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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report on the Company for the year ended 31 December 2025.
During the year the Company continued to operate as an intermediate holding company and provide management services to group companies. It directly controls Bulls Aye Limited (''BAL'') and The Way Inn Limited (''TWI'').
BAL, the Group's principal trading entity, is engaged in the operation of hotels, restaurants and bars, while TWI undertakes short-term property letting activities. Further details are disclosed in the strategic report of Freud Hospitality Group Limited, the ultimate parent entity. During the year the Company generated turnover of £436,040 (2024 - £328,232) from the provision of management services to group companies. It achieved an operating profit of £226,754 compared to an operating loss of £32,222 in 2024. The directors are satisfied with the results for the year and the financial position at the year end.
The principal risk and uncertainties facing the Company are the same as those of its subsidiaries. The directors recognise that effective risk management is essential to the long-term success and sustainability of the Company. It operates in the hospitality sector, which is exposed to a number of operational, financial and external risks which are disclosed in the strategic report of the ultimate parent company, Freuds Hospitality Group Limited.
The directors consider turnover from the provision of management services and performance of its subsidiaries as the key financial indicators of the Company.
This report was approved by the board on 10 September 2026 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £226,754 (2024 - loss £32,222).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
There are no plans which will significantly change the activities and risks of the Company.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as the auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BULL AT BURFORD LIMITED
We have audited the financial statements of The Bull At Burford Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In forming our opinion we have considered the adequacy of the disclosures concerning the preparation of the financial statements on a going concern basis set out in Note 2.4. In view of the significance of this matter we consider that it should be brought to your attention but our opinion is not qualified in this respect.
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.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BULL AT BURFORD LIMITED (CONTINUED)
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the 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 Company and its 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, 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.
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BULL AT BURFORD LIMITED (CONTINUED)
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:
∙the engagement partner 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 Company through discussions with directors and other management, and from our commercial knowledge and experience of the hotel and licensed restaurants sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the 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, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BULL AT BURFORD LIMITED (CONTINUED)
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, if any.
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 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 Auditors' 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 Auditors' 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.
for and on behalf of
Sopher + Co LLP
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 19 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Bull At Burford Limited is a private company, limited by shares, incorporated in England and Wales. Its business and registered office address is at 105 High Street, Burford, Oxfordshire, OX18 4RG.
The principal activity of the Company during the year was the management of properties used by a fellow group company to operate restaurant and hotel businesses.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Freud Hospitality Group Limited as at 31 December 2025 and these financial statements may be obtained from the Company's registered office address upon request and publicly from the Registrar of Companies.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The Company made a profit of £111,665 (2024 - loss £32,222), and at the reporting date had net current liabilities of £9,076,114 (2024 - £9,092,581). The ultimate controlling party, who is a director of the Company, has confirmed that he has the ability and will financially support the Company as and when required so that the Company will be able to continue to meet its financial obligations as and when they fall due for at least twelve months from the date the financial statements are approved.
Furthermore, the Company's connected creditors have confirmed their ongoing financial support and have undertaken not to demand repayment of amounts due where they would adversely affect the Company's ability to meet its obligations as they fall due.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Therefore, the directors believe that preparing the financial statements on a going concern basis is appropriate, and they are satisfied as to over the Company's ability to continue as such.
Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 10 years. Trademarks Trademarks are initially recognised at cost. After recognition, under the cost model, they are remeasured at cost less any accumulated amortisation and any accumulated impairment losses. Trademarks are amortised on a straight-line basis to the Statement of Comprehensive Income over their useful economic life of 5 years.
Tangible fixed assets comprises freehold land and buildings owned by the Company but occupied by a fellow group undertaking for the purposes of the Group's principal activities. In accordance with the accounting policy choice permitted by paragraph 16.4A of FRS 102 for investment property rented to another group entity, the Company has elected to measure such properties by transferring them to property, plant and equipment and applying the cost model in Section 17, rather than at fair value through profit or loss under Section 16. Accordingly, these properties are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Freehold land is not depreciated.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is provided on the following basis:
Assets under construction have not been depreciated. The residual value of artwork, which is included in furniture and equipment, is expected to be at least the same as cost and therefore not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.
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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Critical accounting judgements Intercompany debtor balances At the reporting date, one subsidiary owed the Company £1,344,545 (2024 - £1,164,256). The subsidiary incurred a loss during the year, and had both net current liabilities and net liabilities at the year end. The directors have assessed whether the balance is recoverable. In making this judgement, they have considered the subsidiary’s future cash flows and the likelihood of ongoing support from the group and ultimate controlling party. Based on this assessment, the directors believe the balance is recoverable. Key sources of estimation uncertainty Tangible and intangible assets The Company reviews its tangible and intangible assets for impairment when there are indications that their carrying value may not be recoverable. This assessment requires estimates of future cash flows, useful lives, and residual values. Changes in these assumptions could affect the carrying value of assets. The estimation of useful economic lives and residual values of tangible and intangible assets requires judgement and is reviewed annually. Changes in expected usage, technological developments or market conditions could lead to revisions to depreciation or amortisation charges in future periods. Certain freehold properties were acquired for an undivided purchase price with no apportionment between land and buildings at the date of acquisition. Land is not depreciated, buildings are depreciated on a straight-line basis at 2% per annum. In the absence of a professional valuation at the date of acquisition, management has estimated the apportionment of historical cost by reference to market data for comparable commercial property in the region, applying a land proportion of 25% on the costs of original purchase. At 31 December 2025 the carrying amount of freehold land not subject to depreciation was £878,121.
The whole of the turnover is attributable to the provision of management services and arose within the United Kingdom.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the reporting date, the Company had unrelieved tax losses of £1.3m and accelerated capital allowances of £3.3m, which would otherwise give rise to a net deferred tax liability of approximately £460,000.
The Company is a member of the Freud Hospitality Group Limited group, which had sufficient tax losses available for group relief at the reporting date. The directors expect that the Company will be able to utilise a portion of these group losses to offset the taxable profits arising on the reversal of the accelerated capital allowances. Accordingly, the directors consider that the future tax consequences of these timing differences will be relieved through group relief and, therefore, no deferred tax liability has been recognised in these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The immediate parent company is Vinegrid Limited and the ultimate parent is Freud Hospitality Group Limited, both registered in England and Wales. Freud Hospitality Group Limited is the parent company of the largest and the smallest group for which group financial statements are drawn up. Copies of the consolidated financial statements are available from the Registrar of Companies. M R Freud, a director of the company, is the ultimate controlling party.
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