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Registered number: 14264912 WRP HOLDCO LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
WRP HOLDCO LTD COMPANY INFORMATION
Directors | JG Goss (resigned on 18 February 2026)
| CJ Miller
Registered number | 14264912
Registered office | 12-14 Denman Street
| London
| W1D 7HJ
Independent auditors | Harris and Trotter LLP
| Chartered Accountants & Statutory Auditors
| 101 New Cavendish Street
| 1st Floor South
| London
| W1W 6XH
WRP HOLDCO LTD CONTENTS
| Page
Group Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditors' Report | 5 - 8
Consolidated Statement of Comprehensive Income | 9 - 10
Consolidated Balance Sheet | 11 - 12
Company Balance Sheet | 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 - 45
WRP HOLDCO LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 29 DECEMBER 2024
Introduction
The directors present their report and financial statements for the year ended 29 December 2024.
Business review
The principal activity of the Company is that of a holding company. The Group operates a number of businesses in the hospitality sector. The Group's objective is to continue to grow profitably, generating positive cash flows through its trading operations and maintaining the brands' position at the forefront of the hospitality industry. This is achieved through the Group's continued focus on providing excellent quality food and drink to customers combined with best in class design and service in premium locations.
Principal risks and uncertainties
Economic Risk Whilst the Group has experienced growth in all of the principal sectors of its business, there is always a risk of potential reduced revenue due to outside influences and general economic trends. The Group has been focusing on further performance enhancement measures in order to guard against any downside impact from these risks. The Group's strong market position, financial strength, above average profitability, rigorous processes and controls make it well-positioned to ride out these potential challenges. Liquidity Risk The Group manages its cash and borrowing requirements in order to meet the needs of the business, maximise interest income minimise interest expense; whilst ensuring the Group has sufficient liquid assets to underwrite its operating and growth plans. Interest Rate Risk The Group is exposed to interest rate risk on loans. The Directors monitor this risk regularly and consider likely interest rates when deciding large expenditure outgoings. Credit Risk Given the nature of the industry business on credit is relatively low, and the Directors review any exposure on a regular basis. The process of risk acceptance and risk management is addressed through a process whereby proposals and matters of interest are subject to Board discussion and approval Results and performance and The cost of living crisis as well as elevated energy prices have adversely effected the business's operations during the period to 29 December 2024. Page 1
WRP HOLDCO LTD GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 29 DECEMBER 2024
Financial key performance indicators
The Group monitors its progress through close comparison of the performance of each individual site, measured through a number of KPls: •Profitability of each outlet against both the budgeted profitability and the prior period's profitability. Staff recruitment and retention. Cashflow management of each outlet and the Group as a whole against budgeted cashflow, taking particular account of capital expenditure. Senior management constantly review processes and procedures with a view to improving controls and working practices.
Future developments
In the coming year, the Group's objectives remain consistent, with particular emphasis on profitability and continuing to grow prominence of the brands as amongst the world's best hospitality businesses. This report was approved by the board and signed on its behalf. This report was approved by the board and signed on its behalf.
CJ Miller Director
Date: 13 April 2026
Page 2
WRP HOLDCO LTD DIRECTOR'S REPORT FOR THE YEAR ENDED 29 DECEMBER 2024 The director presents his report and the financial statements for the year ended 29 December 2024.
Directors
The directors who served during the year were:
JG Goss (resigned 18 February 2026)
CJ Miller
Director's responsibilities statement
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙he 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.
Post balance sheet events
In June 2025 the IP Topco Group including all it subsidiaries left the White Rabbit Group and were sold to a third party. Page 3
WRP HOLDCO LTD DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 29 DECEMBER 2024
Auditors
The auditors, Harris and Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
CJ Miller Director
Date: 13 April 2026
Page 4
WRP HOLDCO LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD
Opinion
We have audited the financial statements of WRP Holdco Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 29 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the 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 29 December 2024 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 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 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 director with respect to going concern are described in the relevant sections of this report. Page 5
WRP HOLDCO LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 Director's 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 Director's 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 Director's 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 director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
WRP HOLDCO LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
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: The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.Owing to the inherent imitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In dentifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: •We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates.We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates; We did not identify any key audit matters relating to irregularities, including fraud. 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. Page 7
WRP HOLDCO LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (CONTINUED)
Other matters
The Group incurred a significant loss during the current financial period, marking consecutive periods of substantial losses. This has materially impacted the Group's net asset value, which, while remaining positive as at period-end, may move into a negative position if significant losses persist in future periods. Despite this, we do not have concerns regarding the Group's ability to continue as a going concern, given the financing being received from its investor, which will support the continued running of the group. Additionally, the Group has undertaken considerable expansion activities over recent financial periods, including the opening of multiple new stores. These expansions required significant capital investments to bring the stores to operational readiness. As these stores ramp up to full capacity, we anticipate a notable improvement in the Group's performance in the upcoming periods.
