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Registered number: 12136501 BROADWICK GROUP LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BROADWICK GROUP LIMITED
COMPANY INFORMATION
Directors | B J Thompson
| S J Tracey
| R M S Hajaj
Registered number | 12136501
Registered office | Acre House
| 11/15 William Road
| London
| NW1 3ER
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
BROADWICK GROUP LIMITED
CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditors' Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Statement of Financial Position | 12
Company Statement of Financial Position | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16 - 17
Notes to the Financial Statements | 18 - 44
BROADWICK GROUP LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present the strategic report of Broadwick Group Limited ("the Company") and its subsidiaries (together "the Group") for the year ended 31 March 2025. The trading name of the Group is "Broadwick Group". We own and operate a portfolio of award-winning venues and entertainment brands and partner with some of the world’s most influential brands and artists to deliver powerful programming and cultural experiences across the world. We believe in redefining spaces and how people experience culture. By breaking down traditional barriers, we curate unique narratives, reveal distinct identities and create one-of-a-kind experiences across all of our properties. At the heart of Broadwick is a founding belief in the power of ‘live’ with the objective always being to inspire, connect and create massive impact through space, music and culture. With three core divisions; Spaces, Live and Services, Broadwick Group design, build and operate some of the world’s most exciting venue and entertainment brands.
Business review
With strong financial management, support from our investors and an active shareholder team leading the business we have worked hard to implement structures and processes that have allowed us to grow sustainably and are poised to capitalise on multiple venue acquisitions, rapidly expanding our portfolio of brands whilst increasing our working capital reserves to deliver continued growth. At the reporting date, Group turnover for the period was £62,655,655 (2024 - £67,512,590) with a gross profit margin of 45.1% (2024 - 36.4%). The Group's Earnings before interest, tax, depreciation and amortisation, "EBITDA", for the period was £3,791,628 (2024 - £3,777,952).
Principal risks and uncertainties
In compliance with accounting standards and best practice, we have summarised below the principal risks facing the Group: a) Commercial risk Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the Group. Monitoring exposure to risk and uncertainty is an integral part of the Group’s structured management processes. Generally, the principal risks that the company faces are operational risk, competition, regulatory and legislative impacts, recruitment and retention of staff and maintenance of reputation, as well as financial risk. b) Liquidity risk The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Financial key performance indicators
The continued success and sustainability of the Group will be determined significantly by the ability to continue to grow revenues more than its costs. Therefore the level of turnover, year on year growth, gross profit margins and EBITDA are key performance indicators (KPIs). The Group’s KPIs for this period are stated above under “Business review”. Page 1
BROADWICK GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Other key performance indicators
The directors believe there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the Group.
Section 172 statement - directors' statement of compliance with duty to promote the success of the Group
Members and Employees The members of the Group along with any future employees, are considered essential to the Group’s future. The interests and wellbeing of all members and future employees are held in the highest regard and the Group is dependent on a collegial environment to ensure success. Scheduled meetings are held on a regular basis to ensure all members are informed of business decisions and material information as it pertains to the Group. Equal opportunities are offered to all, regardless of gender, race, ethnicity or national origin, sexual orientation, religious belief, colour, disability, marital status, or age. All applicants are treated equally in respect to any recruitment, promotion, training, pay and other employment policies and practices. Under no circumstances will discrimination against any individual or group be tolerated. Shareholders The Group acts as a trusted steward of capital for its investors (“shareholders”). Senior management, being major shareholders alongside our investors, are focused on delivering long term returns and maximising value for all shareholders. All shareholders are kept apprised of business activities and material information on a regular basis through formal written investor letters, conference calls, in-person visits, and ad-hoc messaging as warranted. Business Relationships Business relationships are held in the utmost regard and are critical to the success of the Group. This includes all vendors, service providers, advisers, and strategic partners with whom the Company initiates and maintains a professional relationship. Of particular importance as it pertains to the Group is our partners in the finance, compliance, and law areas to assist with navigating local guidelines and procedures with the highest integrity. Community and Environment The company recognises its corporate responsibility to operate in a manner that minimises environmental impacts. The directors remain committed to complying with all applicable environmental legislation, preventing pollution, and reducing waste wherever possible. Standards of Business Conduct The Group upholds a reputation for high standards of business conduct and ethics. We continue to focus our efforts around maintaining this reputation, which is a guiding beacon in our path to help our business succeed. Page 2
BROADWICK GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 When considering any business activity or conduct, much thought is given to longer-term implications of that decision. Decisions material to the direction and success of the Group are made on a consensual basis among the directors. Careful thought is also given to the likely scenarios we foresee materialising over the long term regarding the operating environment prior to implementation. This report was approved by the board on 20 February 2026 and signed on its behalf.
S J Tracey Director
Page 3
BROADWICK GROUP LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Results and dividends
The Group's loss for the year, after taxation and minority interest, amounted to £136,794 (2024 - profit £665,386) Dividends paid by the company during the year was £nil (2024 - £nil).
Directors
The directors who served during the year were:
B J Thompson
S J Tracey
R M S Hajaj
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to 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.
Future developments
We continue to look at acquiring new venues that fit our portfolio strategically and represent opportunities to further strengthen our financial position.
Engagement with suppliers, customers and others
The company has included details of how the directors have engaged with suppliers, customers, and other stakeholders in the Section 172 statement within the strategic report. Page 4
BROADWICK GROUP LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
Broadwick Group is committed to understanding and reducing the company’s environmental impact. As part of this commitment, Broadwick Group measures and reports their energy use and carbon emissions each year in accordance with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This Streamlined Energy and Carbon Report (SECR) outlines Broadwick’s performance for the financial year ending 31 March 2025, supporting informed decision-making, improving energy efficiency, and advancing broader sustainability goals. During the year, the company’s total energy use, encompassing electricity, gas, and transport fuel, amounted to 10,922,538 kWh (2024: 11,223,637.13 kWh). This resulted in total greenhouse gas emissions of 2,105.32 (2024: 2,170.43) metric tonnes (MT) of CO2 equivalent (CO2e). The company plans to enhance its environmental performance by: ∙Collaborating with landlords to increase the procurement of renewable energy; ∙Reducing energy consumption by switching off unnecessary lights and equipment; ∙Encouraging employees and customers to adopt sustainable transport options, such as public transport or car-sharing initiatives. Methodology The company uses the Greenhouse Gas (GHG) Protocol to calculate its energy consumption and associated emissions. Energy data is gathered from utility bills (electricity in kWh, gas in m³ or kWh), converted to kWh, and aggregated. Emissions are calculated by applying UK-specific emission factors, sourced from the UK Government's Greenhouse Gas Reporting Conversion Factors (2024). To measure emissions intensity relative to the size of our operations, we calculated our CO2 output per square foot across our 21 operating sites. The result was 25.91 kg CO2e per square foot. For the year ended 31 March 2025, the Group engaged external consultants, Ecologi, to enhance the robustness of its carbon measurement and reporting. As a result, some methodologies, were refined. Year on year comparisons should therefore be interpreted with consideration of these improvements Governance and Climate Strategy The company’s governance arrangements for assessing and managing climate-related risks and opportunities are overseen by the Board of Directors. The board is responsible for ensuring climate-related factors are integrated into strategic decision-making, risk management, and business operations. Climate-related risks are assessed on an ongoing basis and incorporated into: ∙Business continuity planning; ∙Strategic development and investment decisions; ∙Operational planning and performance evaluations. Commitments and Future Goals During the reporting year, Broadwick Group Ltd did not implement any major capital energy efficiency projects directly, but the following actions were taken to support future energy reduction and improve data visibility: Page 5
BROADWICK GROUP LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ∙Adoption of low-energy lighting and smart controls ∙Sub-metering for monitoring and targeting consumption ∙Sourcing of renewable energy and system upgrades ∙Thermal and energy efficiency upgrades to venue structures ∙Water-efficient sanitary fittings Broadwick Group will continue to work with their operations and facilities teams to identify appropriate energy efficiency opportunities and will report on any capital or behavioural measures implemented in future reporting periods.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.
Subsequent events
Details of subsequent events are given in note 33.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 20 February 2026 and signed on its behalf.
S J Tracey Director
Page 6
BROADWICK GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWICK GROUP LIMITED
Opinion
We have audited the financial statements of Broadwick Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of Comprehensive Income, the Group and company Statements of Financial Position, the Group Statement of Cash Flows, the Group and company Statement of Changes in Equity and the related notes, 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's affairs as at 31 March 2025 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or 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 included in the Annual Report, other than the financial statements and our Auditors' Report 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. Page 7
BROADWICK GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWICK GROUP LIMITED (CONTINUED) Other information (continued) 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept 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 Directors' Responsibilities Statement set out on page 4, 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 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. Page 8
BROADWICK GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWICK GROUP LIMITED (CONTINUED)
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 an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the entertainment sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, health and safety and licensing laws; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Group's remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 9
BROADWICK GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BROADWICK GROUP LIMITED (CONTINUED) Auditors' responsibilities for the audit of the financial statements (continued) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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. Martyn Atkinson FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 20 February 2026 Page 10
BROADWICK GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 62,655,655 | 67,512,590
Cost of sales |  | (34,359,356) | (42,929,679)
Gross profit |  | 28,296,299 | 24,582,911
Administrative expenses |  | (29,335,774) | (25,196,040)
Other operating income | 5 | 381,510 | 358,421
Operating loss | 6 | (657,965) | (254,708)
Share of profit of joint venture |  | (260,242) | 31,999
Share of (loss)/profit of associates |  | 277,806 | 469,921
Total operating (loss)/profit |  | (640,401) | 247,212
Profit on disposal of investments |  | 1,090,091 | 892,302
Interest receivable and similar income | 10 | 10,801 | 13,309
Interest payable and similar expenses | 11 | (509,482) | (446,256)
(Loss)/profit before taxation |  | (48,991) | 706,567
Tax on (loss)/profit | 12 | (104,943) | (15,727)
(Loss)/profit for the financial year |  | (153,934) | 690,840
(Loss)/profit for the year attributable to: |  |  |
Non-controlling interests |  | (17,140) | 25,454
Owners of the parent company |  | (136,794) | 665,386
|  | (153,934) | 690,840
The notes on pages 18 to 44 form part of these financial statements.
