PUTTSHACK LTD

• ⚠

  Annual accounts overdue

  Due 2025-12-31.

• ⚠

  Material uncertainty over going concern

  Therefore, whilst the directors have a reasonable expectation that the group remains a going concern, as discussed above there is a material uncertainty related to the financial covenant breaches at the ParentCo at the date of signing the financial statements. Should the lender choose to withdraw the facility as a result of the covenant breaches, this would impact the ParentCo's going concern and its ability to continue to provide support to the group. This creates a material uncertainty that may cast significant doubt about the group's ability to continue as a going concern such that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Material uncertainty related to going concern: We draw attention to note 1 in the financial statements, which indicates that when considering the going concern assumption for the group, the directors have considered the overall going concern position of Puttshack International Holdings, Inc. ('ParentCo'), and the ability to provide support to the group. The ParentCo is forecast to be in breach of their covenants at various testing dates during the 12-month period following the date of approval of these financial statements. As a result of the covenant breaches, the ParentCo is currently discussing refinancing options with the lender. As stated in note 1, these events or conditions, along with the other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Therefore, whilst the directors have a reasonable expectation that the group remains a going concern, as discussed above there is a material uncertainty related to the financial covenant breaches at the ParentCo at the date of signing the financial statements. Should the lender choose to withdraw the facility as a result of the covenant breaches, this would impact the ParentCo's going concern and its ability to continue to provide support to the group. This creates a material uncertainty that may cast significant doubt about the group's ability to continue as a going concern such that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Material uncertainty related to going concern: We draw attention to note 1 in the financial statements, which indicates that when considering the going concern assumption for the group, the directors have considered the overall going concern position of Puttshack International Holdings, Inc. ('ParentCo'), and the ability to provide support to the group. The ParentCo is forecast to be in breach of their covenants at various testing dates during the 12-month period following the date of approval of these financial statements. As a result of the covenant breaches, the ParentCo is currently discussing refinancing options with the lender. As stated in note 1, these events or conditions, along with the other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. PUTTSHACK LTD · parent
   1. Puttshack IP Holdings Limited 100% · London · Dormant
   2. Puttshack Services Limited 100% · London · Dormant
   3. Puttshack Patents Limited 100% · London · Dormant
   4. Puttshack UK Limited 100% · London · Dormant
   5. Puttshack Trademarks Limited 100% · London · Dormant
   6. Puttshack Watford Limited+ 100% · London · Full service restaurant
   7. Puttshack Reading Limited 100% · London · Dormant
   8. Puttshack Lakeside Limited+ 100% · London · Full service restaurant

Significant events

• “On 06 October 2023, the Company sold its 100% share in the ordinary share capital of Puttshack USA Inc and its subsidiaries.”
• “The Group further strengthened its presence in the USA with the opening of an additional five venues in 2024 and three venues in 2025.”
• “Since the reporting date, the Group has raised £55.7m ($75.0m) in equity cash injections which have been used in part to pay down the debt facility by £53.2m ($71.7m) million.”
• “During the second half of 2025 and into 2026, the Group has been working with Blackrock to refinance the current debt structure. In March 2026, the Group has received a further cash injection from its lender of $13.7m.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +45.8%

  £55,384,236 → £80,771,281

• Cash

  -94.1%

  £16,084,013 → £951,305

• Net assets

  -77.9%

  £50,160,544 → £11,079,751

• Employees

  +66.6%

  903 → 1,504

• Operating profit

  -8.7%

  -£10,577,985 → -£11,495,556

• Profit before tax

  -56.4%

  -£12,357,130 → -£19,322,457

• Wages

  +31.9%

  £21,226,061 → £28,002,977

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers