Company registration number 16030393 (England and Wales)
CHERRY EQUITY PARTNERS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
CHERRY EQUITY PARTNERS LTD
COMPANY INFORMATION
Directors
Mr E J F Standring
Mr J L Barber
(Appointed 11 March 2025)
Mr S Kedia
Mr A Kedia
Company number
16030393
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
CHERRY EQUITY PARTNERS LTD
CONTENTS
Page
Chairman's Statement
1 - 2
Strategic report
3 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group balance sheet
11
Company balance sheet
12
Notes to the financial statements
13 - 26
CHERRY EQUITY PARTNERS LTD
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 1 -

2025 marks the establishment of Cherry Equity Partners, the business Ed Standring and I founded, as a substantive strategic investor in the UK hospitality sector. Between January 25 and August 25, the Group completed the acquisition of three businesses: Cabana, Bistrot Pierre, and Gusto. Together these platforms contribute annualised revenue of approximately £40 million. The £27 million of revenue reported in these accounts reflects part-year ownership and is, in the Board's view, an imperfect indicator of the underlying earnings power now within the Group. The underlying EBITDA (before exceptionals & acquisition costs) for the part-year was £1.4m.

The Cherry investment thesis is precise. The British hospitality market contains a significant cohort of established brands whose commercial potential has been constrained by underinvestment, legacy debt structures, disproportionate central overhead, and estates that no longer reflect contemporary consumer expectations. These businesses retain meaningful brand equity and sound operating foundations. Cherry acquires them, backs the management teams responsible for them, and redeploys capital into the parts that warrant investment. The Group creates value by reinvigorating these businesses, investing in their estates, menus, and people, and by resolving the legacy financial structures that have held them back.

Bistrot Pierre

Bistrot Pierre was acquired in March 2025. A phased capital investment programme is in progress across the estate, modernising both the physical assets and the menu architecture. Early trading data from refurbished sites supports the investment thesis underpinning the acquisition.

During the period, the Group developed Maison Pierre, a boutique rooms brand which makes use of residential capacity already present within several Bistrot Pierre sites. Two properties are now trading: Admiral's House at Plymouth's Royal William Yard, and the Crescent Inn at Ilkley. The Board sees meaningful potential to develop Maison Pierre further, both within the existing estate and through carefully selected new sites.

The Group has also begun piloting a quick-service format at selected coastal sites, intended to make better use of capacity at busier times of the year. This remains at an early and exploratory stage.

Gusto

Gusto, acquired in August 2025, is among the most established Italian casual dining brands in the United Kingdom. The Group's second-half priorities have been a careful review of the estate, support for the incumbent leadership team, and the identification of repositioning opportunities consistent with the brand's heritage.

As part of that work, the Group is planning a major development and brand elevation at our beautiful Grade II listed site in Manchester. The project will require significant capital investment, with works due to complete over late summer 2026 and an opening planned for early autumn.

Cabana

Cabana, the Group's first acquisition of the year, occupies a defensible position within the Latin American-influenced bar and restaurant space. Work during the period has focused on sharpening the proposition and preparing the brand for measured growth.

In February 2026, the Group completed a significant capital investment at Cabana O2 Arena, enhancing and enlarging the bar area. Cabana O2 now regularly ranks among the top five performing restaurant units at the O2 Arena.

Cherry Labs

Cherry Labs is the Group's incubation platform, established to explore early-stage ideas in a deliberately experimental setting. Its remit is intentionally broad and conceptual, ranging from the potential application of technology, robotics, and automation through to wholly new restaurant and hospitality concepts. It is early days. The Board's hope is that, over time, Cherry Labs will become a source of genuinely original thinking and a point of difference from conventional hospitality investors.

CHERRY EQUITY PARTNERS LTD
CHAIRMAN'S STATEMENT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 2 -

Financial Position

The Group is substantially capitalised. Cherry is backed by significant equity and debt consists solely of the Eurobond instrument, and no traditional bank debt. This position affords the Board the latitude to invest at a pace determined by the readiness of each business rather than by refinancing schedules, and to act as a credible counterparty to vendors for whom the destination of their business matters.

Market context and acquisition pipeline

The sixteen months preceding this report have been among the most active in mid-market UK hospitality for a generation. The Group has been engaged with, or in close proximity to, the substantial majority of meaningful transactions in the sector during that period. That engagement has informed the Board's assessment of valuations, vendor expectations, and the quality of the opportunities available. The Group hopes to complete at least two further transactions during the next twelve months. Selectivity remains absolute.

Outlook

The Group enters 2026 with annualised revenue of approximately £40 million. The focus in the year ahead is the disciplined execution of the work already underway across each platform. The Group is fortunate to be supported by an investor base aligned to a long-term hold, which gives the Board the latitude to build value over a meaningful horizon rather than to a fixed timetable.

We want to thank Nick White, who has headed up our newly established House of Cherry, the operating platform responsible for Bistrot Pierre, Maison Pierre, Gusto, and our new elevated brand in Manchester. I also extend our thanks to the wider team at House of Cherry, to Rich Easteal for his leadership at Cabana, and to Stephen Easthope and Sarah Hodgson at Cherry. Our thanks too to our Board and investors, whose refreshingly long-term commitment to these assets is invaluable to what we are building. Ed and I are proud of the foundation now in place, and we approach the work ahead with confidence.

James Barber
Chairman
29 June 2026
CHERRY EQUITY PARTNERS LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 3 -

The directors present the strategic report for the period ended 28 December 2025.

Principal activities

The Group operates hospitality businesses across the UK. During the year it expanded its estate through the acquisition and integration of established restaurant brands, alongside continued investment in operational capability and management reporting.

Key performance indicators

The d irectors consider sales turnover and operating profit margin to be key performance indicators of the business. These are disclosed in the financial statements.

Performance review

In January 2025, the Group acquired Cherry Two Limited and Fired Up One Limited, two businesses that operated the Cabana restaurant chain.

In March 2025, the business of Cabana St Giles was transferred from Cherry Two Limited to Fired Up One Limited (a group subsidiary which holds other Cabana restaurant assets), as part of a group simplification and brand alignment process.

In March 2025, the Group acquired the business and assets of ten Bistrot Pierre restaurants, two pubs, and two boutique hotels. Following its acquisition, the Group implemented a structured integration and investment programme and the estate has traded ahead of internal expectations.

In July 2025, the Group acquired the business and assets of seven Gusto restaurants. Post-acquisition, the Gusto brand has traded in line with expectations and the Group has earmarked premium Gusto units for a major refurbishment programmed in 2026 to elevate the customer offering, consistent with the Group's strategy. The programmed is intended to drive revenue growth, improve customer experience, and strengthen long-term profitability.

As these acquisitions occurred part-way through the year, the results reflect part-year ownership of Bistrot Pierre and Gusto. Full-year trading in 2026 will reflect a complete trading period across the expanded estate.

Investment and operations

The year saw targeted investment in refurbishments and operational infrastructure. Within Bistrot Pierre, capital expenditure programmes were commenced at Nottingham, Leicester, Ilkley and Plymouth, alongside back-of-house upgrades to improve kitchen efficiency. The Group continued the rollout of enhanced management reporting and cost-control tools to support margin delivery and operating discipline.

The Group also maintained its focus on people and culture, recognising that recruitment, retention, and training are fundamental to service quality and sustainable growth. Leadership development and improved HR processes were priorities throughout the year.

Cashflow and financing

The Group benefits from a £15m group liquidity facility from its parent company and does not utilise bank debt. The facility provides headroom to support working capital requirements and the Group's planned investment programme. Cost control and cash discipline remained a focus across the year.

CHERRY EQUITY PARTNERS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 4 -
Risks and uncertainties

The principal risks faced by the Group remain consistent with prior years and include:

- Economic and market risks arising from consumer confidence, disposable income, and the competitive trading environment.

- Cost inflation risks, particularly in food, beverage, and utilities.

- People risks, including recruitment and retention in a tight labour market.

- Regulatory and compliance risks, including evolving requirements across the UK.

