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

The year ended 31 October 2025 represented another challenging year for the group. The pubs and brewery businesses continued to battle significant cost pressures, specifically in respect of business rates, utilities and employee costs. By way of illustration, the April 25 changes to the National Living Wage and National Insurance rates and thresholds, added an annualised cost to the Group of £1.7m.

As we progress through FY26, the operating environment remains exceptionally challenging, with a fundamental lack of policy support from both the UK and Scottish Government’s remaining a barrier to markedly improving financial performance. However, the directors are confident the group has a strong team in place to navigate the significant headwinds highlighted above. We continue to invest in our people, products and venues, believing that we can return to a strong level of profitability in the future.

The principal risk and uncertainties facing the Group are summarised below:

• uncertainty in both the UK and global political landscape;

• continued lack of support for the hospitality industry from the Scottish and UK Government; and

• changes in consumer habits.

The directors continue to work hard implementing measures to mitigate these risks.

The group made an operating loss for the year of £1,060,676 (2024: £1,030,695). The directors recommend that no dividend is paid (2024: £nil) and that the loss after taxation of £575,252 (2024: £1,349,560) is deducted from reserves.

The overall group balance sheet at the year end reflects net assets of £12,981,057 (2024: £13,556,309).

The directors use a range of KPIs to help manage group performance. In terms of financial KPIs, turnover is closely monitored vs budget and prior year comparatives. Margins and yields are used to monitor procurement and stock control performance, while productivity and wage % targets are used to monitor and control labour cost.

In terms of non-financial KPIs, two of the most significant measures are employee turnover (reported monthly) and customer feedback ratings (reported weekly).

The group's activities expose it to a number of financial risks including credit risk and liquidity risk.

The group does not use derivative financial instruments for speculative purposes.

(a) Credit Risk

Due to the nature of its activities, the group has no significant exposure to credit risk but implements a policy requiring appropriate credit checks when considered necessary.

The credit risk on liquid funds is limited because the counterparties are the banks with credit-ratings assigned by international credit-risk agencies.

(b) Liquidity Risk

In order to maintain liquidity and ensure sufficient funds are available for ongoing operations and future developments, the group monitors the timings of cash flows and aligns this with strategic planning. Adequate debt funding is available to the group from its shareholders and the group does not therefore envisage any external debt funding.

The Board’s priority is to promote the success of the group for the benefit of its members as a whole with regards to all its stakeholders and to matters set out in section 172(1) (a) to (f) of the Companies Act 2006. Effective engagement with our key stakeholders is critical to the long-term success of the business. Dialogue with stakeholders assists in identifying the effects of group policies and practices, predicting future developments and trends and realigning strategy.

Shareholder

The sole shareholder of the group is involved in the day to day running of the group and is actively involved in setting the strategic development and direction.

Workforce

The group is committed to being a responsible business, maintaining and improving the methods by which employees are involved and can contribute. The group’s approach is to fully discuss any matters that may impact the employer’s interests, through regular staff communications and meetings.

Customers

The group is dedicated to building a loyal customer base across all its venues. Customer feedback is regularly sought and results are actively considered by management.

Suppliers and sub-contractors

We endeavour to develop and maintain strong supplier relationships for the long term.

Community and environment

We are committed to supporting the communities in our key markets and minimising the group's environmental impact.

On behalf of the board

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

The principal activity of the group continued to be that of owning and managing hotels and licensed premises. The group continued to produce and supply beer during this financial year.

The group's performance is discussed in the Strategic Report and the Directors recommend that no dividend is paid.

The directors who served during the year and up to the date of this report were as follows:

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.

The group's policy is to consult with employees, through staff meetings and newsletters, on matters likely to affect them.

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.

Future developments and matters pertaining to financial risk management are set out in the Strategic Report.

The auditor, Dains Audit (Scotland) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The group is required to present the following information in relation to energy consumption and measures being undertaken to improve energy efficiency:

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

The chosen intensity measurement ratio is total gross emissions in tonnes CO2 equivalent per £m turnover.

Overall energy consumption was up 6% versus prior year.

The group is committed to reducing energy and carbon consumption from its activities and has enacted the following measures to increase its energy efficiency:

• Continued commitment to video conferencing and online meetings, together with a more flexible working policy, to reduce business travel.

• Continued partnership with an outsourced utility consultancy to facilitate the production of regular and accurate energy consumption reporting, allowing management to focus on inefficient sites and implementing changes at these sites to reduce consumption.

• Purchasing energy efficient equipment where appropriate. An example being the purchase and implementation of Maxi-mix cellar dispense systems in many of our units, reducing the consumption of CO2.

• Continued liaison with our waste management provider to record and report on recycling data at each of our sites, with a view to targeting those sites who are not disposing of waste in an efficient manner.

