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REGISTERED NUMBER: 06145360 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

FOR

SMITH & WESTERN RESTAURANTS LTD

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 30 June 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 9 |

Consolidated Other Comprehensive Income | 10 |

Consolidated Balance Sheet | 11 |

Company Balance Sheet | 12 |

Consolidated Statement of Changes in Equity | 13 |

Company Statement of Changes in Equity | 14 |

Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Cash Flow Statement | 16 |

Notes to the Consolidated Financial Statements | 17 |

SMITH & WESTERN RESTAURANTS LTD

COMPANY INFORMATION

for the Year Ended 30 June 2025

| DIRECTORS: | T T Cox

| Ms S Cox

| REGISTERED OFFICE: | First Floor

| 8b Lonsdale Gardens

| Tunbridge Well

| Kent

| TN1 1NU

| REGISTERED NUMBER: | 06145360 (England and Wales)

| AUDITORS: | Waight & Company Ltd

| Statutory Auditors

| 8 Lonsdale Gardens

| Tunbridge Wells

| Kent

| TN1 1NU

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

GROUP STRATEGIC REPORT

for the Year Ended 30 June 2025

The directors present their strategic report of the company and the group for the year ended 30 June 2025.

The Smith and Western Group operates seven locations across the South East of England. The principal activity of these locations is of restaurants providing Wild West inspired barbeque and grilled food.

REVIEW OF BUSINESS

The group has grown organically using retained profits since its inception in 1995 allowing it to open restaurants in the following locations:

Horsham - 1995

Boxhill - 2001

Chichester - 1998

Lingfield - 2007

Tunbridge Wells - 2009

Tilgate Park - 2012

Addlestone - 2019

Each of the seven sites trades as a limited company and are wholly owned subsidiaries of the parent company, Smith and Western Restaurants Limited.

Key Performance Indicators:

| 2025 |  | 2024 |

£ |  | £ |  |

Turnover |  | 15,332,782 |  | 14,631,812 |

Gross Profit |  | 4,871,737 |  | 4,595,913 |

Gross Profit Rate (% of turnover) |  | 31.8% |  | 31.4% |

Direct Wages |  | 5,536,741 |  | 5,073,866 |

Direct Wages Rate (% of turnover) |  | 36.1% |  | 34.7% |

The Group saw an increase in revenue from £15.3m (2024 - £14.6.m), an increase of 4.79%. Tighter monitoring of purchases and wages has led to more consistency in margins. Costs such as rent, rates and water along with light and heat have levelled out in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

There is always a risk with restaurants in respect of food hygiene, leading to potential closures or reduced trade due to poor reputation. Smith and Western endeavours to maintain high standards and will deal with any matters highlighted by the Food Standards Agency immediately.

With the restaurants providing opportunities of employment non-skilled labour, there is an increased risk of employing individuals who do not have right to work in the UK. Smith and Western take the responsibility to prevent illegal working in the UK very seriously. A dedicated legal department is in place to carry out right to work checks on all new employees to mitigate this risk.

ON BEHALF OF THE BOARD:

T T Cox - Director

26 February 2026

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

REPORT OF THE DIRECTORS

for the Year Ended 30 June 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2025.

DIVIDENDS

No interim dividends were paid during the year ended 30 June 2025.

The directors recommend final dividends per share as follows:

Ordinary £1 shares | 33333 |

Redeemable Preference £1 shares | NIL |

The total distribution of dividends for the year ended 30 June 2025 will be £ 300,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

T T Cox

Ms S Cox

ENGAGEMENT WITH EMPLOYEES

We endeavour to encourage a work environment that is fair, open and communicative to allow our employees to air their opinions, express any ides and voice any issues they may have. Our employees have performance reviews at least once a year, which includes consideration of skills development and career prospects. we aim to retain, develop and promote our best staff, offering training and development opportunities

An equal opportunities policy is in place to cover or diverse workforce. We aim to employ people who reflect the

varying nature of our society and value people and their contribution irrespective of age, sex, disability, sexual orientation, race, colour, religion, marital status or ethnic origin.

We do not tolerate harassment or bullying in any shape or form. Procedures are in place to respond to accusations of workplace discrimination, harassment and victimisation. An employee grievance procedure is in operation and the policy is communicated to all personnel.

Applications from disabled persons are given full consideration providing the disability does not serious affect the performance of their duties. Such persons, once employed, are given appropriate training, support and equal opportunities, as is the case where an employee becomes disabled when employed by the Group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

REPORT OF THE DIRECTORS

for the Year Ended 30 June 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Waight & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T T Cox - Director

26 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SMITH & WESTERN RESTAURANTS LTD

Opinion

We have audited the financial statements of Smith & Western Restaurants Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SMITH & WESTERN RESTAURANTS LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of 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 Statement of Directors' Responsibilities set out on pages three and four, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SMITH & WESTERN RESTAURANTS LTD

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the Officers and other management (as required by auditing standards). It was determined that the most significant are Companies Act 2006, Health & Safety, food hygiene laws and Minimum Wage and Right to Work regulations.

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

- We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SMITH & WESTERN RESTAURANTS LTD

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Waight (Senior Statutory Auditor)

for and on behalf of Waight & Company Ltd

Statutory Auditors

8 Lonsdale Gardens

Tunbridge Wells

Kent

TN1 1NU

2 March 2026

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

CONSOLIDATED INCOME STATEMENT

for the Year Ended 30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

TURNOVER | 15,332,782 |  | 14,631,812 |  |

Cost of sales | 10,461,045 |  | 10,035,899 |  |

GROSS PROFIT | 4,871,737 |  | 4,595,913 |  |

Administrative expenses | 4,223,983 |  | 3,704,632 |  |

647,754 |  | 891,281 |  |

Other operating income | 35,953 |  | 32,218 |  |

OPERATING PROFIT | 5 | 683,707 |  | 923,499 |  |

Interest receivable and similar income | 8,984 |  | 8,360 |  |

692,691 |  | 931,859 |  |

Interest payable and similar expenses | 6 | 4,535 |  | 4,092 |  |

PROFIT BEFORE TAXATION | 688,156 |  | 927,767 |  |

Tax on profit | 7 | 215,687 |  | 283,861 |  |

PROFIT FOR THE FINANCIAL YEAR | 472,469 |  | 643,906 |  |

Profit attributable to:

Owners of the parent | 472,469 |  | 643,906 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

for the Year Ended 30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 472,469 |  | 643,906 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 472,469 |  | 643,906 |  |

Total comprehensive income attributable to:

Owners of the parent | 472,469 |  | 643,906 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

CONSOLIDATED BALANCE SHEET

30 June 2025

| 30.6.25 | 30.6.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 630,003 |  | 675,003 |  |

Tangible assets | 11 | 931,138 |  | 1,033,781 |  |

Investments | 12 | - |  | - |  |

1,561,141 |  | 1,708,784 |  |

CURRENT ASSETS

Stocks | 13 | 172,202 |  | 168,396 |  |

Debtors | 14 | 2,814,256 |  | 2,435,685 |  |

Cash at bank and in hand | 872,501 |  | 930,973 |  |

3,858,959 |  | 3,535,054 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,618,379 |  | 2,622,108 |  |

NET CURRENT ASSETS | 1,240,580 |  | 912,946 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,801,721 |  | 2,621,730 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (572,002 | ) | (554,073 | ) |

PROVISIONS FOR LIABILITIES | 20 | (149,875 | ) | (160,281 | ) |

NET ASSETS | 2,079,844 |  | 1,907,376 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 9 |  | 9 |  |

Retained earnings | 22 | 2,079,835 |  | 1,907,367 |  |

SHAREHOLDERS' FUNDS | 2,079,844 |  | 1,907,376 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2026 and were signed on its behalf by:

T T Cox - Director

Ms S Cox - Director

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

COMPANY BALANCE SHEET

30 June 2025

| 30.6.25 | 30.6.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 630,003 |  | 675,003 |  |

Tangible assets | 11 | 136,182 |  | 116,023 |  |

Investments | 12 | 450,600 |  | 450,600 |  |

1,216,785 |  | 1,241,626 |  |

CURRENT ASSETS

Debtors | 14 | 3,044,926 |  | 2,523,496 |  |

Cash at bank and in hand | 599,648 |  | 623,789 |  |

3,644,574 |  | 3,147,285 |  |

CREDITORS

Amounts falling due within one year | 15 | 4,184,109 |  | 3,669,353 |  |

NET CURRENT LIABILITIES | (539,535 | ) | (522,068 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 677,250 |  | 719,558 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (572,002 | ) | (554,073 | ) |

PROVISIONS FOR LIABILITIES | 20 | (34,046 | ) | (29,006 | ) |

NET ASSETS | 71,202 |  | 136,479 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 9 |  | 9 |  |

Retained earnings | 22 | 71,193 |  | 136,470 |  |

SHAREHOLDERS' FUNDS | 71,202 |  | 136,479 |  |

Company's profit for the financial year | 234,723 |  | 207,925 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2026 and were signed on its behalf by:

Ms S Cox - Director

T T Cox - Director

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the Year Ended 30 June 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 July 2023 | 9 |  | 1,563,461 |  | 1,563,470 |  |

Changes in equity

Dividends | - |  | (300,000 | ) | (300,000 | ) |

Total comprehensive income | - |  | 643,906 |  | 643,906 |  |

Balance at 30 June 2024 | 9 |  | 1,907,367 |  | 1,907,376 |  |

Changes in equity

Dividends | - |  | (300,000 | ) | (300,000 | ) |

Total comprehensive income | - |  | 472,469 |  | 472,469 |  |

Balance at 30 June 2025 | 9 |  | 2,079,836 |  | 2,079,845 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

COMPANY STATEMENT OF CHANGES IN EQUITY

for the Year Ended 30 June 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 July 2023 | 9 |  | 228,545 |  | 228,554 |  |

Changes in equity

Dividends | - |  | (300,000 | ) | (300,000 | ) |

Total comprehensive income | - |  | 207,925 |  | 207,925 |  |

Balance at 30 June 2024 | 9 |  | 136,470 |  | 136,479 |  |

Changes in equity

Dividends | - |  | (300,000 | ) | (300,000 | ) |

Total comprehensive income | - |  | 234,723 |  | 234,723 |  |

Balance at 30 June 2025 | 9 |  | 71,193 |  | 71,202 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 30 June 2025

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 659,683 |  | 742,888 |  |

Interest element of hire purchase payments paid | (2,283 | ) | (1,840 | ) |

Tax paid | (354,429 | ) | (268,099 | ) |

Net cash from operating activities | 302,971 |  | 472,949 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (18,691 | ) | (38,260 | ) |

Interest received | 8,984 |  | 8,360 |  |

Net cash from investing activities | (9,707 | ) | (29,900 | ) |

Cash flows from financing activities

Capital repayments in year | (29,659 | ) | (3,560 | ) |

Amount introduced by directors | 404,037 |  | 517,664 |  |

Amount withdrawn by directors | (426,114 | ) | (423,130 | ) |

Equity dividends paid | (300,000 | ) | (300,000 | ) |

Net cash from financing activities | (351,736 | ) | (209,026 | ) |

(Decrease)/increase in cash and cash equivalents | (58,472 | ) | 234,023 |  |

Cash and cash equivalents at beginning of year | 2 | 930,973 |  | 696,950 |  |

Cash and cash equivalents at end of year | 2 | 872,501 |  | 930,973 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 30 June 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 30.6.25 |  | 30.6.24

£ | £ |

| Profit before taxation | 688,156 |  | 927,767 |  |

| Depreciation charges | 210,136 |  | 198,018 |  |

| Finance costs | 4,535 |  | 4,092 |  |

| Finance income | (8,984 | ) | (8,360 | ) |

893,843 |  | 1,121,517 |  |

| (Increase)/decrease in stocks | (3,806 | ) | 3,410 |  |

| Increase in trade and other debtors | (267,147 | ) | (476,198 | ) |

| Increase in trade and other creditors | 36,793 |  | 94,159 |  |

| Cash generated from operations | 659,683 |  | 742,888 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 June 2025

| 30.6.25 |  | 1.7.24

£ | £ |

| Cash and cash equivalents | 872,501 |  | 930,973 |  |

| Year ended 30 June 2024

| 30.6.24 |  | 1.7.23

£ | £ |

| Cash and cash equivalents | 930,973 |  | 696,950 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.7.24 | Cash flow | At 30.6.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 930,973 |  | (58,472 | ) | 872,501 |  |

