THE RAT AND TWO HORSES LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2026-11-19 (in 6mo)
Last made up 2025-11-05
Watchouts
Cash
£7M
+70.7% highest in 6 filed years
Net assets
£10M
+25.2% highest in 4 filed years
Employees
105
+12.9% highest in 6 filed years
Profit before tax
£5M
+18.4% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
3 PSCs ceased in last 24 months
Significant control changed hands — see the Ownership section.
Net assets
6-year trend · vs Consumer Discretionary median
Accounts
6-year trend · latest reflected 2025-03-31
| Metric | Trend | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 |
|---|---|---|---|---|---|---|---|
| Turnover | — | — | — | — | £23,896,973 | £34,806,493 | |
| Operating profit | — | — | — | — | £4,432,956 | £5,147,741 | |
| Profit before tax | — | — | — | — | £4,425,174 | £5,241,146 | |
| Net profit | — | — | — | £976,933 | £3,124,453 | £3,686,528 | |
| Cash | £96,484 | £80,146 | £275,781 | £215,472 | £4,114,708 | £7,023,316 | |
| Total assets less current liabilities | £684 | £200 | — | — | £8,234,846 | £10,280,936 | |
| Net assets | — | — | — | — | £8,152,170 | £10,202,805 | |
| Equity | £684 | £200 | — | — | £8,152,170 | £10,202,805 | |
| Average employees | 0 | 0 | 3 | 3 | 93 | 105 | |
| Wages | — | — | £0 | £0 | £8,659,358 | £11,064,172 | |
| Directors' remuneration | — | — | — | — | £515,417 | £555,032 |
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
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
+45.7%
£23,896,973 £34,806,493
-
Cash
+70.7%
£4,114,708 £7,023,316
highest in 6 filed years
-
Net assets
+25.2%
£8,152,170 £10,202,805
-
Employees
+12.9%
93 105
highest in 6 filed years
-
Operating profit
+16.1%
£4,432,956 £5,147,741
-
Profit before tax
+18.4%
£4,425,174 £5,241,146
-
Wages
+27.8%
£8,659,358 £11,064,172
highest in 4 filed years
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 |
|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | 18.6% | 14.8% | |
| Net margin | — | — | — | — | 13.1% | 10.6% | |
| Return on capital employed | — | — | — | — | 53.8% | 50.1% | |
| Current ratio | — | — | — | — | 3.14x | 2.84x | |
| Interest cover | — | — | — | — | 286.05x | 921.05x |
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
- Moore Kingston Smith LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.”
Group structure
- THE RAT AND TWO HORSES LIMITED · parent
- Koto Studio Ltd 100%
- Koto Studio LLC 100%
- Koto Studio GmbH 100%
- Koto Studio LA LLC 100%
- Koto Studio NYC LLC 100%
- Koto Studio PTY Ltd 100%
Significant events
- “In April 2025, Dragon 123 Limited acquired the entire share capital of the Rat and Two Horses Limited through a subsidiary company, Dragon 789 Limited. The acquisition also led the group to take on bank debt.”
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 |
|---|---|---|---|---|
| MATTHEWS, Caroline | Secretary | 2017-11-23 | — | — |
| GREENFIELD, James | Director | 2017-11-23 | Oct 1978 | British |
| LEATHAM, Nicholas James Edward | Director | 2025-04-04 | May 1981 | British |
| MATTHEWS, Caroline | Director | 2017-11-23 | Jul 1972 | British |
| RODEN, Joseph | Director | 2017-11-23 | Apr 1990 | British |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Dragon 789 Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2025-04-04 | Active |
| Mrs Caroline Matthews | Individual | Shares 25–50%, Voting 25–50% | 2017-11-23 | Ceased 2025-04-04 |
| Mr James Greenfield | Individual | Shares 25–50%, Voting 25–50% | 2017-11-23 | Ceased 2025-04-04 |
| Mr Jowey Roden | Individual | Shares 25–50%, Voting 25–50% | 2017-11-23 | Ceased 2025-04-04 |
Filing timeline
Last 20 of 52 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-04-22 RESOLUTIONS Resolution
- 2025-04-22 RESOLUTIONS Resolution
- 2025-04-22 MA Memorandum articles
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-12-20 | AA | accounts | Accounts with accounts type group | |
| 2025-11-11 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-07-23 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-07-22 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-05-01 | SH01 | capital | Capital allotment shares | |
| 2025-05-01 | SH01 | capital | Capital allotment shares | |
| 2025-05-01 | SH01 | capital | Capital allotment shares | |
| 2025-04-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-04-22 | RESOLUTIONS | resolution | Resolution | |
| 2025-04-22 | RESOLUTIONS | resolution | Resolution | |
| 2025-04-22 | MA | incorporation | Memorandum articles | |
| 2025-04-16 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-04-16 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2025-04-16 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2025-04-16 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2025-04-16 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-08 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-12-16 | AA | accounts | Accounts with accounts type group | |
| 2024-11-21 | AD02 | address | Change sail address company with old address new address |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 3
- 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.