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. Daniel Walters (Senior Statutory Auditor) for and on behalf of Harris and Trotter LLP Chartered Accountants Statutory Auditors 101 New Cavendish Street 1st Floor South London W1W 6XH 13 April 2026 Page 8
WRP HOLDCO LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 29 DECEMBER 2024
| 29 December | 31 December
| 2024 | 2023
Note | £ | £
Turnover | 3 | 35,963,568 | 30,356,413
Cost of sales |  | (11,189,454) | (9,359,266)
Gross profit |  | 24,774,114 | 20,997,147
Administrative expenses |  | (30,356,629) | (23,456,101)
Exceptional administrative expenses |  | (1,121,542) | (651,216)
Other operating income | 4 | 759 | 38,123
Other operating charges |  | (2,300) | (2,199)
Operating loss | 5 | (6,705,598) | (3,074,246)
Interest receivable and similar income | 9 | 16,444 | -
Interest payable and similar expenses | 10 | (261,121) | (276,945)
Loss before taxation |  | (6,950,275) | (3,351,191)
Tax on loss | 11 | (311,702) | (224,962)
Loss for the financial year |  | (7,261,977) | (3,576,153)
Adjusted EBITDA |  |  |
Adjusted EBITDA* |  | (1,204,627) | 655,538
Loss of White Rabbit Opco Limited |  | (1,162,483) | (815,132)
Depreciation and amortisation |  | (2,018,294) | (1,900,485)
Pre-opening costs |  | (1,198,922) | (355,744)
Interest |  | (244,677) | (276,945)
Exceptional items |  | (1,121,542) | (651,216)
Deferred Taxation |  | (311,702) | (208,962)
FX Movements |  | - | (7,207)
Taxation |  | - | (16,000)
Non-controlling interest |  | 1,892,713 | 1,135,283
Loss for the financial period |  | (5,369,534) | (2,440,870)
(Loss) for the year attributable to: |  |  |
Non-controlling interests |  | (1,892,713) | (1,135,283)
Owners of the Parent Company |  | (5,369,264) | (2,440,870)
|  | (7,261,977) | (3,576,153)
Page 9
WRP HOLDCO LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE YEAR ENDED 29 DECEMBER 2024
The notes on pages 18 to 45 form part of these financial statements.
*Adjusted EBITDA comprises of earnings before interest, tax, depreciation and amortisation. Pre-opening costs, exceptional items and the loss from White Rabbit Opco Limited have also been taken out of Adjusted EBITDA.
Page 10
WRP HOLDCO LTD REGISTERED NUMBER: 14264912 CONSOLIDATED BALANCE SHEET AS AT 29 DECEMBER 2024
|  | 29 December |  | 31 December
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 1,242,585 |  | 1,268,374
Tangible assets | 15 |  | 10,004,913 |  | 6,348,766
|  |  | 11,247,498 |  | 7,617,140
Current assets |  |  |  |  |
Stocks | 17 | 730,122 |  | 447,170 |
Debtors: amounts falling due within one year | 18 | 5,892,310 |  | 4,308,121 |
Cash at bank and in hand | 19 | 3,570,011 |  | 1,115,268 |
|  | 10,192,443 |  | 5,870,559 |
Creditors: amounts falling due within one year | 20 | (14,871,358) |  | (10,234,052) |
Net current liabilities |  |  | (4,678,915) |  | (4,363,493)
Total assets less current liabilities |  |  | 6,568,583 |  | 3,253,647
Creditors: amounts falling due after more than one year | 21 |  | (10,299,519) |  | (2,508,665)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (486,343) |  | (208,962) |
Net (liabilities)/assets |  |  | (4,217,279) |  | 536,020
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 6,492 |  | 5,278
Share premium account |  |  | 17,421,409 |  | 11,922,589
Profit and loss account |  |  | (19,619,416) |  | (11,028,796)
Equity attributable to owners of the Parent Company |  |  | (2,191,515) |  | 899,071
Non-controlling interests |  |  | (2,025,764) |  | (363,051)
|  |  | (4,217,279) |  | 536,020
Page 11
WRP HOLDCO LTD REGISTERED NUMBER: 14264912 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 29 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 April 2026.
