REGISTERED NUMBER: 05727713 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Scoffs Group Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Director

7

Report of the Independent Auditors

10

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Cash Flow Statement

21

Notes to the Consolidated Cash Flow Statement

22

Notes to the Consolidated Financial Statements

24

DIRECTOR:

A Tagliamonti

REGISTERED OFFICE:

Finance Office

Costa Coffee

311-313 Collier Row Lane

Collier Row

Essex

RM5 3ND

REGISTERED NUMBER:

05727713 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

SOLICITOR:

Nockolds

6 Market Square

Bishop's Stortford

Hertfordshire

CM23 3UZ

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The group is the UK's largest Costa Coffee franchisee and a growth partner of Itsu, with 109 Costa stores under its operation, representing a net decrease from 110 in the previous year. During 2024, the group strategically opened 4 new stores, including our first Itsu store, demonstrating our commitment to diversifying our brand portfolio beyond Costa Coffee. However, we also took the difficult but necessary decision to close 5 underperforming stores that were loss-making, as part of our ongoing portfolio optimization strategy.

The opening of our first Itsu store marks a significant milestone in the group's diversification strategy and represents our confidence in expanding beyond the Costa Coffee brand to become a multi brand franchise owner. This inaugural Itsu location serves as a foundation for potential future growth in this premium fast-casual dining segment.

The group continues to build on the successful integration of the 20 Costa company-owned stores acquired in 2022, leveraging improved support platforms and technological developments integrated into day-to-day operations. Our continued investment in our people, including the strengthening and optimisation of our support centre team, has positioned the group well for sustainable growth into 2025 and beyond.

Our proactive approach to portfolio management through the closure of underperforming sites reflects our commitment to operational excellence and financial discipline. This strategic focus on profitability over pure store count has helped protect underlying group performance and reduced financial losses from underperforming locations. This strong portfolio management approach allows us to focus our investment into key strategic sites and projects to drive maximum profitability, with 4 stores undergoing store refurbishments in 2024.

The group maintains its robust financial infrastructure following the successful re-banking exercise completed in 2024, involving migration of the term loan from HSBC to Barclays Bank plc and the establishment of a £4,000,000 capital facility. This facility has already been partially deployed to support new store openings and remains available for future growth opportunities, including potential acquisitions.

Post year-end, in February 2025, the group successfully completed the acquisition of all 4 Costa Coffee stores in the Channel Islands, marking a significant milestone as our first expansion outside the UK mainland. This strategic acquisition demonstrates the group's ability to identify and capitalize on growth opportunities while extending our geographical reach into new markets with strong tourism and local customer bases.

The year to 31st December 2024 continued to present operational challenges as the retail and hospitality sectors faced ongoing pressures from subdued consumer confidence and persistent cost inflation. The business faced additional pressure in the last quarter of the year as a result of Supply Chain Disruption, which resulted in significant disruption to our food sales during this period and into early 2025. Despite these headwinds, we have worked closely with our brand partners to improve operational efficiency and enhance customer experience across our estate.

KEY PERFORMANCE INDICATORS

Performance of the company is monitored internally using a variety of statutory and alternative performance measures (APMs) and key performance indicators (KPl's). APMs are used where management considers they are more representative of underlying trading or in monitoring performance against the company's objectives.

Turnover is an important metric as it reflects the core underlying activities of the group by adding together the turnover from each coffee shop within the trading subsidiaries.

Gross Margin is an important metric as it provides valuable insight into individual store productivity which can be easily benchmarked against store in similar turnover cohorts.

Operating profit is an important metric as it is an indirect measure of efficiency. The higher the operating profit, the more profitable the company's core business is.

Adjusted earnings before interest, tax, depreciation, amortisation and one-off exceptional costs ("Adjusted EBITDA ") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges.

The figures for these 4 key performance measures are stated below:

2024

2023

Turnover

£54,626,352

£53,790,066

Gross profit margin

34.3%

31.5%

Operating profit/(loss)

(£450,138

)

(£3,027,367

)

Adjusted EBITDA

£4,112,103

£2,140,758

Turnover increased by 1.6% to £54.6 million despite the net closure of one store, demonstrating improved productivity across our existing estate and the contribution from new store openings during the year.

Gross profit margin improved significantly from 31.5% to 34.3%, reflecting better cost management, pricing optimization, and operational efficiencies achieved through our ongoing transformation programmess.

