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Registered number: 04848698
Quob Park Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2025
Quob Park Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2—9
Directors' Report | 10—11
Income Statement | 12
Statement of Financial Position | 13—14
Statement of Changes in Equity | 15
Notes to the Financial Statements | 16—25

Page 1
Quob Park Limited
Company Information
For The Year Ended 31 December 2025
Company Information

Directors | Mr Robert Simon Terry
| Mrs Louise Tracey Terry
| Mr Stephen Robert Dunn
Company Number | 04848698
Registered Office | Quob Park, Titchfield Lane
| Wickham
| Fareham
| Hampshire
| PO17 5PG
Business | Quob Park, Titchfield Lane
| Wickham
| Fareham
| Hampshire
| PO17 5PG
Bankers | Metro Bank Plc
| 1 Southampton Row
| London
| WC1B 5HA
Solicitors | Blake Morgan LLP
| 6 New Street Square
| London
| EC4A 3DJ

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Quob Park Limited
Strategic Report
For The Year Ended 31 December 2025
Strategic Report
The directors present their strategic report for the year ended 31 December 2025.
Principal Activity
The Company’s principal activity is the ownership and operation of integrated hospitality, membership, wine-led retail, customer engagement and technology-enabled operational platform businesses.
Activities during the year included hospitality dining operations, weddings, retreats and exclusive hire experiences, wine and gourmet home delivery memberships, wine education and tourism activities, management consultancy services and the continued development, operational deployment and selective licensing of the Quob Park Digital Platform.
The Company’s operations are focused on the integration of hospitality, customer engagement, wine, food pairing, education and technology-enabled recommendation systems designed to support recurring customer revenues and long-term customer lifetime value across the broader Quob Park platform.
The Company also owns and operates strategic hospitality and property assets connected with the broader Quob Park estate operations, including Quob Park Barn and the Old House Hotel, which together support the group’s hospitality, weddings, membership and wine-led operations.
The Company is also the parent undertaking of Quob Park Estate Limited, which operates vineyard, winery, wine production and related estate activities. The directors consider the interaction between the Company’s hospitality, membership, customer engagement and technology operations and the production activities undertaken within Quob Park Estate Limited to be strategically complementary and important to the long-term development of the broader Quob Park platform.
Through the combination of proprietary technology, hospitality operations, customer engagement systems, wine-led retailing and recurring membership structures, the Company continues to develop an integrated operational platform intended to support the scalable long-term expansion of the Quob Park brand and associated national membership activities.
Review of the Business
Operational Performance and Strategic Transition
Turnover for the year was £2,378,637 (2024: £1,391,791), representing significant growth across the Company’s continuing hospitality, membership, retreat and wine-led customer operations. Growth during the year was driven primarily by increased activity within the Wine & Dine at Home Club, hospitality operations, retreats and exclusive hire experiences, together with continued growth in weddings and private events. The Company also continued the development, operational deployment and selective licensing of the Quob Park Digital Platform, supporting both operational capability and customer engagement initiatives across the broader Quob Park platform. The directors continue to believe that technology-enabled customer acquisition, engagement and retention systems will become an increasingly important long-term differentiator for the business.
The Company’s hospitality and membership offering continued to evolve during the year, with increased focus on integrated premium wine-led hospitality experiences designed to improve customer engagement, increase customer lifetime value and support recurring customer revenues. The directors consider the interaction between hospitality, wine, membership, customer profiling and technology-enabled engagement to be a key differentiator of the broader Quob Park platform.
The Company’s broader offering now incorporates hospitality dining, exclusive hire, retreats, membership wine sales, tourism and education activities together with access to thousands of wines sourced from producers around the world. The directors believe this integrated operating model provides significant opportunities for long-term customer retention and scalable growth. The directors also consider the integration of hospitality, education, winemaking, customer engagement and technology operations within a single operational platform to be an important differentiator of the Quob Park model.
During the year the Company continued to refine its hospitality operations and strategic focus. Certain non-core activities, including The Old Tea House operations together with standalone day spa and treatment activities, were discontinued or restructured. The directors concluded that retreat, exclusive hire and integrated hospitality experiences generated materially stronger operational synergies with the Company’s wider hospitality, food, wine and membership operations, whilst standalone day spa operations required materially higher staffing levels and operating costs relative to their contribution to the broader customer platform.
Gross profit for the year was £547,467 (2024: loss of £106,651). The significant improvement reflects both revenue growth and the continued repositioning of the business toward higher-margin integrated hospitality, membership and wine-led operations. The directors believe the increasing contribution from weddings, exclusive hire, retreats and recurring membership revenues provides a strong platform for future operational leverage and margin expansion. The directors also believe that achieving increasing operational utilisation across weddings, retreats, hospitality and membership activities is strategically important in supporting the level of staffing, hospitality capability and customer experience standards required for the long-term positioning of the Quob Park brand.
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Review of the Business - continued
Quob Park Digital Platform and Adjusted EBITDA
The Company continued to invest in the ongoing development of the Quob Park Digital Platform during the year. During the period the directors undertook a detailed reassessment of certain historical impairment provisions relating to development-stage intellectual property and software modules. Following continued technical development, internal testing, operational evaluation and commercial assessment, the directors concluded that indicators supporting a partial reversal of previous impairment provisions existed in accordance with applicable accounting standards. Accordingly, an impairment reversal of approximately £1.5 million was recognised during the year.
The directors continue to believe that the Quob Park Digital Platform represents a strategically important operational asset supporting customer engagement, hospitality operations, inventory management, operational reporting and broader business scalability. The platform incorporates technologies previously developed and commercially deployed under the Company’s former OS3 Digital operations, including cloud-based CRM, event management and operational software solutions.
Operating profit for the year was £1,331,169 (2024: £105,137). The directors note that both the current and prior year results include non-cash impairment reversals relating to the Quob Park Digital Platform, with the prior year including a larger impairment reversal than the current year. The directors therefore consider the underlying operational improvement in the continuing hospitality, membership and wine-led operations during the year to be materially stronger than is apparent from the statutory operating profit comparison alone.
The directors also monitor Adjusted EBITDA as an additional non-statutory key performance indicator in order to assess the underlying operational performance of the continuing business.
Continuing Adjusted EBITDA for the year was £133,317 compared with a negative Adjusted EBITDA position in the prior year, following the exclusion of discontinued operations, depreciation, amortisation and non-cash impairment reversals recognised in both periods.
The directors consider the current year to represent a fundamental transition year for the Company and the first full year since the strategic review undertaken following the COVID period in which the continuing business has achieved a positive Adjusted EBITDA position.
The directors believe the achievement of positive Adjusted EBITDA is particularly significant given the operational structure of the Company’s premium hospitality and wine-led offering. Below certain levels of operational scale and customer utilisation, it is difficult to support the level of hospitality staffing, food and beverage capability and customer experience standards which the directors consider necessary for the long-term positioning of the Quob Park brand.
Weddings, Hospitality and Customer Engagement
The directors believe that weddings, exclusive hire and retreat operations are expected to become increasingly important in underpinning this operational critical mass in future years by providing improved forward booking visibility, recurring venue utilisation and operational leverage across the broader hospitality platform.
The directors also believe that growth in weddings and private events will become an important long-term driver of demand for wines produced by Quob Park Estate Limited. Prior to the year end, the Company entered into a forward commitment with Quob Park Estate Limited to purchase a minimum of 12,000 bottles per annum of Classic Cuvée for a period of at least five years in support of the Company’s expanding hospitality, membership and wedding operations.
The arrangement also provides pricing visibility and continuity for the Company’s hospitality and wedding operations over this period, which the directors consider important given the long lead times associated with weddings and private events, where bookings and pricing commitments are often agreed multiple years in advance. This pricing arrangement was agreed at a time when Quob Park Estate Limited was increasing pricing levels for certain external distribution channels for the same product line.
The directors note that wedding operations are typically associated with materially higher sparkling wine consumption than many traditional hospitality operations, including sparkling wine service on guest arrival, sabrage presentation ceremonies, toasts and broader food and wine pairing experiences throughout events. Based on the directors’ current operational planning assumptions, the targeted long-term scale of weddings and hospitality operations across the group’s two linked venues has the potential to consume materially in excess of the contracted minimum annual bottle commitments over time. The directors therefore believe that weddings and integrated hospitality operations have the potential to provide significant long-term demand visibility for both the Company’s hospitality operations and future wine production volumes within Quob Park Estate Limited.
Advance customer balances and forward bookings increased during the year, particularly in relation to weddings, retreats, exclusive hire and membership operations. A significant proportion of these balances relates to future events extending through to 2029. The directors consider this forward booking visibility and recurring customer engagement to provide increasing revenue visibility and support ongoing operational planning and future development opportunities.
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Review of the Business - continued
During the year the Company continued the development of its weddings and private events operations across its two linked hospitality venues. Following completion of the multi-million pound refurbishment of The Old House Hotel, the venue was required to undertake a renewed wedding ceremony licensing process despite having historically operated as a licensed wedding venue for a significant number of years.
The relicensing process proved materially more complex and time consuming than originally anticipated, including the requirement for the Company’s legal advisers to provide supporting historical documentation confirming the venue’s prior licensing history. The renewed wedding ceremony licence was ultimately granted shortly before the year end.
The directors consider that the delay in obtaining the renewed licence materially impacted the normal wedding sales cycle during part of the year, particularly as wedding bookings typically involve long lead times and significant forward planning by customers.
Notwithstanding these factors, the directors believe the Company achieved a strong operational performance within its weddings and events operations during the year. The combination of the Company’s premium hospitality offering across its two linked venues, the use of the Quob Park Digital Platform to manage advertising, customer engagement and lead conversion activities, together with structured sales and tour processes developed by the Company’s Founder, Mr Terry, enabled the Company to secure a significant number of premium wedding and private event bookings during the period.
The day-to-day operational management of these activities has been led by Mrs Jessica Mead as Managing Director of Quob Park Estate, whose services are cross charged to the Company, together with a core team of customer-facing brand ambassadors employed directly by the Company. The directors note that all of these team members are now independently securing wedding and private event bookings at conversion levels considered by the directors to be materially above typical industry norms.
The directors believe that the ability to lower the effective cost of customer acquisition and customer servicing, whilst simultaneously achieving materially higher conversion levels, has been a key factor underpinning the growth of businesses previously founded and led by Mr Terry. The board currently expects these same technology-enabled operational and customer engagement principles to become an important long-term growth driver for Quob Park Limited as its hospitality, membership and customer platform operations continue to scale.
The directors believe that booking conversion rates achieved during the year provide encouraging early validation of the Company’s long-term premium hospitality and customer engagement strategy. Since the year end, following completion of the relicensing process, the directors have observed a material increase in the monthly level of wedding bookings being secured, further supporting the directors’ confidence in the long-term growth potential of the Company’s weddings and hospitality operations.
The directors continue to believe that the combination of premium hospitality assets, integrated membership operations, proprietary technology systems, customer engagement capability and strategic alignment with Quob Park Estate Limited positions the Company strongly for the scalable long-term development of integrated hospitality, membership and customer engagement operations within the premium wine and hospitality sectors.
Restructuring and Balance Sheet Strengthening
The directors believe that the achievement of a positive Adjusted EBITDA position was an important factor supporting the decision by Quob Park Capital Limited to undertake the broader restructuring of the Quob Park group structure during the year, including approximately £4.0 million of additional equity investment and the settlement of substantially all group debt previously owed by the Company.
The directors also note that a number of other strategically important operational and regulatory milestones were successfully achieved during the year which materially strengthened the board’s confidence in the long-term development potential of the broader Quob Park platform.
In particular, the successful granting of the renewed wedding ceremony licence for The Old House Hotel together with the resolution by Quob Park Estate Limited of historical planning matters and winery-related production licensing requirements were considered important de-risking events for the group’s future hospitality and wine production operations.
The directors consider that the combination of these operational, regulatory and financial developments materially strengthened the Company’s long-term operational position and supported the broader restructuring and investment activity undertaken during the year.
As part of the wider restructuring, the Company also transferred to Quob Park Capital Limited its beneficial interest in an investment connected with an operator subsequently authorised within the PISCES secondary market framework, which the directors considered more appropriately aligned with the parent undertaking’s broader long-term capital and shareholder liquidity activities.
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Review of the Business - continued
As a result of the restructuring, continued operational progress and the strengthening of the Company’s underlying asset base, shareholder funds increased materially during the year to approximately £17.2 million (2024: £11.9 million). The directors consider this strengthening of the balance sheet and elimination of substantial historic group indebtedness to represent an important milestone in the long-term development of the broader Quob Park platform.
The Company’s balance sheet strengthened significantly during the year following a broader restructuring of the Quob Park group structure. During the year, Quob Park Capital Limited subscribed for approximately £4.0 million of additional equity capital in the Company. In addition, certain leasehold property interests, operational assets and premium third-party wine stock holdings were transferred to Quob Park Capital Limited as part of the wider restructuring and settlement of intercompany balances.
The transferred leasehold interests primarily related to winery and storage facilities utilised by Quob Park Estate Limited together with hospitality-related leasehold assets connected with The Vineyard Farmhouse Retreat & Spa operations. Premium fine wine stock holdings transferred as part of the restructuring continue to remain available to the Company’s hospitality, membership and customer-facing operations under ongoing commercial arrangements within the broader Quob Park group structure.
As a result of the restructuring and associated transactions, substantially all amounts previously owed by the Company to group undertakings, totalling approximately £9.2 million at the prior year end, were fully settled during the year. The directors consider the restructuring to have materially strengthened the Company’s balance sheet, simplified the broader Quob Park group structure and provided a clearer long-term separation between property ownership, production operations and customer-facing hospitality and technology activities.
The Company also disposed of The Old Tea House property during the year to an unrelated third party as part of the continuing strategic focus on premium estate-led hospitality and accommodation operations. The directors concluded that the long-term expansion of hospitality accommodation capacity would be better focused around estate-connected hospitality offerings, including The Vineyard Farmhouse Retreat & Spa operations and future hospitality-led vineyard lodge development opportunities connected with the broader Quob Park estate.
Medium-Term Operational Development
Whilst the directors recognise that future trading performance remains subject to wider economic conditions, customer demand and the successful execution of the Company’s ongoing growth strategy, they are encouraged by the operational progress achieved during the year and currently expect the business to continue developing on a growing Adjusted EBITDA basis over the medium term.
The directors believe that the successful achievement of operational critical mass across the Company’s hospitality, membership, weddings, retreats and wine-led operations has the potential to generate significant operational leverage in future years. The board’s current medium-term strategic objective is to continue scaling the business towards materially higher levels of Adjusted EBITDA and EBIT over the next three to five years through the continued expansion of integrated hospitality, membership and customer engagement operations across the broader Quob Park platform, whilst also commencing the wider roll-out of the Company’s technology-enabled national Wine & Dine at Home Club offering across the UK.
The directors continue to consider the long-term national membership and customer engagement platform to be a key future growth strategy for the business once the local hospitality and operational platform is fully established and sufficient operational customer behaviour and preference profiling data has been gathered. The directors believe that the continued development of AI-enabled customer engagement, recommendation and profiling techniques embedded within the Quob Park Digital Platform has the potential to become an important future driver of customer retention, customer lifetime value and scalable national growth.
Principal Risks and Uncertainties
The Company operates an integrated hospitality, membership, wine-led retail and technology-enabled operational platform connected with the broader Quob Park estate activities. The directors have considered the principal risks and uncertainties facing the business and have implemented strategies intended to mitigate these risks where appropriate.
Hospitality and Consumer Demand Risk
Demand for premium hospitality experiences, weddings, retreats, wine-led tourism and related customer experiences may be influenced by broader economic conditions, consumer confidence and discretionary spending patterns.
The Company mitigates this risk through a diversified hospitality and revenue model incorporating weddings, retreats, exclusive hire, membership activities, wine-led retail, recurring customer engagement initiatives and advance-booked hospitality events which together provide increased operational visibility and diversified revenue streams.
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Principal Risks and Uncertainties - continued
Customer Acquisition, Engagement and Retention Risk
The long-term growth strategy of the Company is dependent upon the continued acquisition, engagement and retention of customers and members across its hospitality, membership and wine-led operations.
The directors seek to mitigate this risk through the continued development of internally controlled customer acquisition systems, AI-enabled customer engagement tools, recurring membership structures, food and wine pairing experiences and broader hospitality integration designed to increase customer retention, customer satisfaction and long-term customer lifetime value.
Customer Profiling and Recommendation Risk
The Company’s long-term strategy includes the continued development of AI-enabled customer profiling, recommendation and engagement systems intended to improve customer satisfaction, recommendation quality and recurring customer revenues.
The directors seek to mitigate this risk through continued investment in customer experience, wine education, hospitality operations, food and wine pairing engagement, operational data collection and the ongoing development of the Quob Park Digital Platform and related recommendation systems.
Production and Supply Chain Risk
The Company’s hospitality and wine-led operations are dependent upon the continued availability of premium wines, food products and related hospitality supplies.
The Company mitigates this risk through diversified supplier relationships, strategic stock management, long-term wine supply arrangements and the integration of elements of its hospitality, wine and supply chain operations across the broader Quob Park platform.
Operational and Capacity Risk
Future growth is dependent upon the efficient utilisation and continued development of the Company’s hospitality venues, weddings, retreats, customer engagement systems and associated operational infrastructure.
The directors actively monitor operational utilisation, staffing requirements, customer demand trends, forward wedding and retreat bookings and future expansion opportunities in order to maintain operational efficiency and support the achievement of long-term operational scale across the broader Quob Park platform.
Technology and Operational Systems Risk
The Company continues to invest in the Quob Park Digital Platform, which supports customer engagement, AI-enabled recommendation systems, hospitality operations, customer profiling, membership activities, inventory management, operational reporting and broader business processes.
The directors recognise the importance of maintaining the continued operational performance, development and security of these systems and mitigate associated risks through ongoing development, testing, monitoring and operational oversight.
Working Capital and Liquidity Risk
The Company’s hospitality, weddings, retreats and membership activities involve the receipt of substantial customer monies in advance of future services and events, often extending over multiple future periods.
The directors monitor working capital requirements, forward booking visibility, recurring membership funding and customer liabilities closely in order to maintain an appropriate liquidity position as operations continue to scale.
Regulatory and Licensing Risk
The Company operates within a regulated environment, including alcohol licensing, hospitality regulation, wedding licensing, food safety, employment regulation and broader operational compliance requirements.
The directors monitor regulatory developments and maintain operational procedures intended to support continued compliance across the Company’s hospitality, wine and customer-facing operations. Recent experience relating to the relicensing of wedding ceremony operations at The Old House Hotel has reinforced the importance of maintaining ongoing engagement with licensing authorities and specialist advisers.
Market Positioning and Brand Risk
The long-term strategy of the Company is dependent upon maintaining a premium hospitality, wine and customer engagement brand position within the market.
The directors seek to mitigate this risk through continued investment in hospitality standards, customer service, premium wine offerings, education capability, operational quality and integrated customer engagement experiences designed to strengthen long-term customer trust, customer satisfaction and brand positioning.
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Future Developments
Medium-Term Operational Objectives
The directors believe that, over the longer term, the principal growth opportunity for the Company remains the continued development and national roll-out of its technology-enabled Wine & Dine at Home Club platform across the UK.
Prior to the wider national expansion of the platform, the directors’ current medium-term objective over the next three to five years is to continue scaling the Company’s integrated local hospitality, weddings, retreats, membership and wine-led operations around the Quob Park estate towards a level capable of generating approximately £5 million of annual EBITDA and EBIT on a substantially established operational basis.
The directors believe that achieving this level of local operational scale and profitability is important in establishing the operational infrastructure, customer engagement systems, hospitality standards and recurring customer base required to support the longer-term national expansion strategy.
The directors consider the current local hospitality, membership, weddings, retreats and wine-led operations around the Quob Park estate to represent the foundation platform from which the Company intends to develop a scalable national premium customer membership proposition. The directors believe that establishing strong local operational systems, hospitality standards, customer engagement processes and customer preference profiling capabilities is critical before wider national expansion is undertaken.
Integrated Hospitality and Membership Platform
The Company’s long-term strategy differs materially from many traditional wine club or wine subscription models in that the directors intend to focus not simply on wine supply, but on fully integrated wine, food pairing, hospitality and customer engagement experiences. The directors believe that wine consumption is materially enhanced when paired correctly with high-quality food and broader hospitality experiences, and therefore expect food pairing, education and technology-enabled customer engagement to become important long-term differentiators of the platform.
The directors believe that hospitality, wine education and physical venue interaction materially improve customer trust, recommendation quality and long-term customer engagement relative to purely online wine subscription models.
The directors also consider that owning and operating a central hub of winemaking, hospitality, education, customer engagement and selected supply chain activities is important in establishing long-term credibility and trust in the Quob Park brand.
The directors anticipate that future membership offerings may include combinations of premium wine deliveries, Quob Park sparkling wine allocations, curated wine pairings, partially prepared gourmet dining experiences, educational content, AI-enabled wine and food pairing recommendations, sommelier support and broader membership benefits integrated through the Quob Park Digital Platform.
The directors note the success of existing UK wine subscription and premium food delivery operators, but believe that many current market participants remain operationally fragmented, often focusing on either wine, food or hospitality individually rather than integrating all elements into a single customer engagement platform.
The directors believe that the Company’s integrated hospitality base, proprietary technology platform, customer profiling capabilities and operational experience position the business favourably within the premium segment of this market over the longer term.
The directors also believe that the Company’s broader addressable market opportunity is enhanced by the breadth of its offering, including access to thousands of wines sourced from producers around the world across a wide range of pricing levels, together with integrated food pairing, hospitality, education and customer engagement activities.
Customer Engagement and Membership Strategy
A core element of the directors’ strategy is the use of recurring membership structures designed to improve customer retention, increase customer lifetime value and create greater visibility over future revenues and customer purchasing behaviour. The directors believe that charging a meaningful membership fee, combined with monthly customer account funding and ongoing engagement through education, hospitality and technology-enabled recommendations, is likely to create materially stronger long-term customer retention than more transactional wine subscription models.
Customer Acquisition and “Waterfall Effect”
The directors believe that one of the key strategic advantages of the Quob Park model is the ability to spread customer acquisition and customer engagement costs across multiple interconnected hospitality, wine, food, accommodation, events, education and membership revenue streams rather than relying on a single product category or customer interaction.
Unlike many traditional wine subscription or food delivery operators, the directors believe that the Company’s integrated operating model has the potential to generate materially higher long-term customer lifetime values through what the directors refer to as the “waterfall effect” of customer monetisation.
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Future Developments - continued
Under this approach, a customer initially acquired through one part of the platform — such as weddings, hospitality, retreats, tourism, food pairing, wine education or membership activities — may subsequently generate recurring revenues across multiple additional areas of the broader Quob Park ecosystem over an extended period of time.
The directors believe that this integrated customer engagement structure has the potential to materially reduce the effective long-term cost of customer acquisition and servicing relative to businesses focused on a single operational segment, whilst simultaneously increasing customer retention, recurring revenues and overall customer lifetime value.
The directors also consider that linking customer engagement to key celebrations, hospitality occasions and life events — including birthdays, anniversaries, weddings and broader hospitality experiences — has the potential to strengthen long-term emotional connection to the Quob Park brand and increase recurring customer engagement over time.
Quob Park Digital Platform and AI Development
In addition, the continued development of AI-enabled profiling, recommendation and customer engagement systems within the Quob Park Digital Platform is expected to enhance this effect over time by improving recommendation quality, increasing customer personalisation and strengthening long-term customer engagement across the broader Quob Park platform.
The directors believe that the long-term scalability of the platform is materially enhanced by the continued development of the Quob Park Digital Platform, including AI-enabled customer behaviour analysis, wine and food preference profiling, recommendation engines and customer engagement systems.
The directors consider that wine preference profiling undertaken alongside food pairing and hospitality interaction has the potential to generate more accurate recommendation outcomes and higher customer satisfaction levels than wine-only customer profiling models.
The directors consider that the ability to lower the effective cost of customer acquisition and customer servicing whilst simultaneously increasing customer conversion and retention rates has historically been a key driver of growth within businesses previously founded and led by Mr Terry.
The directors also believe that internally controlled customer acquisition, customer engagement and customer servicing operations are likely to remain strategically important to the long-term economics of the Quob Park platform.
The directors note that customer acquisition and servicing costs can represent a substantial proportion of gross margin within direct-to-consumer wine, hospitality and subscription-based businesses where these functions are outsourced to third parties.
The directors believe that maintaining greater internal control over customer acquisition, customer engagement and customer servicing activities has the potential to materially improve long-term contribution margins, customer retention and customer lifetime value relative to models relying heavily on external customer acquisition channels and intermediaries.
Members of the senior management team and directors also have significant prior experience in developing and operating large-scale customer acquisition, engagement and servicing operations across multiple channels, including online customer acquisition, technology-enabled lead conversion systems, call centre operations and field-based customer acquisition activities.
The directors believe that this operational experience, when combined with the continued development of the Quob Park Digital Platform and AI-enabled customer engagement systems, has the potential to become an important long-term competitive advantage for the Company as the broader platform scales.
Long-Term Membership National Opportunity
The directors also believe that, over time, increased membership scale and customer volumes may improve the standalone economics and purchasing leverage of certain hospitality, wine and supply chain operations connected with the broader Quob Park platform.
Based on the directors’ current medium and long-term operational planning assumptions, the directors believe that each additional 10,000 national members added to the platform beyond the expected local membership base has the potential, once mature, to contribute approximately £7.5 million of incremental annual turnover and approximately £1.75 million of incremental annual EBITDA contribution. These assumptions are dependent upon the continued successful execution of the Company’s operational strategy, customer retention, operational scaling, food and wine supply economics and broader market conditions.
The directors currently believe that a fully matured UK model focused on the premium segment of the market could ultimately support approximately 240,000 national members over the longer term and subject to successful execution, in addition to the Company’s local hospitality and membership operations. Based on the directors’ current operational assumptions, this level of scale could potentially support annual turnover in the region of £180 million together with annual EBITDA generation in the region of £42 million before any future international expansion opportunities.
...CONTINUED
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Quob Park Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Future Developments - continued
Long-Term Platform Scale Potential
The directors also believe that, when combined with the continued long-term development of the group’s hospitality venues, weddings, retreats, exclusive hire operations, hospitality accommodation expansion plans and further investment into wine production and related infrastructure across the broader Quob Park platform, the overall long-term scale of the business could potentially exceed £200 million of annual turnover with EBITDA levels potentially exceeding £50 million over time.
The directors recognise that these longer-term planning assumptions remain subject to substantial execution, operational scaling, market and economic risks and are dependent upon the successful long-term delivery of multiple interconnected elements of the broader Quob Park strategy.
However, the directors note that the broad timescales currently being considered for the achievement of these longer-term operational objectives are not dissimilar to those experienced by a number of other scaled customer membership, hospitality, wine and technology-enabled consumer platform businesses during their respective development cycles.
The directors further note that the long-term membership scale assumptions referred to above remain materially below the UK customer numbers achieved by certain established mass-market wine and subscription operators, reflecting the Company’s intended focus on the premium segment of the market and higher long-term customer lifetime value rather than broader volume-led retail positioning.
Whilst these longer-term operational targets remain subject to significant execution, scaling and market risks, the directors believe that successful implementation of the model described above would have the potential to generate substantial long-term revenues, EBITDA and operational leverage across the broader Quob Park platform.
The directors emphasise that the achievement of these longer-term objectives remains dependent upon a number of factors, including continued successful execution of the Company’s operational strategy, customer acquisition performance, technology development, hospitality platform scaling, market conditions and the broader economic environment.
However, the directors believe that the combination of integrated hospitality operations, customer engagement systems, proprietary technology, premium wine positioning and recurring membership economics provides a potentially significant long-term growth opportunity for the Company over time.
Potential Future Capital Markets Strategy
Following initial investigations undertaken during 2025, the directors believe that, subject to continued operational progress, market conditions and regulatory considerations, admission of Quob Park Estate Limited shares to trading on the PISCES secondary market platform within the next 18 months may support the continued long-term development of Quob Park Estate Limited.
If this proves successful, and the Company continues to make progress towards its medium-term objective of achieving approximately £5 million of EBITDA over the next three to five years, the directors may also consider admission of Quob Park Limited shares to trading on the PISCES secondary market platform in order to support the continued development of the broader Quob Park platform and future shareholder liquidity.
Any such admissions would be intended to support shareholder liquidity and provide an appropriate framework for future capital allocation and growth. The directors currently anticipate that any initial admission would only be considered at indicative minimum trading levels of approximately £5.00 per share for Quob Park Estate Limited and approximately £6.25 per share for Quob Park Limited respectively, implying indicative equity valuations in the region of approximately £15 million and £150 million respectively based on the current issued share capital of the companies. However, no final decision has been made and any such outcome would remain subject to market conditions, successful execution and all necessary approvals.
Longer-term, if the Company continues to progress towards the operational scale and profitability levels referred to above and the directors consider that public market conditions are supportive, the board may consider seeking a full public market listing for Quob Park Limited.
The directors currently believe that any such transaction would only be considered appropriate at valuation levels which the directors believe appropriately reflect the Company’s long-term EBITDA potential and broader strategic platform value.
The forward-looking statements included in this report are based on current expectations and assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially from those expressed or implied.
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Quob Park Limited
Company No. 04848698
Directors' Report For The Year Ended 31 December 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The directors who held office during the year were as follows:

Mr Robert Simon Terry
Mrs Louise Tracey Terry
Mr Stephen Robert Dunn

Employees
The Company employed an average of 29 employees during the year (2024: 7), reflecting a focused core operational team following the transition away from discontinued activities. The Company also benefits from operational support and expertise provided by related group undertakings where appropriate.
The current team is aligned to the Company’s strategy of developing an integrated premium hospitality, membership, wine-led retail and technology-enabled customer engagement platform.
History, Board and Management Experience
The Company has operated from Quob Park since its incorporation in 2003 and was founded and primarily funded by Mr Robert Simon Terry and Mrs Louise Tracey Terry. The directors have significant experience in developing and scaling businesses across technology, hospitality, customer acquisition, operational systems and consumer-facing services. Mr Terry has previously founded and led substantial public companies, including UK-listed businesses, providing the board with experience in capital allocation, operational scaling, technology-enabled customer acquisition and strategic development.
Prior to and throughout the development of these businesses, Mr Terry was also closely involved in the design, governance and operational development of a number of proprietary technology and customer engagement systems. Originally trained as both a software developer and technology leader, Mr Terry has historically acted as a lead design authority and business process consultant across a range of technology-enabled operational platforms developed within businesses founded and led by him.
The directors note that elements of these operational methodologies, customer engagement systems and technology-enabled process designs were previously applied across projects and operational environments involving insurers, legal services businesses, retailers, telcos and various other brand extenders or large-scale consumer-facing organisations. The directors believe that this experience remains strategically relevant to the ongoing development of the Quob Park Digital Platform and the broader customer engagement strategy of the Company. The directors also have significant prior experience in developing and operating large-scale internally controlled customer acquisition, engagement and servicing operations across multiple channels, including online, call centre and field-based customer acquisition activities.
The directors consider that one of the key strategic differentiators of the broader Quob Park platform is the application of technology-enabled customer engagement and monetisation methodologies previously developed within businesses founded and led by Mr Terry. These methodologies focused on lowering the effective cost of customer acquisition and servicing whilst increasing customer conversion, recurring revenues and long-term customer lifetime value across multiple interconnected revenue streams. The directors believe that the “waterfall effect” of customer monetisation — whereby customers acquired through one operational area subsequently generate recurring revenues across multiple additional services and product categories — has the potential to become an important long-term competitive advantage for Quob Park relative to more narrowly focused subscription or direct-to-consumer operators.
Mrs Louise Tracey Terry has supported the development of the Quob Park businesses over a significant period and has prior experience within rapidly scaling technology-led businesses, including central operational, administrative and finance-related functions within businesses founded and led by Mr Terry. This experience is considered by the directors to be relevant to the Company’s continued development of scalable operational systems, financial controls and customer-facing hospitality activities.
Technology Platform and Operational Systems
Mr Stephen Robert Dunn, a director of the Company, was previously one of a small number of Chief Technology Officers within Mr Terry’s prior listed groups. Mr Dunn now leads corporate development and technology-related activities across the business, including the continued development of the Quob Park Digital Platform.
The Quob Park Digital Platform is strategically important to the Company’s future development, supporting customer engagement, membership activities, hospitality operations, inventory management, operational reporting, compliance and future AI-enabled wine and food pairing recommendation systems.
The directors consider Mr Dunn’s prior technology leadership experience and ongoing involvement to be important to the scalability and long-term operational efficiency of the Company.
...CONTINUED
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Page 11
Quob Park Limited
Directors' Report (continued)
For The Year Ended 31 December 2025
Employees - continued
Hospitality and Wine Industry Expertise
Although wine production activities are primarily undertaken within Quob Park Estate Limited, the Company’s hospitality, membership and customer engagement operations are strategically linked to the vineyard, winery and production activities of that business. The Company therefore also benefits from wine industry expertise within the wider Quob Park group, including the operational leadership of Mrs Jessica Mead as Managing Director of Quob Park Estate and the ongoing involvement of Mr Didier Pierson as a key consultant winemaker. Mrs Mead has extensive experience within the English wine and hospitality sector and has been central to the development of the Company’s hospitality, weddings, customer engagement and wine-led operations. Mr Pierson, a fifth generation Champagne winemaker from Avize, continues to provide strategic and technical support relating to sparkling wine production and quality standards across the broader Quob Park platform.
Strategic Positioning
The directors consider that the combination of public-company scaling experience, operational and finance experience, technology leadership, hospitality execution capability and wine industry expertise positions the Company well to continue developing its integrated premium hospitality, membership and technology-enabled customer engagement platform.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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 the financial statements the directors are required to:

- select suitable accounting policies 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board

Mr Robert Simon Terry Director
15/05/2026

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Quob Park Limited
Income Statement
For The Year Ended 31 December 2025
Income Statement

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 2,378,637 |  | 1,391,791
Cost of sales |  | (1,831,170 ) |  | (1,498,442 )
GROSS PROFIT/(LOSS) |  | 547,467 |  | (106,651 )
Administrative expenses |  | 783,702 |  | 211,788
OPERATING PROFIT AND PROFIT FOR THE FINANCIAL YEAR |  | 1,331,169 |  | 105,137

The notes on pages 16 to 25 form part of these financial statements.
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Page 13
Quob Park Limited
Statement of Financial Position
As At 31 December 2025
Statement of Financial Position

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 7 |  | 3,941,270 |  | 2,249,490
Tangible Assets | 8 |  | 3,429,265 |  | 7,122,863
Investments | 9 |  | 9,853,134 |  | 9,853,134
|  |  | 17,223,669 |  | 19,225,487
CURRENT ASSETS
Stocks | 10 | 731,902 |  | 1,238,320 |
Debtors | 11 | 77,154 |  | 564,182 |
Investments | 12 | - |  | 250,000 |
Cash at bank and in hand |  | 342,432 |  | 11,726 |
|  | 1,151,488 |  | 2,064,228 |
Creditors: Amounts Falling Due Within One Year | 13 | (705,632 ) |  | (234,134 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 445,856 |  | 1,830,094
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 17,669,525 |  | 21,055,581
Creditors: Amounts Falling Due After More Than One Year | 14 |  | (435,349 ) |  | (9,152,574 )
NET ASSETS |  |  | 17,234,176 |  | 11,903,007
CAPITAL AND RESERVES
Called up share capital | 15 |  | 24,000,000 |  | 20,000,000
Share premium account |  |  | 15,589,310 |  | 15,589,310
Capital redemption reserve |  |  | 249,999 |  | 249,999
Income Statement |  |  | (22,605,133 ) |  | (23,936,302 )
SHAREHOLDERS' FUNDS |  |  | 17,234,176 |  | 11,903,007

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Quob Park Limited
Statement of Financial Position (continued)
As At 31 December 2025
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board

Mr Robert Simon Terry Director | Mrs Louise Tracey Terry Director
15/05/2026

The notes on pages 16 to 25 form part of these financial statements.
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Quob Park Limited
Statement of Changes in Equity
For The Year Ended 31 December 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Capital Redemption | Income Statement | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 January 2024 | 18,869,268 | 15,589,310 | 249,999 | (24,041,439 ) | 10,667,138
Profit for the year and total comprehensive income | - | - | - | 105,137 | 105,137
Arising on shares issued during the period | 1,130,732 | - | - | - | 1,130,732
As at 31 December 2024 and 1 January 2025 | 20,000,000 | 15,589,310 | 249,999 | (23,936,302 ) | 11,903,007
Profit for the year and total comprehensive income | - | - | - | 1,331,169 | 1,331,169
Arising on shares issued during the period | 4,000,000 | - | - | - | 4,000,000
As at 31 December 2025 | 24,000,000 | 15,589,310 | 249,999 | (22,605,133 ) | 17,234,176

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Quob Park Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Quob Park Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04848698 . The registered office is Quob Park, Titchfield Lane, Wickham, Fareham, Hampshire, PO17 5PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of consideration paid over the fair value of identifiable net assets acquired on business combinations and acquisitions.
Goodwill is amortised on a straight-line basis to the income statement over its estimated useful economic life of 15 years.
The goodwill recognised by the Company primarily relates to acquired customer relationships and associated operational goodwill connected with the Quob Park Wine & Dine at Home Club operations.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
The company has developed and acquired proprietary intellectual property and software systems collectively comprising the Quob Park Digital Platform supporting vineyard management, winery production, inventory control, compliance, hospitality, membership, CRM, event management and related operational activities.
The platform includes internally developed intellectual property together with acquired technology and software capabilities obtained from entities connected with the director’s previous publicly listed technology interests.
Development expenditure is capitalised where the directors are satisfied that:

- the project is technically feasible,

- future economic benefits are probable,

- adequate resources exist to complete the development, and

- expenditure can be measured reliably.

The platform includes both operational modules currently available for use and additional modules and capabilities which remain under active development.
...CONTINUED
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property - continued
Operational elements of the platform are amortised on a straight-line basis to the income statement over their estimated useful economic life of 15 years, being within the directors’ estimated range of 10 to 15 years based on the long-term strategic nature of the platform, its ongoing development cycle and its expected continuing use within the group.
Expenditure relating to modules not yet available for operational use continues to be capitalised and is not amortised until brought into use. These assets are reviewed annually for impairment indicators.
The directors have historically adopted a prudent approach to impairment reviews relating to certain development-stage modules and models where commercial deployment had not yet been sufficiently evidenced at the relevant balance sheet dates.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | 2% - 4% Straight Line
Leasehold | Over lease term
Plant & Machinery | 5% - 10%
Motor Vehicles | 10% - 20%
Fixtures & Fittings | 10% - 20%
Computer Equipment | 10% - 33%

Included within Computer Equipment are servers, network infrastructure, fibre communications equipment, routers, switches, desktop systems, laptops and related operational technology assets utilised throughout the company’s operational, software development and hospitality activities. Depreciation is provided over the estimated useful economic lives of the assets at rates ranging from 10% to 33% on a straight-line basis depending on the nature and expected longevity of the underlying equipment.
2.7. Investments
Investments in subsidiary undertakings and unlisted investments are stated at cost less accumulated impairment losses.
The carrying values of investments are reviewed for impairment where indicators of impairment exist. In assessing whether impairment provisions are required, the directors consider factors including underlying asset values, operational performance, future trading expectations, strategic importance within the broader Quob Park group structure and the long-term development potential of the underlying businesses.
Investments are written down where the directors consider that the carrying value may not be recoverable based on the expected future economic benefits associated with the investment.
2.8. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate proportion of attributable overhead expenditure.
Stock principally comprises premium third-party wines held for hospitality, membership and customer-facing wine-led operations together with Quob Park wines held for operational hospitality use, food inventory and related hospitality stock items.
The Company’s broader hospitality and membership offering includes access to thousands of wines sourced from producers around the world, with stock holdings managed in line with anticipated hospitality, event and customer demand.
Materials principally comprise packaging, hospitality operational items, glassware, tableware, artificial floral displays, wedding and event presentation items and other supplies utilised across the Company’s hospitality, events and wine-led activities.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
1. Tours & Education | 50,377 |  | 13,749
2. Food & Beverage | 650,956 |  | 490,781
3. Weddings & Private Events | 159,117 |  | 27,500
4. Retreats & Exclusive Hire | 261,590 |  | 88,160
5. Wine & Dine Home Club | 942,746 |  | 347,670
6. QP Digital Platform Software and Services | 146,000 |  | 182,408
7. Discontinued Operations | 167,851 |  | 241,523
| 2,378,637 |  | 1,391,791

Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 2,378,637 |  | 1,391,791
| 2,378,637 |  | 1,391,791

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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
4. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2024: 7)
29 7
5. Tax on Profit
The tax (credit)/charge on the profit for the year was as follows:

| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | - |  | -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | 1,331,169 |  | 105,137
Tax on profit at 25% (UK standard rate) | 332,792 |  | 26,284
Goodwill/depreciation not allowed for tax | (302,040 ) |  | (26,755 )
Expenses not deductible for tax purposes | 537 |  | 471
Tax losses utilised | (6,598 ) |  | -
Capital allowances | (24,691 ) |  | -
Total tax charge for the period | - |  | -

No Corporation Tax was payable for the current year. The Company had unutilised Trading and Capital losses of £11,644,983 to carry forward at the end of this year.
Included within the Goodwill/depreciation not allowed for tax reconciliation note above is the reversal of a prior £1.5 million impairment relating to Intellectual Property Rights connected with the Quob Park Digital Platform, together with related depreciation and amortisation charges recognised during the year.
6. Discontinued Operations

| 2025 |  | 2024
| £ |  | £
Turnover | 167,851 |  | 241,523
Cost of sales | (95,292) |  | (333,046)
Administrative expenses | (182,892) |  | (327,766)
Profit for the year from discontinued operations | (110,333) |  | (419,289)

During the year and prior year, the Company undertook a strategic review of certain hospitality and operational activities in order to focus on higher-margin integrated wine-led hospitality, retreat, exclusive hire and membership operations.
The discontinued activities primarily related to The Old Tea House operations together with certain standalone day spa and treatment activities which the directors considered to be less strategically aligned with the Company’s evolving premium hospitality and wine-led business model. The directors concluded that retreat, exclusive hire and integrated hospitality experiences generated stronger operational synergies with the Company’s wider hospitality, food, wine and membership activities, whilst standalone day spa operations required higher staffing levels and operating costs relative to their contribution to the broader customer platform.
Accordingly, the results of these activities have been presented as discontinued operations in the current and prior year.
The restructuring and cessation of these activities has resulted in a more focused operating model and improved alignment between hospitality, wine, membership and customer engagement operations.
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
7. Intangible Assets

| Goodwill | Intellectual Property | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2025 | 152,143 | 8,206,683 | 8,358,826
Additions | - | 251,923 | 251,923
As at 31 December 2025 | 152,143 | 8,458,606 | 8,610,749
Amortisation
As at 1 January 2025 | - | 6,109,336 | 6,109,336
Provided during the period | 10,143 | 50,000 | 60,143
Reversal of past impairments | - | (1,500,000 ) | (1,500,000 )
As at 31 December 2025 | 10,143 | 4,659,336 | 4,669,479
Net Book Value
As at 31 December 2025 | 142,000 | 3,799,270 | 3,941,270
As at 1 January 2025 | 152,143 | 2,097,347 | 2,249,490

Goodwill primarily relates to acquired customer relationships, recurring customer revenues and associated operational goodwill connected with the Quob Park Wine & Dine at Home Club operations.
The Company’s Intellectual Property is primarily comprised of the Quob Park Digital Platform, representing a combination of acquired and internally developed proprietary software systems and operational technologies.
Included within the carrying value of the Quob Park Digital Platform are development-stage modules, recently reassessed intellectual property and additional functionality with an aggregate carrying value of approximately £3.1m. Of this amount, approximately £1.6m relates to significant additional modules and functionality which the directors consider to have demonstrated technical and commercial viability but which remained under active development at the balance sheet date and had not yet been brought into operational use. Amortisation has therefore only been applied to those operational elements of the platform currently available for use.
The platform incorporates technologies and intellectual property previously developed and commercially deployed by the company under its former OS3 Digital trading activities, including cloud-based CRM, event management and operational software solutions. Prior versions and elements of the underlying technology have historically generated licence revenues from both group and third-party commercial deployments, including contracts with major international clients.
During the year the directors undertook a detailed reassessment of certain historical impairment provisions relating to development-stage intellectual property and software modules forming part of the Quob Park Digital Platform. Following continued technical development, internal testing, operational evaluation and commercial assessment, the directors concluded that indicators supporting a partial reversal of previous impairment provisions existed in accordance with applicable accounting standards. Accordingly, an impairment reversal of £1.5 million has been recognised during the year.
The directors consider the operational platform to have an estimated useful economic life of 10 to 15 years and are currently applying a 15 year amortisation period.
The historical gross investment into the platform and related intellectual property materially exceeds the current carrying value reflected within the financial statements following previous prudent impairment assessments undertaken by the directors in respect of certain development-stage modules and models.
Certain additional development-stage modules and capabilities remain subject to ongoing development, testing and commercial evaluation. Further historical impairment provisions of approximately £1.4m continue to be retained against these elements pending satisfaction of the relevant technical and commercial assessment criteria.
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8. Tangible Assets

| Land & Property
--- | ---
| Freehold | Leasehold | Plant & Machinery | Motor Vehicles
| £ | £ | £ | £
Cost
As at 1 January 2025 | 4,043,505 | 2,129,510 | 982,191 | 124,145
Additions | 125,551 | 1,164,090 | 21,427 | -
Disposals | (705,176 ) | (3,293,600 ) | (850,384 ) | -
As at 31 December 2025 | 3,463,880 | - | 153,234 | 124,145
Depreciation
As at 1 January 2025 | 274,569 | 90,920 | 325,661 | 74,704
Provided during the period | 67,694 | - | 92,012 | 12,415
Disposals | (52,914 ) | (90,920 ) | (314,854 ) | -
As at 31 December 2025 | 289,349 | - | 102,819 | 87,119
Net Book Value
As at 31 December 2025 | 3,174,531 | - | 50,415 | 37,026
As at 1 January 2025 | 3,768,936 | 2,038,590 | 656,530 | 49,441

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2025 | 911,596 | 67,252 | 8,258,199
Additions | 56,404 | 20,934 | 1,388,406
Disposals | (638,492 ) | - | (5,487,652 )
As at 31 December 2025 | 329,508 | 88,186 | 4,158,953
Depreciation
As at 1 January 2025 | 331,878 | 37,604 | 1,135,336
Provided during the period | 52,557 | 7,020 | 231,698
Disposals | (178,658 ) | - | (637,346 )
As at 31 December 2025 | 205,777 | 44,624 | 729,688
Net Book Value
As at 31 December 2025 | 123,731 | 43,562 | 3,429,265
As at 1 January 2025 | 579,718 | 29,648 | 7,122,863

Included within freehold land and property are Quob Park Barn and the Old House Hotel. Quob Park Barn represents the company’s principal hospitality and events venue and operates as part of the broader integrated Quob Park estate hospitality offering.
The company benefits from long-standing operational access arrangements relating to adjoining estate land owned by entities connected with the Terry family, including rights of way and shared use of certain estate infrastructure and parking facilities supporting customer and operational access to Quob Park Barn.
The directors consider the Old House Hotel and Quob Park Barn to operate as complementary hospitality assets, with the interaction between the venues supporting guest accommodation, events, dining, hospitality and wider estate activities across the Quob Park group.
...CONTINUED
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8. Tangible Assets - continued
Freehold land and property also includes approximately 10 acres of estate-connected land retained for potential future hospitality-led vineyard development, subject to the receipt of the necessary planning consents. The directors’ current intention is that this land may support a limited number of premium vineyard lodge accommodation units integrated within future vineyard plantings, potentially providing up to 16 additional luxury rooms and suites as part of the broader long-term development strategy of the Quob Park estate hospitality offering.
During the year the Company transferred certain leasehold property interests and associated operational assets to its parent undertaking, Quob Park Capital Limited, as part of a broader group restructuring and settlement of intercompany balances.
The transferred leasehold interests primarily related to winery and storage facilities utilised by Quob Park Estate Limited together with hospitality-related leasehold assets connected with The Vineyard Farmhouse Retreat & Spa operations. Disposed plant, machinery, fixtures and fittings assets primarily comprised wine storage infrastructure together with wellness, hospitality and operational equipment associated with these activities.
The Company also disposed of The Old Tea House property during the year to an unrelated third party as part of the ongoing strategic focus on the development of its premium estate-led hospitality and accommodation offering.
The directors consider this restructuring to provide a more appropriate long-term separation between property ownership, production operations and customer-facing hospitality activities across the broader Quob Park group.
Included within Computer Equipment are servers, network infrastructure, fibre communications equipment, routers, switches, desktop systems, laptops and related operational technology assets utilised throughout the company’s operational, software development and hospitality activities. Depreciation is provided over the estimated useful economic lives of the assets at rates ranging from 10% to 33% on a straight-line basis depending on the nature and expected longevity of the underlying equipment.
9. Investments

