Patty & Bun Holdings Ltd Group accounts (Group and Company)

Patty & Bun Holdings Ltd Group accounts (Group and Company)

PATTY & BUN HOLDINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09747302
Patty & Bun Holdings Ltd
Financial Statements
27 November 2022
Patty & Bun Holdings Ltd
Financial Statements
Period from 29 November 2021 to 27 November 2022
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
7
Consolidated statement of income and retained earnings
11
Company statement of income and retained earnings
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Patty & Bun Holdings Ltd
Officers and Professional Advisers
The board of directors
Mr N J Berger
Mr S. M. Garbutta
Mr J. L. Grossmann
Mr G. P. Loughran
Registered office
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Auditor
Brindley Goldstein Limited
Chartered accountants & statutory auditor
103 High Street
Waltham Cross
Herts
EN8 7AN
Patty & Bun Holdings Ltd
Strategic Report
Period from 29 November 2021 to 27 November 2022
The directors present their strategic report on Patty & Bun Holdings Ltd and its subsidiaries (together the 'Group') for the year ended 27 November 2022. Business review The results for the year ended 27 November 2022 are set out in the Consolidated Statement of Comprehensive Income on page 11. The Group continues to focus on the development and expansion of the Patty & Bun brand of restaurants alongside exploring other complimentary opportunities including delivery markets. At the end of the financial period the Group was operating eleven restaurants and two concessions in the UK, having opened four new sites in the year. The average number of employees in the year has increased to 205 (2021: 153)due to the introduction of new sites and rebuilding trade at existing sites as we navigate out of covid. The Group made a loss of £2,635,299 in the financial year (2021: £502,181 loss) and has net liabilities of £1,472,622 (2021: £1,162,677 net assets). At the year end, the company had £634,822 cash at bank (2021: £1,426,352). Key Performance Indicators The performance of the company is measured through the use of many statistical values, the two key being sales growth versus last year and profitability versus last year. Sales increased by 27.30% (2021:3.4%) thanks to improved operational procedures, growth in delivery sales and the opening of four new sites. After charging preopening costs of £168,651, the loss before depreciation, interest, and tax was £1,931,720 (2021: £46,135 profit) reflecting the impact of the new openings late in the financial year, two of which were closed in 2023. Principal risks and uncertainties The economy is unstable, work from home transition of business, and a change in eating habits has seen a shift currently towards more eating out in the suburbs/neighbourhoods, whilst the city centres and office community looks to rebuild in due course. As a result neighbourhood sites and delivery sales continue to perform strongly, whilst central sites trade well given market conditions. Food safety Our food safety is of the most paramount importance and all our sites work constantly to keep standards and safety to the highest standard. Property We continue to evaluate the overall estate alongside the changing landscape of hospitality and market conditions due to covid and work from home. As part of this assessment we have recognised a diminution of value of £488,559 in the estate within these accounts to reflect changing conditions in addition to a depreciation charge of £464,380. Employee recruitment and retention Through the effects of covid and Brexit, like the rest of the hospitality industry we've had to adapt to the challenges. We've taken every measure possible to not only be as competitive in pay and welfare of the teams. As a result, we remain ahead of industry standard in terms of staff retention. Supply chain We continue to work on our supply chain to work with the best suppliers and maintain the best possible standards. Legal and compliance The restaurant industry is highly regulated in several areas including health and safety, food hygiene and employment law. The group continues to monitor its legal and compliance obligations on an ongoing basis. Post year end update and future developments Given the huge shifts in the marketplace from the effects of covid, Brexit and constant train strikes, we continue to evaluate all aspects of the business to make sure we're operating at the highest level and adapting to the current market conditions in order to stabilise and continue to look for growth opportunities aligned that fit the brand. As part of this review Patty and Bun Ltd, a subsidiary company, entered a Creditors Voluntary Arrangement in respect of close to £2m in October 2023.
This report was approved by the board of directors on 30 January 2024 and signed on behalf of the board by:
Mr J. L. Grossmann
Director
Registered office:
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Patty & Bun Holdings Ltd
Directors' Report
Period from 29 November 2021 to 27 November 2022
The directors present their report and the financial statements of the group for the period ended 27 November 2022 .
