Troubadour Asset Management Limited

	Page
Balance Sheet	1—2
Statement of Changes in Equity	3
Notes to the Financial Statements	4—5

Registered number: 11717983

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,071,341		1,271,694

			1,071,341		1,271,694
CURRENT ASSETS
Debtors	5	264,039		6,331
Cash at bank and in hand		71		29

		264,110		6,360
Creditors: Amounts Falling Due Within One Year	6	(11,650 )		(11,650 )

NET CURRENT ASSETS (LIABILITIES)			252,460		(5,290 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,323,801		1,266,404

Creditors: Amounts Falling Due After More Than One Year	7		(2,997,086 )		(2,734,986 )

NET LIABILITIES			(1,673,285 )		(1,468,582 )

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			(1,673,385 )		(1,468,682 )

SHAREHOLDERS' FUNDS			(1,673,285)		(1,468,582)

Page 1

Page 2

Troubadour Asset Management Limited

Balance Sheet (continued)

As At 31 August 2025

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Oliver Royds

Director

28 August 2026

The notes on pages 4 to 5 form part of these financial statements.

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 September 2023	100	(1,263,544 )	(1,263,444)
Loss for the year and total comprehensive income	-	(205,138 )	(205,138)

As at 31 August 2024 and 1 September 2024	100	(1,468,682 )	(1,468,582)


Loss for the year and total comprehensive income	-	(204,703 )	(204,703)

As at 31 August 2025	100	(1,673,385 )	(1,673,285)

1. General Information

Troubadour Asset Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11717983 . The registered office is 62 Shaftesbury Avenue, London, W1D 6LT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company had net liabilities at 31 August 2025 and is dependent for its continued operation on the ongoing financial support of its parent company, Troubadour Theatres Limited, and of its fellow group undertakings. The parent company has confirmed in writing its intention to provide such support as is necessary to enable the company to meet its liabilities as they fall due, and that repayment of amounts owed to the parent and to fellow group undertakings under its control will not be demanded, for a period of at least twelve months from the date of approval of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Theatre Building & Structures

10 Years

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Office and administration	2	2

	2	2

4. Tangible Assets

	Theatre Building & Structures
	£
Cost
As at 1 September 2024	2,003,529

As at 31 August 2025	2,003,529

Depreciation
As at 1 September 2024	731,835
Provided during the period	200,353

As at 31 August 2025	932,188

Net Book Value
As at 31 August 2025	1,071,341

As at 1 September 2024	1,271,694

Page 4

Page 5

Troubadour Asset Management Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

5. Debtors

	2025	2024
	£	£
Due within one year
VAT	6,594	6,331
Due after more than one year
Amounts owed by entities under common control	257,445	-

	264,039	6,331

An amount of £257,445 is owed by a company under the common control of the directors; the balance is unsecured, interest free and repayable on demand.

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Bank loans and overdrafts	10,000	10,000
Accruals and deferred income	1,650	1,650

	11,650	11,650

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	6,667	16,667
Amounts owed to group undertakings	2,990,419	2,718,319

	2,997,086	2,734,986

Included in Amounts owed to group undertakings is a balance of £1,796,076 and a balance of £1,194,343 owed to the parent company.

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

9. Ultimate Controlling Party

The company's ultimate controlling party is Troubadour Theatres Limited by virtue of its ownership of 100% of the issued share capital in the company.