Obar Camden Holdings Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 08257455 (England and Wales)
Obar Camden Holdings Limited
Company Information
Directors
O Bengough
A Axen
Sister Directors Limited
Company number
08257455
Registered office
3rd Floor
7 Greenland Street
London
NW1 0ND
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
1A Camden High St
London
United Kingdom
NW1 7JE
Obar Camden Holdings Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 37
Obar Camden Holdings Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The directors present the strategic report for the year ended 31 December 2025.

The Group accounts include the following undertakings: The Hope Lease Limited and Obar Camden Limited.

KOKO is one of London’s most celebrated entertainment destinations, featuring state-of-the-art broadcast facilities, three restaurants, multiple bars, a recording studio, and several performance spaces, including a fully restored 1,600-capacity Victorian theatre. The House of KOKO, a dynamic members’ club integrated with the main theatre, offers a distinctive entertainment experience spanning music, electronic, and cultural programming. Signature spaces include a cocktail bar in the iconic copper dome, a roof garden, terrace, penthouse studio, jazz club, piano room, stage kitchen, and vinyl listening rooms.

KOKO was shortlisted for the Best Venue award at the BBC Radio 1 Dance Awards for the second year running, and Venue of the Year at the 2026 Music Week Awards.

Fair review of the business

The year ended 31 December 2025 represented the third full trading year for The Hope Lease Limited. Despite a continued challenging macroeconomic environment, the Group delivered strong financial performance and continued to build on its established momentum.

Turnover for 2025 reached £29.1M (2024: £26.7M), reflecting a 9% increase on the prior year. This growth was driven by strong top-line performance and improved margins, underpinned by higher spend per head across a full year of trading.

The year featured a diverse programme of high-profile events, including two-night takeovers from Francis Mercier and Marco Carola, alongside electronic performances from The Martinez Brothers, Hugel, and Armand Van Helden. Notable live acts included Babyshambles, Sombr, Central Cee, Shaboozey, Anderson Paak, Celeste, Sophie Ellis-Bextor, Erika Jane, Soul II Soul, and Idlewild.

The House of KOKO also toured to Glastonbury and Ibiza in 2025, creating lasting memories for our members and establishing a strong brand presence.

Position of the Business at the End of the Year

The Group reports a loss of (£2.2M) (2024: profit of £3.0M). This is largely driven by the exceptional other gain received in 2024 relating to the fire of 2020.

The Group retains a healthy cash position, which includes advanced payments received in respect of future commitments, with cash at bank and in hand standing at £3.5M (2024: £3.5M). The Directors are confident that the Group has adequate resources to meet its obligations as they fall due.

Principal Risks and Uncertanties

The Group has established systems and procedures to identify, assess, and mitigate the principal risks that could have a material impact on the business. Monitoring risk exposure is an integral part of the Board’s governance framework and is embedded in senior management processes.

Liquidity and cash flow

Liquidity and cash flow are reviewed regularly by the Board and senior management. The Group is considered to have sufficient resources to sustain its operations

During March 2025, the Group repaid several loans including £3.3M Landlord related and £1.5M short term loans (drawn down between August and October 2024). The Group has not required any further trade funding since January 2024 which has now been repaid in full.

Excluding the insurance exceptional income in both years, the Group's adjusted EBITDA reflects a meaningful improvement in underlying operating performance, driven by gross profit growth and disciplined overhead management. 2026 will represent the first full trading year in which the Group's results are determined solely by operational performance, and the Directors are confident that the business is well-positioned to demonstrate sustained EBITDA generation.

Obar Camden Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2

Other risks

In addition to financial risks, the principal risks faced by the Group include operational risks, broader economic risks, and the recruitment and retention of key staff.

Key Performance Indicators

The Group tracks a range of KPIs, including theatre event count, theatre attendance, turnover, gross profit, and EBITDA (earnings before interest, tax, depreciation and amortisation). Performance metrics for the year are set out below.

Key KPIs | 202 5 | 202 4 | % change
Non-Financial |  |  |
Theatre Event Count | 29 5 | 2 94 | 0.3%
Theatre Attendance | 362,776 | 3 80,656 | (4.7)%
Financial | £000s | £000s |
Turnover | 2 9,097 | 2 6,739 | 8.8%
Gross Profit | 1 6,937 | 1 3,553 | 25.0%
EBITDA | 1,222 | 6,287 | (80.6)%

Gross margin of 58.2% (2024: 50.7%) represents a landmark achievement in the Group's post-relaunch trajectory. The improvement is attributable to a combination of factors: a structural shift towards higher-margin membership, hospitality, and sponsorship revenues; improved cost of goods management across food and beverage operations; and the operating leverage inherent in a fixed-capacity venue as non-ticketed revenues scale. The Directors regard gross margin as a key indicator of the business model's success.

Section 172 statement
Promoting the Success of the Business

The Directors of Obar Camden Holdings Limited are committed to fulfilling their duties as set out in Section 172 of the Companies Act 2006. In an organisation of this scale, the Directors delegate day-to-day decision-making to senior employees through an established governance framework.

In their decision-making, the Board carefully considers the interests of key stakeholders alongside broader considerations, including the long-term sustainability of the business and responsible operating practices. Through open and transparent engagement with stakeholders, the Directors have developed a thorough understanding of their needs and expectations, which continues to inform the Groups strategic direction.

The Board confirms that during the year ended 31 December 2025, the Directors acted in a manner they considered, in good faith, to be most likely to promote the success of the Group for the benefit of its members and wider stakeholders.

Obar Camden Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 3
Engagement with Suppliers, Customers and Others

The Board recognises that maintaining strong relationships with stakeholders, including suppliers, customers, and partners, is fundamental to the Company’s success. The Directors maintain active oversight of these relationships and ensure that stakeholder considerations are central to decision-making.

KOKO, one of London’s most iconic music venues, sits at the heart of the Company’s commercial activity. The venue’s relationships with artists, promoters, House of KOKO members, suppliers, fans, and the local community are integral to the delivery of the Company’s strategic plan. By focusing on connecting artists with their audiences and creating exceptional experiences, the Company continues to build productive partnerships that support the delivery of world-class events and the achievement of its strategic objectives.

Engagement with Employees

The Groups people are its greatest asset, and its investment in them reflects that belief. Recognising that a motivated, well-supported workforce is fundamental to business success, the Directors maintain open lines of communication across the organisation, keeping employees informed on strategic matters and creating genuine opportunities for both professional growth and personal development.

Beyond day-to-day conversation, the Group actively seeks formal feedback to continuously improve workplace culture and work-life balance. Practical support takes many forms: flexible working arrangements where possible, enhanced family leave, and an Employee Assistance Programme that underscores the Groups commitment to wellbeing. Open dialogue around employee health and happiness is not just encouraged, it is embedded in the culture.

Social Impact through Music and Sustainability

The KOKO Foundation (registered charity number 1199564) sits at the heart of the Groups environmental and community commitments, channelling the power of music and culture to create lasting social change. Its work centres on opening doors for underserved communities, delivering music education, mentorship, and creative pathways for young people who might otherwise go without.

By 31 December 2025, the Group had directed more than £500,000 to the Foundation, funding music academies led by Grammy and Mercury Prize-winning artists. This support forms an integral part of the Groups broader ESG strategy, uniting environmental responsibility with a genuine drive to uplift disadvantaged young people through the arts. The Groups continued investment in the KOKO Foundation stands as a reflection of its wider values: meaningful community engagement and a principled approach to doing business.

Future Developments

The Directors anticipate continued growth in 2026, supported by a strong pipeline of electronic and live events, advance corporate bookings, high-profile sponsorship agreements, and expanded membership offerings. Plans for the year ahead include securing new contracts and partnerships, and launching new membership tiers designed to enhance the member journey and broaden available benefits. These initiatives are aligned with the Groups strategic objectives and are expected to contribute to further improvements in financial performance.

The Group delivered strong results in 2025 despite a challenging macroeconomic backdrop. The increase in employer National Insurance contributions presented a notable headwind during the year, but the Group has responded with appropriate operational adjustments. The Directors remain confident in the Groups strategic direction and are optimistic about continued growth in the years ahead.

Obar Camden Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 4

On behalf of the board

O Bengough
Director
24 July 2026
Obar Camden Holdings Limited
Directors' Report
For the year ended 31 December 2025
Page 5

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company in the year was that of a holding company. The company is the parent undertaking of a group containing the operation of the live entertainment venue and premium hospitality space trading as KOKO in Camden, London.

Results and dividends

The results for the year are set out on page 13.

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

Directors

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

O Bengough
A Axen
Sister Directors Limited
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Strategic report

Pursuant to section 414C(11) of the Companies Act 2006, the directors have included within the Strategic Report information that would otherwise be required to be disclosed in the Directors' Report where it is considered to be of strategic importance to the Company. This includes the section 172(1) statement, details of stakeholder engagement and matters affecting the Company's long-term success, together with commentary on the principal trends and factors likely to affect the future development, performance and position of the business.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Obar Camden Holdings Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 6
Energy and carbon report

The group operates from Camden, London (UK) only. Energy consumption is measured using meter readings from our energy providers

As part of its commitment to the environment and the reduction of greenhouse gas emissions, the Company is focused on reducing energy consumption, minimising waste generation, and transitioning to renewable energy sources across its operations. The Company has no owned commercial vehicles; accordingly, no Scope 1 mobile combustion emissions have been reported.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
560,124
517,788
- Electricity purchased
818,700
833,821
1,378,824
1,351,609
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
102.48
95.20
- Fuel consumed for owned transport
-
-
102.48
95.20
Scope 2 - indirect emissions
- Electricity purchased
144.91
170.87
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
247.39
266.07
Intensity ratio
Kilograms of CO2e per £1 of revenue
0.01101
0.01157
Quantification and reporting methodology

The Company uses carbon conversion factors issued annually by the Department for Energy Security and Net Zero (DESNZ) to report carbon emissions. Energy consumption is measured using meter readings obtained directly from the Company's energy providers.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric kilograms CO₂e per £1 of revenue. This is the recommended ratio for the hospitality sector. The 2025 intensity ratio of 0.01101 kg CO₂e per £1 of revenue represents a 4.8% improvement against the prior year ratio of 0.01157, reflecting the Company’s continued progress in decoupling emissions growth from revenue growth.

Obar Camden Holdings Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 7
Measures taken to improve energy efficiency

The 2020 renovation incorporated combined heat and power (CHP) units and energy-efficient LED lighting throughout the property, reducing the carbon intensity of the Company's operations. The Company will continue to evaluate and invest in capital expenditure projects and operational initiatives to reduce energy consumption and greenhouse gas emissions, in line with its commitment to long-term environmental sustainability.

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.

On behalf of the board
O Bengough
Director
24 July 2026
Obar Camden Holdings Limited
Directors' Responsibilities Statement
For the year ended 31 December 2025
Page 8

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.

Obar Camden Holdings Limited
Independent Auditor's Report
To the Members of Obar Camden Holdings Limited
Page 9
Opinion

We have audited the financial statements of Obar Camden Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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 31 December 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Obar Camden Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Obar Camden Holdings Limited
Page 10

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 strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the 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 group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

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.

Obar Camden Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Obar Camden Holdings Limited
Page 11
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Obar Camden Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Obar Camden Holdings Limited
Page 12