Page 11
BROADWICK GROUP LIMITED REGISTERED NUMBER:12136501
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 3,925,677 |  | 4,625,643
Tangible assets | 15 |  | 9,940,015 |  | 10,237,806
Investments | 16 |  | 981,045 |  | 1,019,028
|  |  | 14,846,737 |  | 15,882,477
Current assets |  |  |  |  |
Stocks and work in progress | 17 | 286,640 |  | 268,469 |
Debtors: amounts falling due after more than one year | 18 | 734,385 |  | 731,302 |
Debtors: amounts falling due within one year | 18 | 19,929,619 |  | 16,101,122 |
Bank and cash balances |  | 4,732,332 |  | 3,642,232 |
|  | 25,682,976 |  | 20,743,125 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 20 | (35,180,471) |  | (27,202,338) |
Net current liabilities |  |  | (9,497,495) |  | (6,459,213)
Total assets less current liabilities |  |  | 5,349,242 |  | 9,423,264
Creditors: amounts falling due after more than one year | 21 |  | (2,173,296) |  | (6,671,135)
Net assets |  |  | 3,175,946 |  | 2,752,129
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 14,286 |  | 13,333
Share premium account | 27 |  | 3,341,714 |  | 2,842,667
Profit and loss account | 27 |  | (686,831) |  | (550,037)
Non-controlling interests |  |  | 506,777 |  | 446,166
|  |  | 3,175,946 |  | 2,752,129
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2026.
S J Tracey
Director
The notes on pages 18 to 44 form part of these financial statements. Page 12
BROADWICK GROUP LIMITED REGISTERED NUMBER:12136501
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 61,608 |  | 74,251
Tangible assets | 15 |  | 1,274,098 |  | 1,257,098
Investments | 16 |  | 6,544,160 |  | 6,566,149
|  |  | 7,879,866 |  | 7,897,498
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 5,307,134 |  | 3,916,717 |
Cash at bank and in hand | 19 | 254,414 |  | 115,618 |
|  | 5,561,548 |  | 4,032,335 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 20 | (8,323,684) |  | (4,326,123) |
Net current liabilities |  |  | (2,762,136) |  | (293,788)
Total assets less current liabilities |  |  | 5,117,730 |  | 7,603,710
Creditors: amounts falling due after more than one year | 21 |  | (1,132,197) |  | (4,747,710)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 25 | (167,037) |  | - |
|  |  | (167,037) |  | -
Net assets |  |  | 3,818,496 |  | 2,856,000
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 14,285 |  | 13,333
Share premium account | 27 |  | 3,341,714 |  | 2,842,667
Profit and loss account carried forward |  |  | 462,497 |  | -
|  |  | 3,818,496 |  | 2,856,000
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2026.
S J Tracey
Director
The notes on pages 18 to 44 form part of these financial statements. Page 13

|  | BROADWICK GROUP LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
|  | Called up share capital | Share premium account | Profit and loss account | Equity attributable to owners of parent company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 April 2023 | 13,333 | 2,842,667 | (1,215,423) | 1,640,577 | (23,625) | 1,616,952
| Profit for the year | - | - | 665,386 | 665,386 | 25,454 | 690,840
| Non-controlling interests acquired on acquisition of subsidiary | - | - | - | - | 444,337 | 444,337
| At 1 April 2024 | 13,333 | 2,842,667 | (550,037) | 2,305,963 | 446,166 | 2,752,129
| Loss for the year | - | - | (136,794) | (136,794) | (17,140) | (153,934)
| Share capital issued on incorporation of subsidiary undertaking | - | - | - | - | 310,251 | 310,251
| Dividends | - | - | - | - | (232,500) | (232,500)
| Shares issued during the year | 953 | 499,047 | - | 500,000 | - | 500,000
| At 31 March 2025 | 14,286 | 3,341,714 | (686,831) | 2,669,169 | 506,777 | 3,175,946
| The notes on pages 18 to 44 form part of these financial statements.
Page 14

BROADWICK GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 13,333 | 2,842,667 | - | 2,856,000
Profit for the year | - | - | - | -
At 1 April 2024 | 13,333 | 2,842,667 | - | 2,856,000
Profit for the year | - | - | 462,497 | 462,497
Shares issued during the year | 952 | 499,047 | - | 499,999
At 31 March 2025 | 14,285 | 3,341,714 | 462,497 | 3,818,496
| The notes on pages 18 to 44 form part of these financial statements.
Page 15
BROADWICK GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (153,934) | 690,840
Adjustments for: |  |
Amortisation of intangible assets | 759,966 | 752,577
Depreciation of tangible assets | 2,581,974 | 1,885,861
Loss on disposal of tangible assets | 982 | -
Gain on disposal of shares in associate | (1,090,091) | -
Interest paid | 509,482 | 446,256
Interest received | (10,801) | (13,309)
Taxation charge | 104,943 | 15,727
(Increase)/decrease in stocks | (18,171) | 16,535
Increase in debtors | (3,619,624) | (3,983,713)
Increase in amounts owed by joint ventures | (252,067) | -
Decrease in amounts owed by associates | 58,379 | 1,129,597
Decrease in amounts owed to associates | (3,117) | (14,914)
Share of operating profit in joint ventures | 260,242 | (6,999)
Share of operating profit in associates | (277,806) | (410,733)
Increase in creditors | 4,710,803 | 4,083,288
Corporation tax received/(paid) | - | (94,677)
Net cash generated from operating activities | 3,561,160 | 4,496,336
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (60,000) | (15,000)
Purchase of tangible fixed assets | (2,313,160) | (4,404,169)
Sale of tangible fixed assets | 27,995 | -
Sale of short-term unlisted investments | - | (893,845)
Sale of share in associates | 1,373,243 | 812,544
Purchase of share in joint ventures | (310,251) | -
Interest received | 10,801 | 13,309
Dividends received from joint ventures and associates | 82,647 | -
Cash acquired on acquisition of subsidiaries | - | 28,848
Net cash from investing activities | (1,188,725) | (4,458,313)
Cash flows from financing activities |  |
Issue of ordinary shares | 953 | -
Issue of share premium | 499,047 | -
Bank loan repayments | (292,656) | (257,500)
Other loan repayments | (785,554) | (117,144)
Finance and hire purchase lease repayments | (272,790) | (33,257)
Page 16
BROADWICK GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Finance and hire purchase lease interest paid | (155,385) | (67,485)
Bank and other loans interest paid | (354,097) | (378,771)
Dividends paid to non-controlling interests | (232,500) | -
Share capital issued to non-controlling interests | 310,251 | -
Net cash used in financing activities | (1,282,731) | (854,157)
Net increase/(decrease) in cash and cash equivalents | 1,089,704 | (816,134)
Cash and cash equivalents at beginning of year | 3,642,232 | 4,458,366
Cash and cash equivalents at the end of year | 4,731,936 | 3,642,232
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,732,332 | 3,642,232
Bank overdrafts | (396) | -
| 4,731,936 | 3,642,232
Page 17
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Broadwick Group Limited is a private limited liability company registered in England and Wales. Its registered office address is Acre House, 11/15 William Road, London, NW1 3ER. The principal activity of the Company during the year was that of a holding company. The principal activity of the Group was the development and operation of live music, corporate and ticketed events venues. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Non controlling interests represent the proportion of profit or loss and net assets of subsidiaries that are not held directly or indirectly by the group. Page 18
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Group made a loss during the year and at the reporting date has net current liabilities. A key component of the net current liability position is deferred income totalling £10.1 million. This amount reflects ticket and venue hire fees received in advance for events scheduled to occur in the financial year ending 31 March 2026. These advance payments, integral to the Group's operational model, will be recognised as turnover in the corresponding financial period. The Group continues to secure similar advance event income post-reporting date, a practice central to its cash flow strategy and financial resilience. On 2 October 2025, the Group entered into a 3 year £12m loan facility with Lloyds, with an extension option available. £6.33m was drawn from the facility and used to settle existing loans included within these financial statements as creditors due within one year. The balance of the facility remains undrawn and is available to the Group to draw at a later date if required. The Group's financial stability is further supported by robust cash reserves and ongoing backing from investors. Financial results subsequent to the reporting date and forecasts confirm the Group is able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. On this basis, the financial statements on the going concern basis.
| 2.4 | Turnover
Turnover comprises revenue recognised by the Group in respect of staging and operating live music and corporate events, the hiring out of live music and corporate venues, event management fees, sponsorship income and production fees is recognised when the events are staged and it is probable that economic benefits will flow to the Group. The operation of events includes beverage and merchandise sales, which are recognised at point of sale. Amounts received in advance with respect to events occurring during future periods are deferred and recognised in the period the event occurs. These amounts are shown in other creditors. Turnover in respect of promoting events is recognised over the period the services are provided. All revenue is exclusive of Value Added Tax and trade discounts.
| 2.5 | Foreign currency translation
The company's functional and presentational currency is £ Sterling. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income. Page 19
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group 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.
| 2.7 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.10 | Pensions
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds. Page 20
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The useful economic life of website and brand development costs have been estimated as 10 years. Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the net book value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life which has been estimated as 10 years. Page 21
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Leasehold improvements, and plant and machinery purchased specifically for use at leased premises are depreciated straight line over the remaining life of the leases. Other plant, machinery and equipment is depreciated as follows: Plant and machinery - 3 to 10 years straight line Motor vehicles - 25% reducing balance Fixtures, fittings and equipment - 25% reducing balance or 3 to 10 years straight line IT equipment - 3 to 4 years straight line Assets held under finance lease - over the term of the lease 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.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Page 22
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Associates and joint ventures
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy. An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. The difference between the cost of the investment and the group's share of the net fair value of the identifiable assets and liabilities of the associate or joint venture at the acquisition date is recognised as goodwill. This goodwill is considered to be implicit goodwill, representing the premium paid for the investment that is attributable to future economic benefits arising from assets that are not individually identified and separately recognised. Implicit goodwill is not separately recognised in the statement of financial position but is included in the carrying amount of the investment. Implicit goodwill is amortised straight line over 10 years. Page 23
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Stock and work in progress
Stock is 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. The impairment loss is recognised immediately in the Statement of Comprehensive Income. Work in progress relates to development costs incurred in relation to events scheduled after the reporting date. Work in progress is valued at the lower of cost and net realisable value.
| 2.17 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.18 | Basic financial instruments
The Group only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans with related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Cash is represented by cash in hand and deposits with financial institutions. Page 24
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors have made the following judgments: a) Determining whether there are indicators of impairment of Company's and Group's tangible and intangible assets. Factors taken into consideration include the economic viability and expected future financial performance of the assets. b) Determining whether leases entered into by the group as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. The directors have made the following key estimates: a) Intangible and tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values. b) In classifying the deferred tax asset between debtors due after more than one year and debtors due within one year, predictions have been made for each entity of the Group that has a carried forward tax loss at 31 March 2025 to estimate when the losses are expected to be utilised.
4. | Turnover
In the opinion of the directors, the analysis of turnover by class of business would be seriously prejudicial to the interests of the Group.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 381,510 | 358,421
Page 25
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation of intangible fixed assets | 759,966 | 752,577
| Depreciation of tangible fixed assets | 2,581,974 | 1,885,861
| Loss on disposal of tangible assets | 982 | -
| Operating lease rentals | 3,757,676 | 3,057,634
| Exchange differences | (10,472) | 2,119
7. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor for: |  |
| The audit of the Group's annual financial statements | 31,500 | 30,000
| The audit of subsidiary annual financial statements | 134,500 | 110,000
| Other services | 6,500 | 10,000
|  | 172,500 | 150,000
| Fees payable to component auditors for: |  |
| The audit of subsidiary annual financial statements | 20,152 | 19,000
|  | 192,652 | 169,000
8. | Employees
| Staff costs, including directors' fees, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 9,496,279 | 8,273,066 | 2,814,899 | 3,108,455
| Social security costs | 1,016,818 | 928,143 | 357,354 | 347,900
| Cost of defined contribution scheme | 463,446 | 424,537 | 137,008 | 144,033
|  | 10,976,543 | 9,625,746 | 3,309,261 | 3,600,388
Page 26
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8.Employees (continued)
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Group directors | 3 | 3 | 3 | 3
|  | Subsidiary directors | 2 | 2 | - | -
|  | Other employees | 219 | 211 | 47 | 41
|  |  | 224 | 216 | 50 | 44
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 515,675 | 430,806
| Group contributions to defined contribution pension schemes | 48,941 | 45,150
|  | 564,616 | 475,956
| During the year retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £214,462 (2024 - £215,403).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,575 (2024 - £22,575).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 10,801 | 13,309
Page 27
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 11,456 | 33,554
| Other loan interest payable | 340,959 | 345,217
| Finance leases and hire purchase contracts | 155,385 | 67,485
| Other interest payable | 1,682 | -
|  | 509,482 | 446,256
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 123,211 | -
| Adjustments in respect of previous periods | - | (2,080)
| Total current tax | 123,211 | (2,080)
| Deferred tax |  |
| Origination and reversal of timing differences | (18,268) | 17,807
| Tax on (loss)/profit | 104,943 | 15,727
Page 28
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 19%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (48,991) | 706,567
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 19%) | (12,248) | 134,248
| Effects of: |  |
| Non-tax deductible amortisation of goodwill | 186,831 | 141,991
| Expenses not deductible for tax purposes | 163,309 | (249,200)
| Capital allowances for year in excess of depreciation | 239,520 | (237,257)
| Utilisation of tax losses | (541,386) | (176,153)
| Adjustments to tax charge in respect of prior periods | - | (2,080)
| Non-taxable income - share of profits from associates and joint ventures | (276,914) | (22,650)
| Unrelieved tax losses carried forward | 406,620 | 457,268
| Non-taxable profit/loss of subsidiary that is a charity | (42,521) | (48,247)
| Deferred tax | (18,268) | 17,807
| Total tax charge for the year | 104,943 | 15,727
| Factors that may affect future tax charges
At the reporting date, the parent company had tax losses of £Nil (2024 - £512,093 (as restated)) and subsidiary undertakings of the group had estimated tax losses of £7,212,261 (2024 - £7,751,323 (as restated)) available to carry forward and be utilised against future taxable trading profits. A deferred tax asset has been recognised in relation to these losses.
13. | Parent company profit for the year
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £462,497 (2024 - £NIL). Page 29
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Intangible assets
| Group
|  | Website & development costs | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | 104,153 | 7,473,231 | 7,577,384
| Additions | - | 60,000 | 60,000
| At 31 March 2025 | 104,153 | 7,533,231 | 7,637,384
| Amortisation |  |  |
| At 1 April 2024 | 29,902 | 2,921,839 | 2,951,741
| Charge for the year on owned assets | 12,643 | 747,323 | 759,966
| At 31 March 2025 | 42,545 | 3,669,162 | 3,711,707
| Net book value |  |  |
| At 31 March 2025 | 61,608 | 3,864,069 | 3,925,677
Page 30
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14.Intangible assets (continued)
| Company
|  | Website & development costs
|  | £
| Cost |
| At 1 April 2024 | 90,739
| At 31 March 2025 | 90,739
| Amortisation |
| At 1 April 2024 | 16,488
| Charge for the year | 12,643
| At 31 March 2025 | 29,131
| Net book value |
| At 31 March 2025 | 61,608
Page 31

|  | BROADWICK GROUP LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 15. | Tangible fixed assets
|  | Group
|  | Leasehold improvements | Plant, machinery and equipment | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |  |
| At 1 April 2024 | 5,792,373 | 3,260,912 | 93,433 | 5,673,211 | 333,420 | 316,226 | 15,469,575
| Additions | 1,076,690 | 572,224 | 81,035 | 132,396 | 391,100 | 59,715 | 2,313,160
| Disposals | - | (6,036) | (44,383) | (105,871) | - | - | (156,290)
| Transfers between classes | - | 12,721 | 346 | (34,421) | 21,354 | - | -
| At 31 March 2025 | 6,869,063 | 3,839,821 | 130,431 | 5,665,315 | 745,874 | 375,941 | 17,626,445
| Depreciation |  |  |  |  |  |  |
| At 1 April 2024 | 1,186,413 | 422,359 | 4,928 | 3,302,380 | 173,718 | 141,971 | 5,231,769
| Charge for the year on owned assets | 811,987 | 440,007 | - | 726,458 | 84,267 | 89,742 | 2,152,461
| Charge for the year on financed assets | - | 161,864 | 28,337 | 153,595 | 85,717 | - | 429,513
| Disposals | - | (6,036) | (28,113) | (93,164) | - | - | (127,313)
| Transfers between classes | 32 | 228 | - | - | (260) | - | -
| At 31 March 2025 | 1,998,432 | 1,018,422 | 5,152 | 4,089,269 | 343,442 | 231,713 | 7,686,430
| Net book value |  |  |  |  |  |  |
| At 31 March 2025 | 4,870,631 | 2,821,399 | 125,279 | 1,576,046 | 402,432 | 144,228 | 9,940,015
Page 32

BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant, machinery and equipment | 534,095 | 779,868
| Motor vehicles | 78,978 | 27,922
| Office equipment | 263,867 | 21,615
|  | 876,940 | 829,405
| Company
|  | Leasehold improvements | Plant, machinery and equipment | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 April 2024 | 470,639 | 626,690 | 173,634 | 221,256 | 1,492,219
| Additions | 178,348 | - | 1,786 | 59,715 | 239,849
| At 31 March 2025 | 648,987 | 626,690 | 175,420 | 280,971 | 1,732,068
| Depreciation |  |  |  |  |
| At 1 April 2024 | 70,380 | 12,949 | 34,852 | 116,940 | 235,121
| Charge for the year on owned assets | 53,931 | 47,599 | 51,032 | 70,287 | 222,849
| At 31 March 2025 | 124,311 | 60,548 | 85,884 | 187,227 | 457,970
| Net book value |  |  |  |  |
| At 31 March 2025 | 524,676 | 566,142 | 89,536 | 93,744 | 1,274,098
Page 33
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Fixed asset investments
| Group
|  | Investments in associates | Unlisted investments | Investment in joint ventures | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 April 2024 | 932,708 | - | 86,320 | 1,019,028
| Additions | 22,089 | - | 310,252 | 332,341
| Disposals | (305,241) | - | - | (305,241)
| Transfer between classes | (166,579) | 166,579 | - | -
| Share of profit/(loss), net of dividends received | 220,159 | - | (285,242) | (65,083)
| At 31 March 2025 | 703,136 | 166,579 | 111,330 | 981,045
| During the year the group disposed off part of its shares in an assoicate Kaboodle Solutions Limited, resulting in a decrease in ownership from 22% to 9% such that it is now not an associate. Accordingly, £166,579 has been transferred between classes from investment in associates to unlisted investments.
