ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
COMPANY INFORMATION
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SBR RETAIL LIMITED
CONTENTS
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SBR RETAIL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2020
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and our position at the year end by reflection of the size and non-complex nature of the business.
During the year, the company continued to operate as a KFC franchisee.
In the year under review the company was adversely impacted by COVID-19 with a downturn in trade in March 2020 and store closures on 23 March 2020 with the gradual reopening of stores staggered throughout June 2020 where the company reopened all but one restaurant. As a result of the above the company's turnover decreased from £9,407,331 to £7,573,567 and the company recorded an operating loss of £669,223 (2019: profit of £97,111). The company recorded a net outflow from operating activities of £54,522 (2019: net outflow of £663,156) as the company worked towards preserving its cash during the periods of limited trading. Net liabilities at the balance sheet date amounted to £896,581 (2019: £121,465). The impact of COVID-19 on the business is explained in the various parts of the Strategic and Directors' Report.
The principal risks to the company are changes to consumer habits, entry of new competitors within geographical areas in which the company operates and changes in government controls and policies towards the fast food industry. Both Kentucky Fried Chicken and the company monitor these, maintain a marketing policy, evolve store menus, and set appropriate recommended prices to smooth these fluctuations.
COVID-19 The impact of COVID-19 began to affect the business from early March 2020 with many office workers beginning to work from home and a significant reduction in footfall on the high streets. Following government guidance, the company closed stores on 23 March 2020 to protect both staff and its customers. As a response to COVID-19, the company took decisive action to reduce its cost base, capital expenditure and cash commitments. The company also ensured it made use of the available governments initiatives such as tax and VAT deferrals, business rates holiday, colleagues were furloughed in line with the Coronavirus Job Retention Scheme and payment terms were negotiated with key suppliers and landlords.
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SBR RETAIL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
Financial Key Performance Indicators for the stores are the level of sales and gross profit.
Turnover in the period is £7,573,567 (2019: £9,407,331) Gross profit for the period is £1,464,559 (2019: £2,803,998). Turnover has decreased in the year by 19.5% and is attributable to the effects of COVID-19 and the closure of stores during the periods of lockdown in England. Without this period of disruption, the company was expecting strong positive sales growth. With the reduction in sales, usage of the Coronavirus Job Retention Scheme to maintain levels of employment and the clearance of stocks for the lockdown closures, the gross profits have reduced from £2,803,998 to £1,464,559. As a percentage of sales this has reduced to 19.4% (2019: 29.8%).
The principal non-key performance indicator is the performance against inspections by Kentucky Fried Chicken, and the company continues to achieve satisfactory performance throughout the year.
This report was approved by the board on 25 June 2021 and signed on its behalf.
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SBR RETAIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £775,116 (2019 - loss £82,028).
No dividends have been recommended to be paid for the current year.
The directors who served during the year were:
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SBR RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
Financial instruments
The company uses a variety of financial instruments, including cash, loans and trade creditors that arise from its operations. The main purpose of these financial instruments is to provide working capital for the company's operations. The director considers that the main risks arising from the company's financial instruments to be interest rate risk and liquidity risk and therefore sets and reviews policies for managing these risks below. These policies have remained unchanged from the previous year. Interest rate risk The company finances its operations through a mixture of bank loans and cash flow. The director has decided that it is in the company's best interest to agree a floating rate interest charge. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely. Cash is monitored on a weekly basis and funding is secured for significant acquisitions before any commitment is made. The Company maintains sufficient level of cash and cash equivalents to enable to meet its operation requirements. Other Risks The directors and KFC continue to assess risks arising from food and wage inflation in addition to government policies around obesity. In response to government policies KFC has announced a calorie reduction commitment to remove 20% of calories per serving by 2025. The company continues to improve procedures to reduce food waste and automaton processes to ensure food and wage inflation is mitigated as far as possible. COVID-19 has presented the industry with many new challenges and the company together with KFC (franchisor) have responded to changes in the laws and environment in which they have had to operate. This includes but is not limited to increased online ordering and partnering with various delivery platforms and investing in PPE and screens to ensure COVID-19 compliance so that both customers and employees' health and wellbeing are prioritised. The company has ensured that is is making full use of governments incentives and assistance to ensure stores can remain open and operating where possible.
