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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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HUSK HOLDINGS LIMITED
COMPANY INFORMATION
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HUSK HOLDINGS LIMITED
CONTENTS
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Group delivered strong revenue growth during the year, with net revenues increasing by 35.1% to £39.29m (2024: £29.08m). Growth was driven by both acquisitions and a 15.27% like-for-like sales increase. Site-level EBITDA, before exceptionals, increased to £7.96m (2024: £6.14m), and Adjusted Group EBITDA after central costs rose to £3.98m (2024: £2.69m).
Food, drink and accommodation performance remained consistent with the Group’s positioning as a destinationled hospitality business. Accommodation revenue increased by 55.59% following room expansion and new acquisitions, with total room stock increasing from 209 to 332.
Administrative expenses increased to £28.68m (2024: £21.45m), reflecting the enlarged estate and investment in central functions. Interest costs rose to £3.49m (2024: £2.16m) due to higher senior debt and additional loan notes to fund acquisitions. Exceptional costs of £1.86m were incurred relating to group restructuring, refinancing, acquisitions and property openings.
After depreciation, amortisation and interest, the Group recorded a loss after tax of £3.79m (2024: £2.31m loss). £2.84m of this loss contributed from depreciation, tax and other non-cash items leaving a £0.95m loss before tax if they were to be excluded. By further adding back exceptional costs of £1.86m, this would leave a profit before tax of £0.91m.
The Group’s property estate was valued at £77.74m (2024: £65.83m), considerably more than the Net Book Value in the accounts.
The Group completed several acquisitions during the year and continued to invest in estate development, refurbishment and operational improvements. This is demonstrated by the expansion of bedroom capacity to 332 rooms (2024: 209) and the increase in employee numbers to 987 (2024: 645) to support the enlarged portfolio. Although occupancy levels eased to 69.60% (2024: 75.91%), the Group delivered a higher Average Daily Rate of £99.00 (2024: £89.78), reflecting stronger pricing and revenue management.
A non-financial measurement for the Group is customer engagement and overall customer journey. During FY25, we recorded 176,000 database captures (2024: 128,000) and saw our About Time Loyalty members increase by 6,300 new members. To attract both new and returning customers, various events have been marketed in the year including community events, quiz nights, various workshops, summer theatre productions and outdoor cinema events.
The Group also undertook a restructure to simplify its overall structure and improve operational efficiency. A new parent and operating company, Husk Holdings Limited (“HHL”), was created to sit at the top of the group, with all property assets and group debt consolidated into Chestnut Inns Limited (“CIL”) and all commercial investments transferred to Husk Investments Limited (“HIL”). Under the revised model, HHL now operates all sites on a leasehold basis from CIL, allowing the group to close 18 redundant operating entities and reduce complexity going forward.
As the restructure involved a reorganisation of entities under common control, the group applied merger accounting in preparing its consolidated financial statements. This approach reflects the substance of the transaction as a continuation of the existing business rather than the acquisition of a new one.
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors monitor a range of financial and operational KPIs, including:
∙Net Revenue: £39.29m (2024: £29.08m)
∙Adjusted Group EBITDA: £3.98m (2024: £2.69m)
∙Site-Level EBITDA: £7.96m (2024: £6.14m)
∙Gross Profit core Chestnut Pubs: £26.11m (2024: £20.36m)
∙Gross Profit % core Chestnut Pubs: 74.88% (2024: 74.83%)
∙Staff Wages as a % of Sales core Chestnut Pubs: 36.18% (2024: 34.66%)
∙Food Sales GP%: 68.27% (2024: 70.90%)
∙Wet Sales GP%: 65.66% (2024: 68.09%)
∙Head Office Costs: £3.99m (2024: £3.37m)
∙Gross Profit for Peter Graham Wines: £1.36m (2024: £0.71m) *not a full 12 months
∙Number of Bedrooms: 332 (2024: 209)
∙Number of Employees: 987 (2024: 645)
∙Occupancy Level: 69.60% (2024: 75.91%)
∙Average Daily Rate: £99.00 (2024: £89.78)
∙Database Growth: 176,000 captures (2024: 128,000 captures)
The directors consider the following to be the principal risks and uncertainties facing the Group and continue to monitor and mitigate these risks through operational controls, supplier management, investment in systems and financial planning.
∙Strategic Acquisition
°Risk: The risk that new acquisitions do not operate to the group standard of customer service, brand standards and financial viability.
°Policy: The Directors oversee plans to develop performance at new sites over time with specific plans to address integration into the group standard way of operating including systems and technology, staff contracts, supplier arrangements and approach to operations.
∙Portfolio Operational
°Risk: The risk that the group does not operate existing sites to the operational standards required to maintain group profitability.
°Policy: The Directors regularly review trading performance at each site, with specific KPIs for Labour, Cost of Goods and Overheads tracked on a weekly or monthly basis as appropriate. Sites where underperformance is persistent are individually reviewed and management action plans put in place.
∙Debt Repayment
°Risk: The risk that the company does not have financial resources to meet debt repayment liabilities falling due in 2026, 2027, 2028 and 2029.
°Policy: The Directors are actively seeking to manage leverage and monitoring compliance with the group’s financial debt covenants and LTV ratios, which at year and at the time of this report were in compliance.
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
∙Going Concern Cashflow
°Risk: The risk that lack of cash liquidity may impact on the group's ability to meet its financial operational payment obligations including staff and suppliers as well as payment obligations on indebtedness as they fall due. There exists as at the date of these accounts a material uncertainty in relation to the ability of the Group to operate as a going concern because of this risk.
°Policy: The Directors, with management, on a weekly basis to review cash flow forecasts over a 3 to 6month horizon. The group is actively seeking ways of reducing debt leverage and accessing additional equity funding. Refer to the Director's Report for more information regarding the group's going concern assessment.
∙Pricing
°Risk: The company is principally exposed to price risk in its core business from cost of labour and associated costs of employment, from cost inflation of goods especially dry goods supply, from escalating fixed cost overheads and site level routine maintenance requirements.
°Policy: All price risks are managed through site level budgeting and reporting, aiming to achieve a sustainable business model at an affordable price for the customer. Where possible forward price supply commitments have been put in place (e.g. electricity costs).
∙Operating Cost
°Risk: The risk that central and exceptional costs rise to an unbudgeted level.
°Policy: The Directors have instigated a cost reduction program for the overhead office spending with a plan to achieve reductions of £1m in run rate costs and continue to review the operating cost base for further efficiencies.
∙Legislative and Regulatory
°Risk: The risk of exposure to changes in laws and regulations which the Group’s operations are subject to including those in relation to employment, minimum wages and taxation.
°Policy: The Directors constantly review control procedures to promote and embed compliance across all such risks.
∙Economic Conditions
°Risk: The risk of the general cost of living in the UK impacting consumer spending, financing availability and supply chain stability.
°Policy: The Directors constantly scan for future economic impacts on the business and seek to set future budgets cognisant of all known economic factors.
∙Supply Chain Reliability
°Risk: The risk of small supplier vulnerability and regional inconsistencies in standards.
°Policy: The Directors and the Head of Procurement invest continually in local and regional supplier relationships, always with the intent of supporting local provenance in the Eastern Region wherever possible. To strengthen compliance and risk management, all food/drink suppliers must complete preassessment and policy documentation ahead of risk-based evaluation. This robust approval framework is now in its final rollout phase, which will position us to significantly enhance supplier assurance through audits and formal approvals.
The Group operates a portfolio of pubs with rooms and hotels across the east of England. Revenue is generated from food, drink and accommodation, supported by centralised procurement, marketing and operational systems. Growth is achieved through selective acquisitions, estate development, additional margin capture through commercial businesses and enhancement of overall guest experience.
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Since the year end, the Group has completed several further acquisitions including The White Horse (Blakeney), The Red Lion (East Bergholt), The Anchor Inn (Nayland), The Angel Inn (Stoke by Nayland), Titchwell Manor (Titchwell), Dish Food Ltd and Grape Passions Ltd.
The Group also completed a share buyback and repurchased 494,544 Ordinary A shares from shareholders who have supported Chestnut since its inception.
In July 2025 the Group refinanced £2.8m of 7.5% Loan Notes maturing in 2025, issuing £3.9m of 10% Loan Notes due 2028.
In September, the Group entered into a restated £10m Term Loan Agreement, refinancing the £10m Revolving Facility that was in place as at 31 March 2025. At the same time, the Group entered into a new £10m Revolving Facility Agreement, of which £3.4m is currently drawn. The business is now in the process of reducing the RCF from £10m to the fully drawn £3.4m only.
In addition, the Group has made several changes to its Liability Structure in the period from December 2025 to March 2026 to manage short term liquidity requirements, specifically:
∙Increased Overdraft Capacity to £1.8m, utilised to £1.5m as at the time of signing the accounts.
∙Increased Loan Note debts through the issue of additional 10% 1-year Loan Note with a size of £4.3m.
See Directors Report below for further financing events and developments as at the signing date.