Operating loss improved dramatically from £3.0 million to £0.5 million, a reduction of 85%, demonstrating the effectiveness of our cost optimization initiatives and portfolio rationalization strategy.

Adjusted EBITDA increased substantially by 92% from £2.1 million to £4.1 million, showing strong underlying operational performance and the benefit of our strategic focus on profitability over unit growth.

PRINCIPAL RISKS AND UNCERTAINTIES

In the course of normal business, the group continually assesses significant risks faced and takes action to mitigate potential impacts. The principal risks (which is not intended to be a comprehensive analysis) facing the group are as follows:

Financial and liquidity

The general health of the UK economy and individuals' disposable income remains important to the group's success. The group manages potential downturns by effectively managing our cost base and making strategic decisions about market entry and exit as appropriate.

Operating capital - The availability of operating capital is crucial to ensuring that the group has sufficient funds to meet liabilities as they fall due to suppliers and employees. The group manages this by reviewing cash flow daily and tracking on a rolling year basis to ensure sufficient funds are available. The group completed a successful re-banking exercise in 2024, moving facilities to Barclays Bank plc and securing additional capital facilities.

Operational risks

Customer service - The group relies on its teams to provide quality customer service. Teams receive rigorous training covering customer service and digital tools to identify and mitigate risks, ensuring high standards and positive customer experiences are maintained. All operations are supported through a central operations team that coordinates across the group.

Health and safety - All staff receive comprehensive training to ensure awareness of risks and mitigation strategies. The group undertakes regular store audits to ensure policies and procedures are adhered to through field leadership and central operations support teams. We work extremely closely with our brand partners to ensure the highest health and safety standards are delivered at all times.

Portfolio optimization - The group faces the ongoing challenge of optimizing its store portfolio for maximum profitability. We actively monitor store performance and make strategic decisions about store closures, relocations, new openings and investment. This includes the risk of lease obligations for underperforming stores, which we manage through onerous contract provisions and active landlord negotiations.

SECTION 172(1) STATEMENT

This section serves as our section 172 statement. Section 172(1)(a) to (t) of the Companies Act 2006 requires the director to exercise their duty to promote the success of Scoffs Group for the benefit of its members as a whole, including taking into consideration the interests of key stakeholders in their decision making.

The director continues to have regard to the interests of the group's employees and other stakeholders, including the impact of its activities on the community, the environment and the group's reputation, when making decisions. Acting in good faith and fairly between members, the director considers what is most likely to promote the success of the group for its members in the long term.

Our stakeholders

The director considers the group's key stakeholders to be:

-

Workforce - the strength of our business is built on the hard work and dedication of all our employees, and they rely on us to provide stable employment and opportunities to realize their potential in a working environment where they can perform at their best. We ensure that training and development opportunities are available to our employees so that they can reach their maximum potential. The group has embedded digital support platforms to track, review and inform teams, ensuring they have the tools to perform their roles and optimize group performance and culture;

-

Customers - our customers are the reason we exist. With multiple choices of coffee shops and QSR options, it is essential to our future that we continually strive to provide the highest quality products in an enjoyable and safe environment, and at competitive prices. By doing so, we build brand value and customer loyalty;

-

Communities and the environment - with our presence on high streets, retail parks and drive-thrus, local communities expect us to act responsibly and be a "good neighbour" while minimizing any negative impact we might have on their local environment;

-

Suppliers - we rely on our suppliers to make and distribute our products, provide the premises from which we sell our products and provide essential services needed to operate our business. Our suppliers rely on us to generate revenue and employment for them.

Having regard to the likely consequences of any decision in the long term

Within the fast-moving food and beverage retail sector, operational cycles are very short. Despite this, the director remains mindful that strategic decisions can have long-term implications for the business and its stakeholders, and these implications are carefully assessed. The decision to close 5 underperforming stores during 2024 exemplifies this approach - while difficult in the short term, these closures strengthen the group's long-term financial position.

Having regard to the interests of the group's employees

The importance of good relations and communications with employees is fundamental to the continued success of the business. The group maintains good employee relations and consults employees as appropriate to its particular needs. As part of our central operations team, we have a communications function that manages all internal communications and their timing.

The director takes active steps to ensure that suggestions, views and interests of the workforce are captured and considered in decision-making processes.

Having regard to the need to foster business relationships with brand partners, suppliers, customers and others

Brand Partners - The director seeks to balance the benefits of maintaining strong partner relationships with Costa Coffee and Itsu, working in collaboration to obtain value for money, fair and equitable ROI, and continually optimize quality and service levels for our customers.

