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Buenos Aires Restaurant Holdings Limited
Annual Report and Financial Statements
Period from 1 July 2024 to 29 June 2025

Registration number: 09365139

Buenos Aires Restaurant Holdings Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Notes to the Financial Statements | 12 to 19

Buenos Aires Restaurant Holdings Limited

Company Information

Directors | S A Hill G V Lloyd-Jones M P Osella

Registered office | Nower End Nower Road Dorking Surrey RH4 3BX

Auditors | PKF Francis Clark Statutory Auditor90 Victoria Street Redcliffe Bristol BS1 6DP

Buenos Aires Restaurant Holdings Limited

Strategic Report for the Period from 1 July 2024 to 29 June 2025

The directors present their strategic report for the period from 1 July 2024 to 29 June 2025.

Principal activity

The principal activity of the company is that of a holding company

Fair review of the business

The company is an intermediate parent company holding 100% of the share capital of Buenos Aires Restaurant Limited which trades a chain of eight restaurants under the Buenos Aires and Buenasado brands. Trade during the year in its subsidiary, Buenos Aires Restaurant Limited, as noted below, was positive. The directors continue to look for opportunities to grow its subsidiary estate. However, the primary focus remains that of continuing to improve the profitability of the existing estate, build cash, reduce debt and strengthen the balance sheet before seeking further opportunities.
The company made a profit for the period of £3,629,416 compared to a loss of £9,837 in the previous year. The period end balance sheet shows a net assets position of £1,818,170 versus a net liabilities position of £395,888 as at 30 June 2024. As at 30 June 2024, the balance due to other group companies was £2,158,263. In order to simplify the group structure, dividends were paid between the group companies in settlement of intercompany balances.
The directors continue to adopt normal trading KPI’s consistent with those used by other restaurant groups including labour, food and sales like for likes. The board also reports to the bank on a monthly basis regarding cash, cash flow and trading performance.
The board also holds monthly meetings to ensure that its strategic objectives are achieved throughout the group that the company is a part of; financial and operational performance meets the board’s demands in order to balance the needs and desires of all stakeholders including staff, suppliers, banks, customers and shareholders; and, the group maintains best practice in all areas of the business thereby ensuring the safety of customers and staff.

Future Growth

Trading throughout the subsidiary’s restaurant estate has been positive. Both brands are generating cash and building cash reserves. However, the primary focus of the directors is to continue to improve profitability of the existing estate where possible, reduce debt and strengthen the balance sheet before seeking further opportunities to grow organically via new openings and/or acquisition.

Buenos Aires Restaurant Holdings Limited

Strategic Report for the Period from 1 July 2024 to 29 June 2025

Principal risks and uncertainties

The key risks and uncertainties facing the company are those facing all leisure related companies at the present time: political and economic uncertainty and the impact on consumer sentiment, increases in minimum wage and employers NI, changes to property rates, oil and gas price volatility affecting energy costs and continued food cost inflation. These factors potentially affect the trading of the subsidiary and therefore the value of the investment that the company itself holds in the long term. However, the company has the full support of its bankers, and the directors consider the subsidiary to be in good financial health which supports the company position.
Supply chain risk
In order to maintain authenticity, Buenos Aires imports significant product lines from other parts of the world, including South America and Europe. In order to mitigate the potential impact of economic and political uncertainty affecting supply, the group maintains close relationships with suppliers and have therefore been able to secure the supplies needed ahead of many other restaurants. This risk impacts the company via its investment in its subsidiary.

Approved and authorised by the Board on 1 April 2026 and signed on its behalf by:

......................................... G V Lloyd-Jones Director

Buenos Aires Restaurant Holdings Limited

Directors' Report for the Period from 1 July 2024 to 29 June 2025

The directors present their report and the financial statements for the period from 1 July 2024 to 29 June 2025.

Directors of the company

The directors who held office during the period were as follows:

S A Hill

G V Lloyd-Jones

M P Osella

Financial instruments

Objectives and policies

The company holds intercompany and bank borrowings, and investment in its subsidiary, Buenos Aires Restaurant Limited, all of which are deemed to be basic financial instruments, in order to fund the investment made in its subsidiary undertakings and fulfil the company's role as intermediate holding company.

Price risk, credit risk, liquidity risk and cash flow risk

The company has variable interest rate debt instruments and does not have exposure to foreign exchange transactions. Price risk, credit risk, liquidity risk and cash flow risk are therefore mitigated. The directors of the company monitor the group performance and thus valuation of intra-group balances on an ongoing basis.