In accordance with their duties under section 172 of the Companies Act the directors strive to promote the long-term success of the group for the benefit of all its stakeholders. They have specifically established systems and processes to ensure not only that the company acts with due regards to the interest of all its key stakeholder groups, but that decisions are made having considered long term consequences for all those impacted.
Key Stakeholders are identified as:
∙Team Members - our team underpins our success in hospitality and sets Chestnut apart from its competitors, the Our People Our Culture section describes the additional steps taken in the year to build on our people proposition.
∙Customers - it is essential to our future that we can constantly seek ways to deliver sustainable improvements to our accommodation, food and drink customer experience, all within the unique spaces and design that contributes to our award-winning brand identity.
∙Suppliers - We continue to uphold group-wide procurement standards that protect the stability and quality of our supply chain, while ensuring suppliers are treated fairly and supported appropriately. In 2026, we advanced our commitment to supplier governance through the Chestnut Supplier Charter, completing a comprehensive review of our food and drink supply base with leading food-safety specialists.
∙Our shareholders and investors - we rely on our shareholders and providers of debt funding as essential stakeholders and sources of financial capital to underpin our success and our growth. We engage with them consistently throughout the year and welcome their input and opinion.
∙Local Communities - we drive to be at the heart of our local community. We very firmly believe that the local pub should be at the centre of our communities, and we are there to support and care for them.
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
∙Our Environment - the group, under direct guidance of the directors and the Climate Committee has consistently sought to place ESG at the heart of all our actions, and the ESG Report speaks to the developments in the year.
When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the Company’s success for the benefit of all these stakeholders and in doing so have a regard to:
∙the likely consequences of any decision in the long term; to grow for the long-term, to preserve the position of our businesses at and for the local communities that we serve and to provide stability and employment for our team members.
∙the perspectives of the company’s employees; a crucial part of our business and its plans for the long-term and we have highlighted below some of the engagement processes that we use to communicate to and understand the perspectives of our team members in making decisions.
∙the need to foster the company’s business relationships with suppliers, customers and others. The directors ensure that all our teams, from the directors themselves to those taking in daily deliveries or serving customers foster these relationships through constant and effective communication with feedback escalated through to the directors.
∙the appropriate discipline in maintaining high standards of business conduct; Doing the ‘right thing’ is one of the strongest and enduring key values that runs through the Chestnut business culture. It underpins every decision we make, and we will always constantly strive to set an example for the very highest standards.
∙the need to act fairly between members of the company; The directors seek to balance the interests of all members and shareholders in all their actions and achieve outcomes that allocate benefits fairly between them. The company has always operated, and will continue to do so, a rigid timetable with regular quarterly newsletters to all shareholders and to the wider members of our group.
How we engage with the Chestnut team
∙the Directors meet with the management of the company monthly to review plans and performance in detail at the Business Operating Committee. Matters of importance of any nature that are considered at that forum are cascaded through our regional management structure.
∙Consultation with employees to solicit their views and involvement on key decisions that affect their interests and ensuring all the team have a clear understanding of the financial and economic context of the company is part of an ongoing communication focus set out further in Our People and Our Culture.
People and Culture remain a key focus to support our current teams and our growth. We have instilled a robust Employee Journey that involves our team throughout their journey with us. We do this by fostering clear and transparent communication, personal development, and engagement through technology and in person interactions.
Consistency has been key with our recruitment – we continue to use HARRI (application tracking system) to engage and communicate with the best external talent. Using HARRI allows us to make data-led decisions to improve our recruitment process.
We have continued to strengthen and formalise our training structure. Training at Chestnut is practical, role relevant and delivered consistently across the group. Mapal One remains the central place for onboarding, compliance and development, and its role has grown as our framework has become more structured.
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Every new starter receives a clear induction, supported by our Welcome Workbooks and delivered by trained Welcome Trainers. They form the first stage of our Train the Trainer programme, which launched this year and will expand to include group training, coaching and mentoring. This gives us a sustainable and scalable model for building internal capability.
Communication at Chestnut is built on clarity, consistency and ease of access. Chestnut Hub provides weekly business updates, leadership messages, operational information, training content and engagement surveys. The Grapevine, our quarterly digital magazine, highlights team stories, great practice and updates from around the business.
Our ongoing priority has been to strengthen the way we communicate, engage, reward, and recognise our teams. The launch of the Chestnut Hub in 2022/23 has allowed us to build on this strategy, while also introducing new ways to support our people with the cost of living and everyday spending. The Hub has provided valuable insights that help us better connect with and support our teams:
∙Engagement: 72% of our team members have consistently signed up and actively engage with the Chestnut Hub.
∙Communication: Blogs covering topics such as support, development, team updates, and practical tools have been viewed 9,200 times over the year.
∙Video Content: Company updates, particularly those from our CEO, have proven to be the most effective format for driving engagement. The Hub enables interaction through comments, likes, and responses.
∙Financial Support: By using the Hub’s everyday spending features, our teams have saved an average of £881 per year.
Chestnut continues to embed its philosophy of simplicity, reducing environmental impact, strengthening community connections, and operating with transparency and responsibility. Our Climate Commitment guides us to continually evaluate our operational practices and supply chain, ensuring our values of environmental consciousness and sustainability are shared across our business partners. This ethos encourages a culture of caring, accountability, and proactive improvement.
Environmental
Climate Commitment & Operational Practices
We remain focused on minimising our environmental footprint by assessing and refining our energy use, waste practices, procurement, and the sustainability performance of our partners.
Our property teams have advanced a dual approach of designing efficient systems into new developments and retrofitting green solutions across the existing estate.
We continue to shape our menus around exceptional local produce from across East Anglia. This approach enables our chefs to tailor dishes to dietary needs and evolving guest preferences; reduces food miles and encourages regenerative local economies and supports innovation in low-waste cooking practices, such as nose-to-tail sharing dishes that minimise waste.
We have continued to refine our operational sustainability, including reduced plastic bottled water usage across properties, the introduction of refillable toiletries to minimise single-use plastics and streamlined deliveries across the group, expanding direct supply beyond wine into dry consumables to reduce vehicle movements and road miles.
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HUSK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Social
Community Investment & Charity Strategy
Our social mission is to build a strong, community-focused culture of giving that strengthens the Chestnut brand, empowers our teams and guests, and supports sustainable fundraising for local causes.
This year, our Community Interest Company, The Giving Tree, became an official charity. Through fundraising initiatives and business partnerships, we have now raised over £360,000 to support regional charities and community groups across the East of England.
Governance
Chestnut maintains strong governance structures to ensure ESG principles are embedded at all levels of decision-making.
The Board and senior leadership oversee the identification and management of material ESG risks and opportunities, and our governance framework ensures transparency, accountability, and alignment between day-to-day operations and long-term strategic goals.
We continually review and assess ESG-related risks - including supply chain practices, environmental compliance, climate-related operational risks, and community engagement - to inform investment decisions and operational planning.
This report was approved by the board on 18 May 2026 and signed on its behalf.
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HUSK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £3,795,714 (2024 - loss £2,310,300).
No dividends were paid in the year (2024: £Nil). The directors do not recommend the payment of any final dividends.
The directors who served during the year were:
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HUSK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group meets its day-to-day cash requirements through a combination of ongoing trading and access to banking facilities.
The group’s banking facilities are as follows:
∙Term loans totalling £40m which are due for repayment on 31 July 2029. Interest is charged on this debt at a mix of Base+2.90% and Fixed at 6.74%.
∙RCF allowance of £3.4m (reduced from the original £10m agreed in March 2025). Repayment of this is due September 2026 currently, with discussions ongoing about furthering this term.
∙Overdraft facility in place of £1.8m at a rate of Base+3.5%.
The group also has Loan Note debt with fixed interest and repayments due in 2026, 2027 and 2028.
Of this loan note debt due within 12 months of signing, the group has agreed with all parties to refinancing its £5.6m 2026 maturity loan notes and £4.3m of loan note debt due in 2027.
The Directors note that some contractual aspects of refinancing matters remain unconcluded, at the date of approval of these financial statements. These include the term of the Group’s short-term bank facilities of £3.4m and £1.8m, the refinancing of the Loan Notes maturing in 2026 and 2027 (for which refinance agreements are all in place but some have yet contractually concluded); and a technical covenant breach with Metro Bank which results from the late filing of these financial statements.
While the directors continue to engage constructively with all lenders and expect positive outcomes to be achieved, not all the required binding agreements were in place at the time of signing.
Furthermore, in addition to the post-year end refinancing of bank debt and loan notes and further planned loan note refinancing, the Group has undertaken further mitigating actions which, when successfully completed, materially improve the cash resources available to the Group and eliminate uncertainty in relation to forecast cash reserves over the next 12 months:
∙The group is working with its shareholder base and its Articles of Association to establish a non-executive board and has transferred the rights of the controlling shareholder to Hugo van Vredenburch, an investor and anticipated Chairman.