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Jeremy Read (Senior Statutory Auditor)
24 July 2026
for and on behalf of Moore Kingston Smith LLP
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Obar Camden Holdings Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2025
Page 13
2025
2024
Notes
£
£
Turnover
3
29,096,831
26,738,987
Cost of sales
(12,159,941)
(13,185,908)
Gross profit
16,936,890
13,553,079
Administrative expenses
(17,730,046)
(17,328,200)
Other income
4
1,088,770
9,089,826
Operating profit
5
295,614
5,314,705
Interest receivable and similar income
9
1,773
-
0
Other interest payable and similar expenses
10
(2,464,979)
(2,321,357)
(Loss)/profit before taxation
(2,167,592)
2,993,348
Tax on (loss)/profit
11
-
0
-
0
(Loss)/profit for the financial year
(2,167,592)
2,993,348
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Obar Camden Holdings Limited
Group Balance Sheet
As at 31 December 2025
Page 14
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
115,660
-
0
Tangible assets
13
16,575,664
16,718,260
16,691,324
16,718,260
Current assets
Stocks
16
518,055
418,781
Debtors
17
3,706,433
16,762,473
Cash at bank and in hand
3,511,412
3,542,993
7,735,900
20,724,247
Creditors: amounts falling due within one year
18
(30,785,703)
(42,017,407)
Net current liabilities
(23,049,803)
(21,293,160)
Total assets less current liabilities
(6,358,479)
(4,574,900)
Creditors: amounts falling due after more than one year
19
(14,108,330)
(13,724,317)
Net liabilities
(20,466,809)
(18,299,217)
Capital and reserves
Called up share capital
22
8,916
8,916
Share premium account
23
11,466,246
11,466,246
Other reserves
23
(5,161)
(5,161)
Profit and loss reserves
23
(31,936,810)
(29,769,218)
Total equity
(20,466,809)
(18,299,217)
The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
O Bengough
Director
Company Registration No. 08257455
Obar Camden Holdings Limited
Company Balance Sheet
As at 31 December 2025
Page 15
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
5,100,000
5,100,000
Current assets
Debtors
17
35,085,667
40,603,525
Cash at bank and in hand
11,512
11,605
35,097,179
40,615,130
Creditors: amounts falling due within one year
18
(19,247,774)
(22,664,667)
Net current assets
15,849,405
17,950,463
Total assets less current liabilities
20,949,405
23,050,463
Creditors: amounts falling due after more than one year
19
(14,108,330)
(13,724,317)
Net assets
6,841,075
9,326,146
Capital and reserves
Called up share capital
22
8,916
8,916
Share premium account
23
11,466,246
11,466,246
Other reserves
23
5,094,837
5,094,837
Profit and loss reserves
23
(9,728,924)
(7,243,853)
Total equity
6,841,075
9,326,146

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 £2,485,071 (2024 - £2,341,463 loss).

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
O Bengough
Director
Company Registration No. 08257455
Obar Camden Holdings Limited
Group Statement of Changes in Equity
For the year ended 31 December 2025
Page 16
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2024
8,916
11,466,246
(5,161)
(32,762,566)
(21,292,565)
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
2,993,348
2,993,348
Balance at 31 December 2024
8,916
11,466,246
(5,161)
(29,769,218)
(18,299,217)
Year ended 31 December 2025:
Loss and total comprehensive income for the year
-
-
-
(2,167,592)
(2,167,592)
Balance at 31 December 2025
8,916
11,466,246
(5,161)
(31,936,810)
(20,466,809)
Obar Camden Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 December 2025
Page 17
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2024
8,916
11,466,246
5,094,837
(4,902,390)
11,667,609
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(2,341,463)
(2,341,463)
Balance at 31 December 2024
8,916
11,466,246
5,094,837
(7,243,853)
9,326,146
Year ended 31 December 2025:
Loss and total comprehensive income for the year
-
-
-
(2,485,071)
(2,485,071)
Balance at 31 December 2025
8,916
11,466,246
5,094,837
(9,728,924)
6,841,075
Obar Camden Holdings Limited
Group Statement of Cash Flows
For the year ended 31 December 2025
Page 18
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
9,523,492
(334,023)
Interest received
1,773
-
0
Net cash inflow/(outflow) from operating activities
9,525,265
(334,023)
Investing activities
Purchase of intangible assets
(117,620)
-
Purchase of tangible fixed assets
(781,406)
(209,329)
Net cash used in investing activities
(899,026)
(209,329)
Financing activities
Proceeds from borrowings
-
2,450,000
Repayment of borrowings
(7,859,733)
-
Interest paid
(798,087)
-
0
Net cash (used in)/generated from financing activities
(8,657,820)
2,450,000
Net (decrease)/increase in cash and cash equivalents
(31,581)
1,906,648
Cash and cash equivalents at beginning of year
3,542,993
1,636,345
Cash and cash equivalents at end of year
3,511,412
3,542,993
Obar Camden Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 19
1
Accounting policies
Company information

Obar Camden Holdings Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 7 Greenland Street, London NW1 0ND.

The group consists of Obar Camden Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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.

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 and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Obar Camden Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

Obar Camden Holdings Limited acquired Obar Camden Limited in 2012 through a share-for-share exchange. As the ultimate owners of the group remained the same, this reconstruction was accounted for using the merger accounting principles set out in UK GAAP at that time under "FRS6 Acquisitions and Mergers". On transition to FRS102, the merger accounting was still applied and therefore there was no change on transition. The results of the reconstructed group are therefore presented as through the group has always been in existence.

All financial statements are made up to 31 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.

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

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 20
1.3
Going concern

The Group made a loss of £2,167,592 (202 4: profit of £2,993,348) in the year and had net liabilities of £20,466,809 (202 4: £18,299,217) at 31 December 202 5. The financial statements have been prepared on a going concern basis having given due consideration to the group result and forward-looking projections.

On 29 April 2022, the business reopened for trading after a major three-year redevelopment project which had been delayed due to a fire part way through the construction in January 2020. Following the successful relaunch, the business made trading losses up to 2023, in 2024 the Group made a profit due to proceeds from the insurance claim. In 2025, the Group made a trading loss despite the remaining insurance proceeds recognised. As of the date of signing of the financial statements the business has remained trading loss making but has achieved positive EBITDA.

The directors have prepared a detailed cash flow forecast for a period of at least twelve months from the date of approval of these financial statements for the group which indicate based on trading and facilities available, the group will have sufficient working capital to meet its liabilities as they fall due for that period. The Group’s investment partners have also confirmed their ongoing support in relation to existing finance for the business for a period of at least 12 months from the date of approval of these financial statements.

As at date of signing, the group held a cash balance of £3.5 million.

Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.4
Turnover

Revenue is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the customer; (b) the Company retains no continuing involvement or control over the goods or services; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow into the entity and (e) when the specific criteria relating to each of the Company’s revenue streams have been met, as described below.

The Company’s revenues are mainly derived from food and beverage and related services provided to customers, membership income, sale of tickets for music events and related services to the customers and sponsorship income.

Food and beverage

Revenue is recognised at the time of sale within the Members’ Club and the Music Venue. This is recorded net of tax, tips, and service charge.

Membership and patron memberships

Memberships are paid in advance monthly, annually or for a period of 10 years. Therefore, the revenue is deferred and recognised on a monthly basis over the total membership period. Joining fees received relate to the administration fees and therefore are recognised as revenue on commencement of membership.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 21

Event related sales

Ticket sales are received in advance of the event and are deferred until the event has taken place. They are recognised as income on maturity of the relevant event.

Sponsorship income

When Sponsorship income is received in relation to a specific event, this is deferred and released when the sponsored event takes place. Sponsorship income is received in relation to a Partnership across a specified period, this is deferred and released as revenue monthly over the total agreed period.

1.5
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.

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:

Software
Straight line over 10 years
1.6
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 land and buildings
Over the life of the lease
Plant and equipment
14 - 20% straight line basis
Fixture and Fittings
5 - 33% straight line

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.

No depreciation is charged while an asset is under construction.

1.7
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.

1.8
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 22
1.9
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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.11
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.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 23
1.12
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.

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.

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.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 24
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.

Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
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.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 25
1.16
Retirement benefits

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

1.17
Leases

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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 26
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 1 3 for the carrying amount of the property, plant and equipment.

