Shakeaway Worldwide Limited - Period Ending 2023-01-31

Shakeaway Worldwide Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 12

Shakeaway Worldwide Limited

Company Information

Directors

P J Dickson A Ibze'a M Ibze'a C Tuck I G Crook

Registered office

8 St Stephens Court 15-17 St. Stephens Road Bournemouth Dorset BH2 6LA

Accountants

Harney & Co Limited Chartered Certified Accountants 58 Kinson Road Bournemouth Dorset BH10 4AN

Shakeaway Worldwide Limited

(Registration number: 07500524)
Balance Sheet as at 31 January 2023

	Note	2023 £	2022 £
Fixed assets
Intangible assets	4	188,617	222,752
Tangible assets	5	97,527	132,725
		286,144	355,477
Current assets
Stocks	7	56,319	48,176
Debtors	8	643,930	352,024
Cash at bank and in hand		174,333	15,820
		874,582	416,020
Creditors: Amounts falling due within one year	9	(821,501)	(517,968)
Net current assets/(liabilities)		53,081	(101,948)
Total assets less current liabilities		339,225	253,529
Creditors: Amounts falling due after more than one year	9	(62,094)	(89,059)
Provisions for liabilities		-	100,727
Net assets		277,131	265,197
Capital and reserves
Called up share capital	12	345,850	345,850
Retained earnings		(68,719)	(80,653)
Shareholders' funds		277,131	265,197

Shakeaway Worldwide Limited

(Registration number: 07500524)
Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 January 2024 and signed on its behalf by:
 

......................................... P J Dickson Director

Shakeaway Worldwide Limited

Statement of Changes in Equity for the Year Ended 31 January 2023

	Share capital £	Retained earnings £	Total £
At 1 February 2021	345,850	438,050	783,900
Loss for the year	-	(518,703)	(518,703)
At 31 January 2022	345,850	(80,653)	265,197

	Share capital £	Retained earnings £	Total £
At 1 February 2022	345,850	(80,653)	265,197
Profit for the year	-	11,934	11,934
At 31 January 2023	345,850	(68,719)	277,131

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 St Stephens Court
15-17 St. Stephens Road
Bournemouth
Dorset
BH2 6LA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A,'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Group accounts not prepared

The company has taken advantage of the exemption to prepare consolidated accounts as the parent and the group qualify as small under the provision of section 398 of the Companies Act 2006.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except where an item of income or expense is recognised as other comprehensive income, in which case the associated taxation is also recognised directly in other comprehensive income.

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

2	Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differences.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & Machinery	10% on a straight line basis
Motor Vehicles	25% on a reducing balance basis

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Trademarks and licences

Trademarks and licences have a finite useful life and are carried at historical cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years on a straight line basis
Trademarks & Licences	10 years on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

2	Accounting policies (continued)

Trade debtors

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is made when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 72 (2022 - 67).

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

4	Intangible assets

	Goodwill  £	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 February 2022	285,016	346,813	631,829
Additions acquired separately	-	8,095	8,095
At 31 January 2023	285,016	354,908	639,924
Amortisation
At 1 February 2022	156,759	252,318	409,077
Amortisation charge	14,251	27,979	42,230
At 31 January 2023	171,010	280,297	451,307
Carrying amount
At 31 January 2023	114,006	74,611	188,617
At 31 January 2022	128,257	94,495	222,752

5	Tangible assets

	Motor vehicles  £	Plant & Machinery £	Total £
Cost or valuation
At 1 February 2022	14,495	502,880	517,375
Additions	-	3,435	3,435
At 31 January 2023	14,495	506,315	520,810
Depreciation
At 1 February 2022	6,342	378,308	384,650
Charge for the year	2,038	36,595	38,633
At 31 January 2023	8,380	414,903	423,283
Carrying amount
At 31 January 2023	6,115	91,412	97,527
At 31 January 2022	8,153	124,572	132,725

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

6	Investments

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiary undertaking	Registered office	Holding	Proportion of shares held
			2023	2022
Shakeaway USA LLC	Carson City, Nevada, USA	Membership	100%	100%
Shakeaway Limited	15 Atholl Crescent Edinburgh	Ordinary share	100%	100%

Shakeaway Limited is dormant and as such has no profit or loss for the year. The company has no reserves and the share capital at the end of the year was £1. Its financial year end is 30 November.

