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Registration number: 06836269

The Thoroughbred Pub Company Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

The Thoroughbred Pub Company Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

The Thoroughbred Pub Company Limited

Company Information

Directors | James Netherthorpe William Morecombe

Registered office | 70 Sydney Street London SW3 6NJ

Accountants | Carbon Accountancy Limited Chartered Accountants 80-83 Long Lane London EC1A 9ET

The Thoroughbred Pub Company Limited

(Registration number: 06836269)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 8,809 | 9,926
Investments | 5 | 101 | 101
|  | 8,910 | 10,027
Current assets |  |  |
Debtors | 6 | 65,856 | 66,999
Creditors: Amounts falling due within one year | 7 | (84,106) | (91,850)
Net current liabilities |  | (18,250) | (24,851)
Net liabilities |  | (9,340) | (14,824)
Capital and reserves |  |  |
Called up share capital | 8 | 9,060 | 9,060
Share premium reserve |  | 141,290 | 141,290
Capital redemption reserve |  | 900 | 900
Retained earnings |  | (160,590) | (166,074)
Shareholders' deficit |  | (9,340) | (14,824)

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2026 and signed on its behalf by:

......................................... William Morecombe Director

The Thoroughbred Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
70 Sydney Street
London
SW3 6NJ

These financial statements were authorised for issue by the Board on 12 August 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises rents receivable from the sub-let of the company's premises. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The Thoroughbred Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Short Leasehold property | Over the lease term

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

The Thoroughbred Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 1).

4 | Tangible assets

| Short leasehold land and buildings £ | Total £
Cost or valuation
At 1 January 2025 | 88,858 | 88,858
At 31 December 2025 | 88,858 | 88,858
Depreciation
At 1 January 2025 | 78,932 | 78,932
Charge for the year | 1,117 | 1,117
At 31 December 2025 | 80,049 | 80,049
Carrying amount
At 31 December 2025 | 8,809 | 8,809
At 31 December 2024 | 9,926 | 9,926

The Thoroughbred Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 101 | 101

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
The Sydney Arms (Chelsea) Limited | 70 Sydney Street, London, SW3 6NJ | Ordinary | 100% | 100%
Chelsea Thoroughbreds Limited | 23a Ditton Green, Woodditton, Newmarket, England, CB8 9SQ | Ordinary | 100% | 100%

Subsidiary undertakings
The Sydney Arms (Chelsea) Limited The principal activity of The Sydney Arms (Chelsea) Limited is operating a public house.
Chelsea Thoroughbreds Limited The principal activity of Chelsea Thoroughbreds Limited is management of racehorse syndicates.

6 | Debtors

| 2025 £ | 2024 £
Prepayments | 30,856 | 25,667
Other debtors | 35,000 | 41,332
| 65,856 | 66,999

Included within other debtors £35,000 (2024:£35,000) is rent deposit which is expected to be recovered after more than one year.
The company has granted a charge over a rent deposit in favour of the lessor in connection with its leasehold property arrangements.

The Thoroughbred Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 10 | 48,401 | 57,001
Taxation and social security |  | 3,249 | 1,600
Accruals and deferred income |  | 32,456 | 33,249
|  | 84,106 | 91,850

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 5,697 | 5,697 | 5,697 | 5,697
Non Voting Ordinary Shares of £1 each | 3,363 | 3,363 | 3,363 | 3,363
| 9,060 | 9,060 | 9,060 | 9,060

9 | Obligations under leases contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 133,831 | 133,831
Later than one year and not later than five years | 535,324 | 535,324
Later than five years | 1,204,479 | 1,338,310
| 1,873,634 | 2,007,465

The company recharges rent to its trading subsidiary.

The Thoroughbred Pub Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

10 | Related party transactions

At the balance sheet date amount due from / (to) related parties were as follows;
The Sydney Arms (Chelsea) Limited: (£48,401) (2024:(£57,001). The loan is interest free and repayable on demand.