Management continues to mitigate these risks through proactive supplier engagement, a disciplined approach to labour planning, investment in training and retention initiatives, and close monitoring of financial and operational performance.

On behalf of the board

Mr E J F Standring
Director
29 June 2026
CHERRY EQUITY PARTNERS LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the period ended 28 December 2025.

Dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr E J F Standring
Mr J L Barber
(Appointed 11 March 2025)
Mr S Kedia
Mr A Kedia
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr E J F Standring
Director
29 June 2026
CHERRY EQUITY PARTNERS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHERRY EQUITY PARTNERS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHERRY EQUITY PARTNERS LTD
- 7 -
Opinion

We have audited the financial statements of Cherry Equity Partners Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 December 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and notes to the financial statements, including 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 the parent company's affairs as at 28 December 2025 and of the group's loss for the period 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 group and parent 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 group's and 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 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The directors' report has been prepared in accordance with applicable legal requirements.

CHERRY EQUITY PARTNERS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHERRY EQUITY PARTNERS LTD
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in 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 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 group's and 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 parent 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law and tax and pensions legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations and health and safety legislation.

CHERRY EQUITY PARTNERS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHERRY EQUITY PARTNERS LTD
- 9 -

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Burge (Senior Statutory Auditor)
For and on behalf of Beavis Morgan LLP, Statutory Auditor
Chartered Accountants
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
30 June 2026
CHERRY EQUITY PARTNERS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 10 -
Period
Period
ended
ended
28 December
31 December
2025
2024
unaudited
Notes
£
£
Turnover
26,726,442
-
Cost of sales
(17,358,110)
-
0
Gross profit
9,368,332
-
Administrative expenses
(7,946,077)
(2,500)
Other operating expenses
(7,717)
-
0
EBITDA
1,414,538
(2,500)
Depreciation
8
(317,310)
-
Amortisation
7
(362,829)
-
Exceptional costs
3
(816,227)
-
0
Acquisition costs
3
(362,800)
-
0
Operating loss
(444,628)
(2,500)
Interest receivable and similar income
6
-
43
Interest payable and similar expenses
(519,518)
-
Loss before taxation
(964,146)
(2,457)
Tax on loss
-
0
-
0
Loss for the financial period
16
(964,146)
(2,457)
Loss for the financial period is all attributable to the owners of the parent company.
CHERRY EQUITY PARTNERS LTD
GROUP BALANCE SHEET
AS AT
28 DECEMBER 2025
28 December 2025
- 11 -
28 December 2025
31 December 2024
unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
7
5,486,528
-
0
Tangible assets
8
2,026,202
-
0
7,512,730
-
0
Current assets
Stocks
568,780
-
Debtors
11
809,360
1,000
Cash at bank and in hand
4,280,104
405,044
5,658,244
406,044
Creditors: amounts falling due within one year
12
(8,666,409)
(2,500)
Net current (liabilities)/assets
(3,008,165)
403,544
Total assets less current liabilities
4,504,565
403,544
Creditors: amounts falling due after more than one year
13
(5,470,001)
(405,001)
Net liabilities
(965,436)
(1,457)
Capital and reserves
Called up share capital
1,167
1,000
Profit and loss reserves
16
(966,603)
(2,457)
Total equity
(965,436)
(1,457)

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
29 June 2026
Mr E J F Standring
Director
Company registration number 16030393 (England and Wales)
CHERRY EQUITY PARTNERS LTD
COMPANY BALANCE SHEET
AS AT 28 DECEMBER 2025
28 December 2025
- 12 -
28 December 2025
31 December 2024
unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
8
2,153
-
0
Investments
9
517,396
-
0
519,549
-
0
Current assets
Debtors
11
3,140,857
1,000
Cash at bank and in hand
1,261,704
405,044
4,402,561
406,044
Creditors: amounts falling due within one year
12
(954,930)
(2,500)
Net current assets
3,447,631
403,544
Total assets less current liabilities
3,967,180
403,544
Creditors: amounts falling due after more than one year
13
(5,470,001)
(405,001)
Net liabilities
(1,502,821)
(1,457)
Capital and reserves
Called up share capital
1,167
1,000
Profit and loss reserves
16
(1,503,988)
(2,457)
Total equity
(1,502,821)
(1,457)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £1,501,531 (2024 - £2,457 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
29 June 2026
Mr E J F Standring
Director
Company registration number 16030393 (England and Wales)
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Cherry Equity Partners Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

The group consists of Cherry Equity Partners Ltd and all of its subsidiaries.

1.1
Reporting period

These financial statements are presented for the period ended 28 December 2025. Cherry Equity Partners Ltd was incorporated on 21 October 2024, therefore, the financial statements for the comparative period ending 31 December 2024 are for a period of less than one year.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cherry Equity Partners Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 28 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Revenue

Turnover represents amounts receivable for food, beverages and services net of VAT, excluding service charge. Turnover is recognised at the point where the food, beverages and services are provided to the c ustomer.

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Straight-line over ten years
1.10
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight-line over the lesser of ten years or length of lease term
Fixtures and fittings
Straight-line over five years
Equipment
Straight-line over three years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.11
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.15
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.19
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2025
2024
£
£
Income
Exceptional item - Other operating income
(40,140)
-
(40,140)
-
Expenditure
Exceptional costs
816,227
-
Acquisition costs
362,800
-
1,179,027
-
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Total
583
4
2
4
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 20 -
5
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
458,839
-
Sums paid to third parties for directors' services
51,889
-
6
Interest receivable and similar income
2025
2024
£
£
Other interest receivable and similar income
-
43
7
Intangible fixed assets
Group
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2025
-
0
-
0
-
0
Additions
5,741,718
107,639
5,849,357
At 28 December 2025
5,741,718
107,639
5,849,357
Amortisation and impairment
At 1 January 2025
-
0
-
0
-
0
Amortisation charged for the period
360,292
2,537
362,829
At 28 December 2025
360,292
2,537
362,829
Carrying amount
At 28 December 2025
5,381,426
105,102
5,486,528
At 31 December 2024
-
0
-
0
-
0
The company had no intangible fixed assets at 28 December 2025 or 31 December 2024.
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 21 -
8
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2025
-
0
-
0
-
0
-
0
Additions
395,182
86,818
672,570
1,154,570
Business combinations
420,999
648,856
119,087
1,188,942
At 28 December 2025
816,181
735,674
791,657
2,343,512
Depreciation and impairment
At 1 January 2025
-
0
-
0
-
0
-
0
Depreciation charged in the period
73,805
99,133
144,372
317,310
At 28 December 2025
73,805
99,133
144,372
317,310
Carrying amount
At 28 December 2025
742,376
636,541
647,285
2,026,202
Company
Equipment
£
Cost
At 1 January 2025
-
0
Additions
2,454
At 28 December 2025
2,454
Depreciation and impairment
At 1 January 2025
-
0
Depreciation charged in the period
301
At 28 December 2025
301
Carrying amount
At 28 December 2025
2,153
9
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Shares in group undertakings and participating interests
-
-
517,396
-
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
9
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
-
Additions
517,396
At 28 December 2025
517,396
Carrying amount
At 28 December 2025
517,396
At 31 December 2024
-
10
Subsidiaries

The company had no subsidiaries at 31 December 2024. Details of the company's subsidiaries at 28 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fired Up One Ltd
England and Wales
Ordinary shares
100.00
Cherry Two Ltd
England and Wales
Ordinary shares
100.00
Cherry Equity Three Ltd
England and Wales
Ordinary shares
100.00
Cherry Equity Four Ltd
England and Wales
Ordinary shares
100.00
11
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
328,638
-
0
-
0
-
0
Amounts owed by group
-
0
-
0
3,118,561
-
0
Other debtors
480,722
1,000
22,296
1,000
809,360
1,000
3,140,857
1,000
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 23 -
12
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
1,911,046
-
0
11,548
-
0
Corporation tax payable
300
-
0
-
0
-
0
Other taxation and social security
2,548,817
-
0
44,965
-
0
Other creditors
4,206,246
2,500
898,417
2,500
8,666,409
2,500
954,930
2,500
13
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Other creditors
5,470,001
405,001
5,470,001
405,001
14
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
5,470,001
405,001
5,470,001
405,001
Payable after one year
5,470,001
405,001
5,470,001
405,001

The long-term loans are secured by fixed and floating charges over all group assets.

The loan is repayable in full in December 2045. Interest accrues at 12% per annum.

15
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
579,065
-
-
-
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
- 24 -
16
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the period
(2,457)
-
(2,457)
-
Loss for the period
(964,146)
(2,457)
(1,501,531)
(2,457)
At the end of the period
(966,603)
(2,457)
(1,503,988)
(2,457)
17
Acquisition of a business

On 7 March 2025 the group acquired the business of Bistrot Pierre 1994 Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
284,000
-
284,000
Stock
140,000
-
140,000
Deferred income liabilities
(514,444)
-
(514,444)
Total identifiable net assets
(90,444)
-
(90,444)
Goodwill
2,865,444
Total consideration
2,775,000
The consideration was satisfied by:
£
Cash
2,725,000

On 21 January 2025 the group acquired 100% of the issued capital of Cherry Two Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
113,283
-
113,283
Stocks
28,206
-
28,206
Debtors
14,255
-
14,255
Creditors
(421,297)
-
(421,297)
Cash and cash equivalents
69,444
-
69,444
Total identifiable net assets
(196,109)
-
(196,109)
Goodwill
311,809
Total consideration
115,700
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
17
Acquisition of a business
(Continued)
- 25 -
The consideration was satisfied by:
£
Cash
95,200
Deferred consideration
20,500
115,700

On 21 January 2025, the group acquired 100% of the issued capital of Fired Up One Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
386,654
-
386,654
Stocks
29,195
-
29,195
Debtors
223,001
-
223,001
Creditors
(988,191)
-
(988,191)
Cash and cash equivalents
154,168
-
154,168
Total identifiable net assets
(195,173)
-
(195,173)
Goodwill
524,473
Total consideration
329,300
The consideration was satisfied by:
£
Cash
254,800
Deferred consideration
74,500
329,300
On 29 July 2025, the group acquired the business of Gusto Restaurants Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Licence to occupy leaseholds
150,006
-
150,006
Property, plant and equipment
246,749
-
246,749
Stocks
30,001
-
30,001
Business records
8,252
-
8,252
Total identifiable net assets
435,008
-
435,008
Non-controlling interests
-
Goodwill
2,089,992
Total consideration
2,525,000
CHERRY EQUITY PARTNERS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
17
Acquisition of a business
(Continued)
- 26 -
The consideration was satisfied by:
£
Cash
1,775,000
Deferred consideration
750,000
2,525,000
Goodwill arising from the above acquisitions represents expected synergies and future economic benefits arising from the acquisitions that are not capable of being individually identified and separately recognised.
18
Related party transactions
Transactions with related parties

Cherry Equity Partners Limited recognised an expense of £210,000 for portfolio monitoring services provided by Agromet Analytics FZ-LCC, a related company by virtue of common control. At year-end, the company owed £210,000 to this related party related to accrued expenses.

At 28 December 2025, Cherry Equity Partners Limited owed £5,470,000 and £517,833 of accrued management fees to their parent company, Navya Investments Limited.

During the year, the Group entered into transactions with companies controlled by the directors. Consultancy services were provided by these entities prior to the directors becoming employees of the group. Payments made during the year amounted to £51,889 (2024: £nil). A balance of £1,428 (2024: £nil) was owed at the year end.

On 21 January 2025, Cherry Equity Partners Ltd acquired the companies of Fired Up One Ltd and Cherry Two Ltd (formerly Hache Trading Limited). These companies were related parties at the time of acquisition by virtue of common control.

19
Controlling party

The parent company of Cherry Equity Partners Ltd is Navya Investment Limited and its registered office is Trident Chambers, PO Box 146, Tortola VG1110, British Virgin Islands.

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