∙The Group is budgeting to generate a positive Profit Before Tax and positive group cashflow for the year to March 2027 with minimal Overdraft utilization after the first 3 months of the financial year.
∙The Group is in ongoing discussions to dispose of non-core assets and apply funds to further reduce bank debt and associated interest costs.
∙The group continues to implement cost reduction measures as part of its business and budgetary planning for the year to March 2027 to improve the potential for free cashflow generation after all group costs.
In light of these circumstances and recognising the sensitivity of the Group’s trading forecasts in the current operating environment, the Directors acknowledge the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern.
Nevertheless, having considered the progress of lender negotiations and the mitigating actions available to the Group, the Directors consider that the going-concern basis of preparation remains appropriate. The financial statements do not include any adjustments that would be required if the Group were unable to continue as a going concern.
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HUSK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
As a Company we believe in equal opportunities and therefore ensure that all applicants and team members are treated fairly, without any discrimination.
The Company is committed to equal opportunities for disabled persons. We consider disabled applicants based on their abilities and make reasonable adjustments to support employment. Where employees become disabled during service, we take all practicable steps to retain them in suitable roles.
Disabled employees have equal access to training, development and promotion opportunities. Training methods and workplace arrangements are adapted where necessary to ensure full participation.
Our recruitment process for all applicants is in-depth and structured to ensure all team members employed are based on skillset. This process reflects the same for promoting internal talent. We train all our managers to ensure they are fully competent in our policies. Our processes are regularly reviewed in accordance with Government regulations.
The directors recognise that strong and sustainable relationships with key stakeholders are essential to the success of the company’s operations. The company’s performance relies heavily on maintaining positive relationships with guests & customers, suppliers, shareholders & investors, and local communities as described in Working with Our Stakeholders.
The Group confirms that it does not qualify for the low-energy-use exemption (40,000 kWh or less) and therefore provides full disclosures as required.
During the financial year, the Group consumed 9,931,673 kWh of energy, comprising of electricity and gas. Based on this consumption, the Group generated 2,011.27 tonnes of CO2e of greenhouse gas emissions. Energy and emissions data have been compiled using actual meter readings and supplier invoices and emission factors published by the Department for Energy Security and Net Zero were used to convert energy consumption into CO2e emissions.
To provide a meaningful comparison over time, the Group has selected tonnes of CO2e per £m turnover as its intensity ratio. For the year, the intensity ratio was 51.2.
During the reporting period, the Group implemented several measures to improve energy efficiency, including:
∙New-build projects are now more energy-efficient as they use better materials and smarter technology
∙Using local suppliers to reduce food miles and a low waste cooking practice
∙Enhanced route-planning in its commercial businesses to optimise journeys and lower energy consumption across its operations.
Certain matters considered by the directors to be strategic in nature have been elevated to, and are disclosed within, the Group Strategic Report, in line with reporting requirements. The Directors' Report accordingly addresses statutory disclosures and governance matters not otherwise addressed within the Group Strategic Report.
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HUSK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Post balance sheet events requiring adjustment or disclosure are explained within the notes to the financial statements. More details are shown in the Strategic Report.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HUSK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUSK HOLDINGS LIMITED
We have audited the financial statements of Husk Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.3 in the financial statements, which indicates that the Group has bank facilities and loan notes that are due for repayment within the next 12 months, and a technical breach with its bank provider for late financial statement filing. While discussions are ongoing to refinance the debt and resolve the breach, none of this is contractually concluded upon at the date of signing these financial statements. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.
Our opinion is not modified in respect of this matter.
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HUSK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUSK HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HUSK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUSK HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the legal and regulatory frameworks applicable to the Group and the industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements in respect of employment law, including but not limited to minimum wage regulation, food standards requirements, and alcohol licencing. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax regulations
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
−inspecting correspondence with regulators and tax authorities;
−making enquiries with management including consideration of known or suspected instances of noncompliance with laws and regulations, such as food hygiene and alcohol licensing, and fraud;
−evaluating management’s controls designed to prevent and detect irregularities;
−identifying and testing journals, in particular journal entries posted that significantly impact on the result for the year or appear to be unusual or not consistent with our understanding of the operations of the company and group; and
−challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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HUSK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUSK HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
18 May 2026
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HUSK HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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HUSK HOLDINGS LIMITED
REGISTERED NUMBER: 16311422
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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HUSK HOLDINGS LIMITED
REGISTERED NUMBER: 16311422
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 25 to 59 form part of these financial statements.
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HUSK HOLDINGS LIMITED
REGISTERED NUMBER: 16311422
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 25 to 59 form part of these financial statements.
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