular conversations with suppliers to act in the best interest of both parties
Building long term partnerships focusing on quality, provenance and sustainability which is constantly reviewed
Engaging with suppliers to increase knowledge amongst our produce and sharing this with our customers 

Customers

Building trust with our customers at every stage of the customer journey and ensuring our customers are at the heart of the internal processes such as collection of deposits, cancellations, no shows, refunds, complaints and feedback 
Providing premium dining experience consistently 
Responding to customer feedback  

Disabled employees

It is the Company’s policy that all persons should be considered for employment, training, career development and promotion of the basis of their abilities and aptitudes, regardless of physical ability, age, gender, sexual orientation, religion or ethnic origin. 
The Company applies employment policies that are fair and equitable for all employees and these ensure that entry into and progression within the Company is determined solely by application of job criteria and personal ability and competency. 

Page 3

 
CUBITT HOUSE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024


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



................................................
B Magnus
Director

Date: 27 August 2025

Page 4

 
CUBITT HOUSE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024

The directors present their report and the financial statements for the period ended 29 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 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 of the profit or loss of the Company for that period.

 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 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 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 2006They 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.

Results and dividends

The loss for the period, after taxation, amounted to £1,939,932 (2023: loss £1,563,881).

The directors recommend the payment of a dividend amounting to £nil (2023: £nil).

Directors

The directors who served during the period were:

C Wilkie 
B Magnus 
G Pearman 
S Pearman 

Future developments

The company will continue to operate the sites currently under management and will look to expand the number of sites under the Cubitt House brand.

Page 5

 
CUBITT HOUSE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024

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'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's auditors are aware of that information.

Auditors

The auditorsHaysMac LLPwill 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.
 





................................................
B Magnus
Director

Date: 27 August 2025

Page 6

 
CUBITT HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUBITT HOUSE LIMITED
 

Opinion


We have audited the financial statements of Cubitt House Limited (the 'Company') for the period ended 29 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 29 December 2024 and of its loss for the period 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 Company 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 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 7

 
CUBITT HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUBITT HOUSE LIMITED (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 ReportOur 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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the 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 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.


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 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.


Page 8

 
CUBITT HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUBITT HOUSE LIMITED (CONTINUED)


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 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations particularly in respect of minimum wage legislation and alcohol licencing regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. 
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
inspecting correspondence with regulators and tax authorities; 
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 
evaluating management’s controls designed to prevent and detect irregularities; 
identifying and testing journals, in particular journal entries posted with unusual account combinations, postings on uncommon dates or around year end; and 
challenging assumptions and judgements made by management in their critical accounting estimates.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 9

 
CUBITT HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CUBITT HOUSE LIMITED (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 2006Our 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.





Jessica Edwards (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

27 August 2025
Page 10

 
CUBITT HOUSE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 DECEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
20,047,858
19,932,710

Cost of sales
  
(4,968,160)
(4,855,450)

Gross profit
  
15,079,698
15,077,260

Administrative expenses
  
(15,121,425)
(14,691,826)

Exceptional administrative expenses
 5 
(787,743)
(730,795)

Operating loss
 6 
(829,470)
(345,361)

Interest receivable and similar income
 10 
777
-

Interest payable and similar expenses
 11 
(1,113,589)
(1,030,310)

Loss before tax
  
(1,942,282)
(1,375,671)

Tax on loss
 12 
2,350
(188,210)

Loss for the financial period
  
(1,939,932)
(1,563,881)

Unrealised surplus on revaluation of tangible fixed assets
  
892,971
216,000

Deferred tax movement in respect of tangible fixed assets
  
(77,927)
216,995

Other comprehensive income for the period
  
815,044
432,995

Total comprehensive income for the period
  
(1,124,888)
(1,130,886)

The notes on pages 15 to 30 form part of these financial statements.

