Cavern City Tours Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—21

The directors present their strategic report for the year ended 30 September 2025.

Principal Activity

The principal activity of the company during the last financial year, continues to be that of tour operator, event organiser and licencee with a club and pub operation.

Review of the Business

Cavern City Tours Ltd has delivered another standout year, with strong growth across all five divisions, reinforcing its position as a market leader in the global music tourism and hospitality sector. The business continues to demonstrate resilience, scale, and consistent demand, supported by a cash balance of approximately £3.5 million and zero debt. This performance is underpinned by increasing international recognition, including the Magical Mystery Tour being awarded the Tripadvisor Travelers’ Choice® Best of the Best Things To Do Award 2026, ranking #1 in the UK, #4 in Europe, and #5 globally.

Profitability remains on a strong upward trajectory, with net profit increasing to £3.25 million in the current financial period (2024: £2.95 million). This sustained growth reflects both operational strength and disciplined cost management.

The company is operating at or near peak capacity during key trading periods, underlining the strength of its brand and customer demand. Growth continues to be driven by internal excellence—ongoing improvements across marketing, customer experience, product quality, and operational efficiency. Market recognition, including the OpenTable Diners’ Choice Award for The Cavern Restaurant, further reinforces its premium positioning.

The Cavern Club, the cornerstone of the brand identity, continues to perform strongly, with increased turnover, underlining its enduring global appeal and central role within the group. The Cavern Club was also voted Best Live Music Venue in the UK at the Skiddle Awards 2026.

International Beatleweek continues to perform strongly, attracting a broad and increasingly diverse international audience, supporting both direct revenues and global brand engagement. The event was named Event/Festival of the Year 2025 in the Liverpool Region Tourism Awards.

Cavern City Tours’ global profile continues to expand, with growing media, digital, and industry recognition further strengthening brand equity. The company employs approximately 150 people and attracts visitors from around the world, reinforcing its position as a truly international destination business.

This performance has been achieved amid challenging market conditions, including rising costs and continued pressure across the UK hospitality sector. Despite these external pressures, Cavern City Tours Ltd continues to outperform, delivering strong margins, robust cash generation, and a clear platform for sustained future growth.

On behalf of the board

Mrs K Jardine

Director

18 June 2026

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Cavern City Tours Limited

Company No. 01744312

Directors' Report For The Year Ended 30 September 2025

Directors' Report

The directors present their report and the financial statements for the year ended 30 September 2025.

Dividends

Particulars of recommended dividends are detailed in note 24 to the financial statements.

Directors

The directors who held office during the year were as follows:

Mrs M Guinness	Appointed	02/05/2025
Mr P R Jones
Mrs C A Lowe	Appointed	02/05/2025
Mrs K Jardine
Mr J M Robinson
Mrs J Baird
Mr G W Guinness
Mr W Heckle
Mr D Jones

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Cavern City Tours Limited

Directors' Report (continued)

For The Year Ended 30 September 2025

Independent Auditors

The auditors, ERC Accountants & Business Advisers Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mrs K Jardine

Director

18 June 2026

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Independent Auditor's Report

to the Members of

Cavern City Tours Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Cavern City Tours Limited for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's 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. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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.

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Independent Auditor's Report (continued)

to the Members of

Cavern City Tours Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 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 directors and other management, and from our commercial knowledge and experience of the industry sector;

•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 the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, 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 the 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;

•reading the minutes of meetings of those charged with governance;

•enquiring of management as to actual and potential litigation and claims; and

•reviewing correspondence with HMRC and the company’s legal advisors.

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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Cavern City Tours Limited

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 that we are required to state to them in an auditor's 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.

Richard Brown (Senior Statutory Auditor)

for and on behalf of ERC Accountants & Business Advisers Ltd , Statutory Auditor

18 June 2026

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Cavern City Tours Limited

Statement of Comprehensive Income

For The Year Ended 30 September 2025

Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	4	12,200,668	11,621,180
Cost of sales		(7,218,390 )	(6,991,257 )

GROSS PROFIT		4,982,278	4,629,923

Administrative expenses		(1,850,547 )	(1,776,365 )
Other operating income		40,000	50,954

OPERATING PROFIT	6	3,171,731	2,904,512
Loss on disposal of fixed assets		(2,751 )	(2,876 )
Other interest receivable and similar income	11	80,277	73,960
Interest payable and similar charges	12	(4,450 )	2,907

PROFIT BEFORE TAXATION		3,244,807	2,978,503
Tax on Profit	13	(785,589 )	(792,923 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		2,459,218	2,185,580
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment		-	23,424
(Loss)/gain on revaluation of other assets		(785,504 )	2,545,416

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		1,673,714	4,754,420

The notes on pages 11 to 21 form part of these financial statements.

