REGISTERED NUMBER: 13513056 (England and Wales)

BLANK TABLE LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Income and Retained Earnings

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

A Kachra

Ms Z Kachra

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

BUSINESS ADDRESS:

Olympus House

Staniland Way

Werrington

Peterborough

Cambridgeshire

PE4 6NA

REGISTERED NUMBER:

13513056 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Albert Works

Sidney Street

Sheffield City Centre

Sheffield

S1 4RG

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The year ending 31 March 2025 represented a significant step forward for the group, marked by accelerated growth, operational development and the strengthening of the Wendy's brand presence in the UK market.

During the year the Group operated seven Wendy's restaurants, with three new openings completed at Cygnet Park Peterborough, Ram Jam Services (A1 North) and Cambridge. These strategically selected locations have broadened the Group's geographic footprint, strengthened its market presence across the East Midlands and East of England, and laid the foundations for future growth. All three openings were delivered on schedule and to brand specification, supported by a strong focus on construction planning, operational readiness and staff training.

Turnover increased by 82% to £8.87 million (2024: £4.88 million), supported by the performance of both newly opened and existing restaurants. Gross profit increased to £2.50 million (2024: £1.15 million) and gross margin improved to 28.2% (2024: 23.5%), reflecting the impact of improved cost control and maturing site performance. The Group reported an operating loss of £1.11 million (2024: £0.67 million), driven by the planned investment in expansion, people and infrastructure, which is expected to deliver returns as new sites mature and scale benefits are realised.

Capital expenditure of £3.16 million (2024: £1.97 million) was incurred during the year to support new restaurant developments, upgrades to existing sites, and investments in IT and digital infrastructure. Headcount grew to 250 employees (2024: 102), with expanded management teams and operational support functions to match the growing scale of the business.

Operational improvements were a key focus. Enhanced scheduling and deployment planning improved labour efficiency, customer experience metrics including service speed, order accuracy, mystery shop and SMG OSAT scores improved year on year, and digital ordering capabilities were expanded across all new sites. Delivery pricing was refined to improve margins, app penetration reached 3.77% of total transactions, and localised marketing campaigns supported strong launches. Regular internal operational audits reinforced food safety and brand standards, with several restaurants achieving above-target scores.

PRINCIPAL RISKS AND UNCERTAINTIES

The wider economic environment continues to present challenges. Wage inflation, driven by National Minimum Wage increases, remains a sector-wide pressure. Recruitment and retention of skilled staff is competitive, and the Group continues to invest in leadership development, training and incentives to retain talent.

Other risks include the cost impact of delivery aggregator channels, which are being actively managed through pricing and operational initiatives, and the resilience of IT systems, which remain critical to trading. The Group is also mindful of its balance sheet position, with net liabilities at year end, and continues to monitor cash flow and financing closely.

Despite these challenges, the directors believe that the Group's brand strength, operational improvements, community engagement and sustainability achievements provide a solid platform for future growth.

KEY PERFORMANCE INDICATORS

The Group uses a number of KPIs to monitor performance across financial, operational and customer metrics:

o Turnover increased by 82% to £8.87m (2024: £4.88m).

o Gross profit margin improved to 28.2% (2024: 23.5%), reflecting operational efficiency gains.

o Operating margin was (13.5%) (2024: (13.8)%).

o Restaurant estate increased to 7 trading restaurants (2024: 4), with successful openings at Cygnet Park Peterborough, Ram Jam Services (A1 North) and Cambridge.

o Labour metrics improved through enhanced deployment planning and leadership capability.

o Service performance improved across mystery shop, SMG OSAT and Google review scores.

o Digital metrics showed app sales penetration at 3.77% (versus 2.21% national).

o Speed of service improved across dine-in and drive-thru channels.

o Sustainability performance was recognised through the Wendy's Energy Challenge Award.

GOING CONCERN

At year end the Group remained within the headroom of its existing facilities. The directors continue to mitigate risks through disciplined financial management, capital investment planning, and ongoing shareholder support.

The directors have prepared forecasts and cash flow projections which, together with available facilities and related party support, provide a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

A Kachra - Director

30 March 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

A Kachra has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Ms Z Kachra was appointed as a director after 31 March 2025 but prior to the date of this report.

A A Kachra ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A Kachra - Director

30 March 2026

Opinion

We have audited the financial statements of Blank Table Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

As this is the group's first audit, comparative figures from prior periods are unaudited.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

· The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

· We identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the sector in which the company and group operate;

· We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

· We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

· Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

· Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

· Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

· Performed analytical procedures to identify any unusual or unexpected relationships;

· Tested journal entries to identify unusual transactions;

· Assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

· Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

· Agreeing financial statement disclosures to underlying supporting documentation; and

· Enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Paul Winwood (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Albert Works

Sidney Street

Sheffield City Centre

Sheffield

S1 4RG

30 March 2026

TURNOVER

8,869,472

4,875,547

Cost of sales

6,377,944

3,727,979

GROSS PROFIT

2,491,528

1,147,568

Administrative expenses

3,709,345

1,834,908

(1,217,817

)

(687,340

)

Other operating income

18,985

12,959

OPERATING LOSS

4

(1,198,832

)

(674,381

)

Interest payable and similar expenses

5

360,000

173,342

LOSS BEFORE TAXATION

(1,558,832

)

(847,723

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(1,558,832

)

(847,723

)

Retained earnings at beginning of year

(1,532,141

)

(684,418

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

(3,090,973

)

(1,532,141

)

Loss attributable to:

Owners of the parent

(1,558,832

)

(847,723

)

FIXED ASSETS

Intangible assets

9

335,383

340,833

Tangible assets

10

7,725,527

5,013,298

Investments

11

-

-

8,060,910

5,354,131

CURRENT ASSETS

Stocks

12

55,310

107,503

Debtors

13

955,082

1,418,867

Cash at bank and in hand

165,391

1,101,348

1,175,783

2,627,718

CREDITORS

Amounts falling due within one year

14

4,472,243

2,734,545

NET CURRENT LIABILITIES

(3,296,460

)

(106,827

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,764,450

5,247,304

CREDITORS

Amounts falling due after more than one year

15

5,454,217

4,378,239

NET (LIABILITIES)/ASSETS

(689,767

)

869,065

CAPITAL AND RESERVES

Called up share capital

19

2,401,206

2,401,206

Retained earnings

20

(3,090,973

)

(1,532,141

)

SHAREHOLDERS' FUNDS

(689,767

)

869,065

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2026 and were signed on its behalf by:

A Kachra - Director

FIXED ASSETS

Intangible assets

9

335,383

340,833

Tangible assets

10

5,389,490

4,484,383

Investments

11

6

1

5,724,879

4,825,217

CURRENT ASSETS

Stocks

12

36,768

107,503

Debtors

13

1,608,964

1,959,165

Cash at bank and in hand

109,898

1,101,348

1,755,630

3,168,016

CREDITORS

Amounts falling due within one year

14

3,105,197

2,721,813

NET CURRENT (LIABILITIES)/ASSETS

(1,349,567

)

446,203

TOTAL ASSETS LESS CURRENT LIABILITIES

4,375,312

5,271,420

CREDITORS

Amounts falling due after more than one year

15

4,704,017

4,378,239

NET (LIABILITIES)/ASSETS

(328,705

)

893,181

CAPITAL AND RESERVES

Called up share capital

19

2,401,206

2,401,206

Retained earnings

20

(2,729,911

)

(1,508,025

)

SHAREHOLDERS' FUNDS

(328,705

)

893,181

Company's loss for the financial year

(1,221,886

)

(823,607

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2026 and were signed on its behalf by:

A Kachra - Director

Cash flows from operating activities

Cash generated from operations

1

1,315,734

(40,347

)

Interest paid

(300,000

)

(150,000

)

Net cash from operating activities

1,015,734

(190,347

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,892,976

)

(1,967,127

)

Net cash from investing activities

(1,892,976

)

(1,967,127

)

Cash flows from financing activities

New loans in year

-

3,000,000

Capital repayments in year

(58,715

)

(21,761

)

Net cash from financing activities

(58,715

)

2,978,239

(Decrease)/increase in cash and cash equivalents

(935,957

)

820,765

Cash and cash equivalents at beginning of year

2

1,101,348

280,583

Cash and cash equivalents at end of year

2

165,391

1,101,348

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Loss before taxation

(1,558,832

)

(847,723

)

Depreciation charges

350,008

183,974

Loss on disposal of fixed assets

36,189

-

Finance costs

360,000

173,342

(812,635

)

(490,407

)

Decrease in stocks

52,193

156,492

Decrease/(increase) in trade and other debtors

463,785

(869,396

)

Increase in trade and other creditors

1,612,391

1,162,964

Cash generated from operations

1,315,734

(40,347

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

165,391

1,101,348

Year ended 31 March 2024

31.3.24

1.4.23

as restated

£

£

Cash and cash equivalents

1,101,348

280,583

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,101,348

(935,957

)

165,391

1,101,348

(935,957

)

165,391

Debt

Finance leases

(778,239

)

58,715

(1,200,000

)

(1,919,524

)

Debts falling due

after 1 year

(3,600,000

)

-

-

(3,600,000

)

(4,378,239

)

58,715

(1,200,000

)

(5,519,524

)

Total

(3,276,891

)

(877,242

)

(1,200,000

)

(5,354,133

)

1.	STATUTORY INFORMATION

Blank Table Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated accounts comprise those of Blank Table Limited and its subsidiaries for the year ended 31 March 2025. The consolidation has been accounted for using the equity accounting method.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually at the point of sale, the amount of revenue can be reliably measured, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be reliably measured.

Intangible assets

Intangible assets represent development rights fees for the company's restaurants. These are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development fees are amortised over a period of 20 years from the opening date of each restaurant.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold land and buildings

20 years straight line

Fixtures & Fittings

15 years straight line

Computer equip.

15 years straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets are depreciated once the trade commences at each site.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments

Assets obtained under finance leases are capitalised in the balance sheet. These are depreciated over their estimated useful lives.

There is no interest element of these obligations. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company was in a net liabilities position at the year end and remained so at the date of approval of these financial statements. In assessing the appropriateness of the going concern basis, management have prepared cash flow projections and considered the associated funding requirements for a period of at least twelve months from the date of approval of these financial statements.

The company is reliant, in part, on access to the Group cash pooling arrangements and on the continued financial support of the connected Group. The directors have obtained written confirmation from the supporting entities within the Group that it does not intend to demand repayment of existing group loans in the foreseeable future and that it will continue to provide financial support to enable the company to meet its liabilities as they fall due.

Based on these considerations, the directors have concluded that the use of the going concern basis of preparation remains appropriate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

2,999,091

1,758,062

Social security costs

219,410

129,056

Other pension costs

31,936

17,415

3,250,437

1,904,533

The average number of employees during the year was as follows:

2025

2024

as restated

Management

5

5

Admin

13

10

Restaurant staff

160

87

178

102

2025

2024

as restated

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

as restated

£

£

Hire of plant and machinery

55,300

-

Other operating leases

539,866

231,403

Depreciation - owned assets

257,892

161,107

Depreciation - assets on hire purchase contracts

86,666

20,000

Loss on disposal of fixed assets

36,189

-

Development costs amortisation

5,450

2,867

Auditors' remuneration - audit

21,000

-

Auditors' remuneration - other

14,000

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Loan

300,000

150,000

Preference share interest

60,000

23,342

360,000

173,342

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

8.	PRIOR YEAR ADJUSTMENT

The financial statements for the year to 31 March 2024 have been restated to correct a debtor classified as bank and cash as at 31 March 2024. This change has not affected distributable reserves as at 31 March 2024.

Another change was made to the financial statements for the year to 31 March 2024 to reclassify the £3,000,000 of redeemable preference shares with £600,000 now being classed as long term liabilities and £2,400,000 as equity. This change has also not affected distributable reserves as at 31 March 2024.

9.	INTANGIBLE FIXED ASSETS

Group

Development

costs

£

COST

At 1 April 2024

and 31 March 2025

344,000

AMORTISATION

At 1 April 2024

3,167

Amortisation for year

5,450

At 31 March 2025

8,617

NET BOOK VALUE

At 31 March 2025

335,383

At 31 March 2024

340,833

Company

Development

costs

£

COST

At 1 April 2024

and 31 March 2025

344,000

AMORTISATION

At 1 April 2024

3,167

Amortisation for year

5,450

At 31 March 2025

8,617

NET BOOK VALUE

At 31 March 2025

335,383

At 31 March 2024

340,833