Company registration number 05280297 (England and Wales)
ENTRECOTE (OPERATIONS) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ENTRECOTE (OPERATIONS) LTD
COMPANY INFORMATION
Directors
Michael Elghanayan
Sassan Mokhtarzadeh
Joseph Shashou
Mourad Dine
Company number
05280297
Registered office
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
Auditor
Taylor Associates
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
ENTRECOTE (OPERATIONS) LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
ENTRECOTE (OPERATIONS) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The results for the year and the financial position at the yearend were considered satisfactory by the directors who expect continued growth in the foreseeable future.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are the current economic climate and varying exchange rates.

Development and performance

The position of the Company at the yearend shows sustained levels of profitability and liquidity.

Key performance indicators

The company monitors business performance based on key performance indicators focusing on increasing profitability, improving market share to yield positive economic effect.

Other performance indicators

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

On behalf of the board

Michael Elghanayan
Director
6 October 2025
ENTRECOTE (OPERATIONS) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities
The principal activity of the company is to be that of a restaurant.
Directors

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

Michael Elghanayan
Sassan Mokhtarzadeh
Joseph Shashou
Mourad Dine
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £0 (202 3: £1,013,000). The directors do not recommend payment of a final dividend.

Ging concern

The Directors have considered whether it is appropriate to prepare the Company financial statements on a going concern basis.

In doing so, the Directors have considered the operation of the Company and prepared cash flow forecasts to ascertain whether the Company can meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements.

The Directors therefore have a reasonable expectation the Company has adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and consequently have adopted the going concern basis of accounting in preparing the non-statutory accounts.

Auditor
Taylor Associateswere appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Statement of disclosure to auditor

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.

ENTRECOTE (OPERATIONS) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Michael Elghanayan
Director
6 October 2025
ENTRECOTE (OPERATIONS) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTRECOTE (OPERATIONS) LTD
- 4 -
Opinion

We have audited the financial statements of Entrecote (Operations) Ltd (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, the statement of cash flows 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 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 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' r eport 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.

ENTRECOTE (OPERATIONS) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTRECOTE (OPERATIONS) LTD (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 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.

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

The objectives of our audit, in respect to detecting irregularities including fraud, are;

- to identify and assess the risks of material misstatement of the financial statements due to fraud;

- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;

- and to respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

ENTRECOTE (OPERATIONS) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTRECOTE (OPERATIONS) LTD (CONTINUED)
- 6 -

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).

We understood how the company complies with laws and regulations by making enquiries of management, internal audit, those responsible for legal and compliance procedures. We made enquiries through our review of board minutes and internal controls process documentation and considered the results of our audit procedures.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to discuss areas where we considered there was susceptibility to fraud. We considered the internal controls that the company has implemented to address any risks identified, or to prevent, deter and detect fraud, and how senior management monitor them.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance

The key audit areas identified at planning included revenue recognition, accounting estimates and testing manual journals. We planned and designed our work to provide reasonable assurance that the financial statements were free from fraud or error. However due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected an irregularity or fraud that could result in a material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Winter (Senior Statutory Auditor)
For and on behalf of Taylor Associates, Statutory Auditor
Chartered Accountants
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
6 October 2025
ENTRECOTE (OPERATIONS) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
11,463,364
11,051,571
Cost of sales
(3,804,820)
(3,546,067)
Gross profit
7,658,544
7,505,504
Administrative expenses
(8,125,638)
(5,029,001)
Other operating income
-
0
951
Operating (loss)/profit
4
(467,094)
2,477,454
Interest receivable and similar income
7
17,984
5,737
Interest payable and similar expenses
8
(46,598)
(12,573)
(Loss)/profit before taxation
(495,708)
2,470,618
Tax on (loss)/profit
9
(162,274)
(633,413)
(Loss)/profit for the financial year
(657,982)
1,837,205

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

ENTRECOTE (OPERATIONS) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
(Loss)/profit for the year
(657,982)
1,837,205
Other comprehensive income
-
-
Total comprehensive income for the year
(657,982)
1,837,205
ENTRECOTE (OPERATIONS) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,097,447
430,204
Current assets
Stocks
12
288,498
215,999
Debtors
13
3,749,057
5,258,096
Cash at bank and in hand
384,880
2,300,674
4,422,435
7,774,769
Creditors: amounts falling due within one year
14
(4,550,460)
(4,751,297)
Net current (liabilities)/assets
(128,025)
3,023,472
Total assets less current liabilities
969,422
3,453,676
Provisions for liabilities
Deferred tax liability
15
196,548
52,650
(196,548)
(52,650)
Net assets
772,874
3,401,026
Capital and reserves
Called up share capital
17
1
1
Profit and loss reserves
772,873
3,401,025
Total equity
772,874
3,401,026

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 October 2025 and are signed on its behalf by:
Michael Elghanayan
Director
Company registration number 05280297 (England and Wales)
ENTRECOTE (OPERATIONS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1
2,576,820
2,576,821
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,837,205
1,837,205
Dividends
10
-
(1,013,000)
(1,013,000)
Balance at 31 December 2023
1
3,401,025
3,401,026
Year ended 31 December 2024:
Loss and total comprehensive income
-
(657,982)
(657,982)
Dividends
10
-
(1,970,170)
(1,970,170)
Balance at 31 December 2024
1
772,873
772,874
ENTRECOTE (OPERATIONS) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,086,307
2,560,634
Interest paid
(46,598)
(12,573)
Income taxes paid
(60,674)
(229,648)
Net cash inflow from operating activities
979,035
2,318,413
Investing activities
Purchase of tangible fixed assets
(942,643)
(129,624)
Interest received
17,984
5,737
Net cash used in investing activities
(924,659)
(123,887)
Financing activities
Repayment of borrowings
-
0
(273,094)
Dividends paid
(1,970,170)
(1,013,000)
Net cash used in financing activities
(1,970,170)
(1,286,094)
Net (decrease)/increase in cash and cash equivalents
(1,915,794)
908,432
Cash and cash equivalents at beginning of year
2,300,674
1,392,242
Cash and cash equivalents at end of year
384,880
2,300,674
ENTRECOTE (OPERATIONS) LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Judgements and key sources of estimation uncertainty

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.

2
Accounting policies
Company information

Entrecote (Operations) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

2.1
Accounting convention

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 a mounts 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.

2.2
Going concern

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

2.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4
Tangible fixed assets

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

ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 13 -

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:

Land and buildings Leasehold
over the term of the lease
Plant and machinery
25% Straight line method
Fixtures, fittings & equipment
25% Straight line method

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.

2.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

2.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

2.7
Cash and cash equivalents

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.

ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 14 -
2.8
Financial instruments

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

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

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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of financial liabilities

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.

ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 15 -
Basic financial 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 paymen ts 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. A m ounts 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.

Other financial liabilities

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 s ubsequently 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 th r ough 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.

Derecognition of financial liabilities

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

2.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.10
Taxation

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

Current 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

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.

ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 16 -
2.11
Employee benefits

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.

2.12
Retirement 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 lease s asset are consumed.

2.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Other revenue
Interest income
17,984
5,737
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
3,799
5,728
Fees payable to the company's auditor for the audit of the company's financial statements
38,333
38,400
Depreciation of owned tangible fixed assets
275,400
128,803
Operating lease charges
572,201
552,598
ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Office & Management
7
7
Restaurant staff
76
76
Total
83
83

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,437,331
1,953,842
Social security costs
243,573
192,301
Pension costs
44,990
32,362
2,725,894
2,178,505
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
205,810
197,810
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17,984
5,737
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
12,567
Other interest on financial liabilities
-
0
6
Other interest
46,598
-
0
46,598
12,573
ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,375
614,398
Deferred tax
Origination and reversal of timing differences
143,899
19,015
Total tax charge
162,274
633,413

