REGISTERED NUMBER: 03413043 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Period

2 December 2024 to 30 November 2025

for

Deben Inns Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

S P Lomas

L J Lomas

S E Lomas

REGISTERED OFFICE:

The Maybush Inn

Cliff Road

Waldringfield

Woodbridge

Suffolk

IP12 4QL

REGISTERED NUMBER:

03413043 (England and Wales)

SENIOR STATUTORY AUDITOR:

Neville Newman

AUDITORS:

Harris & Trotter LLP

101 New Cavendish Street

1st Floor South

London

W1W 6XH

Deben Inns Ltd is a well-established, family-run hospitality group operating a collection of pubs and inns across Suffolk.

The company has built a strong reputation for quality food, drink, and service in welcoming environments that celebrate the character of each location.

Our pubs attract a broad customer base from local residents, visitors to the region, and the wider Suffolk community.

The business continues to focus on delivering high-quality hospitality experiences, investing in people, sites, and systems to support sustainable long-term growth.

REVIEW OF BUSINESS

The company continued to trade as innkeepers and restaurateurs throughout the period under review. The directors are pleased with the overall performance of the business in what remained a challenging trading environment for the hospitality sector.

Turnover for the period amounted to £12,950,543 (2024: £12,018,259), representing an increase on the previous period. The company generated an operating profit of £788,820 (2024: £715,688) and a profit before taxation of £651,421 (2024: £850,542). Profit for the financial period after taxation amounted to £500,946 (2024: £551,647).

The increase in turnover reflects continued customer demand and the company's focus on maintaining high standards of food and customer service. During the year, the business continued to experience cost pressures affecting the hospitality industry, including increases in payroll costs, utilities, food and beverage prices and general inflationary pressures. The directors have continued to manage expenditure carefully whilst maintaining the quality of service and facilities offered to customers.

Cash flow and working capital remained positive throughout the period and the directors consider the company to be in a sound financial position at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates within the hospitality sector and is therefore exposed to a number of commercial and operational risks. The principal risks and uncertainties facing the business include:

- inflationary pressures affecting food, beverage, energy and labour costs;

- changes in consumer confidence and discretionary spending;

- recruitment and retention of suitably skilled employees;

- increases in interest rates and financing costs; and

- wider economic conditions affecting the hospitality and tourism sectors.

The directors regularly review these risks and seek to minimise their impact through careful financial management, pricing reviews, cost controls and continued investment in the quality of the company's offering and customer experience.

KEY PERFORMANCE INDICATORS

The directors use a range of financial and non-financial KPIs to monitor performance and inform decision-making. The most significant KPIs are:

- Turnover growth - 8% increase year-on-year.

- Gross profit margin - Maintained at approximately 70% on food sales and 55% on wet sales.

- Wages as a % of turnover - 39% in the year (prior year: 39%), reflecting ongoing recruitment and retention challenges in the sector but an improved position to the prior year.

- Customer feedback - Continued strong ratings across review platforms and social media, underpinning repeat trade and brand reputation.

- Employee retention - Improved through investment in training and recognition programmes.

FUTURE PROSPECTS

The directors remain cautiously optimistic regarding the future performance of the company. The business will continue to focus on operational efficiency, customer satisfaction and maintaining strong local and repeat trade. Investment will continue where appropriate to support the long-term growth and sustainability of the business.

ON BEHALF OF THE BOARD:

S P Lomas - Director

27 August 2026

The directors present their report with the financial statements of the company for the period 2 December 2024 to 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of innkeepers and restaurateurs.

DIVIDENDS

Interim dividends per share were paid as follows:

£2,500

- 31 December 2024

£4,000

- 30 June 2025

£6,500

The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 30 November 2025 will be £ 650,000 .

DIRECTORS

The directors during the period under review were:

S P Lomas

L J Lomas

S E Lomas

The beneficial interests of the directors holding office on 30 November 2025 in the issued share capital of the company were as follows:

30.11.25

2.12.24

Ordinary £1 shares

S P Lomas

50

50

L J Lomas

40

40

S E Lomas

10

10

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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;

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

The directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Harris & Trotter LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S P Lomas - Director

27 August 2026

Opinion

We have audited the financial statements of Deben Inns Limited (the 'company') for the period ended 30 November 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 1st December 2024 and of its profit for the period 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 Auditors' 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

- We challenged assumptions and judgments made by management in its significant accounting estimates.

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Neville Newman (Senior Statutory Auditor)

for and on behalf of Harris & Trotter LLP

101 New Cavendish Street

1st Floor South

London

W1W 6XH

27 August 2026

TURNOVER

3

12,950,543

12,018,259

Cost of sales

(4,396,496

)

(4,182,035

)

GROSS PROFIT

8,554,047

7,836,224

Administrative expenses

(7,777,090

)

(7,132,536

)

776,957

703,688

Other operating income

11,863

12,000

OPERATING PROFIT

5

788,820

715,688

Interest receivable and similar income

15,965

30,399

804,785

746,087

Gain/loss on revaluation of investment property

-

104,455

804,785

850,542

Interest payable and similar expenses

6

(158,888

)

(67,854

)

PROFIT BEFORE TAXATION

645,897

782,688

Tax on profit

7

(147,794

)

(231,041

)

PROFIT FOR THE FINANCIAL PERIOD

498,103

551,647

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

498,103

551,647

FIXED ASSETS

Tangible assets

9

3,865,972

3,118,575

Investment property

10

1,075,303

625,000

4,941,275

3,743,575

CURRENT ASSETS

Stocks

11

154,875

136,030

Debtors

12

140,839

134,330

Cash at bank and in hand

462,940

1,175,211

758,654

1,445,571

CREDITORS

Amounts falling due within one year

13

(1,592,777

)

(1,426,775

)

NET CURRENT (LIABILITIES)/ASSETS

(834,123

)

18,796

TOTAL ASSETS LESS CURRENT LIABILITIES

4,107,152

3,762,371

CREDITORS

Amounts falling due after more than one year

14

(2,489,357

)

(1,964,075

)

PROVISIONS FOR LIABILITIES

17

(295,271

)

(323,875

)

NET ASSETS

1,322,524

1,474,421

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

1,322,424

1,474,321

SHAREHOLDERS' FUNDS

1,322,524

1,474,421

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

S P Lomas - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 27 November 2023

100

1,422,674

1,422,774

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

551,647

551,647

Balance at 1 December 2024

100

1,474,321

1,474,421

Changes in equity

Dividends

-

(650,000

)

(650,000

)

Total comprehensive income

-

498,103

498,103

Balance at 30 November 2025

100

1,322,424

1,322,524

Cash flows from operating activities

Cash generated from operations

1

1,040,559

917,511

Interest paid

(158,888

)

(67,854

)

Tax paid

(183,858

)

(237,920

)

Net cash from operating activities

697,813

611,737

Cash flows from investing activities

Purchase of tangible fixed assets

(881,380

)

(1,597,289

)

Purchase of investment property

(450,303

)

-

Interest received

15,965

30,399

Net cash from investing activities

(1,315,718

)

(1,566,890

)

Cash flows from financing activities

New loans in year

605,300

1,949,034

Loan repayments in year

(56,454

)

(732,971

)

Capital repayments in year

(7,839

)

63,465

Amount introduced by directors

136,640

122,013

Amount withdrawn by directors

(122,013

)

(96,783

)

Equity dividends paid

(650,000

)

(500,000

)

Net cash from financing activities

(94,366

)

804,758

Decrease in cash and cash equivalents

(712,271

)

(150,395

)

Cash and cash equivalents at beginning of period

2

1,175,211

1,325,606

Cash and cash equivalents at end of period

2

462,940

1,175,211

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Profit before taxation

645,897

782,688

Depreciation charges

116,286

132,672

Loss on disposal of fixed assets

17,697

-

Gain on revaluation of fixed assets

-

(104,455

)

Finance costs

158,888

67,854

Finance income

(15,965

)

(30,399

)

922,803

848,360

Increase in stocks

(18,845

)

(433

)

Increase in trade and other debtors

(6,509

)

(24,117

)

Increase in trade and other creditors

143,110

93,701

Cash generated from operations

1,040,559

917,511

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 November 2025

30.11.25

2.12.24

£

£

Cash and cash equivalents

462,940

1,175,211

Period ended 1 December 2024

1.12.24

27.11.23

£

£

Cash and cash equivalents

1,175,211

1,325,606

3.	ANALYSIS OF CHANGES IN NET DEBT

At 2.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

1,175,211

(712,271

)

462,940

1,175,211

(712,271

)

462,940

Debt

Finance leases

(63,465

)

7,839

(55,626

)

Debts falling due within 1 year

(46,235

)

(14,950

)

(61,185

)

Debts falling due after 1 year

(1,908,448

)

(533,896

)

(2,442,344

)

(2,018,148

)

(541,007

)

(2,559,155

)

Total

(842,937

)

(1,253,278

)

(2,096,215

)

1.	STATUTORY INFORMATION

Deben Inns Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The turnover represents net invoiced sales of services, excluding value added tax, arising from innkeepers and restaurateurs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

straight line over life of lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Bar sales

4,366,926

4,143,248

Food sales

8,554,022

7,862,436

Car park income

29,595

12,575

12,950,543

12,018,259

All income is generated in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Wages and salaries

5,186,427

4,782,867

Other pension costs

107,309

99,890

5,293,736

4,882,757

The average number of employees during the period was as follows:

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

Directors

3

3

Bar and restaurant staff

293

237

296

240

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Directors' remuneration

108,000

95,077

During the year the contributions made to directors pensions were £26,000 (2024 - £24,000).

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Hire of plant and machinery

64,174

53,069

Depreciation - owned assets

116,286

132,674

Loss on disposal of fixed assets

17,697

-

Audit fee

7,000

8,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Loan interest

153,184

66,815

Hire purchase interest

5,680

1,017

Interest on overdue tax

24

22

158,888

67,854

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Current tax:

UK corporation tax

176,398

183,858

Deferred tax

(28,604

)

47,183

Tax on profit

147,794

231,041

UK corporation tax has been charged at 25% (2024 - 25%).

8.

DIVIDENDS

Period

Period

2.12.24

27.11.23

to

to

30.11.25

1.12.24

£

£

Ordinary shares of £1 each

Interim

650,000

500,000