| Company
|  | Investments in subsidiary companies | Investments in associates | Investment in joint ventures | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 April 2024 | 6,544,060 | 22,089 | - | 6,566,149
| Additions | 100 | - | 310,252 | 310,352
| Disposals | - | (22,089) | - | (22,089)
| Share of profit/(loss) | - | - | (310,252) | (310,252)
| At 31 March 2025 | 6,544,160 | - | - | 6,544,160
Page 34
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the company at the reporting date:
| Name | Registered office | Principal activity | Class of shares | Holding
| Broadwick Live Limited | Same as parent | Hosting events | Ordinary | 100%
| Broadwick Venues Limited | Same as parent | Venue hire | Ordinary | 100%
| Venue Lab Limited | Same as parent | Venue hire | Ordinary | 100%
| BWL (Sugar Factory) Limited | 30 Water Street, Canary Wharf, London, E14 5GX | Venue hire | Ordinary | 100%
| Spaces & Stories Limited | 30 Water Street, Canary Wharf, London, E14 5GX | Marketing services and venue hire | Ordinary | 100%
| Vibration Group Limited | Same as parent | Production services for events | Ordinary | 100%
| Nine Point Eight | Same as parent | Charity |  | 100%
| C&H (BWG) Limited | 30 Water Street, Canary Wharf, London, E14 5GX | Venue hire | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Broadwick Live Limited (Formerly Broadwick Entertainment Limited) | (325,896) | 1,043,658
| Broadwick Venues Limited | (719,678) | 279,046
| Venue Lab Limited | 3,648,839 | 1,155,006
| BWL (Sugar Factory) Limited | (2,398,129) | (758,523)
| Spaces & Stories Limited | (932,505) | (262,899)
| Vibration Group Limited | 2,865,162 | 141,746
| Nine Point Eight | 363,392 | 170,085
| C&H (BWG) Limited | (296,446) | (296,446)
Page 35
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the company at the reporting date:
| Name | Registered office | Principal activity | Class of shares | Holding
| Hydra Events Limited | 30 Water Street, Canary Wharf, London, E14 5GX | Hosting and promoting events | Ordinary | 80%
| Silverworks Island Limited | 30 Water Street, Canary Wharf, London, E14 5GX | Venue hire | Ordinary | 100%
| Corner Corner (BWG) Limited | 30 Water Street, Canary Wharf, London, E14 5GX | Dormant | Ordinary | 100%
| Full Circle Performance Production Limited | Same as parent | Dormant | Ordinary | 100%
| C6 Works Ltd | 30 Water Street, Canary Wharf, London, E14 5GX |  | Ordinary | 51%
| Brooklyn Store House Inc | Building 293, Naval Yard, New York, USA | Venue Hire | Ordinary | 80%
| The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Hydra Events Limited | 27,283 | 18,142
| Silverworks Island Limited | 249,150 | (4,928)
| Corner Corner (BWG) Limited | (24,058) | (74,158)
| Full Circle Performance Production Limited | (84,331) | -
| C6 Works Ltd | 935,955 | 263,923
| Brooklyn Store House Inc | (175,248) | (175,248)
| Associate
| The following was an associate of the company at the reporting date:
| Name | Registered office | Holding
| 3D Set Company Limited | 1a Davyhulme Circle, Urmston, Manchester, M41 0ST | 49%
Page 36
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Joint ventures
| The following were joint ventures of the company at the reporting date:
| Name | Registered office | Holding
| Skin London Limited | Same as the Group | 50%
| Brooklyn Storehouse LLC | Building 293, Naval Yard, New York, USA | 50%
17. | Stock and work in progress
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Work in progress | - | 51,131
| Bar and merchandise stock | 286,640 | 217,338
|  | 286,640 | 268,469
Page 37
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Prepayments and accrued income | 20,248 | 35,433 | - | -
| Deferred tax asset | 714,137 | 695,869 | - | -
|  | 734,385 | 731,302 | - | -
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 10,636,162 | 8,110,692 | 33,850 | 9,392
| Amounts owed by group undertakings | - | - | 3,687,315 | 3,292,617
| Amounts owed by joint ventures and associated undertakings | 253,688 | 60,000 | 158,377 | 60,000
| Other debtors | 2,251,124 | 3,826,868 | 199,469 | 449,529
| Prepayments and accrued income | 6,725,244 | 4,040,161 | 1,228,123 | 105,179
| Tax recoverable | 63,401 | 63,401 | - | -
|  | 19,929,619 | 16,101,122 | 5,307,134 | 3,916,717
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 4,732,332 | 3,642,232 | 254,414 | 115,618
| Less: bank overdrafts | (396) | - | - | -
Page 38
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 396 | - | - | -
| Bank loans | 279,844 | 292,500 | - | -
| Other loans | 3,590,382 | 769,920 | 3,590,382 | 769,920
| Trade creditors | 4,079,098 | 7,823,416 | 848,658 | 832,573
| Amounts owed to group undertakings | - | - | 469,195 | 59,356
| Amounts owed to associates | - | 3,117 | - | -
| Other taxation and social security | 1,933,221 | 1,163,456 | 301,017 | 847,836
| Obligations under finance lease and hire purchase contracts | 348,374 | 578,738 | - | -
| Other creditors | 5,376,035 | 3,529,497 | 1,462,433 | 977,561
| Accruals and deferred income | 19,573,121 | 13,041,694 | 1,651,999 | 838,877
|  | 35,180,471 | 27,202,338 | 8,323,684 | 4,326,123
| The bank and other loans are secured by a fixed and floating charge over the assets of the Group. Obligations under finance leases and hire purchase contracts are secured on the assets concerned.
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 247,500 | 527,500 | - | -
| Other loans | 992,197 | 4,598,213 | 992,197 | 4,598,213
| Net obligations under finance leases and hire purchase contracts | 565,846 | 608,272 | - | -
| Other creditors | - | 500,000 | - | -
| Accruals and deferred income | 367,753 | 437,150 | 140,000 | 149,497
|  | 2,173,296 | 6,671,135 | 1,132,197 | 4,747,710
The bank and other loans are secured by a fixed and floating charge over the assets of the Group. Obligations under finance leases and hire purchase contracts are secured on the assets concerned. Page 39
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Loans
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 279,844 | 292,500 | - | -
| Other loans | 3,590,382 | 769,920 | 3,590,382 | 769,920
|  | 3,870,226 | 1,062,420 | 3,590,382 | 769,920
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 197,500 | 357,500 | - | -
| Other loans | 992,197 | 4,408,293 | 992,197 | 4,408,293
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 50,000 | 170,000 | - | -
| Other loans | - | 189,920 | - | 189,920
|  | 5,109,923 | 6,188,133 | 4,582,579 | 5,368,133
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase and finance leases fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 348,374 | 578,738
| Between 1-5 years | 565,846 | 608,272
|  | 914,220 | 1,187,010
24. | Financial instruments
| The company only enters into transactions that result in the recognition of basic financial assets and liabilities. It does not have financial assets and liabilities measured at fair value.