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

2024
2023
£
£
(Loss)/profit before taxation
(495,708)
2,470,618
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(123,927)
617,655
Tax effect of expenses that are not deductible in determining taxable profit
315,595
-
0
Group relief
(34,369)
(6,968)
Permanent capital allowances in excess of depreciation
(207,790)
(32,106)
Depreciation on assets not qualifying for tax allowances
68,625
30,268
Deferred tax adjustments in respect of prior years
144,140
24,564
Taxation charge for the year
162,274
633,413
10
Dividends
2024
2023
£
£
Interim paid
1,970,170
1,013,000
ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2024
418,292
1,269,613
651,520
2,339,425
Additions
117,232
322,765
502,646
942,643
At 31 December 2024
535,524
1,592,378
1,154,166
3,282,068
Depreciation and impairment
At 1 January 2024
230,276
1,173,941
505,004
1,909,221
Depreciation charged in the year
19,897
98,133
157,370
275,400
At 31 December 2024
250,173
1,272,074
662,374
2,184,621
Carrying amount
At 31 December 2024
285,351
320,304
491,792
1,097,447
At 31 December 2023
188,016
95,672
146,516
430,204
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
288,498
215,999
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
133,187
175,357
Amounts owed by group undertakings
2,103,273
3,360,225
Amounts owed by undertakings in which the company has a participating interest
1,215,166
1,283,103
Other debtors
189,548
289,270
Prepayments and accrued income
107,883
150,141
3,749,057
5,258,096
ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,188,914
2,321,365
Amounts owed to group undertakings
1,013,000
1,013,000
Corporation tax
445,757
488,055
Other taxation and social security
322,252
278,986
Other creditors
135,719
242,855
Accruals and deferred income
444,818
407,036
4,550,460
4,751,297
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
196,548
52,650
2024
Movements in the year:
£
Liability at 1 January 2024
52,650
Charge to profit or loss
143,898
Liability at 31 December 2024
196,548

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,990
32,362

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.

ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
17
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
18
Related party transactions

During the year rent was paid of £160,97 8 (202 3: £155,000 ) to Entrecote (Marylebone) Limited, Entrecote (City) Limited of £153,03 3 (202 3: £117,725 ) and Entrecote (Dean street) Limited of £Nil (202 3: £Nil ) all are fellow subsidiary undertakings.

An ordinary interim dividend of £1,970,170 (202 3: £1,013,000) was paid during the year.

Included within creditors is amounts owed to fellow subsidiary undertakings: Entrecote (Marylebone) Limited £518,769 (20 23: £467,314 ), Entrecote (City) Limited £1,2 15,1 66 (202 3: £1,283,103), Entrecote (Dean Street) Limited £1,8 30,503 (202 3: £1,879,063 ) and amount owed to parent undertaking Entrecote (Holdings) Limited £6,824 (202 3: £10,000).

19
Ultimate controlling party

The ultimate controlling and parent party is Entrecote (Holdings) Ltd, a company registered in England & Wales. The address of its registered office is Gable House, 239 Regents Park Road, Finchley, London, United Kingdom, N3 3LF.

Entrecote (Holdings) Ltd is the smallest and largest group to consolidate these financial statements. The consolidated financial statements of Entrecote (Holdings) Ltd may be obtained from Gable House, 239 Regents Park Road, Finchley, London, United Kingdom, N3 3LF.

20
Going concern

The Directors have considered whether it is appropriate to prepare the Company financial statements on a going concern basis.

In doing so, the Directors have considered the operation of the Company and prepared cash flow forecasts to ascertain whether the Company can meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements.

The Directors therefore have a reasonable expectation the Company has adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and consequently have adopted the going concern basis of accounting in preparing the non-statutory accounts.

ENTRECOTE (OPERATIONS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
21
Cash generated from operations
2024
2023
£
£
(Loss)/profit after taxation
(657,982)
1,837,205
Adjustments for:
Taxation charged
162,274
633,413
Finance costs
46,598
12,573
Investment income
(17,984)
(5,737)
Depreciation and impairment of tangible fixed assets
275,400
128,803
Movements in working capital:
Increase in stocks
(72,499)
(51,226)
Decrease/(increase) in debtors
1,509,039
(1,352,915)
(Decrease)/increase in creditors
(158,539)
1,358,518
Cash generated from operations
1,086,307
2,560,634
22
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,300,674
(1,915,794)
384,880
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