# Cavendish plc Company Interim Accounts For the seven-month period ended 31 October 2025 Prepared for the purposes of sections 836 and 838 of the Companies Act 2006 Registered Number 11540126 FRIDAY *AEGRNQKG* A09 05/12/2025 #149 COMPANIES HOUSE --- # CONTENTS | | Page | | --- | --- | | Company Statement of Comprehensive Income | 2 | | Company Statement of Financial Position | 3 | | Company Statement of Changes in Equity | 4 | | Notes to the Financial Statements | 5 | These interim accounts are prepared only for the purpose of Sections 836 and 838 of the Companies Act 2006. They are abridged and unaudited. --- COMPANY STATEMENT OF COMPREHENSIVE INCOME FOR THE 7 MONTHS ENDED 31 OCTOBER 2025 | | | 7 months ended 31 Oct 2025 Unaudited £'000 | 12 months ended 31 Mar 2025 Audited £'000 | | --- | --- | --- | --- | | | Note | | | | Revenue | | 3,150 | 7,000 | | Administrative expenses | | (3,531) | (6,166) | | Operating (loss) / profit | | (381) | 834 | | Dividend received from subsidiary | 2 | 2,000 | - | | Share of joint venture | | (88) | (60) | | Finance charge | | (181) | (338) | | Profit before taxation | | 1,350 | 436 | | Taxation | | (196) | (40) | | Profit attributable to equity shareholders | | 1,154 | 396 | | Total comprehensive profit for the period | | 1,154 | 396 | All amounts relate to continuing operations. These interim accounts are prepared only for the purpose of Sections 836 and 838 of the Companies Act 2006. They are abridged and unaudited. 2 --- # COMPANY STATEMENT OF FINANCIAL POSITION ## FOR THE 7 MONTHS ENDED 31 OCTOBER 2025 | | 31 Oct 2025 Unaudited £'000 | 31 Mar 2025 Audited £'000 | | --- | --- | --- | | Non-current assets | | | | Property, plant and equipment | 8,000 | 9,062 | | Intangible assets | 104 | 117 | | Investment in subsidiaries | 39,884 | 39,884 | | Investment in joint ventures | 1,689 | 1,777 | | Deferred tax asset | - | 196 | | Total non-current assets | 49,677 | 51,036 | | Current assets | | | | Trade and other receivables | 1,446 | 1,285 | | Cash and cash equivalents | 157 | 386 | | Total current assets | 1,603 | 1,671 | | Total assets | 51,280 | 52,707 | | Non-current liabilities | | | | Lease liability | 6,399 | 7,321 | | Provisions | - | 10 | | Total non-current liabilities | 6,399 | 7,331 | | Current liabilities | | | | Trade and other payables | 5,364 | 5,199 | | Total current liabilities | 5,364 | 5,199 | | Equity | | | | Share capital | 3,871 | 3,857 | | Share premium | 3,380 | 3,216 | | Own shares held | (794) | (527) | | Merger relief reserve | 31,281 | 31,281 | | Share based payments reserve | 272 | 389 | | Retained earnings | 1,507 | 1,961 | | Total equity | 39,517 | 40,177 | | Total equity and liabilities | 51,280 | 52,707 | These company interim accounts of Cavendish plc, company number 11540126, were approved and authorised for issue by the Board of Directors on 2 December 2025 and were signed on its behalf by: ![img-0.jpeg](img-0.jpeg) ## Ben Proctor Chief Financial Officer These interim accounts are prepared only for the purpose of Sections 836 and 838 of the Companies Act 2006. They are abridged and unaudited. --- COMPANY STATEMENT OF CHANGE IN EQUITY FOR THE 7 MONTHS ENDED 31 OCTOBER 2025 | | Share Capital £'000 | Share Premium £'000 | Own Shares Held £'000 | Merger Relief Reserve £'000 | Share Payment Reserve £'000 | Retained Earnings £'000 | Total Equity £'000 | | --- | --- | --- | --- | --- | --- | --- | --- | | Balance at 31 March 2024 (audited) | 3,847 | 3,099 | (67) | 31,281 | 20 | 3,369 | 41,549 | | Total comprehensive profit for the period | - | - | - | - | - | 396 | 396 | | Transactions with owners: | | | | | | | | | Share-based payments charge | - | - | - | - | 233 | - | 233 | | Vesting of share-based payments | - | - | - | - | (254) | 254 | - | | Transfer from subsidiary | - | - | (75) | - | 390 | - | 