CJ Miller
Director
The notes on pages 18 to 45 form part of these financial statements. Page 12
WRP HOLDCO LTD REGISTERED NUMBER: 14264912 COMPANY BALANCE SHEET AS AT 29 DECEMBER 2024
|  | 29 December |  | 31 December
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 10,373,588 |  | 9,268,285
|  |  | 10,373,588 |  | 9,268,285
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 6,957,414 |  | 2,866,035 |
Cash at bank and in hand | 19 | 304,163 |  | 812 |
|  | 7,261,577 |  | 2,866,847 |
Creditors: amounts falling due within one year | 20 | (207,264) |  | (207,265) |
Net current assets |  |  | 7,054,313 |  | 2,659,582
Total assets less current liabilities |  |  | 17,427,901 |  | 11,927,867
Net assets |  |  | 17,427,901 |  | 11,927,867
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 6,492 |  | 5,278
Share premium account |  |  | 17,421,409 |  | 11,922,589
|  |  | 17,427,901 |  | 11,927,867
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 April 2026.
CJ Miller
Director
The notes on pages 18 to 45 form part of these financial statements. Page 13

|  | WRP HOLDCO LTD |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 DECEMBER 2024
|  | 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 January 2023 | 5,278 | 11,922,589 | (7,621,607) | 4,306,260 | (1,315,422) | 2,990,838
| Loss for the year | - | - | (2,440,870) | (2,440,870) | (1,135,283) | (3,576,153)
| Other movement | - | - | (966,319) | (966,319) | 2,087,654 | 1,121,335
| At 1 January 2024 | 5,278 | 11,922,589 | (11,028,796) | 899,071 | (363,051) | 536,020
| Loss for the year | - | - | (5,369,264) | (5,369,264) | (1,892,713) | (7,261,977)
| Shares issued during the year | 1,214 | 5,498,820 | - | 5,500,034 | - | 5,500,034
| Other movement | - | - | (3,221,356) | (3,221,356) | 230,000 | (2,991,356)
| At 29 December 2024 | 6,492 | 17,421,409 | (19,619,416) | (2,191,515) | (2,025,764) | (4,217,279)
| The notes on pages 18 to 45 form part of these financial statements.
Page 14

WRP HOLDCO LTD COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 DECEMBER 2024
| Called up share capital | Share premium account | Total equity
| £ | £ | £
At 1 January 2023 | 5,278 | 11,922,589 | 11,927,867
At 1 January 2024 | 5,278 | 11,922,589 | 11,927,867
Shares issued during the year | 1,214 | 5,498,820 | 5,500,034
At 29 December 2024 | 6,492 | 17,421,409 | 17,427,901
| The notes on pages 18 to 45 form part of these financial statements.
Page 15
WRP HOLDCO LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 DECEMBER 2024
|  |  | 29 December | 31 December
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (7,261,977) | (3,576,153)
Adjustments for: |  |
Intercompany Write-offs | 48,000 | -
Amortisation of intangible assets | 8,078 | 18,142
Depreciation of tangible assets | 2,010,216 | 1,906,104
Interest paid | 261,121 | 276,945
Interest received | (16,444) | -
Taxation charge | 388,715 | 224,962
(Increase) in stocks | (282,952) | (141,527)
(Increase) in debtors | (1,300,358) | (1,173,791)
Increase in creditors | 4,208,992 | 3,695,549
Net cash generated from operating activities | (1,936,609) | 1,230,231
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (257,335) | (230,447)
Purchase of tangible fixed assets | (6,570,322) | (3,336,707)
Sale of tangible fixed assets | 688 | -
Net cash from investing activities | (6,826,969) | (3,567,154)
Cash flows from financing activities |  |
Issue of ordinary shares | 1,212 | -
Repayment of loans | (65,066) | (290,510)
Repayment of debenture loans | - | (3,651)
Other new loans | 8,313,518 | -
Repayment of other loans | - | (60,756)
Interest paid | (244,677) | (276,945)
Issue of Share Premuim | 5,498,820 | -
Other Equity movements | (2,255,037) | -
Net cash used in financing activities | 11,248,770 | (631,862)
Net increase/(decrease) in cash and cash equivalents | 2,485,192 | (2,968,785)
Cash and cash equivalents at beginning of year | 1,084,090 | 4,052,875
Cash and cash equivalents at the end of year | 3,569,282 | 1,084,090
Page 16
WRP HOLDCO LTD CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 29 DECEMBER 2024
|  | 29 December | 31 December
|  | 2024 | 2023
|  | £ | £
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,569,982 | 1,115,268
Bank overdrafts | (700) | (31,178)
| 3,569,282 | 1,084,090
The notes on pages 18 to 45 form part of these financial statements.
Page 17
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
1. | General information
WRP Holdco Limited is a private company, limited by shares, incorporated in England and Wales (registration number: 14264912). The company's registered office address is 12-14 Denman Street, London, W1D 7HJ. The financial statements are presented in Sterling, which is the functional currency of the company. The Group's principal activity is the management, design and implementation of restaurants and other hospitality services. 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. 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 own 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 Balance Sheet, 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. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 29 July 2022. Page 18
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
In assessing the ability of the Group to continue as a going concern, management have considered current trading performance, cash flow forecasts, and the Group’s overall financial position. The Group has undergone rapid expansion in recent years, resulting in significant cash outlays to establish companies in new locations. While these new operations are expected to contribute positively once fully established, there is a timing difference between the initial investment in opening new locations and the generation of stable cash inflows. This has placed pressure on the short-term liquidity of some of the companies in the Group, reflected in delays in settling certain external creditors across the Group. The Group is in a net liability position at the year end, whereas the Company remains in a net asset position. There is a risk that some new locations may not achieve the expected level of performance; however, the Group continues to monitor the results of all trading entities closely and to manage the timing of future openings to preserve cash resources. During the year,one subsidiary, Kricket TVC Limited, ceased trading and subsequently entered liquidation (see note 27). This reflects the underperformance of a single location and does not affect the overall viability of the Group’s operations or its ongoing expansion strategy. The Parent of the Group, as well as the stakeholders of the Group, has confirmed its continued financial support and has provided a formal letter of support stating its intention to make funding available as required for at least 12 months from the date of approval of these financial statements. Having considered these factors, the directors are satisfied that the Group and Company have adequate resources to continue in operational existence for the foreseeable future, and accordingly, the financial statements continue to be prepared on a going concern basis. Page 19
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 20
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 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 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 21
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Current and deferred 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 balance sheet 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 balance sheet 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 balance sheet date.
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence. Page 22
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | 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. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Property Improvements | - | 20% | Rate varies per asset type in class up to 20%
|  |  |  | Plant and machinery | - | 33% | Rate varies per asset type in class up to 33%
|  |  |  | Motor vehicles | - |  |
|  |  |  | Fixtures and fittings | - | 15% |
|  |  |  | Office equipment | - | 20% |
|  |  |  | Computer equipment | - | 20% |
|  |  |  | Catering Equipment | - | 33% | Rate varies per asset type in class up to 33%
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.
| 2.15 | 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 balance sheet 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. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Page 23
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Page 24
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans Page 25
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 26
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Domestic sales | 33,241,993 | 28,342,788
| Franchise income and management fees | 2,242,331 | 1,296,748
| Wholesale revenue | 479,244 | 716,877
|  | 35,963,568 | 30,356,413
Analysis of turnover by country of destination:
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 35,861,681 | 30,180,815
| Rest of the world | 101,887 | 175,598
|  | 35,963,568 | 30,356,413
4. | Other operating income
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 759 | 38,123
|  | 759 | 38,123
Page 27
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Research & development charged as an expense | 17,101 | 3,283
| Exchange differences | (15,615) | 11,541
| Other operating lease rentals | 2,842,797 | 2,115,721
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 77,000 | 70,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 28
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 14,632,243 | 11,194,832
| Social security costs | 1,105,712 | 949,301
| Cost of defined contribution scheme | 230,903 | 175,986
|  | 15,968,858 | 12,320,119
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 29 December | 31 December | 29 December | 31 December
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Employees | 602 | 460 | - | -
|  | Directors | 2 | 2 | 2 | 2
|  |  | 604 | 462 | 2 | 2
8. | Director's remuneration
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Director's emoluments | 569,562 | 281,167
| Group contributions to defined contribution pension schemes | 2,201 | 1,321
|  | 571,763 | 282,488
Page 29
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
9. | Interest receivable
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 16,444 | -
|  | 16,444 | -
10. | Interest payable and similar expenses
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 12,357 | 406
| Other loan interest payable | 246,630 | 256,769
| Other interest payable | 2,134 | 19,770
|  | 261,121 | 276,945
Page 30
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
11. | Taxation
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 16,000
|  | - | 16,000
| Total current tax | - | 16,000
| Deferred tax |  |
| Accelerated Capital Allowences | (323,284) | (247,228)
| Tax losses carried foward | 11,582 | 38,266
| Total deferred tax | (311,702) | (208,962)
| Tax on loss | 311,702 | 224,962
Page 31
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (6,950,545) | (3,351,191)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | (1,737,636) | (837,798)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 12,937 | 46,222
| Capital allowances for year in excess of depreciation | (122,065) | 193,565
| Other timing differences leading to an increase (decrease) in taxation | 311,702 | 208,962
| Unrelieved tax losses carried forward | 1,883,958 | 945,020
| Tax payable on loans to participators | - | 16,000
| Other differences leading to an increase (decrease) in the tax charge | 646,882 | 48,373
| Group relief | (684,076) | (395,382)
| Total tax charge for the year | 311,702 | 224,962
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 32
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
12. | Exceptional items
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exceptional items | 1,121,542 | 651,216
|  | 1,121,542 | 651,216
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 £NIL (2023 - £NIL). Page 33
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
14. | Intangible assets
| Group and Company
|  | Patents | Development expenditure | Trademark | Computer software | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2024 | 220,786 | 1,228,052 | 630 | - | 1,449,468
| Additions | 7,478 | 176,128 | - | 20,660 | 204,266
| Additions - internal | 53,069 | - | - | - | 53,069
| Disposals | - | (297,698) | - | - | (297,698)
| At 29 December 2024 | 281,333 | 1,106,482 | 630 | 20,660 | 1,409,105
| Amortisation |  |  |  |  |
| At 1 January 2024 | 7,783 | 173,143 | 168 | - | 181,094
| Charge for the year on owned assets | 9,587 | 34,770 | 116 | 362 | 44,835
| On disposals | - | (59,410) | - | - | (59,410)
| At 29 December 2024 | 17,370 | 148,503 | 284 | 362 | 166,519
| Net book value |  |  |  |  |
| At 29 December 2024 | 263,963 | 957,979 | 346 | 20,298 | 1,242,586
| At 31 December 2023 | 213,002 | 1,054,909 | 462 | - | 1,268,373
Page 34

|  | WRP HOLDCO LTD |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
| 15. | Tangible fixed assets
|  | Group
|  | Leasehold Improvements | Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Catering Assets | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 January 2024 | 3,865,582 | 588,767 | 8,287,826 | 6,037 | 314,066 | 303,166 | 13,365,444
| Additions | 3,772,386 | 37,998 | 2,448,508 | 117,901 | 95,809 | 97,719 | 6,570,321
| Disposals | (178,226) | (280,246) | (2,198,541) | - | (27,590) | - | (2,684,603)
| At 29 December 2024 | 7,459,742 | 346,519 | 8,537,793 | 123,938 | 382,285 | 400,885 | 17,251,162
| Depreciation |  |  |  |  |  |  |
| At 1 January 2024 | 1,337,336 | 329,117 | 5,016,199 | 3,561 | 139,261 | 191,204 | 7,016,678
| Charge for the year on owned assets | 777,980 | 57,680 | 1,029,835 | 1,073 | 48,190 | 59,851 | 1,974,609
| Disposals | (104,733) | (205,395) | (1,418,377) | - | (16,533) | - | (1,745,038)
| At 29 December 2024 | 2,010,583 | 181,402 | 4,627,657 | 4,634 | 170,918 | 251,055 | 7,246,249
| Net book value |  |  |  |  |  |  |
| At 29 December 2024 | 5,449,159 | 165,117 | 3,910,136 | 119,304 | 211,367 | 149,830 | 10,004,913
| At 31 December 2023 | 2,528,247 | 259,650 | 3,271,626 | 2,476 | 174,805 | 111,962 | 6,348,766
Page 35

WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 15.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long leasehold | 5,449,160 | 2,528,245
|  | 5,449,160 | 2,528,245
Page 36
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 9,268,285
| Additions | 1,105,303
| At 29 December 2024 | 10,373,588
17. | Stocks
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Raw materials and consumables | 17,311 | -
| Finished goods and goods for resale | 712,811 | 447,170
|  | 730,122 | 447,170
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 37
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
18. | Debtors
|  | Group 29 December | Group 31 December | Company 29 December | Company 31 December
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 1,185,573 | 560,036 | - | -
| Amounts owed by group undertakings | 317,745 | 317,744 | 6,957,414 | 2,866,035
| Other debtors | 3,647,231 | 2,638,363 | - | -
| Prepayments and accrued income | 777,983 | 747,514 | - | -
| Tax recoverable | (36,222) | 44,464 | - | -
|  | 5,892,310 | 4,308,121 | 6,957,414 | 2,866,035
19. | Cash and cash equivalents
|  | Group 29 December | Group 31 December | Company 29 December | Company 31 December
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,570,011 | 1,115,268 | 304,163 | 812
| Less: bank overdrafts | (700) | (31,179) | - | -
|  | 3,569,311 | 1,084,089 | 304,163 | 812
Page 38
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
20. | Creditors: Amounts falling due within one year
|  | Group 29 December | Group 31 December | Company 29 December | Company 31 December
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | 700 | 31,179 | - | -
| Bank loans | 795,953 | 556,171 | - | -
| Other loans | 302,815 | 85,000 | - | -
| Trade creditors | 4,959,155 | 3,598,512 | - | -
| Amounts owed to group undertakings | 20,021 | 20,019 | 207,264 | 207,265
| Corporation tax | 16,000 | 16,000 | - | -
| Other taxation and social security | 1,713,447 | 2,268,655 | - | -
| Other creditors | 3,537,183 | 1,611,725 | - | -
| Accruals and deferred income | 3,526,084 | 2,046,791 | - | -
|  | 14,871,358 | 10,234,052 | 207,264 | 207,265
21. | Creditors: Amounts falling due after more than one year
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Bank loans | 1,742,047 | 2,046,896
| Other loans | 1,113,067 | -
| Other creditors | 7,444,405 | 461,769
|  | 10,299,519 | 2,508,665
Page 39
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 795,953 | 556,171
| Other loans | 302,815 | 85,000
|  | 1,098,768 | 641,171
| Amounts falling due 1-2 years |  |
| Bank loans | 1,279,341 | 2,046,896
|  | 1,279,341 | 2,046,896
| Amounts falling due 2-5 years |  |
| Bank loans | 462,706 | -
| Amounts falling due after more than 5 years |  |
| Other loans | 1,113,067 | -
|  | 3,953,882 | 2,688,067
23. | Financial instruments
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,570,011 | 1,115,268
| Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand
Page 40
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
24. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | (208,962)
| Charged to profit or loss | (277,381)
| At end of year | (486,343)
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Accelerated capital allowances | (536,198) | (247,228)
| Tax losses carried forward | 49,855 | 38,266
|  | (486,343) | (208,962)
25. | Share capital
|  |  |  |  | 29 December | 31 December
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 398,045 (2023 - 398,045) A Ordinary shares of £0.01 each | 3,980 | 3,980
|  | 129,815 (2023 - 129,815) B1 Ordinary shares of £0.01 each | 1,298 | 1,298
|  | 121,384 (2023 - NIL) B2 Ordinary shares of £0.01 each | 1,214 | -
|  |  | 6,492 | 5,278
During the year, 121,384 B2 Ordinary shares were issued at a value of £42.37 per share. Page 41
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
26. | Pension commitments
The Group operatesa 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 £230,903 (2023- £175,986). Contributions totalling £69,119 (2023 - £80,903) were payable to the fund at the reporting date and are included in creditors.
27. | Commitments under operating leases
| At 29 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group 29 December | Group 31 December
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 2,998,400 | 2,034,262
| Later than 1 year and not later than 5 years | 9,938,241 | 6,890,329
| Later than 5 years | 13,267,534 | 5,942,386
|  | 26,204,175 | 14,866,977
28. | Post balance sheet events
On 10 February 2025, a liquidator was appointed to Kricket TVC Limited, a wholly-owned subsidiary of the company, following the cessation of its trading activities in December 2024. The group’s investment in Kricket TVC Limited and related intercompany loan balances were written down to £nil as at 29 December 2024. The appointment of the liquidator occurred after the reporting date and is therefore treated as a non-adjusting post balance sheet event. No further adjustments have been made to the carrying amounts of assets or liabilities as a result of this event.
29. | Controlling party
The Ultimate Controlling party is C Miller. Page 42
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024
30. | Subsidiary undertakings
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Holding
| Kricket Limited | 12-14 Denman Street, London W1D 7HJ | 50%
| Island Poke Limited | C/O BEGBIES TRAYNOR (CENTRAL) LLP, 31st FLoor 40 Bank Stret, London, E14 5NR | 56.25%
| IP Topco Limited | Portman House Fidcorp, 2 Portman Street, London, United Kingdom, W1H 6DU | 50%
| Lina Stores WR Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| White Rabbit Hospitality Limited | 12-14 Denman Street, London W1D 7HJ | 100%
| WRP Wellness Ltd | 12-14 Denman Street, London W1D 7HJ | 100%
Page 43
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 30.Subsidiary undertakings (continued)
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Holding
| Kricket Soho Limited | 12-14 Denman Street, London W1D 7HJ | 50%
| Kricket Brixton Limited | 12-14 Denman Street, London W1D 7HJ | 50%
| Kricket TVC Limited | 31st Floor 40 Bank Street, London, E14 5NR | 50%
| Kricket Delivery Limited | 12-14 Denman Street, London W1D 7HJ | 50%
| Kricket HQ Ltd | 12-14 Denman Street, London W1D 7HJ | 50%
| Kricket Shoreditch Limited | 12-14 Denman Street, London W1D 7HJ | 50%
| Soma Soho Limited | 12-14 Denman Street, London W1D 7HJ | 50%
| Island Poke France & Benelux Limited | Portman House Fidcorp, 2 Portman Street, London, United Kingdom, W1H 6DU | 50%
| Island Poke Franchise Ltd | Portman House Fidcorp, 2 Portman Street, London, United Kingdom, W1H 6DU | 50%
| Lina Stores KX Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores BA Ltd | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores ML Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores CC Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores ER Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores SH Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores CR Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores QS Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores BC Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores 1994 Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores Online Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Cucina Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
Page 44
WRP HOLDCO LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024 30.Subsidiary undertakings (continued) Indirect subsidiary undertakings (continued)
| Name | Registered office | Holding
| Lina Centro Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| Lina Stores WRI Limited | 12-14 Denman Street, London W1D 7HJ | 61.58%
| WRP Wellness CW Limited | 12-14 Denman Street, London W1D 7HJ | 100%
| WRH CA Limited | 12-14 Denman Street, London W1D 7HJ | 100%
| WRH OX Limited | 12-14 Denman Street, London W1D 7HJ | 100%
| WRH SA Limited | 12-14 Denman Street, London W1D 7HJ | 100%
| WRH NB Limited | 12-14 Denman Street, London W1D 7HJ | 100%
| WRH AJ Limited | 12-14 Denman Street, London W1D 7HJ | 100%
Page 45