Future developments

The company has taken advantage of Section 414C(11) of the Companies Act 2006 and includes details of future developments in the Strategic Report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 1 April 2026 and signed on its behalf by:

......................................... G V Lloyd-Jones Director

Buenos Aires Restaurant Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

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

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Buenos Aires Restaurant Holdings Limited

Independent Auditor's Report to the Members of Buenos Aires Restaurant Holdings Limited

Opinion

We have audited the financial statements of Buenos Aires Restaurant Holdings Limited (the 'company') for the period from 1 July 2024 to 29 June 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 company's affairs as at 29 June 2025 and of its profit for the period then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 auditor’s 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.

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.

Buenos Aires Restaurant Holdings Limited

Independent Auditor's Report to the Members of Buenos Aires Restaurant Holdings Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

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:

Buenos Aires Restaurant Holdings Limited

Independent Auditor's Report to the Members of Buenos Aires Restaurant Holdings Limited

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we discussed these with the relevant individuals responsible for compliance. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements. The key laws and regulations identified were the Companies Act 2006 and Corporation Tax Acts 2009 & 2010.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements; and
• Reviewing legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance
As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud, of which management confirmed there were none.
We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to income and expenditure, and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The fraud incentives were assessed as being the need to meet investor and banking partner's expectations, and also the mitigation of tax liabilities. Based upon our understanding we designed and conducted audit procedures including:
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and
• Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

Buenos Aires Restaurant Holdings Limited

Independent Auditor's Report to the Members of Buenos Aires Restaurant Holdings Limited

Use of our report

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

......................................
Nicholas Farrant BA MSc FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
90 Victoria Street
Redcliffe
Bristol
BS1 6DP

1 April 2026

Buenos Aires Restaurant Holdings Limited

Statement of Income and Retained Earnings

Period from 1 July 2024 to 29 June 2025

| Note | 29 June 2025 £ | 30 June 2024 £
Turnover |  | - | -
Administrative expenses |  | (48) | (2,913)
Operating loss |  | (48) | (2,913)
Income from shares in group undertakings |  | 3,631,643 | -
Interest payable and similar charges | 4 | (2,683) | (9,253)
|  | 3,628,960 | (9,253)
Profit/(loss) before tax |  | 3,628,912 | (12,166)
Taxation | 5 | 504 | 2,329
Profit/(loss) for the financial period |  | 3,629,416 | (9,837)
Retained earnings brought forward |  | (398,013) | (388,176)
Dividends paid |  | (1,415,358) | -
Retained earnings carried forward |  | 1,816,045 | (398,013)

Buenos Aires Restaurant Holdings Limited

Balance Sheet

29 June 2025

| Note | 29 June 2025 £ | 30 June 2024 £
Fixed assets |  |  |
Investments | 6 | 1,822,111 | 1,822,111
Creditors: Amounts falling due within one year | 8 | (3,941) | (2,217,999)
Net assets/(liabilities) |  | 1,818,170 | (395,888)
Capital and reserves |  |  |
Called up share capital |  | 2,125 | 2,125
Profit and loss account | 13 | 1,816,045 | (398,013)
Shareholders' funds/(deficit) |  | 1,818,170 | (395,888)

Approved and authorised by the Board on 1 April 2026 and signed on its behalf by:

......................................... G V Lloyd-Jones Director

Company Registration Number: 09365139

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Nower End
Nower Road
Dorking
Surrey
RH4 3BX

These financial statements were authorised for issue by the Board on 1 April 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest round pound.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Seciton 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

Group accounts not prepared

The financial statements contain information about Buenos Aires Restaurant Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The Company is exempt by virtue of s400 of the Companies Act 2006 for the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent company. High Road Restaurants Group Holdco Limited, a company incorporated in England & Wales.

Going concern

The company acts as an intermediate holding company within the wider group. The directors have prepared detailed forecasts and cash flow analysis models for the company’s subsidiary up to June 2027 to satisfy their review of the going concern assertion.

Key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judegments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.
Judgement is applied by management when determining the valuation of its investments in its subsidiaries and whether there are any indications of impairment. Impairment occurs when the carrying amount of an asset exceeds its recoverable amount. If the recoverable amount is lower than the carrying amount, the difference may be recognised in profit or loss as an impairment loss. This is assessed at each reporting date, if there is any indication of impairment. The carrying amount is £1,822,111 (2024 - £1,822,111).

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Intercompany creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Staff costs

The average number of persons employed by the company (including directors) during the period, was 0 (2024 - 0).