315 | | Transfers to employees relating to share-based payments | - | - | 121 | - | - | (121) | - | | Purchase of own shares | - | - | (506) | - | - | - | (506) | | Dividends paid | - | - | - | - | - | (1,937) | (1,937) | | Issued share capital | 10 | 117 | - | - | - | - | 127 | | | 10 | 117 | (460) | - | 369 | (1,804) | (1,768) | | Balance at 31 March 2025 (audited) | 3,857 | 3,216 | (527) | 31,281 | 389 | 1,961 | 40,177 | | Total comprehensive profit for the period | - | - | - | - | - | 1,154 | 1,154 | | Transactions with owners: | | | | | | | | | Share-based payments charge | - | - | - | - | 72 | - | 72 | | Vesting of share-based payments | - | - | - | - | (189) | 189 | - | | Transfer to employees relating to share-based payments | - | - | 32 | - | - | (32) | - | | Purchase of own shares | - | - | (299) | - | - | - | (299) | | Dividends paid | - | - | - | - | - | (1,765) | (1,765) | | Issued share capital | 14 | 164 | - | - | - | - | 178 | | | 14 | 164 | (267) | - | (117) | (1,608) | (1,814) | | Balance at 31 October 2025 (unaudited) | 3,871 | 3,380 | (794) | 31,281 | 272 | 1,507 | 39,517 | --- # NOTES TO THE FINANCIAL STATEMENTS ## FOR THE 7 MONTHS ENDED 31 OCTOBER 2025 ### 1. BASIS OF PREPARATION Cavendish plc (the "Company") is a public limited company, limited by shares, incorporated and domiciled in England and Wales. The Company was incorporated on 28 August 2018. The registered office of the Company is One Bartholomew Close, London EC1A 7BL, United Kingdom. The Company's registered number is 11540126. The Company is quoted on the AIM market of the London Stock Exchange. These interim accounts have been prepared for the purposes of sections 836 and 838 of the Companies Act 2006 and contain information about Cavendish plc as an individual company and do not contain consolidated financial information for the Group. The accounts are abridged and unaudited but are otherwise prepared on a consistent basis. The interim accounts include financial performance for the seven-month period ended and financial positions as at 31 October 2025. They do not include all of the information required for the full annual financial statements and should be read in conjunction with the financial statements published as at and for the interim period ended 30 September 2025. Further, there have been no material changes to the Company's accounting policies to those that were published in the Company's financial statements for the year ended 31 March 2025. These interim accounts do not constitute statutory accounts within the meaning of sections 434 (3) of the Companies Act 2006. Statutory accounts for the year ended 31 March 2025 were published in Cavendish plc's Annual Financial Report and delivered to the Registrar of Companies in England and Wales. The auditor's report on those accounts was unqualified, did not include a reference to any matter to which the auditor drew attention by way of emphasis without qualifying the report, and did not contain any statement under section 498 of the Companies Act 2006. No statutory accounts have been delivered to the Registrar in respect of the period covered by these interim accounts. ### 2. Dividends | | 7 months ended 31 October 2025 Unaudited £'000 | 12 months ended 31 March 2025 Audited £'000 | | --- | --- | --- | | Dividends received from subsidiary undertakings | 2,000 | - | ### 3. Retained earnings The Company's profits being used for this distribution arose from the primary business activity of the Company's subsidiaries, being the provision of UK investment banking and adviser services to both public and private companies, which have been distributed to the Company by way of dividend. The Company has considered the profits available for distribution to the shareholders with the Company's retained earnings at 31 October 2025 being £1.5m.