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 January 2025 | 9,853,134
As at 31 December 2025 | 9,853,134
Provision
As at 1 January 2025 | -
As at 31 December 2025 | -
Net Book Value
As at 31 December 2025 | 9,853,134
As at 1 January 2025 | 9,853,134

The Company’s unlisted investment primarily comprises its strategic investment in Quob Park Estate Limited, the group undertaking responsible for vineyard operations, winery production, wine inventory maturation, bonded storage and related estate activities connected with the broader Quob Park platform.
The directors consider Quob Park Estate Limited to represent a strategically important long-term investment due to the interaction between its vineyard and wine production activities and the Company’s hospitality, membership, customer engagement and wine-led retail operations.
The carrying value of the investment is stated at historic cost less any impairment provisions considered necessary by the directors. In assessing the carrying value of the investment, the directors have considered the continuing development of vineyard and winery operations, long-term inventory maturation, production capacity, underlying asset values and the broader strategic importance of the investment within the Quob Park group structure.
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
10. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock | 685,305 |  | 1,223,368
Materials | 46,597 |  | 14,952
| 731,902 |  | 1,238,320

Stock principally comprises premium third-party wines held for hospitality, membership and customer-facing wine-led operations together with Quob Park wines held for operational hospitality use, food inventory and related hospitality stock items.
The Company’s broader hospitality and membership offering includes access to thousands of wines sourced from producers around the world, with stock holdings managed in line with anticipated hospitality, event and customer demand.
During the year stock levels reduced materially following the wider restructuring and settlement of intercompany balances undertaken across the Quob Park group structure, including the transfer of certain premium fine wine stock holdings to Quob Park Capital Limited. The Company retains the ability to market and sell certain of these wines through its hospitality, membership and customer-facing operations under ongoing commercial arrangements within the broader Quob Park group structure, thereby maintaining customer access to these wines whilst reducing the Company’s direct long-term inventory holding exposure. Longer-term wine production inventory, bonded stock and wine maturation activities continue to be primarily held within Quob Park Estate Limited.
Materials principally comprise packaging, hospitality operational items, glassware, tableware, artificial floral displays, wedding and event presentation items and other supplies utilised across the Company’s hospitality, events and wine-led activities. The directors expect these operational materials to continue increasing over time in line with the continued growth of the Company’s weddings, hospitality and advance-booked events operations.
11. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Amounts owed by group undertakings | - |  | 519,550
Other debtors | 77,154 |  | 44,632
| 77,154 |  | 564,182

Amounts owed by group undertakings in the prior year primarily related to balances due from Quob Park Estate Limited and were fully settled during the year as part of the broader restructuring and settlement of intercompany balances across the Quob Park group structure.
Other debtors principally comprise a mixture of trade receivables, operational deposits and other hospitality and trading-related balances arising in the ordinary course of business.
The directors consider the reduction in debtor balances during the year to reflect the strengthening of the Company’s balance sheet, improved operational focus and continued emphasis on cash generation and working capital management across the Company’s hospitality, membership and wine-led operations.
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
12. Current Asset Investments

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other investments, held for sale | - |  | 250,000

The prior year balance related to the Company’s beneficial interest in an investment in Asset Match, a regulated private company share trading platform operator.
During the year this beneficial interest was transferred to the Company’s parent undertaking, Quob Park Capital Limited, as part of the settlement of intercompany balances and accordingly no balance remained at the year end.
13. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 174,683 |  | 49,829
Other creditors | 339,922 |  | 184,305
Taxation and social security | 191,027 |  | -
| 705,632 |  | 234,134

Trade creditors principally comprise amounts due to hospitality, wine, food, event and operational suppliers arising in the ordinary course of business.
Other creditors primarily comprise customer monies held in advance relating to future weddings, hospitality bookings, exclusive hire events and customer membership balances. Membership balances represent customer funds retained within the Quob Park membership platform and available for future hospitality, wine and related purchases.
The directors consider the level of advance customer balances and prepayments to reflect the continuing growth, forward booking visibility and recurring customer engagement across the Company’s hospitality, membership and events operations.
Taxation and social security balances principally comprise VAT, PAYE and other operational taxation liabilities arising in the ordinary course of business. The year-end balance was materially impacted by VAT arising on the disposal of The Old Tea House property during the final quarter of the year, with the related VAT liability becoming payable following the year end.
14. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Amounts owed to group undertakings | - |  | 9,152,574
Other creditors | 435,349 |  | -
| 435,349 |  | 9,152,574

Other creditors falling due after more than one year primarily comprise customer monies held in advance relating to future weddings, exclusive hire events, hospitality bookings and longer-term wine-related customer arrangements extending over multiple future periods.
A significant proportion of these balances relates to advance payments and deposits received in respect of weddings and hospitality events scheduled through to 2029. The directors consider these balances to reflect the continuing growth and forward booking visibility of the Company’s hospitality and events operations.
No amounts owed to group undertakings remained outstanding at the year end following the wider restructuring and settlement of intercompany balances undertaken during the year, including approximately £4m of additional equity investment by Quob Park Capital Limited.
The directors consider the restructuring to have materially strengthened the Company’s balance sheet and long-term financial position.
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Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
15. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 24,000,000 |  | 20,000,000

16. Related Party Disclosures
During the year the Company undertook a broader restructuring of its operational, property and balance sheet arrangements with related parties within the wider Quob Park group structure.
As part of this restructuring:

- certain leasehold property interests and associated operational assets were transferred to Quob Park Capital Limited;

- the Company transferred its beneficial interest in an investment in Asset Match to Quob Park Capital Limited;

- Quob Park Capital Limited subscribed for approximately £4m of additional equity capital in the Company during the year; and

- certain intercompany balances involving Quob Park Estate Limited were settled as part of the wider group restructuring process.

The transferred leasehold interests primarily related to winery and storage facilities utilised by Quob Park Estate Limited together with hospitality-related leasehold assets connected with The Vineyard Farmhouse Retreat & Spa operations.
As part of the wider restructuring and settlement process, certain premium third-party wine inventory and related fine wine stock holdings were also transferred to Quob Park Capital Limited. These wines form part of the Company’s broader hospitality and membership offering, which includes thousands of wines sourced from producers around the world. The Company retains the ability to market and sell certain of these wines through its hospitality, membership and customer-facing operations under ongoing commercial arrangements within the broader Quob Park group structure.
The directors consider the restructuring to have strengthened the Company’s balance sheet, simplified the broader Quob Park group structure and provided a clearer long-term separation between property ownership, production operations and customer-facing hospitality and technology activities.
Following completion of the restructuring and associated transactions, substantially all amounts previously owed by the Company to group undertakings, totalling approximately £9.2 million at the prior year end, were fully settled.
The directors consider that all transactions with related parties were undertaken on terms appropriate in the circumstances.
17. Controlling Parties
The company's immediate parent undertaking is Quob Park Capital Limited .
The ultimate parent undertaking is Quob Park Capital Limited (incorporated in England & Wales). Its registered office is Quob Park, Titchfield Lane, Wickham, Fareham, Hampshire, PO17 5PG .
The company’s ultimate controlling party is Robert Simon Terry by virtue of his interest in the share capital of the Company’s ultimate parent undertaking, Quob Park Capital Limited.
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