UNDERSTUDY LIMITED

• ◆

  2 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

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

• Turnover

  +24.2%

  £15,788,389 → £19,607,837

• Cash

  +26.6%

  £2,111,375 → £2,673,793

  highest in 6 filed years

• Net assets

  -13.3%

  £967,315 → £839,031

• Employees

  +12.2%

  238 → 267

  highest in 6 filed years

• Operating profit

  +68%

  £126,222 → £212,057

• Profit before tax

  +169%

  -£64,962 → £44,794

• Wages

  +21%

  £5,944,607 → £7,195,277

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

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

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

1. UNDERSTUDY LIMITED · parent
   1. Blacklock (Canary Wharf) Limited 100% · England
   2. Blacklock Newco Limited 100% · England
   3. Blacklock Newco 2 Limited 100% · England

Significant events

• “In October 2024, the Group opened its first regional restaurant in Manchester - its largest restaurant to date. The restaurant has exceeded expectations, with trading in line with the established London restaurants, showcasing the scalability of the brand beyond the capital.”
• “Building on this momentum, the Group plans to open its seventh restaurant in Birmingham in Q1 2026, further extending its regional presence, whilst also looking for suitable opportunities across London and gateway cities in the UK.”
• “To support this next phase of growth, the Group also welcomed The Business Growth Fund (BGF) as a minority investor during the year, bringing strategic support and governance expertise while preserving founder-led control.”
• “The Group's strong financial performance is rooted in a steadfast commitment to operational excellence and a belief that being a great place to work is the foundation for long-term success. Team turnover remains industry-leading, and the Group retained its status in the UK's Top 100 Large Companies to Work For.”
• “The Group also maintained its certified B Corporation status, underlining its commitment to balancing profit and purpose across environmental, social, and governance principles.”

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

Filings

4

last 12 months

Capital events

8

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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