Page 11

 
CUBITT HOUSE LIMITED
REGISTERED NUMBER: 05399542

BALANCE SHEET
AS AT 29 DECEMBER 2024

29 December
31 December
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
21,660,652
20,998,996

  
21,660,652
20,998,996

Current assets
  

Stocks
 14 
634,952
558,738

Debtors: amounts falling due after more than one year
 15 
40,500
40,500

Debtors: amounts falling due within one year
 15 
2,493,016
2,623,371

Cash at bank and in hand
 16 
1,159,393
1,974,451

  
4,327,861
5,197,060

Creditors: amounts falling due within one year
 17 
(17,664,694)
(12,010,394)

Net current liabilities
  
 
 
(13,336,833)
 
 
(6,813,334)

Total assets less current liabilities
  
8,323,819
14,185,662

Creditors: amounts falling due after more than one year
 18 
(218,083)
(5,030,615)

Provisions for liabilities
  

Deferred tax
 19 
(1,694,364)
(1,618,787)

  
 
 
(1,694,364)
 
 
(1,618,787)

Net assets
  
6,411,372
7,536,260


Capital and reserves
  

Called up share capital 
 20 
250,002
250,002

Revaluation reserve
 21 
10,598,166
9,928,247

Other reserves
 21 
3,984,765
3,984,765

Profit and loss account
 21 
(8,421,561)
(6,626,754)

  
6,411,372
7,536,260


Page 12

 
CUBITT HOUSE LIMITED
REGISTERED NUMBER: 05399542
    
BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
B Magnus
Director

Date: 27 August 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
CUBITT HOUSE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 DECEMBER 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 2 January 2023
250,002
9,595,982
3,984,765
(5,163,603)
8,667,146


Comprehensive income for the period

Loss for the period
-
-
-
(1,563,881)
(1,563,881)

Surplus on revaluation of leasehold property
-
216,000
-
-
216,000

Deferred tax movement on revaluation of leasehold property
-
216,995
-
-
216,995

Transfer of excess depreciation to profit and loss account
-
(100,730)
-
100,730
-



At 1 January 2024
250,002
9,928,247
3,984,765
(6,626,754)
7,536,260


Comprehensive income for the period

Loss for the period
-
-
-
(1,939,932)
(1,939,932)

Surplus on revaluation of leasehold property
-
892,971
-
-
892,971

Deferred tax movement on revaluation of leasehold property
-
(77,927)
-
-
(77,927)

Transfer of excess depreciation to profit and loss accounts
-
(145,125)
-
145,125
-


At 29 December 2024
250,002
10,598,166
3,984,765
(8,421,561)
6,411,372


The notes on pages 15 to 30 form part of these financial statements.

Page 14

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

1.


General information

Cubitt House Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered number is 05399542 and registered office address is 10 Motcomb Street, London, England, SW1W 8NE. The Company does not have a principal place of business as it operates across multiple sites which are centrally controlled at its registered office. 
The Company's principal activity is disclosed in the Strategic Report.

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 financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Carpenter Holdco Limited as at 29 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 15

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have prepared their going concern assessment of the Company. During the period, the Company navigated through an uncertain economic environment driven by continued inflated energy costs, inflationary pressures and the wider cost of living which continues to impact consumer confidence. 
The Company is well placed to respond and pre-empt any further challenges faced due to the macroeconomic environment with increased management of margins and cost analysis to ensure the underlying profitability of the business remains. 
The Company has prepared budgets and a cash flow forecast outlining its future position along with future covenant compliance under the wider Group’s existing debt facility and have concluded the financial statements should be prepared on a going concern basis. 
As a result, the directors consider it is appropriate to adopt the going concern basis in preparing its financial statements. 

  
2.4

Revenue

Revenue is measured at the fair value of the consideration received and is mainly derived from bar and kitchen sales, after deducting discounts and value added tax. Revenue is recognised when goods are delivered to the customer at the point of sale.  
Revenue derived from the provision of hotel accommodation is recognised over the period of the occupancy. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

Page 16

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period 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 operates and generates 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.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 17

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

The estimated useful lives range as follows:

Short-term leasehold property
-
Over the estimated useful life of the leases of between 15 and 43 years
Plant and machinery
-
10 - 33%
Motor vehicles
-
33%
Fixtures and fittings
-
25 - 33%
Office equipment
-
25 - 33%
Other fixed assets
-
10 - 33%

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.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 18

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

Smallware inventories are held at cost which is determined by reference to the quantity in issue to each restaurant. Smallware inventory relates to small value items which have short life spans relating to kitchen and bar equipment. These items are recorded under inventory as they are utilised in providing food and beverage to customers. 

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.15

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

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.

 
2.17

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.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 19

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Critical judgements
The preparation of the financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. Key judgements made by management include:
Useful lives of tangible assets
Depreciation and amortisation are provided in order to write down to estimated residual values the cost of each asset over its estimated useful economic life. These useful economic lives require the use of management judgement. These estimates are regularly reviewed.
Valuation of leasehold properties
Each cash generating unit ('CGU') is reviewed annually for indicators of fair value movements. In assessing whether an asset requirements a revaluation or impairment the carrying value of the CGU is compared to its recoverable amount. The recoverable amount is the higher of its fair value and its value in use. Where value in use is estimated, this is calculated using a discounted cash flow model, which includes assumptions around future performance and the use of an appropriate discount rate. Further projections are compared to actual performance on a regular basis to assess the accuracy of such projections.
Below market rate loan value
In estimating the net present value of the future cash flows in connection with the interest free loans within the Group, the directors have assessed the market rate of interest that would apply. The directors have used a composite single rate of 4.98% which they believe is a reasonable estimate of the market rate which would be applicable to debt instruments of a similar time, risk and subordination profile.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales - Dry
8,106,756
8,339,452

Sales - Wet
11,451,137
11,065,792

Sales - Accommodation
440,731
481,712

Sales - Other
49,234
45,754

20,047,858
19,932,710


All turnover arose within the United Kingdom.

Page 20

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

5.


Exceptional items

2024
2023
£
£


Pre-opening costs
367,709
32,176

Settlement costs
49,799
30,951

Exceptional utility costs
242,276
571,382

Other
127,959
96,286

787,743
730,795


6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation
1,158,594
1,008,762

Other operating lease rentals
1,061,723
1,092,289


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
27,300
25,800

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
7,991,938
7,695,373

Social security costs
679,984
654,393

Cost of defined contribution scheme
117,547
111,868

8,789,469
8,461,634


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


        2024
        2023
            No.
            No.







Retail Staff
357
342



Management and administration
16
23



Directors
4
4

377
369


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
320,000
240,000

Company contributions to defined contribution pension schemes
2,642
2,642

322,642
242,642


The highest paid director received remuneration of £160,000 (2023: £120,000).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
777
-

Page 22

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Intercompany interest payable
1,113,589
1,030,310


12.


Taxation


2024
2023
£
£


Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(2,350)
188,210

Total deferred tax
(2,350)
188,210


Tax on loss
(2,350)
188,210
Page 23

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is the same as (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 25%) resulting in an effective taxation rate of 25% (2023: 23.53%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,942,282)
(1,375,671)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.53%)
(485,570)
(323,736)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
35,762
1,640

Capital allowances for period in excess of depreciation
104,866
172,892

Other tax adjustments, reliefs and transfers
-
3,823

Other permanent differences
-
73

Chargeable gains/(losses)
77,927
(204,262)

Remeasurement of deferred tax for
changes in tax rates
-
(10,432)

Group relief
332,244
182,222

Deferred tax (charged)/credited directly
to equity
(77,927)
216,995

Movement in deferred tax
10,348
148,995

Total tax charge for the period
(2,350)
188,210

Page 24

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

13.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£



Cost


At 1 January 2024
19,032,692
2,130,253
18,963
1,545,878
164,986
828,003
23,720,775


Additions
363,194
189,997
-
243,795
40,745
89,548
927,279


Revaluations
368,639
-
-
-
-
-
368,639



At 29 December 2024

19,764,525
2,320,250
18,963
1,789,673
205,731
917,551
25,016,693



Depreciation


At 1 January 2024
-
1,050,159
18,963
798,282
151,444
702,931
2,721,779


Charge for the period
524,332
170,240
-
355,330
11,355
97,337
1,158,594


On revalued assets
(524,332)
-
-
-
-
-
(524,332)



At 29 December 2024

-
1,220,399
18,963
1,153,612
162,799
800,268
3,356,041



Net book value



At 29 December 2024
19,764,525
1,099,851
-
636,061
42,932
117,283
21,660,652



At 31 December 2023
19,032,692
1,080,094
-
747,596
13,542
125,072
20,998,996

The properties have been revalued as at 29 December 2024 using an income-based approach, specifically applying a multiple of EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation). The valuation is a directors' valuation using inputs based on management estimates and market data.

Page 25

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

14.


Stocks

29 December
31 December
2024
2023
£
£

Consumables
377,506
235,598

Smallware inventories
257,446
323,140

634,952
558,738



15.


Debtors

29 December
31 December
2024
2023
£
£

Due after more than one year

Other debtors
40,500
40,500


29 December
31 December
2024
2023
£
£

Due within one year

Trade debtors
5,459
205,420

Amounts owed by group undertakings
1,677,727
1,640,882

Other debtors
271,363
193,284

Prepayments and accrued income
538,467
583,785

2,493,016
2,623,371


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


16.