• The engagement of external sustainability consultants to ensure compliance with ESOS Stage 4 requirements and through site audits, the identification of further energy saving opportunities.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

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 group 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 group is aware of that information.

We have audited the financial statements of Signature Pubs Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 October 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors' report 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.

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 identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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.

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

• We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• We identified the laws and regulations applicable to the group through discussions with directors and management and from our knowledge of the regulatory environment relevant to the group and company.

• We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence

• We assessed the susceptibility of the group and company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.

• To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

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

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

Use of our report

This report is made solely to the 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 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.

The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 31 form part of these financial statements.

The notes on pages 16 to 31 form part of these financial statements.

The notes on pages 16 to 31 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £48,146 (2024: £754,944 loss).

The notes on pages 16 to 31 form part of these financial statements.

The notes on pages 16 to 31 form part of these financial statements.

The notes on pages 16 to 31 form part of these financial statements.

Signature Pubs Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT. Due to the nature of its business the group does not have one principal place of business as it operates from numerous licensed premises across Scotland.

The group consists of Signature Pubs Limited and all of its subsidiaries. The group's principal activities are set out within the directors' report.

The company's registration number is SC301836.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention and modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure (parent company)

The parent 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

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

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The consolidated financial statements incorporate the financial statements of the company and all group undertakings. Group accounting policies are consistently applied across all group companies. The results of the companies acquired or disposed of are included in the consolidated statement of comprehensive income.

A separate statement of comprehensive income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

The statement of consolidated financial position as at 31 October 2025 presents net current assets of £99,739 (2024: £634,036) and net assets of £12,981,057 (2024: £13,556,309). The consolidated financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The group meets its day to day working capital requirements with the support of the ultimate controlling party and who has agreed not to seek repayment of the loan payable to the director and provide additional support as required for a period of at least twelve months from the date of signing the financial statements.

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

Turnover is measured at the fair value of the consideration received or receivable, exclusive of VAT and trade discounts, for goods and services supplied during the year in the normal course of business.

Turnover is recognised at point of sale for goods supplied through the group's hotels and licensed premises and brewery operation.

Other income relating to retro income is recognised when received.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

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:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

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.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Although this policy is in accordance with FRS 102, it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors, compliance with FRS 102 is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified.

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.

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.

Stocks are stated at the lower of cost and net realisable value. Net realisable value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposals.

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.

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, 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.

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.

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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, 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 payments 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.

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

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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

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

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.

The following are considered to be either judgements that have had the most significant effect on the amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities at the balance sheet date.

The group's accounting policy for investment properties is to measure at fair value annually. The directors have estimated the fair value of investment properties using publicly available comparable rental yields and are satisfied that the fair value at 31 October 2025 is not materially different from the cost included in the accounts.

The amount of depreciation and amortisation in the financial statements for the year totalling £2,277,009 (2024: £2,344,174) is based on the directors' assessment of the useful economic lives of the related tangible and intangible fixed assets, and goodwill. The directors also assess the carrying value at each balance sheet date and consider whether there has been any impairment. Where indicators of impairment have been identified, the directors have assessed the recoverable value based on either value in use or fair value.

The directors consider that there are no other judgements, estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying value of assets and liabilities.

All of the group's turnover arises in the UK.

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

Their aggregate remuneration comprised:

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

Based on the latest performance of this venue and other venues, the directors believe that there are no impairments in respect of heritable properties to be recognised in the current year.

Included in heritable land and buildings is land with a net book value of £1,500,000 (2024: £1,500,000) which is not depreciated.

Taking into consideration the rental yield of the investment property and comparing it to prevailing market yield, the directors are satisfied that the market value of the investment property is not materially different from its cost included above. No external valuation has been obtained during the year.

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

The loan from director carries interest at base rate +2% and is repayable on 1 November 2026. The lender exercised his right to waive interest for the year and subsequent to the year-end has deferred repayment of the loan.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The group and company has no unrecognised deferred tax assets as at 31 October 2025 (2024: £nil).

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. Pension costs due at the year-end, including employee contributions was £74,333 (2024: £51,393).

During the year the group entered into the following transactions with related parties:

Nicholas Wood advanced further amounts to the Group during the year. The balance due to Nicholas Wood at the year-end was £37,586,879 (2024: £35,623,437). The loan carries interest at base rate +2% and is repayable on 1 November 2025. Nicholas Wood exercised his right to waive interest for the year and subsequent to the year-end has deferred repayment of the loan.

The following amounts were outstanding at the reporting end date:

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

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

The company is ultimately controlled by Nicholas Wood by virtue of his shareholding in the company.

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: