The Hope Lease Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 09773675 (England and Wales)
The Hope Lease Limited
Company Information
Director
O Bengough
Company number
09773675
Registered office
3rd Floor
7 Greenland Street
London
United Kingdom
NW1 0ND
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Hope Lease Limited
Contents
Page
Strategic report
1 - 3
Director's report
4 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
The Hope Lease Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The director presents the strategic report for the year ended 31 December 2025.

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.

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 Company 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 Company reports a profit of £316K (2024: profit of £5.3M). This is largely driven by the exceptional other gain received in 2024 relating to the fire of 2020.

The Company 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 Director is confident that the Company has adequate resources to meet its obligations as they fall due.

Principal Risks and Uncertainties

The Company 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 Company is considered to have sufficient resources to sustain its operations

During March 2025, the Company repaid several loans including £3.3M Landlord related and £1.5M short term loans (drawn down between August and October 2024). The Company 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 Company'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 Company's results are determined solely by operational performance, and the Directors are confident that the business is well-positioned to demonstrate sustained EBITDA generation.

The Hope Lease 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 Company include operational risks, broader economic risks, and the recruitment and retention of key staff.

Key Performance Indicators

The Company 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 | 1,240 | 6,306 | (80.3)%

Gross margin of 58.2% (2024: 50.7%) represents a landmark achievement in the Company'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 Director regards gross margin as a key indicator of the business model's success.

Section 172 statement
Promoting the Success of the Business

The Director of The Hope Lease Limited is committed to fulfilling their duties as set out in Section 172 of the Companies Act 2006. In an organisation of this scale, the Director delegates 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 Director has developed a thorough understanding of their needs and expectations, which continues to inform the Company’s strategic direction.

During the year ended 31 December 2025, the Director acted in a manner they considered, in good faith, to be most likely to promote the success of the Company for the benefit of its members and wider stakeholders.

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.

The Hope Lease Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 3

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 Company's 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 Director maintains 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 Company 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 Company's 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 Company's 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 Company 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 Company's broader ESG strategy, uniting environmental responsibility with a genuine drive to uplift disadvantaged young people through the arts. The Company's 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 Director anticipates 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 Company’s strategic objectives and are expected to contribute to further improvements in financial performance.

The Company 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 Company has responded with appropriate operational adjustments. The Director remains confident in the Company’s strategic direction and is optimistic about continued growth in the years ahead.

On behalf of the board

O Bengough
Director
24 July 2026
The Hope Lease Limited
Director's Report
For the year ended 31 December 2025
Page 4

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company is the operation of a 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 11.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

O Bengough
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 company continues and that the appropriate training is arranged. It is the policy of the company 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 company'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 company's performance.

There is no employee share scheme at present, but the director is considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company'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 company will be put at a General Meeting.

Energy and carbon report

In accordance with the UK Government Streamlined Energy and Carbon Reporting (SECR) Guidelines (March 2019), this company qualifies for an exemption from SECR disclosures as it is a subsidiary included in the consolidated SECR reporting of its parent company, Obar Camden Holdings Limited.

The Hope Lease Limited
Director's Report (Continued)
For the year ended 31 December 2025
Page 5
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 company’s auditor is unaware. Additionally, the director ha s taken all the necessary steps that they ought to have taken as director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
O Bengough
Director
24 July 2026
The Hope Lease Limited
Director's Responsibilities Statement
For the year ended 31 December 2025
Page 6

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

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

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

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

The Hope Lease Limited
Independent Auditor's Report
To the Members of The Hope Lease Limited
Page 7
Opinion

We have audited the financial statements of The Hope Lease Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 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 director 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 director is 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.

The Hope Lease Limited
Independent Auditor's Report
To the Members of The Hope Lease Limited (Continued)
Page 8

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the Strategic Report and the Director's 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 Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report or the Director's 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of director

As explained more fully in the Director's R esponsibilities S tatement, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The Hope Lease Limited
Independent Auditor's Report
To the Members of The Hope Lease Limited (Continued)
Page 9
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 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 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.

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.

The Hope Lease Limited
Independent Auditor's Report
To the Members of The Hope Lease Limited (Continued)
Page 10

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 non-compliance 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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Read
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
24 July 2026
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Hope Lease Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 11
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
(17,711,341)
(17,308,902)
Other income
4
1,088,770
9,089,826
Operating profit
5
314,319
5,334,003
Interest receivable and similar income
9
1,773
-
0
Profit before taxation
316,092
5,334,003
Tax on profit
10
-
0
-
0
Profit for the financial year
316,092
5,334,003

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The Hope Lease Limited
Balance Sheet
As at 31 December 2025
Page 12
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
115,660
-
0
Tangible assets
12
16,575,664
16,718,260
16,691,324
16,718,260
Current assets
Stock
13
518,055
418,781
Debtors
14
4,015,313
16,777,574
Cash at bank and in hand
3,217,642
3,527,392
7,751,010
20,723,747
Creditors: amounts falling due within one year
15
(46,667,480)
(59,983,245)
Net current liabilities
(38,916,470)
(39,259,498)
Net liabilities
(22,225,146)
(22,541,238)
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
(22,225,246)
(22,541,338)
Total equity
(22,225,146)
(22,541,238)
The financial statements were approved and signed by the director and authorised for issue on 24 July 2026
O Bengough
Director
Company Registration No. 09773675
The Hope Lease Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 13
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
100
(27,875,341)
(27,875,241)
Year ended 31 December 2024:
Profit and total comprehensive income
-
5,334,003
5,334,003
Balance at 31 December 2024
100
(22,541,338)
(22,541,238)
Year ended 31 December 2025:
Profit and total comprehensive income
-
316,092
316,092
Balance at 31 December 2025
100
(22,225,246)
(22,225,146)
The Hope Lease Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 14
1
Accounting policies
Company information

The Hope Lease Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 7 Greenland Street, London, United Kingdom, NW1 0ND.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and 100% group companies.

The financial statements of the company are consolidated in the financial statements of Obar Camden Holdings Limited. These consolidated financial statements are available from its registered office, 3rd Floor, 7 Greenland Street, London, United Kingdom, NW1 0ND.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 15
1.2
Going concern

The Company made a profit of £316,092 (202 4: £5,334,003) in the year and had net liabilities of £22,225,146 (202 4: £2 2,541,238) at 31 December 202 5. The financial statements have been prepared on a going concern basis having given due consideration to the Company profit 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 and 2025 the Company was profitable mainly due to proceeds from the insurance claim they won in the prior year. As of the date of signing of the financial statements the business has remained trading loss making but has achieved positive EBITDA.

The director ha s 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 Company which indicate based on trading and facilities available, the Company 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 Company held a cash balance of £3.5 million.

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

1.3
Turnover

Turnover is recognised 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 16

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.

1.4
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
1.5
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 basis

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 credited or charged to profit or loss.

No depreciation is charged while an asset is under construction.

1.6
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.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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 Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 17

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.

1.8
Stock

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.

1.9
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.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 18
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 company 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 company 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. A m ounts 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.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 19
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 s ubsequently 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 company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.12
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 company’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.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 20
1.13
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.

1.14
Retirement benefits

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

1.15
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 s asset are consumed.

1.16
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.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 21
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 12 for the carrying amount of the property, plant and equipment.

Valuation of artworks

The company 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 company policy and the director's 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 director continues to monitor the appropriateness of this judgement and will review the need for impairment in accordance with FRS 102 as part of the company’s ongoing assessment process.

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.

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.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 22
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 company
32,000
39,000
For other services
Taxation compliance services
5,340
3,900
All other non-audit services
16,380
16,400
21,720
20,300
7
Employees

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

2025
2024
Number
Number
313
296
The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
7
Employees
(Continued)
Page 23

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
9,387,363
9,067,263
Social security costs
1,167,706
817,503
Pension costs
212,375
594,971
10,767,444
10,479,737
8
Director's 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).

Remuneration disclosed above include 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
The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 24
10
Taxation

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

2025
2024
£
£
Profit before taxation
316,092
5,334,003
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
79,023
1,333,501
Tax effect of expenses that are not deductible in determining taxable profit
71,763
69,316
Change in unrecognised deferred tax assets
(35,572)
(1,238,131)
Group relief
(141,356)
(164,686)
Fixed asset differences
26,142
-
0
Taxation charge for the year
-
-

At the year end, there is an unrecognised deferred tax asset of £8.3m (2024: £8.3m).

11
Intangible fixed assets
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 Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 25
12
Tangible fixed assets
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
13
Stock
2025
2024
£
£
Finished goods and goods for resale
518,055
418,781
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,079,605
1,874,410
Amounts owed by group undertakings
308,780
15,000
Other debtors
2,280,189
1,671,798
Prepayments and accrued income
346,739
13,216,366
4,015,313
16,777,574

There are £30.1m (2024: £30.1m) of losses carried forward upon which there is no deferred tax asset recognised.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 26
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
16
-
0
3,152,326
Trade creditors
833,922
1,156,677
Amounts owed to group undertakings
35,165,935
40,629,963
Taxation and social security
1,165,782
1,321,644
Other creditors
2,463,815
1,866,198
Accruals and deferred income
7,038,026
11,856,437
46,667,480
59,983,245
16
Loans and overdrafts
2025
2024
£
£
Other loans
-
0
3,152,326
Payable within one year
-
0
3,152,326
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
212,375
594,971

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company 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).

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
19
Financial commitments, guarantees and contingent liabilities

Long term loans held in the Group have fixed and floating charges over the assets of The Hope Lease Limited, and its parent company, Obar Camden Holdings Limited.

The Hope Lease Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 27
20
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
3,447,958
2,979,612
Between two and five years
13,484,122
11,402,740
In over five years
83,947,618
73,528,627
100,879,698
87,910,979
21
Related party transactions

The company 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.

22
Controlling party

The company is controlled by Obar Camden Holdings Limited, its immediate and ultimate parent company, a company registered in England and Wales.

A copy of the group's consolidated financial statements can be obtained from the registered office of Obar Camden Holdings Limited: 3rd Floor, 7 Greenland Street, London, NW1 0ND

The ultimate controlling party is O Bengough, by virtue of his majority voting shareholding in Obar Camden Holdings Limited.

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