Shakeaway USA LLC's year end is 31 December. The company has been non-trading since 31 December 2019. However, it has incurred administration expenses creating a loss for the year to 31 December 2022 of £386 (2021: £258) and has negative equity and reserves of £124,357 (2021: £113,655) as at that date.
 

7

Stocks

	2023 £	2022 £
Merchandise	49,332	39,969
Other inventories	6,987	8,207
	56,319	48,176

8

Debtors

	Note	2023 £	2022 £
Trade debtors		32,584	9,028
Amounts owed from group companies	13	124,861	123,250
Prepayments		73,656	41,161
Other debtors		412,829	178,585
		643,930	352,024

Amounts owed by group undertakings

The balance owed to the company from subsidiary undertakings amounting to £97,510 (2022: £97,111) and from the company's parent amounting to £27,352 (2022: £26,139) arose due to an excess of liabilities settled on behalf of the group undertakings over that repaid by the group undertakings.

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

9

Creditors

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	10	156,185	93,446
Trade creditors		292,287	242,808
Taxation and social security		70,332	132,472
Accruals and deferred income		85,154	40,322
Other creditors		217,543	8,920
		821,501	517,968

Directors loan to the company

Included in Other creditors is a loan of £179,768 (2022: £nil) from a director of the company, which is provided to the company on an interest free basis and is repayable on demand.

Guarantees and charges

As at the year end the company had a fixed and floating charge over the undertaking and all its property and assets in favour of HSBC PLC, created on 24/03/2011 and outstanding as at the date of approval of the accounts. In addition the company has a rent deposit deed dated 08/07/2011 for securing £7,000 in favour of Alexander Levy Company Limited.

10	Loans and borrowings

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	3,624	7,099
Hire purchase contracts	15,995	15,995
Other borrowings	136,566	70,352
	156,185	93,446

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	38,194	39,165
Hire purchase contracts	16,400	32,394
Other borrowings	7,500	17,500
	62,094	89,059

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

11	Financial commitments

The total amount of financial commitments not included in the balance sheet is £1,192,102 (2022: £1,301,679). Included in the total commitment is £179,467 expiring after 5 years. The above lease comitments are not secured.

12	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary shares of £1 each	345,850	345,850	345,850	345,850

13	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2023 £	2022 £
Remuneration	308,943	210,380

Included in consultancy costs is an amount of £84,000 (2022: £60,000) paid to directors of the company in connection with consultancy and training services provided to the company. This amount is not included within the above directors remuneration figure.

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2023 No.	2022 No.
Accruing benefits under money purchase pension scheme	3	1

In respect of the highest paid director:

	2023 £	2022 £
Remuneration	199,998	200,000
Car allowance	18,485	10,380

Shakeaway Worldwide Limited

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

14	Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Shakeaway Worldwide Holdings Limited, which is incorporated in England & Wales and has the same registered address as Shakeaway Worldwide Limited.

Shakeaway Worldwide Holdings Limited is controlled by its directors, who are also directors of Shakeaway Worldwide Limited.

 

15	Shareholder costs

	2023	2022
	£	£
Directors' remuneration (including employers national insurance contributions)	231,095	227,813
Consultancy fees paid to directors	84,000	60,000
Travel (including hotel accommodation and international flights)	-	2,475
Directors' car allowance and vehicle operating costs	18,485	19,811
	333,580	310,099

The directors consider that the above costs are discretionary as they are primarily incurred by the directors in their efforts to expand the business in to new regions and development of new business within existing regions. Added to this, the exceptional item incurred in the prior year (as set out in note 18) was a one-off cost, and as such both might be added back to assess the underlying pre-tax profit from ordinary trading activities. After adding back the costs detailed above and the exceptional item set out in note 18, the pre-tax operating profit for the year would be £349,508 (2022: £158,906).

16	Non adjusting events after the financial period

After the balance sheet date the company entered into a debenture in connection with loans received from a director of the company in the current financial year of £179,768. The debenture provides a floating charge over the property and undertakings of the business.