Suppliers - Throughout the year, the director was actively involved in major contract renegotiations and strategy regarding key suppliers, notably with landlords of the group's store premises. The director seeks to balance strong partnering relationships with key suppliers alongside the need to obtain value for money and desired quality and service levels.

Customers - As a retail business, customer sentiment is reflected in the group's underlying sales performance figures and service metrics, which the director reviews regularly. Working closely with our brand partners, customer interests are considered in key decisions relating to store refurbishment programs, product lines, and supplier selection to ensure quality and safety standards are met.

Having regard to the impact of operations on community and environment

The director supports the group's goals and initiatives regarding reducing adverse environmental impacts and supporting the communities we serve. Working closely with our brand partners, the director has given consideration to the group's approach to climate change and measures we can take to contribute to reducing our environmental impact.

Having regard to maintaining a reputation for high standards of business conduct

The group strives to maintain a strong reputation for high standards of business conduct through robust corporate governance frameworks, ethical trading practices, and responsible sourcing policies.

ON BEHALF OF THE BOARD:

A Tagliamonti - Director

30 September 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a Costa Coffee franchisee, with the addition of a first Itsu franchise opened during the year.

DIVIDENDS

Total dividend distributions for the year ended 31 December 2024 were £194,584 (2023: £136,583).

FUTURE DEVELOPMENTS

Looking forward, the group is well-positioned for future growth with our strengthened capital facilities and proven ability to successfully integrate new brand partnerships, as demonstrated by our Itsu opening. Post year-end, in February 2025, we successfully completed the acquisition of all 4 Costa Coffee stores in the Channel Islands, marking our first expansion outside the UK mainland and demonstrating our continued ability to identify and capitalize on strategic growth opportunities.

DIRECTORS

A Tagliamonti has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

C Jawed - resigned 31 July 2024

POLITICAL DONATIONS AND EXPENDITURE

No donations were made for political purposes (2023: £nil).

ENGAGEMENT WITH EMPLOYEES

Details of how we engage with employees can be found in the Section 172(1) Statement in the Strategic Report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Details of how we engage with suppliers, customers and others can be found in the Section 172(1) Statement in the Strategic Report.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

Details of our corporate governance arrangements can be found in the Section 172(1) Statement in the Strategic Report.

STREAMLINED ENERGY AND CARBON REPORTING

The group uses more than 40,000 KWh of energy per year and meets the definition of a "large" company under the Companies Act 2006. The group is therefore required to report its energy usage and associated greenhouse gas emissions relating to gas, electricity and transport fuel in the accounting period.

This is the third year the group has been required to report and as such, has treated the 2020 financial year ended as its base year for measurement, KPI setting and progress reporting in future years.

UK Greenhouse gas emissions and energy use data for the period 1 January 2024 to 31 December 2024

2024

2023

Energy consumption used to calculate emissions (kWh)

5,767,991

5,817,553

Scope 1 emissions in kg CO2e

-

-

Gas consumption

-

-

Owned transport

-

-

Total Scope 1

-

-

Scope 2 emissions in tonnes CO2e

Purchased electricity incl. fugitive emissions from refrigeration

1,050

1,898

Scope 3 emissions in tonnes CO2e

Business travel in employee owned and own leased vehicles

65

33

Total gross emissions in tonnes CO2e

1,115

1,930

Intensity ratio kg CO2e per square metre

68

71

Quantification and reporting methodology

The group has followed the Department for Business, Energy and Industrial Strategy (BEIS) Guidelines. The group has used the 2024 UK Government's Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in kg CO2e per square metre, which we consider to be appropriate for the group and the sector it operates in..

Measures taken to improve energy efficiency

The group continues in its drive to improve energy efficiency and to build on steps taken in previous years.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Tagliamonti - Director

30 September 2025

Opinion

We have audited the financial statements of Scoffs Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 December 2024 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 UK, including the FRC'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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page eight, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the group, parent company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the group and parent company'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, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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; and

- reviewing correspondence with HMRC, relevant regulators and the group and parent company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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 a Report of the Auditors 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.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

30 September 2025

TURNOVER

4

54,626,352

53,790,066

Cost of sales

(35,914,428

)

(36,841,700

)

GROSS PROFIT

18,711,924

16,948,366

Administrative expenses

(19,624,319

)

(20,498,768

)

(912,395

)

(3,550,402

)

Other operating income

5

462,258

543,307

OPERATING LOSS

7

(450,137

)

