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Registered number: 15398384 PADD SQ LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 29 JUNE 2025
PADD SQ LTD REGISTERED NUMBER: 15398384 STATEMENT OF FINANCIAL POSITION AS AT 29 JUNE 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Tangible assets | 4 |  | 4,018,817
|  |  | 4,018,817
Current assets |  |  |
Stocks |  | 40,057 |
Debtors: Amounts falling due after more than one year | 5 | 219,000 |
Debtors: Amounts falling due within one year | 5 | 79,173 |
Cash at bank and in hand | 6 | 174,011 |
|  | 512,241 |
Creditors: Amounts falling due within one year | 7 | (4,160,171) |
Net current liabilities |  |  | (3,647,930)
Creditors: amounts falling due after more than one year |  |  | (1,125,192)
Net liabilities |  |  | (754,305)
Capital and reserves |  |  |
Profit and loss account |  |  | (754,305)
|  |  | (754,305)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ K Rose
Director
Date: 9 January 2026
The notes on pages 2 to 7 form part of these financial statements. Page 1
PADD SQ LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JUNE 2025
1. | General information
Padd Sq Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 15398384 and registered office address is 9 Holles Street, London, England, W1G 0BD. Its principal place of business is 1 Paddington Square, London, W2 1DL. The company was incorporated on 9 January 2024 with its reporting period extended to 29 June 2025 in order to become coterminous with the parent company reporting period. As a result, the company has prepared accounts covering an 18 month period. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
Padd Sq Limited is a fully owned subsidiary of Cavendish Square Group Limited and therefore the nature of Going Concern of Padd Sq Limited should be considered as part of The Group (Cavendish Square Group Limited). Group liquidity remains strong. The Directors and management of the business consider there to be strong cash reserves at year end and cash flow from operations will continue to fund Padd Sq Limited’s cash requirements through FY26 and beyond. The Directors and management of the business have reviewed the Group's detailed forecast cash flows for the forthcoming twelve months from the date of the approval of the financial statements and consider that the Padd Sq Limited will have sufficient cash resources available to meet its liabilities as they fall due. These cash flow forecasts and re-forecasts are prepared regularly as part of the business planning process. The Director's have also confirmed that the intercompany creditor balance will not be demanded for repayment for at least the next 12 months. Based on the above indications the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Turnover
Turnover arises from the Company's principal activity, the operation of a food hall. Turnover recognised excludes sales taxes such as VAT and excludes discounts, tips and rebates. Turnover from bar sales is recognised at the point of sale. Turnover in relation to amounts charged to food traders is recognised at the point the trader generates the revenue, as this reflects provision of the service and the amount earned is closely linked to this. If any amounts are received in advance then they are held in deferred revenue until the point at which the revenue is considered earned. Listing fees are recognised over the period to which they relate, being held in deferred revenue when they are received upfront from the supplier. Page 2
PADD SQ LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Pensions
Defined contribution pension plan The Company participates in a defined contribution pension plan operated on a group-wide basis with pension costs recharged to the Company for its employees. A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | over the lease term
|  |  |  | Fixtures and fittings | - | 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 3
PADD SQ LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.9 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price.
3. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration.
4. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| Additions | 3,752,363 | 420,618 | 4,172,981
| At 29 June 2025 | 3,752,363 | 420,618 | 4,172,981
| Depreciation |  |  |
| Charge for the Period | 120,650 | 33,514 | 154,164
| At 29 June 2025 | 120,650 | 33,514 | 154,164
| Net book value |  |  |
| At 29 June 2025 | 3,631,713 | 387,104 | 4,018,817
Page 4
PADD SQ LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JUNE 2025
5. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Due after more than one year |
| Other debtors | 219,000
|  |  |  |  | 2025
|  |  |  |  | £
| Due within one year |
| Trade debtors | 687
| Prepayments and accrued income | 78,486
|  | 79,173
6. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 174,011
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Trade creditors | 95,276
| Amounts owed to group undertakings | 3,581,735
| Other taxation and social security | 55,148
| Other creditors | 218,625
| Accruals and deferred income | 209,387
|  | 4,160,171
| Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
Page 5
PADD SQ LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JUNE 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025
|  |  |  |  | £
| Other creditors | 1,125,192
|  | 1,125,192
| Non-current other creditors relate to lease incentives.
9. | Commitments under operating leases
| At 29 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025
|  |  |  |  | £
| Not later than 1 year | 765,000
| Later than 1 year and not later than 5 years | 2,295,000
| Later than 5 years | 3,988,479
|  | 7,048,479
10.Other financial commitments The Company has provided a charge over its assets as security for borrowings of £8m held by Cavendish Square Group Limited, the parent company. At the balance sheet date, the outstanding borrowings secured were £8m.
11. | Controlling party
The immediate parent undertaking is Cavendish Square Group Limited, a private company incorporated in England and Wales. Cavendish Square Group Limited's registered address is 9 Holles Street, London, United Kingdom, W1G 0BD. The smallest and largest group of which the Company is a member and for which group accounts are prepared is Cavendish Square Topco Limited. Copies of these accounts are available from Companies House. The ultimate controlling party is Gees Court Partners Ltd, a company incorporated in England and Wales. Its registered office address is 8 Gees Court, London, England, W1U 1JQ. Page 6
PADD SQ LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 JUNE 2025
12. | Auditors' information
The auditors' report on the financial statements for the period ended 29 June 2025 was unqualified. The audit report was signed on 9 January 2026 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of HaysMac LLP.
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