Cash

29 December
31 December
2024
2023
£
£

Cash at bank and in hand
1,159,393
1,974,451


Page 26

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

17.


Creditors: amounts falling due within one year

29 December
31 December
2024
2023
£
£

Trade creditors
1,262,488
2,154,341

Amounts owed to group undertakings
13,496,115
6,769,786

Other taxation and social security
991,630
1,315,474

Other creditors
517,689
768,648

Accruals and deferred income
1,396,772
1,002,145

17,664,694
12,010,394


Amounts owed to group undertakings are unsecured and repayable on demand. 
Included within the above is principal loan balances due to Carpenter Finco Limited and Carpenter Sub-Finco Limited, fellow group undertakings. The loans are considered to be interest free however as the loan is below market rate of interest, the principal balance has been discounted using an annual rate of 4.98%. Total interest recognised in respect of the balance was £570,466 (2023: £586,250). 


18.


Creditors: amounts falling due after more than one year

29 December
31 December
2024
2023
£
£

Amounts owed to group undertakings
-
4,783,073

Other creditors
218,083
247,542

218,083
5,030,615


Page 27

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

19.


Deferred taxation






2024
2023


£

£



At beginning of the period
(1,618,787)
(1,647,572)


Charged to profit or loss
2,350
(188,210)


Charged to other comprehensive income
(77,927)
216,995



At end of the period
(1,694,364)
(1,618,787)

The provision for deferred taxation is made up as follows:

29 December
31 December
2024
2023
£
£


Accelerated capital allowances
(913,619)
(927,550)

Short term timing difference
11,115
13,224

Losses and other deductions
1,229,332
(1,943,266)

Gains on revaluations of leasehold properties
(2,021,192)
1,238,805

(1,694,364)
(1,618,787)

Page 28

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

20.


Share capital

29 December
31 December
2024
2023
£
£
Allotted, called up and fully paid



250,002 (2023 : 250,002) Ordinary shares of £1.00 each
250,002
250,002

The Ordinary shares have attached to them, full voting and distribution rights. The Ordinary shares do not confer any rights of redemption.



21.


Reserves

Revaluation reserve

The revaluation reserve represents unrealised gains on tangible fixed assets net of deferred tax movements in respect of the unrealised gains. 

Other reserves

Capital contribution reserve represents funds provided by shareholders by way of a non-refundable gift. 
Other reserves further include contributions made by the Company's parent by way of interest charged at lower than market rate. 

Profit and loss account

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


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £117,547 (2023: £111,868). Contributions totalling £39,460 (2023: £52,895) were payable to the fund at the reporting date and are included in creditors.

Page 29

 
CUBITT HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

23.


Commitments under operating leases

At 29 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 December
31 December
2024
2023
£
£


Not later than 1 year
945,000
945,000

Later than 1 year and not later than 5 years
4,725,000
3,780,000

Later than 5 years
14,285,267
11,766,667

19,955,267
16,491,667


24.


Related party transactions

The Company has taken advantage of exemptions from disclosing transactions with related companies under the provision of Section 33 paragraph 1A not to disclose distractions with wholly owned group members.
During the period, purchases were made with Stonegate Pub Company, a Company under common control of £191,393 (2023: £576,912). The amount owed as at 30 December 2024 included in trade creditors is £81,099 (2023: £148,907). 
During the period, purchases of £9,880 (2023: £2,710) were made with Country Creatures Management LLP, an entity of which S Pearman and G Pearman are designated members. 
During the period, purchases of £18,267 (2023: £9,062) were made from Hundred Acres Apothecary Limited, a company of which S Pearman and G Pearman are directors.


25.


Secured liabilties and financial guarantees

The Company has granted a fixed and floating charge over all assets of the Company, in favour of Barclays Bank PLC for the wider group overdraft facility and a £5m loan facility held in the immediate parent company, Carpenter Sub-Finco Limited. At the period end, the group balance of this facility was £5,805,812 (2023: £5,810,796). 


26.


Ultimate parent undertaking and ultimate controlling party

The immediate parent undertaking is Carpenter Sub-Finco Limited with an ultimate parent undertaking of Carpenter Topco (Jersey) Limited. The ultimate controlling party is a group of investment funds managed by TDR Capital LLP (register in England & Wales). 
 
The results of the Company are included in the consolidated financial statements of Carpenter Holdco Limited. Copies of these consolidated financial statements are available at Companies House, Crown Way, Cardiff, CF14 3UZ. 

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