930,973 |  | (58,472 | ) | 872,501 |  |

| Debt

| Finance leases | (116,052 | ) | (14,144 | ) | (130,196 | ) |

| Debts falling due after 1 year | (461,754 | ) | (2,252 | ) | (464,006 | ) |

(577,806 | ) | (16,396 | ) | (594,202 | ) |

| Total | 353,167 |  | (74,868 | ) | 278,299 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 30 June 2025

1. | STATUTORY INFORMATION

| Smith & Western Restaurants Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Revenue represents sales from the restaurants, including food, drinks, merchandise sales and hotel room accommodation (excluding value added tax and and other sales taxes). Sales are recognised at the point of completion of a transaction with the customer.

| Goodwill and intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Goodwill, being the amount paid in connection with the incorporation of the partnership for the restaurant at Boxhill in 2019, is being amortised over the course of the twenty year leasehold in place at the date of acquisition.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Long leasehold | - | over the lease term

| Improvements to property | - | 5% on cost and Straight line over 25 years

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition.

| Stock

| Stock is valued at the lower of cost and net realiseable value. Cost is based on the purchase cost on a first-in, first-out basis. Stock comprises of food, drink and items that are utilised in the rendering of services to customers.

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and in hand, including credit and debit card receipts awaiting clearance into a Company bank account.

| Financial instruments

| Financial assets and liabilities are recognised when the Company has become a party to the contractual provisions of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire.

| Financial Assets

| Financial assets comprise cash and cash equivalents and other receivables. The Company classifies all of its financial assets as assets at amortised cost. Financial assets at amortised cost are initially recognised at fair value net of any transaction cost directly attributable to their acquisition, less any provision for impairment.

| Financial Liabilities

| Financial liabilities comprise borrowings, lease liabilities and trade and other parables. The Company classified all of its financial liabilities as liabilities at amortised cost. Financial liabilities at amortised cost are initially recognised at fair value net of any transaction cost directly attributable to the issue of the instrument.

| Provisions

| Provisions are recognised when the Company has a present legal obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Where the effect of the time value of money is material, the provision is based on the present value of future outflows, discounted at a risk-free rate.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the profit and loss account on a straight-line basis over the period of the lease. Lease incentives, such as rent-free periods, are recognised as a reduction to the rental expense over the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

| The following judgements had a significant effect in the amounts recognised in the financial statements:

| Useful lives of property, plant and equipment

| The Company estimates the useful lives of property, plant and equipment based on the period over which the assets are expected to be available for use. The estimate useful lives of property, plant and equipment are reviewed periodically and re-updated if expectations differ from previous estimates due to physical wear and tear, technical obsolescence and legal or other limits on use of the relevant assets. In addition, the estimation of the useful lives of property, plant and equipment are based on internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by the changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the useful lives of property, plant and equipment would increase the recorded expenses and decrease the non-current assets.

| Impairment of goodwill

| The Company determines whether goodwill is impaired at least on an annual basis. This requires an estimate of the value-in-use to which the goodwill is allocated. Estimating a value-in-use requires management to make an estimation of future cash flows and also choose a suitable discount rate in order to calculate the present value of those cash flows

| Deferred tax

| Deferred tax assets and liabilities require management judgement in determining the amounts, if any, to be recognised. Judgement is required in assessing the extent to which the assets and liabilities should be recognised, taking into account the expected timing and levels of future taxable income. Deferred tax assets are only recognised when management believes it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

4. | EMPLOYEES AND DIRECTORS

| 30.6.25 |  | 30.6.24

£ | £ |

| Wages and salaries | 5,828,878 |  | 5,328,752 |  |

| Social security costs | 421,003 |  | 332,515 |  |

| Other pension costs | 86,073 |  | 75,336 |  |

6,335,954 |  | 5,736,603 |  |

| The average number of employees during the year was as follows:

| 30.6.25 |  | 30.6.24

| Office and admin | 20 |  | 18 |  |

| Bar and restaurant | 515 |  | 495 |  |

535 |  | 513 |  |

| Amounts paid to Key Management Personnel, aside from those members of Key Management Personnel that were also Directors during the period, totalled £115,115 (2024 - £88,310).

| 30.6.25 |  | 30.6.24

£ | £ |

| Directors' remuneration | 19,998 |  | 30,504 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 30.6.25 |  | 30.6.24

£ | £ |

| Depreciation - owned assets | 141,493 |  | 141,840 |  |

| Depreciation - assets on hire purchase contracts | 23,641 |  | 11,176 |  |

| Goodwill amortisation | 45,000 |  | 45,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.6.25 |  | 30.6.24

£ | £ |

| Hire purchase | 2,283 |  | 1,840 |  |

| Preference share dividends | 2,252 |  | 2,252 |  |

4,535 |  | 4,092 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30.6.25 |  | 30.6.24

£ | £ |

| Current tax:

| UK corporation tax | 226,093 |  | 253,470 |  |

| Deferred tax | (10,406 | ) | 30,391 |  |

| Tax on profit | 215,687 |  | 283,861 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 30.6.25 |  | 30.6.24

£ | £ |

| Profit before tax | 688,156 |  | 927,767 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 172,039 |  | 231,942 |  |

| Effects of:

| Expenses not deductible for tax purposes | 7,155 |  | 8,529 |  |

| Capital allowances in excess of depreciation (including not qualifying assets) | 24,682 |  | 41,326 |  |

| Interest and charges | 11,811 |  | 12,886 |  |

| forward |

| Utilised tax losses bought forward | - |  | (10,822 | ) |

| Total tax charge | 215,687 |  | 283,861 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 30.6.25 |  | 30.6.24

£ | £ |

| Ordinary shares of £1 each

| Final | 300,000 |  | 300,000 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 1,230,817 |  |

| AMORTISATION

| At 1 July 2024 | 555,814 |  |

| Amortisation for year | 45,000 |  |

| At 30 June 2025 | 600,814 |  |

| NET BOOK VALUE

| At 30 June 2025 | 630,003 |  |

| At 30 June 2024 | 675,003 |  |

| Company

| Goodwill

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 900,003 |  |

| AMORTISATION

| At 1 July 2024 | 225,000 |  |

| Amortisation for year | 45,000 |  |

| At 30 June 2025 | 270,000 |  |

| NET BOOK VALUE

| At 30 June 2025 | 630,003 |  |

| At 30 June 2024 | 675,003 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Long |  | to |  | Plant and

| leasehold |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 July 2024 | 254,915 |  | 819,148 |  | 995,724 |  |

| Additions | - |  | - |  | 7,050 |  |

| At 30 June 2025 | 254,915 |  | 819,148 |  | 1,002,774 |  |

| DEPRECIATION

| At 1 July 2024 | 254,915 |  | 456,651 |  | 778,994 |  |

| Charge for year | - |  | 56,403 |  | 33,282 |  |

| At 30 June 2025 | 254,915 |  | 513,054 |  | 812,276 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  | 306,094 |  | 190,498 |  |

| At 30 June 2024 | - |  | 362,497 |  | 216,730 |  |

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 July 2024 | 772,651 |  | 136,447 |  | 2,978,885 |  |

| Additions | 11,641 |  | 43,800 |  | 62,491 |  |

| At 30 June 2025 | 784,292 |  | 180,247 |  | 3,041,376 |  |

| DEPRECIATION

| At 1 July 2024 | 434,120 |  | 20,424 |  | 1,945,104 |  |

| Charge for year | 51,808 |  | 23,641 |  | 165,134 |  |

| At 30 June 2025 | 485,928 |  | 44,065 |  | 2,110,238 |  |

| NET BOOK VALUE

| At 30 June 2025 | 298,364 |  | 136,182 |  | 931,138 |  |

| At 30 June 2024 | 338,531 |  | 116,023 |  | 1,033,781 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 July 2024 | 136,447 |  |

| Additions | 43,800 |  |

| At 30 June 2025 | 180,247 |  |

| DEPRECIATION

| At 1 July 2024 | 20,424 |  |

| Charge for year | 23,641 |  |

| At 30 June 2025 | 44,065 |  |

| NET BOOK VALUE

| At 30 June 2025 | 136,182 |  |

| At 30 June 2024 | 116,023 |  |

| Company

| Motor

| vehicles

£ |

| COST

| At 1 July 2024 | 136,447 |  |

| Additions | 43,800 |  |

| At 30 June 2025 | 180,247 |  |

| DEPRECIATION

| At 1 July 2024 | 20,424 |  |

| Charge for year | 23,641 |  |

| At 30 June 2025 | 44,065 |  |

| NET BOOK VALUE

| At 30 June 2025 | 136,182 |  |

| At 30 June 2024 | 116,023 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 July 2024 | 136,447 |  |

| Additions | 43,800 |  |

| At 30 June 2025 | 180,247 |  |

| DEPRECIATION

| At 1 July 2024 | 20,424 |  |

| Charge for year | 23,641 |  |

| At 30 June 2025 | 44,065 |  |

| NET BOOK VALUE

| At 30 June 2025 | 136,182 |  |

| At 30 June 2024 | 116,023 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 450,600 |  |

| NET BOOK VALUE

| At 30 June 2025 | 450,600 |  |

| At 30 June 2024 | 450,600 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Smith & Western (Chichester) Ltd

| Registered office: 1st Floor 8b Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

12. | FIXED ASSET INVESTMENTS - continued

| Smith & Western Lingfield Ltd

| Registered office: 1st Floor 8b Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Smith & Western (Tunbridge Wells) Ltd

| Registered office: 1st Floor 8b Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Smith & Western (Boxhill) Ltd

| Registered office: 1st Floor 8b Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Smith & Western (Tilgate) Ltd

| Registered office: 8 Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Smith & Western (Addlestone) Ltd

| Registered office: 1st Floor 8b Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Smith & Western (Horsham) Ltd

| Registered office: 1st Floor 8b Lonsdale Gardens, Tunbridge Wells, Kent, England, TN1 1NU

| Nature of business: Restaurant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | STOCKS

| Group |

| 30.6.25 |  | 30.6.24 |

£ | £ |

| Stocks | 172,202 |  | 168,396 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.6.25 |  | 30.6.24 |  | 30.6.25 |  | 30.6.24 |

£ | £ | £ | £ |

| Amounts owed by group undertakings | - |  | - |  | 308,728 |  | 162,054 |  |

| Other debtors | 2,258,533 |  | 1,961,241 |  | 2,252,272 |  | 1,954,965 |  |

| Directors' current accounts | 65,132 |  | 43,055 |  | 65,132 |  | 43,055 |  |

| Tax | 418,794 |  | 329,447 |  | 418,794 |  | 329,447 |  |

| VAT | - |  | - |  | - |  | 16,975 |  |

| Prepayments and accrued income | 71,797 |  | 101,942 |  | - |  | 17,000 |  |

2,814,256 |  | 2,435,685 |  | 3,044,926 |  | 2,523,496 |  |

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.6.25 |  | 30.6.24 |  | 30.6.25 |  | 30.6.24 |

£ | £ | £ | £ |

| Hire purchase contracts (see note 18) | 22,200 |  | 23,733 |  | 22,200 |  | 23,733 |  |

| Trade creditors | 636,879 |  | 798,879 |  | 28,741 |  | 95,758 |  |

| Amounts owed to group undertakings | - |  | - |  | 3,808,699 |  | 3,124,985 |  |

| Tax | 563,989 |  | 602,978 |  | 246,144 |  | 361,759 |  |

| Social security and other taxes | 94,607 |  | 76,531 |  | 16,565 |  | 14,054 |  |

| VAT | 622,022 |  | 580,392 |  | 4 |  | - |  |

| Other creditors | 26,439 |  | 64,989 |  | 3,760 |  | 32,358 |  |

| Accrued expenses | 652,243 |  | 474,606 |  | 57,996 |  | 16,706 |  |

2,618,379 |  | 2,622,108 |  | 4,184,109 |  | 3,669,353 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 30.6.25 |  | 30.6.24 |  | 30.6.25 |  | 30.6.24 |

£ | £ | £ | £ |

| Preference shares (see note 17) | 464,006 |  | 461,754 |  | 464,006 |  | 461,754 |  |

| Hire purchase contracts (see note 18) | 107,996 |  | 92,319 |  | 107,996 |  | 92,319 |  |

572,002 |  | 554,073 |  | 572,002 |  | 554,073 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 30.6.25 |  | 30.6.24 |  | 30.6.25 |  | 30.6.24 |

£ | £ | £ | £ |

| Amounts falling due between two and five | years: |

| Preference shares | 464,006 |  | 461,754 |  | 464,006 |  | 461,754 |  |

| Details of shares shown as liabilities are as follows:

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.6.25 |  | 30.6.24

| value: | £ | £ |

| 540,003 | Redeemable Preference | £1 | 464,006 |  | 461,754 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 30.6.25 |  | 30.6.24 |

£ | £ |

| Gross obligations repayable:

| Within one year | 24,214 |  | 25,981 |  |

| Between one and five years | 109,553 |  | 95,591 |  |

133,767 |  | 121,572 |  |

| Finance charges repayable:

| Within one year | 2,014 |  | 2,248 |  |

| Between one and five years | 1,557 |  | 3,272 |  |

3,571 |  | 5,520 |  |

| Net obligations repayable:

| Within one year | 22,200 |  | 23,733 |  |

| Between one and five years | 107,996 |  | 92,319 |  |

130,196 |  | 116,052 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

18. | LEASING AGREEMENTS - continued

| Company

| Hire purchase |

| contracts |

| 30.6.25 |  | 30.6.24 |

£ | £ |

| Gross obligations repayable:

| Within one year | 24,214 |  | 25,981 |  |

| Between one and five years | 109,553 |  | 95,591 |  |

133,767 |  | 121,572 |  |

| Finance charges repayable:

| Within one year | 2,014 |  | 2,248 |  |

| Between one and five years | 1,557 |  | 3,272 |  |

3,571 |  | 5,520 |  |

| Net obligations repayable:

| Within one year | 22,200 |  | 23,733 |  |

| Between one and five years | 107,996 |  | 92,319 |  |

130,196 |  | 116,052 |  |

| Group

| Non-cancellable |

| operating leases |

| 30.6.25 |  | 30.6.24

£ | £ |

| Within one year | 383,350 |  | 405,859 |  |

| Between one and five years | 345,991 |  | 568,877 |  |

729,341 |  | 974,736 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

| 30.6.25 |  | 30.6.24 |  | 30.6.25 |  | 30.6.24 |

£ | £ | £ | £ |

| Hire purchase contracts | 130,196 |  | 116,052 |  | 130,196 |  | 116,052 |  |

| A mortgage debenture is held in the name of the company, incorporation a fixed and floating charge over the assets, dated 29/06/2021

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 30.6.25 |  | 30.6.24 |  | 30.6.25 |  | 30.6.24 |

£ | £ | £ | £ |

| Deferred tax | 149,875 |  | 160,281 |  | 34,046 |  | 29,006 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 July 2024 | 160,281 |  |

| Credit to Income Statement during year | (10,406 | ) |

| Balance at 30 June 2025 | 149,875 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 July 2024 | 29,006 |  |

| Charge to Income Statement during year | 5,040 |  |

| Balance at 30 June 2025 | 34,046 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.6.25 |  | 30.6.24

| value: | £ | £ |

| 9 | Ordinary | £1 | 9 |  | 9 |  |

22. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 July 2024 | 1,907,366 |  |

| Profit for the year | 472,469 |  |

| Dividends | (300,000 | ) |

| At 30 June 2025 | 2,079,835 |  |

SMITH & WESTERN RESTAURANTS LTD (REGISTERED NUMBER: 06145360)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 June 2025

22. | RESERVES - continued

| Company

| Retained

| earnings

£ |

| At 1 July 2024 | 136,470 |  |

| Profit for the year | 234,723 |  |

| Dividends | (300,000 | ) |

| At 30 June 2025 | 71,193 |  |

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included in debtors is a joint directors loan account of £65,132 (2024 - £43,055).

| During the year, amounts totalling £426,114 were added to the loan and £404,037 was repaid. No amounts have been waived or written off.

| No interest is accrued on the loan which is repayable on demand.

24. | RELATED PARTY DISCLOSURES

| Other related parties

| 30.6.25 |  | 30.6.24

£ | £ |

| Amount due from related parties | 2,215,722 |  | 1,928,701 |  |

| Other debtors includes the following related party balances:

| - £1,503,438 (2024 - £1,166,470) from Smith and Western Horsham Partnership, a partnership in which the directors are partners

| - £288,205 (2024 - £266,678) from Smith and Western Tunbridge Wells Partnership, a partnership in which the directors are partners

| - £424,079 (2024 - £495,553) from TJS Ryka Ltd, a company owned by the directors.