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

4 | Interest payable and similar expenses

| 29 June 2025 £ | 30 June 2024 £
Interest on bank overdrafts and borrowings | 2,683 | 9,253

5 | Taxation

Tax charged/(credited) in the profit and loss account

| 29 June 2025 £ | 30 June 2024 £
Current taxation |  |
UK corporation tax | - | (2,329)
UK corporation tax adjustment to prior periods | (504) | -
| (504) | (2,329)

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 29 June 2025 £ | 30 June 2024 £
Profit/(loss) before tax | 3,628,912 | (12,166)
Corporation tax at standard rate | 907,228 | (3,042)
Decrease in UK and foreign current tax from adjustment for prior periods | (504) | -
Effect of revenues exempt from taxation | (907,911) | -
Effect of expense not deductible in determining taxable profit (tax loss) | - | 713
Tax increase arising from group relief | 683 | -
Total tax credit | (504) | (2,329)

6 | Investments

| 29 June 2025 £ | 30 June 2024 £
Investments in subsidiaries | 1,822,111 | 1,822,111

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

Subsidiaries | £
Cost or valuation
At 1 July 2024 | 1,822,111
Carrying amount
At 29 June 2025 | 1,822,111
At 30 June 2024 | 1,822,111

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Buenos Aires Restaurant Limited | Nower End, Nower Road, Dorking, RH4 3BX | ordinary shares | 100% | 100%

Subsidiary undertakings
Buenos Aires Restaurant Limited The principal activity of Buenos Aires Restaurant Limited is the operation of a chain of restaurants.

7 | Debtors

| 29 June 2025 £ | 30 June 2024 £
| - | -

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

8 | Creditors

| Note | 29 June 2025 £ | 30 June 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | - | 57,094
Amounts due to group undertakings | 12 | 100 | 2,158,263
Other creditors |  | 1,201 | 2
Accruals |  | 2,640 | 2,640
|  | 3,941 | 2,217,999

9 | Loans and borrowings

Current loans and borrowings

| 29 June 2025 £ | 30 June 2024 £
Bank borrowings | - | 57,094

Bank borrowings

The bank term loan is denominated in sterling with a nominal interest rate of 4.5%, and the balance was repaid in the period. The carrying amount at period end is £Nil (2024 - £57,094). The bank term loan was secured by a debenture over the assets of the trading subsidiary which was disposed of during the period, af the loan was fully repaid, and a gurantee provided by the company.

10 | Share capital

Allotted, called up and fully paid shares

| 29 June 2025 | 30 June 2024
| No. | £ | No. | £
Ordinary A of £0.01 each | 102,000 | 1,020 | 102,000 | 1,020
Ordinary B of £0.01 each | 102,000 | 1,020 | 102,000 | 1,020
Ordinary C of £0.01 each | 8,500 | 85 | 8,500 | 85
| 212,500 | 2,125 | 212,500 | 2,125

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

Rights, preferences and restrictions

Ordinary A shares have the following rights, preferences and restrictions: Each share has the right to vote and to dividends, unless not fully paid up.
Ordinary B shares have the following rights, preferences and restrictions: Each share has the right to vote and to dividends, unless not fully paid up.
Ordinary C shares have the following rights, preferences and restrictions: Each share has the right to vote and no right to dividends, unless not fully paid up.

11 | Dividends

|  | 29 June 2025 |  | 30 June 2024
|  | £ |  | £
Interim dividend of £13.64 (2024 - £Nil) per ordinary share |  | 1,415,358 |  | -

12 | Related party transactions

Summary of transactions with other related parties

During the period the company received dividends from its subsidiary of £3,631,643, £2,044,358 was satisfied via a dividend in specie of a recoverable debtor and £1,587,285 was settled by clearance of the intercompany debtor. The balance due from the subsidiary at the year end was £nil (2024 - £1,527,963).
During the period the company paid a dividiend to its immediate parent company of £1,415,358 (2024 - £nil). At the period end the balance due to the immediate parent was £nil (2024 - £629,000).

13 | Reserves

Profit and loss account

The profit and loss account represents cumulative profit or losses net of dividends paid and other adjustments.

14 | Parent and ultimate parent undertaking

The company's immediate parent is High Road Restaurants Group Bidco Limited, incorporated in England & Wales.
The ultimate parent is High Road Restaurants Group Holdco Limited, incorporated in England & Wales.
The ultimate controlling party is Alcuin GP IV LLP.

The parent of the largest and smallest group in which these financial statements are consolidated is High Road Restaurants Group Holdco Limited, incorporated in England & Wales.

Buenos Aires Restaurant Holdings Limited

Notes to the Financial Statements

Period from 1 July 2024 to 29 June 2025

The address of High Road Restaurants Group Holdco Limited is:
Nower End, Nower Road, Dorking, RH4 3BX