Directors
The directors who served the company during the period were as follows:
Mr N J Berger
Mr S. M. Garbutta
Mr J. L. Grossmann
Mr G. P. Loughran
(Appointed 14 April 2022)
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 January 2024 and signed on behalf of the board by:
Mr J. L. Grossmann
Director
Registered office:
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Patty & Bun Holdings Ltd
Independent Auditor's Report to the Members of Patty & Bun Holdings Ltd
Period from 29 November 2021 to 27 November 2022
Opinion
We have audited the financial statements of Patty & Bun Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 27 November 2022 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 27 November 2022 and of the group's loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
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 period 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent 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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and testing journal entries and the overall accounting records, particularly those that were significant and unusual. Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. Assessing the extent of compliance, or lack of, with relevant laws and regulations. Testing key revenue lines, for evidence of management bias. Verification of key assets. Obtaining third-party confirmation of material balances. Documenting and verifying all significant related party balances and transactions. Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Charles Goldstein
(Senior Statutory Auditor)
For and on behalf of
Brindley Goldstein Limited
Chartered accountants & statutory auditor
103 High Street
Waltham Cross
Herts
EN8 7AN
30 January 2024
Patty & Bun Holdings Ltd
Consolidated Statement of Income and Retained Earnings
Period from 29 November 2021 to 27 November 2022
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
Note
£
£
Turnover
4
10,667,730
8,380,111
Cost of sales
5,316,877
2,864,022
-------------
------------
Gross profit
5,350,853
5,516,089
Administrative expenses
7,866,914
6,669,347
Other operating income
5
119,561
772,606
------------
------------
Operating loss
6
( 2,396,500)
( 380,652)
Loss on financial assets at fair value through profit or loss
( 168,651)
–
Other interest receivable and similar income
10
–
1,341
Interest payable and similar expenses
11
130,579
49,146
------------
------------
Loss before taxation
( 2,695,730)
( 428,457)
Tax on loss
12
( 60,431)
73,724
------------
---------
Loss for the financial period and total comprehensive income
( 2,635,299)
( 502,181)
------------
---------
Retained losses at the start of the period
( 6,587,458)
( 6,085,277)
------------
------------
Retained losses at the end of the period
( 9,222,757)
( 6,587,458)
------------
------------
All the activities of the group are from continuing operations.
Patty & Bun Holdings Ltd
Company Statement of Income and Retained Earnings
Period from 29 November 2021 to 27 November 2022
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
Note
£
£
Loss for the financial period and total comprehensive income
( 200,608)
( 151,888)
Retained losses at the start of the period
( 318,532)
( 166,644)
---------
---------
Retained losses at the end of the period
( 519,140)
( 318,532)
---------
---------
Patty & Bun Holdings Ltd
Consolidated Statement of Financial Position
27 November 2022
27 Nov 22
28 Nov 21
Note
£
£
Fixed assets
Intangible assets
13
6,967
7,367
Tangible assets
14
2,886,647
3,029,510
------------
------------
2,893,614
3,036,877
Current assets
Stocks
16
91,684
78,023
Debtors
17
915,938
742,491
Cash at bank and in hand
634,822
1,426,352
------------
------------
1,642,444
2,246,866
Creditors: amounts falling due within one year
18
3,412,849
2,345,087
------------
------------
Net current liabilities
1,770,405
98,221
------------
------------
Total assets less current liabilities
1,123,209
2,938,656
Creditors: amounts falling due after more than one year
19
2,378,192
1,497,909
Provisions
21
217,639
278,070
------------
------------
Net (liabilities)/assets
( 1,472,622)
1,162,677
------------
------------
Capital and reserves
Called up share capital
24
19,804
19,804
Share premium account
25
7,677,166
7,677,166
Other reserves, including the fair value reserve
25
53,165
53,165
Profit and loss account
25
( 9,222,757)
( 6,587,458)
------------
------------
Shareholders (deficit)/funds
( 1,472,622)
1,162,677
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Mr J. L. Grossmann
Director
Company registration number: 09747302
Patty & Bun Holdings Ltd
Company Statement of Financial Position
27 November 2022
27 Nov 22
28 Nov 21
Note
£
£
Fixed assets
Investments
15
7,653,166
7,653,166
Current assets
Debtors
17
1,073,719
–
Cash at bank and in hand
476,055
949,180
------------
---------
1,549,774
949,180
Creditors: amounts falling due within one year
18
64,445
225,743
------------
---------
Net current assets
1,485,329
723,437
------------
------------
Total assets less current liabilities
9,138,495
8,376,603
Creditors: amounts falling due after more than one year
19
1,907,500
945,000
------------
------------
Net assets
7,230,995
7,431,603
------------
------------
Capital and reserves
Called up share capital
24
19,804
19,804
Share premium account
25
7,677,166
7,677,166
Other reserves, including the fair value reserve
25
53,165
53,165
Profit and loss account
25
( 519,140)
( 318,532)
------------
------------
Shareholders funds
7,230,995
7,431,603
------------
------------
The loss for the financial period of the parent company was £ 200,608 (2021: £ 151,888 ).
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Mr J. L. Grossmann
Director
Company registration number: 09747302
Patty & Bun Holdings Ltd
Consolidated Statement of Cash Flows
Period from 29 November 2021 to 27 November 2022
27 Nov 22
28 Nov 21
£
£
Cash flows from operating activities
Loss for the financial period
( 2,635,299)
( 502,181)
Adjustments for:
Depreciation of tangible assets
464,380
426,387
Impairment of tangible assets
488,560
–
Amortisation of intangible assets
400
400
Loss on financial assets at fair value through profit or loss
168,651
–
Other interest receivable and similar income
–
( 1,341)
Interest payable and similar expenses
130,579
49,146
Loss on disposal of tangible assets
277,472
–
Tax on loss
( 60,431)
73,724
Accrued expenses
451,861
345,054
Other operating cash flow adjustment
(168,651)
(139,350)
Changes in:
Stocks
( 13,661)
( 78,023)
Trade and other debtors
( 173,447)
( 1,737,157)
Trade and other creditors
1,601,034
2,818,056
------------
------------
Cash generated from operations
531,448
1,254,715
Interest paid
( 130,579)
( 49,146)
Interest received
–
1,341
Tax paid
–
( 3,322)
---------
------------
Net cash from operating activities
400,869
1,203,588
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,111,758)
( 458,545)
Proceeds from sale of tangible assets
24,209
1,578
------------
------------
Net cash used in investing activities
( 1,087,549)
( 456,967)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 123,210)
666,666
Proceeds from loans from group undertakings
21,849
–
Payments of finance lease liabilities
( 3,489)
13,065
------------
------------
Net cash (used in)/from financing activities
( 104,850)
679,731
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 791,530)
1,426,352
Cash and cash equivalents at beginning of period
1,426,352
–
------------
------------
Cash and cash equivalents at end of period
634,822
1,426,352
------------
------------
Patty & Bun Holdings Ltd
Notes to the Financial Statements
Period from 29 November 2021 to 27 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 27 November 2022, the consolidated balance sheet shows net current liabilities of £1,770,405 (2021: £98,221). The directors have prepared detailed cashflow forecasts to 27 November 2024 which show that the group will be able to meet its liabilities as they fall due. Patty and Bun Ltd, a subsidiary company, entered a Creditors Voluntary Arrangement in respect of close to £2m in October 2023.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Patty & Bun Holdings Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, the estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The key areas where estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities are as follows. Impairment of goodwill Determining whether goodwill is impaired requires an estimate of the value in use of the CGUs to which the goodwill has been allocated. The value in use calculation involves an estimate of the future cash flows of the CGUs and also the selection of an appropriate discount rate to calculate present values. Future cashflows are based on restaurant performance with margin based on past performance. Carrying value of tangible fixed assets Determining the carrying value of tangible fixed assets requires an estimate of the useful economic lives, residual values and depreciation methods of the individual class of assets and an assessment of any indication in a given year that may indicate an impairment at the reporting date. The director reviews the useful economic lives, residual values and depreciation methods on a regular basis and adjust if considered necessary. The directors also review the carrying value if there is any indication of a significant change from the previous reporting date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straightline basis over the useful economic life
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over length of the lease
Plant and machinery
-
20% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Rendering of services
10,667,730
8,380,111
-------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Other operating income - desc in a/cs
4,000
–
Other operating income
115,561
772,606
---------
---------
119,561
772,606
---------
---------
6. Operating profit
Operating profit or loss is stated after charging:
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Amortisation of intangible assets
400
400
Depreciation of tangible assets
464,380
426,387
Impairment of tangible assets recognised in:
Administrative expenses
488,559
–
Loss on disposal of tangible assets
277,472
–
Impairment of trade debtors
5,184
41,527
---------
---------
7. Auditor's remuneration
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Fees payable for the audit of the financial statements
45,455
58,754
--------
--------
8. Staff costs
The average number of persons employed by the group during the period, including the directors, amounted to:
27 Nov 22
28 Nov 21
No.
No.
Administrative staff
205
153
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Wages and salaries
4,612,059
3,317,053
Social security costs
158,747
284,530
Other pension costs
85,856
61,800
------------
------------
4,856,662
3,663,383
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Remuneration
112,952
89,839
---------
--------
10. Other interest receivable and similar income
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Interest on cash and cash equivalents
–
1,341
----
-------
11. Interest payable and similar expenses
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Interest on banks loans and overdrafts
21,839
1,896
Other interest payable and similar charges
108,740
47,250
---------
--------
130,579
49,146
---------
--------
12. Tax on loss
Major components of tax income
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Current tax:
UK current tax income
–
3,478
Deferred tax:
Origination and reversal of timing differences
( 60,431)
70,246
--------
--------
Tax on loss
( 60,431)
73,724
--------
--------
Reconciliation of tax (income)/expense
The tax assessed on the loss on ordinary activities for the period is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
Period from
29 Nov 21 to
Year to
27 Nov 22
28 Nov 21
£
£
Loss on ordinary activities before taxation
( 2,695,730)
( 428,457)
------------
---------
Loss on ordinary activities by rate of tax
( 512,189)
( 81,407)
Adjustment to tax charge in respect of prior periods
–
3,478
Effect of expenses not deductible for tax purposes
128,894
( 1,595)
Effect of capital allowances and depreciation
( 54,551)
36,356
Unused tax losses
437,846
46,646
Adjustment for deferred tax
( 60,431)
70,246
------------
---------
Tax on loss
( 60,431)
73,724
------------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 29 November 2021 and 27 November 2022
10,000
--------
Amortisation
At 29 November 2021
2,633
Charge for the period
400
--------
At 27 November 2022
3,033
--------
Carrying amount
At 27 November 2022
6,967
--------
At 28 November 2021
7,367
--------
The company has no intangible assets.