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Cavern City Tours Limited

Statement of Financial Position

As At 30 September 2025

Statement of Financial Position

Registered number: 01744312

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	14		20,680,399		21,465,903
Tangible Assets	15		2,404,906		2,471,985

			23,085,305		23,937,888
CURRENT ASSETS
Stocks	16	275,303		243,566
Debtors	17	1,186,191		459,674
Cash at bank and in hand		3,531,095		3,660,279

		4,992,589		4,363,519
Creditors: Amounts Falling Due Within One Year	18	(1,650,388 )		(2,007,176 )

NET CURRENT ASSETS (LIABILITIES)			3,342,201		2,356,343

TOTAL ASSETS LESS CURRENT LIABILITIES			26,427,506		26,294,231

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(5,423,676 )		(5,464,116 )

NET ASSETS			21,003,830		20,830,115

CAPITAL AND RESERVES
Called up share capital	20		22,856		22,856
Revaluation reserve	25		15,529,144		16,314,648
Income Statement			5,451,830		4,492,611

SHAREHOLDERS' FUNDS			21,003,830		20,830,115

On behalf of the board

Mrs K Jardine

Director

18 June 2026

The notes on pages 11 to 21 form part of these financial statements.

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Cavern City Tours Limited

Statement of Changes in Equity

For The Year Ended 30 September 2025

Statement of Changes in Equity

	Share Capital	Revaluation reserve	Income Statement	Total
	£	£	£	£
As at 1 October 2023	22,856	13,745,808	3,807,030	17,575,694
Profit for year	-	-	2,185,580	2,185,580

Surplus on revaluation	-	3,481,456	-	3,481,456
Deferred tax provision on revalued assets	-	(912,616 )	-	(912,616)

Other comprehensive income for the year	-	2,568,840	-	2,568,840

Total comprehensive income for the year	-	2,568,840	2,185,580	4,754,420

Dividends paid	-	-	(1,499,999)	(1,499,999)

As at 30 September 2024 and 1 October 2024	22,856	16,314,648	4,492,611	20,830,115


Profit for year	-	-	2,459,218	2,459,218

Surplus on revaluation	-	(785,504 )	-	(785,504 )

Other comprehensive income for the year	-	(785,504 )	-	(785,504 )

Total comprehensive income for the year	-	(785,504)	2,459,218	1,673,714

Dividends paid	-	-	(1,499,999)	(1,499,999)

As at 30 September 2025	22,856	15,529,144	5,451,830	21,003,830

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Cavern City Tours Limited

Statement of Cash Flows

For The Year Ended 30 September 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,264,487	2,839,095
Interest (paid)/refunded		(4,450 )	2,907
Tax paid		(812,204 )	(891,924 )

Net cash generated from operating activities		1,447,833	1,950,078

Cash flows from investing activities
Purchase of tangible assets		(46,317 )	(38,612 )
Proceeds from disposal of tangible assets		(1 )	1
Interest received		80,277	73,960

Net cash generated from investing activities		33,959	35,349

Cash flows from financing activities
Equity dividends paid		(1,499,999 )	(1,499,999 )
Repayment of bank borrowings		-	(115,535 )
Repayment of finance leases		-	(24,778 )
Amount withdrawn by directors		(110,977)	(15,190)

Net cash used in financing activities		(1,610,976 )	(1,655,502 )



(Decrease)/increase in cash and cash equivalents		(129,184 )	329,925
Cash and cash equivalents at beginning of year	2	3,660,279	3,330,354

Cash and cash equivalents at end of year	2	3,531,095	3,660,279

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Cavern City Tours Limited

Notes to the Statement of Cash Flows

For The Year Ended 30 September 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	2,459,218	2,185,580
Adjustments for:
Tax on profit	785,589	792,923
Interest expense	4,450	(2,907 )
Interest income	(80,277 )	(73,960 )
Depreciation of tangible assets	110,645	103,080
Loss on disposal of tangible assets	2,752	2,876
Movements in working capital:
Increase in stocks	(31,737 )	(4,048 )
Increase in trade and other debtors	(726,517 )	(122,127 )
Decrease in trade and other creditors	(259,636 )	(42,322 )

Net cash generated from operations	2,264,487	2,839,095

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	3,531,095	3,660,279

3. Analysis of changes in net funds

	As at 1 October 2024	Cash flows	As at 30 September 2025
	£	£	£
Cash at bank and in hand	3,660,279	(129,184)	3,531,095

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Cavern City Tours Limited

Notes to the Financial Statements

For The Year Ended 30 September 2025

Notes to the Financial Statements

1. General Information

Cavern City Tours Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01744312 . The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention.

3.2. 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.

3.3. Significant judgements and estimations

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses.

The most significant area of judgement within the financial statements relates to the valuation and useful economic life assessment of the Cavern Club brand.

The carrying value of the brand at 30 September 2025 was £20,680,399. The valuation was performed by independent specialist valuers using recognised valuation methodologies including discounted cash flow and royalty relief techniques.

The valuation incorporates assumptions relating to:

forecast future revenues and profitability;
royalty rates;
discount rates;
terminal growth rates;
future market conditions; and
the continuing commercial exploitation of the brand.

The directors have also exercised judgement in assessing the useful economic life of the brand as 100 years, taking into account:

the enduring international recognition of the Cavern Club brand;
the continuing profitability and cash generation of the business;
ongoing tourism demand;
legal trademark protections; and
the expected long-term economic benefit associated with the brand.

The directors review the carrying value and useful economic life of the brand annually.

Due to the inherent uncertainty involved in forecasting future commercial performance and valuation assumptions, actual outcomes could differ from those estimates and assumptions.

3.4. 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.

Wet and dry sales from the licensed premises are recognised at the point of sale.

Tour operating income is recognised when the tours take place, and is accounted for on the accruals basis.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

3.5. Intangible Fixed Assets and Amortisation - Other Intangible

The Cavern Club brand is recognised as an intangible asset and is initially recorded at cost.

Subsequent to initial recognition, the brand is carried at valuation based on an independent external valuation using recognised valuation methodologies, including discounted cash flow and royalty relief techniques, less any subsequent impairment where applicable.

The valuation is derived from estimated future economic benefits expected to arise from continued commercial exploitation of the brand, taking into account historical trading performance, forecast future cash flows, market-based assumptions and the enduring nature of the Cavern Club brand and associated intellectual property rights.

Management considers the valuation techniques and assumptions adopted to provide a sufficiently reliable measure of fair value in the context of the financial statements as a whole.

The Cavern Club brand was independently valued as at 30 September 2025 by Intangible Business Limited.

The directors have assessed the useful economic life of the brand as 100 years from 30 September 2025 based on:

the longstanding global recognition of the brand;
the continuing international demand associated with the Cavern Club;
the legal protection afforded through trademark registrations;
the historic resilience and profitability of the business; and
the expectation of continuing future economic benefit arising from the brand.

The carrying value of the brand is reviewed annually for indicators of impairment. No amortisation has been charged in the current year as the directors consider that the annual independent valuation process and annual reassessment of the carrying value and useful economic life of the brand provides the most appropriate reflection of the continuing economic benefit derived from the asset.

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured either at cost less accumulated depreciation and impairment losses, or at fair value under the revaluation model, depending on the asset class.

Memorabilia and motor vehicles are measured using the revaluation model in accordance with FRS 102, with revaluations performed at intervals not exceeding five years or when there is evidence of a material change in fair value. Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve unless reversing a previous loss recognised in profit or loss.

All other 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 or revalued amount of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Straight line over 50 years
Leasehold	Straight line over the life of the lease
Plant and machinery	20% reducing balance
Motor vehicles	25% reducing balance
Fixtures and fittings	20% reducing balance

No depreciation is charged against memorabilia on the grounds that the assets are not expected to lose value over time. Memorabilia is reviewed for impairment on an annual basis.

The Cavern Club brand was independently valued as at 30 September 2025 and concluded to have a useful economic life of 100 years from this date.

3.7. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

3.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.9. Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities.

Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument.

3.10. 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.

3.11. Provisions and Contingencies

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

3.12. 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.

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

4. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Rendering of services	2,159,387	1,960,710
Sale of goods	10,041,281	9,660,470

	12,200,668	11,621,180

5. Other Operating Income

	2025	2024
	£	£
Other operating income	40,000	50,954

	40,000	50,954

6. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	110,645	103,080

7. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	16,820	16,015


Other Services
Taxation compliance service	595	1,240

8. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	3,050,440	2,898,181
Social security costs	305,341	256,981
Other pension costs	218,569	199,718

	3,574,350	3,354,880

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

9. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	23	10
Sales, marketing and distribution	110	120

	133	130

10. Directors' remuneration

	2025	2024
	£	£
Emoluments	210,553	233,583
Amounts paid to third parties in respect of directors' services	16,626	14,227

	227,179	247,810

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	70,938	97,833
Company contributions to defined benefit pension schemes	1	2

	70,939	97,835

11. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	80,277	73,960

12. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	4,450	(3,964 )
Interest payable on hire purchase and finance lease contracts	-	1,057

	4,450	(2,907)

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

13. Tax on Profit

The tax 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%	827,318	760,660
Prior period adjustment			(1,289 )	27,339

			826,029	787,999
Deferred Tax
Deferred taxation			(40,440 )	4,924


Total tax charge for the period			785,589	792,923

The actual 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	3,244,807	2,978,503

Tax on profit at 25% (UK standard rate)	827,420	743,730
Goodwill/depreciation not allowed for tax	-	28,674
Capital allowances	-	(11,744 )
Short term timing differences	(40,442 )	4,924
Prior period adjustment	(1,289 )	27,339

Total tax charge for the period	785,689	792,923

14. Intangible Assets

	Other
	£
Cost or Valuation
As at 1 October 2024	21,465,903
Revaluations	(785,504 )

As at 30 September 2025	20,680,399

Net Book Value
As at 30 September 2025	20,680,399

As at 1 October 2024	21,465,903

The Cavern Club brand was independently valued by Intangible Business Limited as at 30 September 2025 using recognised specialist valuation methodologies, including discounted cash flow and royalty relief techniques. The directors consider the Cavern Club brand to represent a unique and enduring international entertainment and tourism brand with significant ongoing commercial value. The valuation remains inherently judgemental and changes in key assumptions could result in a material change to the carrying value of the asset.

The principal assumptions applied within the valuation include:

royalty rate: 12%;
discount rate: 9%;
terminal growth rate: 3%; and
useful economic life: 100 years.

...CONTINUED

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

14. Intangible Assets - continued

The carrying value of the brand at 30 September 2025 was £20,680,399. The directors reassess the valuation assumptions, useful economic life and carrying value of the brand annually with reference to independent valuation evidence and prevailing commercial conditions

The directors have reviewed post year-end trading performance, current business forecasts and the continued commercial performance of the business and remain satisfied that the carrying value of the brand remains appropriate.

15. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant and machinery	Motor vehicles
	£	£	£	£
Cost or Valuation
As at 1 October 2024	158,518	2,584,979	253,030	535,127
Additions	11,622	4,687	25,301	460
Disposals	-	-	(16,841 )	-

As at 30 September 2025	170,140	2,589,666	261,490	535,587

Depreciation
As at 1 October 2024	53,311	790,439	157,061	415,126
Provided during the period	3,403	53,095	23,709	30,116
Disposals	-	-	(14,091 )	-

As at 30 September 2025	56,714	843,534	166,679	445,242

Net Book Value
As at 30 September 2025	113,426	1,746,132	94,811	90,345

As at 1 October 2024	105,207	1,794,540	95,969	120,001


	Fixtures and fittings	Memorabilia	Total
	£	£	£
Cost or Valuation
As at 1 October 2024	12,125	354,648	3,898,427
Additions	-	4,247	46,317
Disposals	-	-	(16,841 )

As at 30 September 2025	12,125	358,895	3,927,903

Depreciation
As at 1 October 2024	10,505	-	1,426,442
Provided during the period	323	-	110,646
Disposals	-	-	(14,091 )

As at 30 September 2025	10,828	-	1,522,997

Net Book Value
As at 30 September 2025	1,297	358,895	2,404,906

As at 1 October 2024	1,620	354,648	2,471,985

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor vehicles	-	120,000

The memorabilia was revalued at £358,895 by Mr D Jones, director, as at the financial year end date. The directors consider the valuation to accurately reflect the fair value of the memorabilia.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Land & Property
	Freehold	Leasehold	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost	130,619	2,526,007	364,902	222,319	3,243,847
Accumulated depreciation and impairment	56,714	843,534	364,902	-	1,265,150

Carrying amount	73,905	1,682,473	-	222,319	1,978,697

16. Stocks

	2025	2024
	£	£
Stock	275,303	243,566

17. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	254,301	266,350
Prepayments and accrued income	222,647	178,509
Other debtors	564,897	14,815
S455 Tax Provision	144,346	-

	1,186,191	459,674

18. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	310,133	277,984
Other creditors	338,545	736,190
Corporation tax	474,485	460,660
Taxation and social security	447,367	445,983
Accruals and deferred income	79,858	86,359

	1,650,388	2,007,176

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	5,423,676	5,464,116

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
11,428 Ordinary Shares of £ 1.00 each	11,428	11,428
11,428 Ordinary B shares of £ 1.00 each	11,428	11,428

	22,856	22,856

21. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	242,564	242,564
Later than one year and not later than five years	952,256	821,000
Later than five years	6,345,500	6,544,000

	7,540,320	7,607,564

22. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £218,569 (2024: £199,718).

At the statement of financial position date contributions of £2,821 (2024: £5,265) were due to the fund and are included in creditors.

23. Directors Advances, Credits and Guarantees

A director withdrew funds totalling £702,367, Introduced funds totalling £27,006 and received dividends totalling £187,434. The amount owed to the company at the year end was £427,693. This amount is interest free and repayable on demand.

24. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	1,499,999	1,499,999

25. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Related Party Disclosures

No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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Cavern City Tours Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

27. Controlling Parties

The company is controlled by the directors by virtue of their interest in the share capital of the company.

Page 21