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
2.5.
Intangible Fixed Assets and Amortisation - Intellectual Property - continued
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
Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
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 |
|
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
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.
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 | ||
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)
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) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
( |
( |
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Tax losses utilised |
( |
|
|||
| Capital allowances |
( |
|
|||
| 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)
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
(327,766)
|
|
|
Profit for the year from discontinued operations
|
(110,333)
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
(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.
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 |
|
|
|
| Additions |
|
|
|
| As at 31 December 2025 |
|
|
|
| Amortisation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| Reversal of past impairments |
|
( |
( |
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
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.
Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8.
Tangible Assets
8.
Tangible Assets - continued
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Leasehold | Plant & Machinery | Motor Vehicles | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2025 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
( |
( |
( |
|
| As at 31 December 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2025 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
( |
( |
( |
|
| As at 31 December 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2025 |
|
|
|
|
| As at 1 January 2025 |
|
|
|
|
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2025 |
|
|
|
| Additions |
|
|
|
| Disposals |
( |
|
( |
| As at 31 December 2025 |
|
|
|
| Depreciation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
( |
|
( |
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
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
Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
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 |
|
| As at 31 December 2025 |
|
| Provision | |
| As at 1 January 2025 |
|
| As at 31 December 2025 |
|
| Net Book Value | |
| As at 31 December 2025 |
|
| As at 1 January 2025 |
|
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.
Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
10.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
| Materials |
|
|
|
|
|
|
||
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 | |
|
|
|
||
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.
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 | - |
|
|
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 |
|
|
|
| Other creditors | 339,922 | 184,305 | |
| Taxation and social security |
|
|
|
|
|
|
||
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 | - |
|
|
| Other creditors | 435,349 | - | |
|
|
|
||
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.
Quob Park Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
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.