As a result of the impact of COVID-19 on the quick service restaurant businesses, the company has identified the increased importance of offering home delivery services. After the year end the company has since invested in the redesign of its stores to allow for an increased output of deliveries. This has assisted in some stores achieving weekly sales records.
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SBR RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
From March 2020 the UK has faced much uncertainty and disruptions to both the day to day lives of people and businesses. There has been various lockdowns and tiers of restrictions throughout the UK which have prohibited the company from operating at its full capacity. Due to the success of the vaccination programme in the UK, as of June 2021 the UK is easing out of lockdown and in store dining has been reintroduced.
Going concern The Directors have reviewed the Going Concern of the business for the next twelve months after the approval of the financial statements. The support by the UK government, UK banks, key suppliers, related companies and the response of KFC has enable the company to manage its cash flow and operate it's trading business well since the gradual reopening of stores in June 2020. The UK's vaccination programme has been noted as a success and restrictions throughout England have begun to ease which has provided a positive outlook for business. The Directors are therefore of the opinion that there is no material uncertainty regarding the going concern of the company.
The auditors, Hurkan Sayman & Co, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SBR RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR RETAIL LIMITED
We have audited the financial statements of SBR Retail Limited (the 'Company') for the year ended 30 June 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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SBR RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR RETAIL LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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SBR RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR RETAIL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
for and on behalf of
Chartered Accountants
Statutory Auditor
291 Green Lanes
Palmers Green
N13 4XS
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SBR RETAIL LIMITED
STATEMENT OF COMPREHENSIVE INCOME INCLUDING THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
REGISTERED NUMBER: 09448124
BALANCE SHEET
AS AT 30 JUNE 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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SBR RETAIL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
SBR Retail Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09448124. The address of the registered office is 291 Green Lanes, Palmers Green, London N13 4XS.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company's accounts have been prepared on a going concern basis. The company has net liability of £896,581 (2019: £121,465). This is primarily due to a loan due to HSBC of £4,340,000 (2019: £4,340,000) and £2,409,129 (2019: £2,400,865) owed to related companies. The shareholders have confirmed that they will not demand repayment of amounts due to companies under common control for a period of at least 12 months from the date of signing these financial statements, where such payments will result in the company being unable to meet its other third party liabilities.
The losses reported in the year are mostly attributable to the downturn in COVID-19. The Directors have considered the ongoing impact on COVID-19 and are better prepared to keep the business operational during periods of lockdown and controls on business operations. Management continually undertakes a thorough review of the company's budgets and forecasts and regularly produces detailed and realistic cash flow projections for a period of at least 12 months. These cash flow projections, which when considered in conjunction with the company's existing loans, overdrafts and cash, which include consideration of reasonable possible changes in trading performance and available banking facilities, demonstrate that the company will have sufficient working capital for the foreseeable future. Revenue from the sale of food, beverages and merchandise is recognised at the point of sale.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
On an ongoing basis, the company evaluated its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. Management has made judgments over the following accounting policies: - The estimated useful lives of goodwill (note 12); and - The estimated useful economic lives of fixtures, fittings and equipment (note 13).
All turnover arose within the United Kingdom and relates to goods sold in the year.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
11.Taxation (continued)
The Corporation Tax main rate for 1 July 2020 is set at 19% and it is at this rate until 31 March 2023. From 1 April 2023, the Corporation Tax main rate for non-ring fenced profits will be increased to 25% applying to profits over £250,000. This will effect the company's corporation tax charges accordingly.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,112 (2019: £30,292). Contributions totaling £8,018 (2019: £2,732) were payable to the fund at the balance sheet date and are included in creditors.
During the year defined contributions totaling £nil (2019: £40,000) were made to a Director's personal pension schemes.
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SBR RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Throughout the current and previous period the company was under no overall control.
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