UNDERSTUDY LIMITED
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Cash
£3.3m
highest in 5 filed years
Net assets
£1.8m
highest in 5 filed years
Employees
298
highest in 5 filed years
Profit before tax
£1.1m
Period ending 2025-12-28
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
2 PSCs ceased in last 24 months
Significant control changed hands — see the Ownership section.
Net assets
5-year trend · vs Consumer Discretionary median
Accounts
5-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-28
| Metric | Trend | 2020-12-31 | 2021-12-31 | 2023-12-31 | 2024-12-28 | 2025-12-28 | Δ vs prior |
|---|---|---|---|---|---|---|---|
| Turnover | — | — | £15,788,389 | £19,607,837 | £24,649,442 | — | |
| Operating profit | — | — | £126,222 | £212,057 | £1,285,849 | — | |
| Profit before tax | — | — | -£64,962 | £44,794 | £1,147,875 | — | |
| Net profit | — | — | £115,076 | -£136,332 | £908,252 | — | |
| Cash | £1,300,793 | £1,093,573 | £2,111,375 | £2,673,793 | £3,261,060 | — | |
| Total assets less current liabilities | £2,176,174 | £1,663,211 | £2,592,123 | £2,468,158 | £4,252,157 | — | |
| Net assets | £750,758 | £585,710 | £967,315 | £839,031 | £1,751,613 | — | |
| Equity | £750,758 | £585,710 | £967,315 | £839,031 | £1,751,613 | — | |
| Average employees | 109 | 113 | 238 | 267 | 298 | — | |
| Wages | — | — | £5,944,607 | £7,195,277 | £7,959,697 | — | |
| Directors' remuneration | — | — | £114,154 | £115,923 | £208,787 | — | |
| Directors' pension contributions | £NaN | £NaN | — | £3,222 | £16,943 | — | |
| Highest paid director | £NaN | £NaN | — | £80,000 | £79,200 | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing covers about 12 months versus 12 months prior. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2020-12-31 | 2021-12-31 | 2023-12-31 | 2024-12-28 | 2025-12-28 |
|---|---|---|---|---|---|---|
| Operating margin | — | — | 0.8% | 1.1% | 5.2% | |
| Net margin | — | — | 0.7% | -0.7% | 3.7% | |
| Return on capital employed | — | — | 4.9% | 8.6% | 30.2% | |
| Gearing (liabilities / total assets) | 76.6% | 82.3% | 84.8% | 89.6% | 80.7% | |
| Current ratio | — | — | 0.77x | 0.64x | 0.91x | |
| Interest cover | — | — | 0.63x | 1.26x | 7.88x |
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.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- HaysMac LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“After reviewing the Group's forecasts and projections the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least the next twelve months following approval of these financial statements The Group therefore continues to adopt the going concern basis in preparing its financial statements”
Group structure
- UNDERSTUDY LIMITED · parent
- Understudy 1 Limited (formerly Blacklock (Canary Wharf) Limited) 100%
- Understudy 2 Limited (formerly Blacklock Newco Limited) 100%
- Understudy 3 Limited (formerly Blacklock Newco 2 Limited) 100%
Significant events
- “Subsequent to the year end, the Group opened its seventh restaurant in Birmingham in April 2026 which is also trading strongly During the year, the Group also secured a dedicated capital expenditure facility to fund future restaurant openings, providing a platform for continued measured growth whilst preserving quality and standards.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 0 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CAMPBELL, Paul Adam | Director | 2014-11-04 | Feb 1964 | British |
| KER, Gordon James | Director | 2013-08-07 | Dec 1984 | British |
| MCLAUCHLAN, Alex | Director | 2018-10-04 | Dec 1978 | British |
| MORGAN, Christopher Alan | Director | 2024-10-26 | Sep 1990 | British |
| ROBERTS, David Patrick | Director | 2014-11-04 | May 1968 | British |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Bgf Investment Management Limited | Corporate entity | Shares 25–50%, Voting 25–50% | 2024-10-26 | Active |
| Mr Gordon James Ker | Individual | Shares 25–50%, Voting 25–50% | 2016-04-06 | Ceased 2024-10-26 |
| David Patrick Roberts | Individual | Shares 25–50% | 2016-04-06 | Ceased 2024-10-26 |
Filing timeline
Last 20 of 77 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-07-02 RESOLUTIONS Resolution
- 2024-12-30 RESOLUTIONS Resolution
- 2024-11-22 MA Memorandum articles
- 2024-11-22 RESOLUTIONS Resolution
- 2024-11-22 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-18 | AA | accounts | Accounts with accounts type group | |
| 2026-08-10 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-07-29 | CH01 | officers | Change person director company with change date | |
| 2025-08-19 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-08-13 | AA | accounts | Accounts with accounts type group | |
| 2025-07-03 | SH01 | capital | Capital allotment shares | |
| 2025-07-02 | RESOLUTIONS | resolution | Resolution | |
| 2024-12-30 | RESOLUTIONS | resolution | Resolution | |
| 2024-12-27 | SH08 | capital | Capital name of class of shares | |
| 2024-12-24 | SH10 | capital | Capital variation of rights attached to shares | |
| 2024-11-22 | MA | incorporation | Memorandum articles | |
| 2024-11-22 | RESOLUTIONS | resolution | Resolution | |
| 2024-11-22 | RESOLUTIONS | resolution | Resolution | |
| 2024-11-15 | SH08 | capital | Capital name of class of shares | |
| 2024-11-14 | SH08 | capital | Capital name of class of shares | |
| 2024-11-14 | SH10 | capital | Capital variation of rights attached to shares | |
| 2024-11-14 | SH10 | capital | Capital variation of rights attached to shares | |
| 2024-11-12 | AP01 | officers | Appoint person director company with name date | |
| 2024-11-12 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2024-11-12 | PSC07 | persons-with-significant-control | Cessation of a person with significant control |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 7
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.