The Directors present their Strategic Report for the company for the year ended 31 December 2024. The results reflect 52 weeks of trade to 29 December 2024.

Six further restaurants were opened during the year and, as of the date of this report seven more have been opened in 2025. Three further restaurants are in the process of being redeveloped and we expect them to open before the end of the year.

The Company’s key performance indicators during the year were:

2024         2023

Turnover                 £81,926,154     £60,057,031

Profit Before Tax             £8.353,182     £7,227,909

Net Cash            £6,476,407     £2,574,116

Number of trading sites         25 19

Number of employees         1,619 1,704

The company operates licences restaurants in the North of England and Midlands.

The Company’s strategy is to increase the number of restaurants it operates from by utilising the significant pool of properties owned by its parent company. The conversion of these buildings to Hickory’s Smokehouses is intended to improve the overall performance of its parent company’s estate. The above KPIs reflect the extent to which these goals are being met.

The company continues to receive funding and support from its parent company, Greene King Limited. Although presented as repayable within one year on the balance sheet, the funding is meant as a long term investment by the company’s parent company to redevelop and operate its property assets and to create a nationally recognised restaurant brand.

The management of the business and of its immediate parent company Johoco 2029 Limited operates separately from the management of the wider Greene King Group and will continue to do so. Support and synergies are sought from the Greene King Group when it makes sense to do so.

The Company’s business model is to invest its profits in more Hickory’s Smokehouses and, where required, draw down on a facility with its parent company to fund further investment. The ebitda generated by each new openings funds further Smokehouse conversions and represents a satisfactory return on capital for the Company and the wider group of which it is a part.

The future performance of the company will depend on its ability to provide a great guest experience but it will also be subject to external pressures from cost rises, particularly labour and food. The health of the wider economy and levels of disposable income are also key.

Management continually monitors the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

The principal risks and uncertainties facing the company are as follows:

Economic downturn leading to a reduced level of consumer spending –

Sales trends are constantly reviewed to enable early action to be taken in the event of sales declining. The overheads of the business are carefully managed and monitored.

Principle Risks and Uncertainties (continued)

Competitor pressure –

The market in which the company operates is considered to be relatively competitive, and therefore competitor pressure could result in losing revenue to competitors. The company manages the risk by providing quality venues and products, and maintaining strong relationships with its key customers.

Loss of Key Personnel –

This would present significant operational difficulties for the company. Management seek to ensure that the key personnel are appropriately remunerated and incentivised to ensure that good performance is recognised and rewarded.

Liquidity risk, Credit risk, Cashflows and Going Concern

The company continues to be profitable and cash generative. In addition, it has no loss making restaurants and future developments are expected to create more positive cash flows for the company.

To the extent that the company’s growth plans require more cash than it generates, the Greene King Limited group has provided assurance that it will provide those funds for the foreseeable future and has confirmed to the Board in writing that this commitment covers the period of 12 months from the date of this report.

Energy Efficiency

The company is now measuring accurately its usage of electricity and gas and has adopted several strategies to reduce our usage of both. The company installs heat recovery systems in all of our restaurants and is commencing a rollout of voltage optimizers. It is committed to investigating other ways of reducing our energy consumption.

Each updated menu considers the waste it produces and the potential energy it might us through washing of crockery etc. Portion sizes are also carefully designed to prevent food waste while also providing the guest experience for which our Smokehouses are reknown.

Packaging and waste is measured by restaurant by month so that progress can be monitored.

Promoting the success of the company

Under section 172 of the Companies Act 2006 the directors of the company are required to act in a way which promotes the long term success of the company and in doing so to consider the interests of the company's stakeholders and this section of the report is designed to set out how the directors have complied with their obligations in this regard.

The directors of the company hold monthly update meetings with members of its parent company company’s Board and also prepare a detailed monthly report on all aspects of the business, financial and non-financial. A formal quarterly Board meeting is held and each new restaurant is discussed at length with the parent company’s Board and it investment committee, involving a comprehensive investment case.

The directors of the company have at all times during the period acted in the way that they considered, 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 had regard to:

• the likely consequences of any decision in the long term 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 between members of the company

Promoting the success of the company (continued)

Shareholders

The company is a wholly owned subsidiary of Johoco 2029 Limited a limited company incorporated in the UK. Johoco 2029 Limited is itself wholly owned by Greene King Limited, also registered in England & Wales. The management of the company is in constant dialogue with its shareholders and agrees strategic aims with them regularly and reports performance consistently. The company also benefits from relationships that the Greene King Limited group already has and the company leverages these relationships when appropriate.

The company makes weekly, monthly and quarterly reports to shareholders and our shareholders are keen to provide further investment in the form of funds and access to their substantial estate of potential restaurant properties.

The company's Board of Directors includes some who are also on Greene King Limited’s Executive Board.

Employees and statement on employee engagement

It's our policy to ensure that team members are selected, recruited, developed, remunerated and promoted on the basis of their skill and suitability for the work performed. The company is committed to treating all team members fairly and equally and will endeavor to provide workplace adaptations and training for team members or candidates who have a disability and team members who become disabled during their employment. The company has established a communication channel exclusively for team members to facilitate feedback to and from senior management and the Board, this promotes engagement from the team. The Board continually challenges itself on improving its performance on team engagement and team satisfaction.

The company has committed to providing an easy method by which any team member can whistle blow anonymously on anything they see which they think isn't right.

On behalf of the board

The directors present their annual report and financial statements for the period ended 31 December 2024. The results reflect 52 weeks of trade to 29 December 2024.

The trading results are for the Hickory's Smokehouse sites at Chester, West Kirby, Rhos-on-Sea, Wall Heath, Burton Green, Castle Bromwich, Southport, Worcester, Gresty Green, Poynton, Shrewsbury, Wilmslow, Nuthall, Horbury, Hutton, Huddersfield, Derby, Thornton, Wrexham, Earlswood, Lincoln, Adel, Gloucester, Gamston and Stafford.

The period covered by the financial statements was another successful period for the company and the businesses it runs. The period saw increasing profitability following the opening of the new sites in the year.

Hickory’s continued to grow with new restaurants successfully opened during the period and post period end. Further openings are planned for the coming years.

The principal activity of the business continued to be that of restaurateurs.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

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

• 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 that would normally be contained in the directors' report. It has done so in respect of financial performance, risks, post balance sheet events, going concern, energy efficiency and stakeholder engagement.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Hickory's (ROS) Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 December 2024 and of its profit 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 Auditor's 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 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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.

As explained more fully in the directors' responsibilities statement, 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.

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 auditor's 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.

• Enquiry of management and those charged with governance around actual and potential litigation and claims;

• Reviewing minutes of meetings of those charged with governance;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

• Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 

Secondly, the company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the company’s license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Hickory's (ROS) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lea Hall Farm, Lea Lane, Aldford, Cheshire, United Kingdom, CH3 6JQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Greene King Limited. These consolidated financial statements are available from its registered office, Westgate Brewery, Bury St Edmunds, Suffolk, United Kingdom, IP33 1QT.

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

Turnover is recognised at the fair value of the consideration received or receivable for meals, drinks and cigarettes, provided in the normal course of business, and is shown net of VAT and other sales related taxes. All revenue is recognised at point of sale.

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss

Stock represents foodstuffs and beverages and is stated at the lower of cost and net realisable value. Cost comprises all costs incurred in bringing in each product to its present location and condition. Net reliable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The useful economic lives of tangible fixed assets must be estimated by management to determine the period over which they are depreciated. A change in estimate would result in a change to the depreciation charged to the statement of comprehensive income in the period.

All turnover arose within the United Kingdom.

Auditor's remuneration is charged to Hickory's (ROS) Limited's immediate parent company Johoco 2029 Limited. The audit fee for the company for the period is £18,000 (December 2023: £12,500). Other non audit services in the period totalled £2,500 (December 2023: £1,750).

The average monthly number of persons employed by the company during the year was:

Their aggregate remuneration comprised:

Aggregate remuneration for all employees reflects both the wages charged to the profit and loss account and those capitalised as part of leasehold improvements.

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In the prior year the company has claimed group losses from its parent Johoco 2029 Limited, the tax impact of these losses is shown above. No payment is to be made for these losses.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax liability set out above relates to accelerated capital allowances. The timing of reversal depends on the use of capital allowances and is expected to unwind over the useful lives of the underlying assets. The liability is not expected to reverse in full within the next 12 months.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements are disclosed within the post balance sheet events note 18.

In 2025 Hickory’s (ROS) Limited have opened a further 6 sites in York, Milton Keynes, Standish, Swindon, Sheffield and Leicester. Further restaurants are being developed in Telford, Cardiff and Northampton.

The capital spend on these restaurants was £20,385,000 which included freeholds acquired of £8,830,000 from related parties.

The capital spend on the sites being developed is anticipated to be £6,600,000 including the associated freeholds costs of £1,090,000 from related parties.

At the year end Hickory's (ROS) Ltd had the following amounts due from/(owing to) group companies:

The parent company of Hickory's (ROS) Limited is Johoco 2029 Limited, a company incorporated in England & Wales. The registered office is Lea Hall Farm, Lea Lane, Aldford, Cheshire, United Kingdom, CH3 6JQ.

Greene King Limited are the parent company and controlling party of Johoco 2029 Limited.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

The consolidated accounts for Greene King Limited, a company incorporated in England and Wales, are available from Westage Brewery, Bury St Edmunds, Suffolk, IP33 1QT.

The consolidated accounts of CK Asset Holdings Limited, a company incorporated in Hong Kong, are available from 7th Floor, Cheung Kong Centre, 2 Queen's Road Central, Hong Kong.