Page 40
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 695,869
| Charged to profit or loss | 18,268
| At end of year | 714,137
| Company
|  | 2025
|  | £
| Charged to profit or loss | (167,037)
| At end of year | (167,037)
|  | Group | Group | Company
|  | 2025 | 2024 | 2025
|  | £ | £ | £
| Accelerated capital allowances | (1,040,901) | (1,113,938) | (167,037)
| Tax losses carried forward | 1,755,038 | 1,809,807 | -
|  | 714,137 | 695,869 | (167,037)
| Based on the projections of each Group enitity, it's estimated that none of the deferred tax asset will reverse during the year ended 31 March 2026.
Page 41
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
26. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000,000 Ordinary shares of £0.01 each | 10,000 | 10,000
|  | 428,571 Preferred shares of £0.01 each | 4,286 | 3,333
|  |  | 14,286 | 13,333
| The Ordinary shares and Preferred shares have attached to them full voting and dividend rights. In the event of a capital distribution (including on winding up) the Preferred shares shall receive an amount equal to the preference amount plus any arrears of dividends in priority to any distribution on the ordinary shares.
On 01 July 2024 the company issued 952.38 £0.01 Preferred shares for £500,000.
27. | Reserves
Share premium account The share premium reserve represents the amount by which the amount received by the company for shares issued exceeds the shares par values. Profit and loss account The profit and loss reserve represents the cumulative balance of retained profits and losses since the Group started trading. It is a distributable reserve.
| 28. | Analysis of net debt
|  |  | At 1 April 2024 | Cash flows | New finance leases less finance lease repayments | At 31 March 2025
|  |  | £ | £ | £ | £
| Cash at bank and in hand | 3,642,232 | 1,090,100 | - | 4,732,332
| Bank overdrafts | - | (396) | - | (396)
| Debt due after 1 year | (5,125,713) | 3,886,016 | - | (1,239,697)
| Debt due within 1 year | (1,062,420) | (2,807,806) | - | (3,870,226)
| Finance leases and hire purchase contracts | (1,187,010) | - | 272,790 | (914,220)
|  | (3,732,911) | 2,167,914 | 272,790 | (1,292,207)
Page 42
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
29. | Contingent liabilities
Various companies within the group are guarantors for a loan of £2,371,382 (2024 - £2,874,524) provided to Broadwick Group Limited. The loan is secured by a fixed and floating charge over the assets of the affected companies. On 12 October 2020 Broadwick Group Limited purchased the entire share capital of Venue Lab Ltd and agreed to pay certain monies for the acquisition over a period of time. £1,850,000 (2024 - £2,000,000) was outstanding at the reporting date. Various companies within the group have provided a guarantee for this liability by way of a fixed and floating charge over their assets.
30. | Pension commitments
The Group contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £463,642 (2024 - £424,537). £68,773 (2024 - £56,137) was payable to the fund at the reporting date.
31. | Commitments under operating leases
| At 31 March 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 6,305,519 | 6,717,776
| Later than 1 year and not later than 5 years | 13,120,278 | 16,422,188
| Later than 5 years | 6,545,000 | 7,942,047
|  | 25,970,797 | 31,082,011
| In addition, the Group has contingent rent arrangements in place with some landlords which are dependent on the level of profit generated at each site.
Page 43
BROADWICK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
32. | Related party transactions
| During the year Hydra Events Limited, a subsidiary undertaking of the Group, received sales of £182,044 (2024 - £222,914) from Broadwick Live Limited, a fellow subsidiary. At the reporting date Hydra Events Limited was owed £127,572 (2024 - £16,792) by and owed £92,431 (2024 - £204,853) to fellow group undertakings. During the year the Group made a part disposal of an investment in associate such that it is no longer an associated undertaking. The group made sales to the associate of £6,894,079 (2024 - £7,850,373) up to the date of disposal. During the year the Group received dividends of £82,647 (2024 - £82,647) from associates of the Group. At the reporting date the Group was owed £253,688 by (2024 - owed £3,117 to) joint ventures and associates of the Group. The Group has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions between wholly owned members of the group. Key management personnel During the period, salaries paid to key management personel amounted to £711,112 (2024 - £807,862).
33. | Post balance sheet events
On 2 October 2025 Broadwick Group Limited, the ultimate parent undertaking, obtained new growth finance in the form of a £12M revolving credit facility from a bank. The facility has been secured by way of a fixed and floating charge over the assets of the group. Subsequent to the year end, on 30 September 2025, the Group surrendered the leasehold interest in its trading venue, The Beams, back to the landlord, together with the associated premises licence. The venue is operated by BWL (Sugar Factory) Limited, a subsidiary undertaking of the Group. As a result, the Group will not be operating the venue in the following financial year.
34. | Controlling party
In the opinion of the directors the Group does not have a controlling party.
Page 44