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Registered number: 13311688
NEOS 16 LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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NEOS 16 LTD
REGISTERED NUMBER: 13311688
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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R Quelch
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The notes on pages 2 to 8 form part of these financial statements.
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
NEOS 16 Ltd is a private company, limited by shares and incorporated in England and Wales. The Company's registered number is 13311688 and its registered office address is NEOS Hospitality, Wharton Place, 13 Wharton Street, Cardiff, Wales, CF10 1GS.
The Company did not trade in the year or the previous year. Following the Company acquiring a venue after the reporting date, the Company's principal activity will be that of operating licensed nightclubs.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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.
On 27 March 2024, the FRC issued ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs Periodic Review 2024’. The effective date for most amendments is accounting periods beginning on or after 1 January 2026, with earlier adoption permitted.
The Company has chosen to early adopt the amendments to FRS 102 from the Periodic Review 2024 during the year. The Company's date of initial application is 1 January 2025 and the application of the amendments has resulted in changes to accounting policies for revenue and leases. The impact of these amendments is explained in note 2.2.
Due to the application of the modified retrospective approach on transition, the accounting policies in some areas will differ between 2024 and 2025 and where this is the case, both policies have been included.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £.
The following material accounting policies have been applied:
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Changes in accounting policies and disclosures
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On 27 March 2024, the FRC issued ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs Periodic Review 2024’. The effective date for most amendments is accounting periods beginning on or after 1 January 2026, with earlier adoption permitted.
The most significant amendments are the replacement of Section 23, now renamed ‘Revenue from Contracts with Customers’, and Section 20 ‘Leases’. The other less significant changes include a new Section 2A ‘Fair Value Measurement’, uncertain tax positions, business combinations and the revised Section 2 ‘Concepts and Pervasive Principles’ but these do not have a material impact on the Company.
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has chosen to early adopt the amendments to FRS 102 from the Periodic Review 2024 during the year and implemented these changes from 1 January 2025, using the modified retrospective approach to apply the new Section 23 and Section 20 requirements. In applying this approach, comparative information has not been restated, and any retrospective cumulative effect of initial application is recognised as an adjustment to the opening balance of the profit and loss account.
Any changes to the Company's recognition and accounting methods for revenue and leases following early adoption of the FRS 102 Periodic Review 2024 are detailed within the relevant accounting policy and notes to the financial statements.
Revenue
The revised policy introduces the five-step model for revenue recognition, aligning recognition with the transfer of control rather than risks and rewards.
Management have considered the new additional requirements of Section 23 'Revenue from Contracts with Customers' and deem there to be no material changes on transition to the recognition of the Company's revenue.
Leases
Under the previous version of FRS 102 Section 20, each lease contract for a lessee was classified as either a finance lease or an operating lease. However, with the lease accounting amendments to FRS 102, as a lessee, a lease contract is now recognised as a lease liability with a corresponding right-of-use asset.
Management have considered the new additional requirements of Section 20 'Leases' and deem there to be no material changes on transition to the recognition of the Company's leases.
The financial statements have been prepared on the going concern basis, assuming the Company will continue to trade for the foreseeable future. Despite the Company reporting net liabilities at the reporting date, the directors have assessed the Company's ability to continue as a going concern and believe it remains appropriate. This assessment considers the availability of financial support which the Company continues to receive from the wider group headed by NEOS Topco Ltd, which has confirmed its commitment to provide necessary funding for at least the next 12 months from the reporting date.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The Company classifies certain one-off charges or credits that have a material impact on the Company’s financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the Company.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider the following to be sources of significant judgements or estimates in the preparation of these financial statements:
Exceptional expenditure classification
The Company exercised judgement in determining whether certain items of income or expense should be classified as exceptional. The classification is inherently subjective and may differ from practices adopted by other entities. Changes in circumstances or management's assessment could result in different classification in future periods.
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The Company has no employees other than the directors, who did not receive any remuneration (2024: £Nil).
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Current tax on profits for the year
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Origination and reversal of timing differences
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Adjustments in respect of previous periods
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Total tax charge/(credit) on ordinary activities
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Factors affecting tax charge/(credit) for the year
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The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods - deferred tax
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Income not taxable for tax purposes
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Movement in deferred tax not recognised
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Total tax charge/(credit) for the year
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free and payable on demand.
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Charged/(credited) to profit or loss
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The deferred tax asset is made up as follows:
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Losses and other deductions
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Related party transactions
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The Company has taken advantage of the exemption, under the terms of Section 33.1A 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.
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NEOS 16 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Post balance sheet events
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On 27 January 2026, the Company acquired the trade and assets of a new venue from the administrators of The Revel Collective for a total consideration of £612,019.
The Company's immediate parent undertaking is NEOS Holdco Ltd, a company incorporated in England and Wales, with registered office address at NEOS Hospitality, Wharton Place, 13 Wharton Street, Cardiff, Wales, CF10 1GS.
The smallest group in which the results of the Company are consolidated is that headed by NEOS Holdco Ltd. The largest group in which the results of the Company are consolidated is that headed by NEOS Topco Ltd. NEOS Holdco Ltd and NEOS Topco Ltd are companies incorporated in England and Wales and their consolidated financial statements are available at Companies House.
HGB Hospitality Ltd, a company incorporated in Jersey, and the Company’s ultimate parent undertaking, is deemed to be the Company's ultimate controlling party. The registered office address of HGB Hospitality Ltd is 28 Esplanade, St. Helier, JE2 3QA, Jersey.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 15 October 2026 by Jessica Edwards (Senior Statutory Auditor) on behalf of HaysMac LLP.
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