Valuation of artworks

The group holds artwork valued at cost, which includes the acquisition price and any directly attributable costs necessary to bring the asset to its current location and condition for use. In line with group policy and the directors' judgement, the residual value of the artwork is at least equal to the initial cost. Based on this no depreciation is charged on the artwork as it is considered to have an indefinite useful life. The directors continue to monitor the appropriateness of this judgement and will review the need for impairment in accordance with FRS 102 as part of the group’s ongoing assessment process.

Merger accounting

The application of merger accounting is considered to be a key area of judgement as it is significant to the group accounts and determines the value of the merger reserve. The directors have decided to apply merger accounting on consolidation of the group based on the demerger which occurred in 2012. The demerger was a share for share exchange and hence there was no change to the shareholders after the merger.

Deferred tax assets

No deferred tax assets are recognised in respect of tax losses at the current time due to a lack of established taxable profits.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 27
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Events revenue
21,104,954
21,071,481
Other commercial revenue
7,005,304
4,946,950
Other
986,573
720,556
29,096,831
26,738,987

All turnover has been generated in the UK.

4
Exceptional item
2025
2024
£
£
Insurance settlement
Insurance proceeds
2,003,857
12,500,000
Amounts paid out to other parties including legal costs
(915,087)
(3,410,174)
1,088,770
9,089,826

In January 2020, the business suffered fire damage and subsequently pursued a legal claim against insurance brokers.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
6,642
3,384
Depreciation of tangible fixed assets
924,002
971,912
Loss on disposal of tangible fixed assets
-
10,339
Amortisation of intangible assets
1,960
-
Operating lease charges
4,030,359
3,629,201
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,500
5,300
Audit of the financial statements of the company's subsidiaries
34,820
35,100
40,320
40,400
Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
6
Auditor's remuneration
(Continued)
Page 28
For other services
Taxation compliance services
8,900
6,500
All other non-audit services
29,960
29,480
38,860
35,980
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
314
296
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
9,387,363
9,067,263
-
0
-
0
Social security costs
1,167,706
817,503
-
-
Pension costs
212,375
594,971
-
0
-
0
10,767,444
10,479,737
-
0
-
0
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
341,779
299,215
Company pension contributions to defined contribution schemes
28,840
18,025
370,619
317,240
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
8
Directors' remuneration
(Continued)
Page 29
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
341,779
299,215
Company pension contributions to defined contribution schemes
28,840
18,025
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,773
-
0
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to related parties on borrowings
2,464,979
2,321,357
11
Taxation

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(2,167,592)
2,993,348
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(541,898)
748,337
Tax effect of expenses that are not deductible in determining taxable profit
187,565
149,656
Change in unrecognised deferred tax assets
328,191
(897,993)
Fixed asset differences
26,142
-
0
Taxation charge
-
-

At the year end, there is an unrecognised deferred tax asset of £10.2m (2024: £9.9m).

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 30
12
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2025
-
0
Additions
117,620
At 31 December 2025
117,620
Amortisation and impairment
At 1 January 2025
-
0
Amortisation charged for the year
1,960
At 31 December 2025
1,960
Carrying amount
At 31 December 2025
115,660
At 31 December 2024
-
0
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
13
Tangible fixed assets
Group
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2025
13,493,304
265,785
608,563
4,992,758
19,360,410
Additions
505,615
120,676
2,982
152,133
781,406
Transfers
-
0
(265,785)
-
0
265,785
-
0
At 31 December 2025
13,998,919
120,676
611,545
5,410,676
20,141,816
Depreciation and impairment
At 1 January 2025
1,116,973
-
0
228,335
1,296,842
2,642,150
Depreciation charged in the year
370,353
-
0
91,926
461,723
924,002
At 31 December 2025
1,487,326
-
0
320,261
1,758,565
3,566,152
Carrying amount
At 31 December 2025
12,511,593
120,676
291,284
3,652,111
16,575,664
At 31 December 2024
12,376,331
265,785
380,228
3,695,916
16,718,260
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 31
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
5,100,000
5,100,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
5,100,000
Carrying amount
At 31 December 2025
5,100,000
At 31 December 2024
5,100,000
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Obar Camden Limited
1
Historical trading company
Ordinary
100.00
The Hope Lease Limited
1
Operation of a live entertainment venue
Ordinary
100.00

Registered office addresses:

1
3rd Floor, 7 Greenland Street, London, England, NW1 0ND
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
518,055
418,781
-
0
-
0
Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 32
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,079,605
1,874,410
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
35,085,667
40,603,525
Other debtors
2,280,089
1,671,697
-
0
-
0
Prepayments and accrued income
346,739
13,216,366
-
0
-
0
3,706,433
16,762,473
35,085,667
40,603,525
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
20
19,220,040
25,796,894
19,220,040
22,644,568
Trade creditors
833,922
1,156,677
-
0
-
0
Other taxation and social security
1,165,240
1,321,102
-
0
-
0
Other creditors
2,500,841
1,866,298
100
100
Accruals and deferred income
7,065,660
11,876,436
27,634
19,999
30,785,703
42,017,407
19,247,774
22,664,667
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
20
14,108,330
13,724,317
14,108,330
13,724,317
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Loans from related parties
33,328,370
36,368,885
33,328,370
36,368,885
Other loans
-
0
3,152,326
-
0
-
0
33,328,370
39,521,211
33,328,370
36,368,885
Payable within one year
19,220,040
25,796,894
19,220,040
22,644,568
Payable after one year
14,108,330
13,724,317
14,108,330
13,724,317
Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
20
Loans and overdrafts
(Continued)
Page 33

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

In 2020, the Company raised £10,750,000 new cash investment from the issue of convertible loan notes, which accrue interest at the rate of 10% per annum.

In 2021, the Company raised £8,000,000 new cash investment from the issue of convertible loan notes, which accrue interest at the rate of 10% per annum.

In 2022, the Company raised £6,500,000 cash investment from the issue of convertible loan notes, which accrues interest at a rate of 10% per annum. The company made a repayment in 2022 of £2,000,000. The company made a further repayment of £4,000,000 in 2025.

In 2023, the Company raised £5,000,000 cash investment from the issue of convertible loan notes, which accrues interest at a rate of 10% per annum.

In 2024, the Company raised £2,000,000 cash investment from the issue of convertible loan notes, which accrues interest at a rate of 10% per annum. At the prior year end, the Company had drawn down £1,450,000. The Company repaid the amount drawn down plus interest in 2025.

Interest accrues on all of the above loan s and is added to the principal loan balance until repayments are due.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
212,375
594,971

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The liability at the year end in relation to the defined contribution pension scheme is £38,561 (2024: £52,971).

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 5p each
85,900
85,900
4,295
4,295
Ordinary B of 5p each
83,038
83,038
4,152
4,152
Ordinary D1 of 5p each
1,877
1,877
94
94
Ordinary D2 of 5p each
1,877
1,877
94
94
Ordinary E of 5p each
5,631
5,631
281
281
178,323
178,323
8,916
8,916
Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
22
Share capital
(Continued)
Page 34

Ordinary A Shares

A shares are voting shares carrying 1 vote per share on a poll.

A shares rank equally with other classes, except in the case of return of capital or on an exit event where amounts distributed or exit proceeds are applied to B and C shares initially.

Following the above, A and E shares rank equally with B and C shares up to a hurdle amount determined by the board on the issue of D shares.

Once the hurdle is achieved, relevant D shares participate equally on all surplus amounts or proceeds.

On distribution of profits, A, B, and C shares rank equally.

A shares are subject to pre-emption rights on transfer.

Ordinary B Shares

B shares are voting shares carrying 1 vote per share on a poll.

B shares rank equally with other classes, except in the case of return of capital or on an exit event where amounts distributed or exit proceeds are applied to B and C shares initially.

Following the above, A and E shares rank equally with B and C shares up to a hurdle amount determined by the board on the issue of D shares.

Once the hurdle is achieved, relevant D shares participate equally on all surplus amounts or proceeds.

On distribution of profits, A, B, and C shares rank equally.

B shares are subject to pre-emption rights on transfer.

Ordinary D1 Shares

D1 shares are non-voting and non-transferable except on exit or mandatory transfer upon cessation of employment.

D1 shares vest, quarterly on the first and second anniversary of issuing date, with the balance vesting on the third anniversary of the date.

D1 shares are not entitled to distribution, return of capital, or exit proceeds until B and C shares have received a minimum return.

Following the above, D1 shares participate on all surplus amounts or proceeds along with other shares.

On distribution of profits, D1 shares do not participate.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
22
Share capital
(Continued)
Page 35

Ordinary D2 Shares

D2 shares are non-voting and non-transferable except on exit or mandatory transfer upon cessation of employment.

D2 shares vest, quarterly on the first and second anniversary of issuing date, with the balance vesting on the third anniversary of the date.

D2 shares are not entitled to distribution, return of capital, or exit proceeds until B and C shares have received a minimum return.

Following the above, D2 shares participate on all surplus amounts or proceeds along with other shares.

On distribution of profits, D2 shares do not participate.

Ordinary E Shares

E shares are non-voting and non-transferable except on exit.

E shares are not entitled to distribution, return of capital, or exit proceeds until B and C shares have received a minimum return.

Following the above, A, B, C, and E shares rank equally, prioritised over D shares until A and E shares have received a hurdle amount determined by the board on the issue of D shares.

On distribution of profits, E shares do not participate.

23
Reserves

Share premium account

The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs.

Merger reserve

The merger reserve results from a group reconstruction where there was a share for share exchange and merger accounting was applied in relation to Obar Camden Limited.

Profit and loss account

This account represents the cumulative realised profits and losses.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 36
24
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
3,447,958
2,979,612
-
-
Years 2-5
13,484,122
11,402,740
-
-
After 5 years
83,947,618
73,528,627
-
-
100,879,698
87,910,979
-
-
25
Financial commitments, guarantees and contingent liabilities

There are fixed and floating charges over the assets of Obar Camden Holdings Limited and The Hope Lease Limited.

26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
1,057,419
745,334

Transactions with related parties

The group has taken exemption under section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.

During the year, the company made donations of £200,000 (2024: £188,000) to KOKO Foundation, a related party by virtue of common control. At the year-end the company owed £9,839 (2024: £80,210).

During the year, the company made sales of £nil (2024: £11,000) to Skiff Capital Advisors Limited, a related party by virtue of common control with Obar Camden Holdings Limited.

During the year, the company made sales of £20,800 (2024: £nil) to SWF Bloomers, a related party by virtue of common directorship with its parent Sister Group Limited, a director of the Company's parent.

At the year end, the company was owed an amount of £4,332 (2024: £nil) from director O Bengough relating to purchases made.

At the year end, there was an amount due to RFS II B, LLC of £33.3M (2024: £36.4M). During the year, the company repaid £5.5M (2024: £nil) in capital and accrued interest.

Obar Camden Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 37
27
Controlling party

The ultimate controlling party is O Bengough by virtue of his majority voting shareholding.

28
Cash generated from/(absorbed by) group operations
2025
2024
£
£
(Loss)/profit after taxation
(2,167,592)
2,993,348
Adjustments for:
Finance costs
2,464,979
2,321,357
Investment income
(1,773)
-
0
(Gain)/loss on disposal of tangible fixed assets
-
10,339
Amortisation and impairment of intangible assets
1,960
-
Depreciation and impairment of tangible fixed assets
924,002
971,912
Movements in working capital:
Increase in stocks
(99,274)
(61,898)
Decrease/(increase) in debtors
13,060,372
(13,281,040)
(Decrease)/increase in creditors
(4,659,182)
6,711,959
Cash generated from/(absorbed by) operations
9,523,492
(334,023)
29
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,542,993
(31,581)
3,511,412
Borrowings excluding overdrafts
(39,521,211)
6,192,841
(33,328,370)
(35,978,218)
6,161,260
(29,816,958)
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