(3,007,095

)

Profit/loss on sale of trade

8

-

(20,272

)

(450,137

)

(3,027,367

)

Interest receivable and similar income

1,387

3,288

(448,750

)

(3,024,079

)

Interest payable and similar expenses

9

(1,362,631

)

(1,436,913

)

LOSS BEFORE TAXATION

(1,811,381

)

(4,460,992

)

Tax on loss

10

40,662

216,057

LOSS FOR THE FINANCIAL YEAR

(1,770,719

)

(4,244,935

)

Loss attributable to:

Owners of the parent

(1,770,719

)

(4,244,935

)

LOSS FOR THE YEAR

(1,770,719

)

(4,244,935

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,770,719

)

(4,244,935

)

Note

Prior year adjustment

13

(640,269

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(2,410,988

)

Total comprehensive income attributable to:

Owners of the parent

(2,410,988

)

(4,244,935

)

FIXED ASSETS

Intangible assets

14

15,111,176

16,215,634

Tangible assets

15

10,070,283

9,035,262

Investments

16

-

-

Investment property

17

2

2

25,181,461

25,250,898

CURRENT ASSETS

Stocks

18

822,580

835,433

Debtors

19

1,978,839

1,515,133

Prepayments and accrued income

2,096,131

1,383,910

Cash at bank and in hand

2,425,248

2,502,226

7,322,798

6,236,702

CREDITORS

Amounts falling due within one year

20

15,631,711

14,278,779

NET CURRENT LIABILITIES

(8,308,913

)

(8,042,077

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,872,548

17,208,821

CREDITORS

Amounts falling due after more than one year

21

(14,168,435

)

(13,285,979

)

PROVISIONS FOR LIABILITIES

26

(1,567,861

)

(821,286

)

NET ASSETS

1,136,252

3,101,556

CAPITAL AND RESERVES

Called up share capital

27

101

102

Capital redemption reserve

28

1

-

Retained earnings

28

1,136,150

3,101,454

SHAREHOLDERS' FUNDS

1,136,252

3,101,556

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

A Tagliamonti - Director

FIXED ASSETS

Intangible assets

14

-

-

Tangible assets

15

756,862

709,152

Investments

16

17,457,845

17,457,846

Investment property

17

-

-

18,214,707

18,166,998

CURRENT ASSETS

Debtors

19

7,891,240

7,094,065

Prepayments and accrued income

462,127

49,432

Cash at bank and in hand

254,071

344,668

8,607,438

7,488,165

CREDITORS

Amounts falling due within one year

20

11,943,603

11,646,329

NET CURRENT LIABILITIES

(3,336,165

)

(4,158,164

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,878,542

14,008,834

CREDITORS

Amounts falling due after more than one year

21

(14,168,435

)

(13,285,979

)

PROVISIONS FOR LIABILITIES

26

(32,777

)

(14,755

)

NET ASSETS

677,330

708,100

CAPITAL AND RESERVES

Called up share capital

27

101

102

Capital redemption reserve

1

-

Retained earnings

677,228

707,998

SHAREHOLDERS' FUNDS

677,330

708,100

Company's profit/(loss) for the financial year

163,815

(268,988

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

A Tagliamonti - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

101

7,482,972

-

7,483,073

Changes in equity

Issue of share capital

1

-

-

1

Dividends

-

(136,583

)

-

(136,583

)

Total comprehensive income

-

(3,604,666

)

-

(3,604,666

)

Balance at 31 December 2023

102

3,741,723

-

3,741,825

Prior year adjustment

-

(640,269

)

-

(640,269

)

As restated

102

3,101,454

-

3,101,556

Changes in equity

Issue of share capital

(1

)

-

-

(1

)

Dividends

-

(194,584

)

-

(194,584

)

Total comprehensive income

-

(1,770,720

)

1

(1,770,719

)

Balance at 31 December 2024

101

1,136,150

1

1,136,252

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

101

1,113,569

-

1,113,670

Changes in equity

Issue of share capital

1

-

-

1

Dividends

-

(136,583

)

-

(136,583

)

Total comprehensive income

-

(268,988

)

-

(268,988

)

Balance at 31 December 2023

102

707,998

-

708,100

Changes in equity

Issue of share capital

(1

)

-

-

(1

)

Dividends

-

(194,584

)

-

(194,584

)

Total comprehensive income

-

163,814

1

163,815

Balance at 31 December 2024

101

677,228

1

677,330