14. Tangible assets
Group
Short leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 29 November 2021
2,825,320
118,924
2,724,581
56,553
5,725,378
Additions
808,430
225,115
53,078
25,135
1,111,758
Disposals
( 230,097)
( 30,620)
( 31,810)
( 9,154)
( 301,681)
------------
---------
------------
--------
------------
At 27 November 2022
3,403,653
313,419
2,745,849
72,534
6,535,455
------------
---------
------------
--------
------------
Depreciation
At 29 November 2021
814,184
53,363
1,791,856
36,465
2,695,868
Charge for the period
222,133
38,833
193,442
9,972
464,380
Impairment losses
173,840
–
314,720
–
488,560
------------
---------
------------
--------
------------
At 27 November 2022
1,210,157
92,196
2,300,018
46,437
3,648,808
------------
---------
------------
--------
------------
Carrying amount
At 27 November 2022
2,193,496
221,223
445,831
26,097
2,886,647
------------
---------
------------
--------
------------
At 28 November 2021
2,011,136
65,561
932,725
20,088
3,029,510
------------
---------
------------
--------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Fixtures and fittings
Total
£
£
£
At 27 November 2022
11,330
19,718
31,048
--------
--------
--------
At 28 November 2021
–
–
–
--------
--------
--------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 29 November 2021 and 27 November 2022
7,653,166
------------
Impairment
At 29 November 2021 and 27 November 2022
–
------------
Carrying amount
At 29 November 2021 and 27 November 2022
7,653,166
------------
At 28 November 2021
7,653,166
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Patty and Bun Ltd
Ordinary
100
Yogistic limited
Ordinary
100
16. Stocks
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Finished goods and goods for resale
91,684
78,023
–
–
--------
--------
----
----
17. Debtors
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Trade debtors
302,866
217,181
–
–
Amounts owed by group undertakings
–
–
1,073,719
–
Prepayments and accrued income
322,316
242,194
–
–
Other debtors
290,756
283,116
–
–
---------
---------
------------
----
915,938
742,491
1,073,719
–
---------
---------
------------
----
18. Creditors: amounts falling due within one year
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Bank loans and overdrafts
77,106
123,333
–
–
Trade creditors
1,015,044
929,753
–
–
Amounts owed to group undertakings
21,849
–
–
178,492
Accruals and deferred income
850,414
345,053
47,250
47,250
Corporation tax
156
156
–
–
Social security and other taxes
839,308
264,328
5,194
–
Obligations under finance leases and hire purchase contracts
5,123
3,489
–
–
Director loan accounts
111
–
–
–
Other creditors - desc in a/cs
352
–
–
–
Other creditors 2 - desc in a/cs
4
–
–
–
Other creditors
603,382
678,975
12,001
1
------------
------------
--------
---------
3,412,849
2,345,087
64,445
225,743
------------
------------
--------
---------
19. Creditors: amounts falling due after more than one year
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Bank loans and overdrafts
466,239
543,333
–
–
Obligations under finance leases and hire purchase contracts
4,453
9,576
–
–
Other creditors
1,907,500
945,000
1,907,500
945,000
------------
------------
------------
---------
2,378,192
1,497,909
1,907,500
945,000
------------
------------
------------
---------
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Not later than 1 year
5,123
3,489
–
–
Later than 1 year and not later than 5 years
4,453
9,576
–
–
-------
--------
----
----
9,576
13,065
–
–
-------
--------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 29 November 2021
278,070
Additions
( 60,431)
---------
At 27 November 2022
217,639
---------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Included in provisions (note 21)
217,639
278,070
–
–
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Accelerated capital allowances
217,639
278,070
–
–
---------
---------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 84,095 (2021: £ 60,694 ).
24. Called up share capital
Issued, called up and fully paid
27 Nov 22
28 Nov 21
No.
£
No.
£
Ordinary shares of £ 1 each
19,804
19,804
19,804
19,804
--------
--------
--------
--------
Shares issued and fully paid
27 Nov 22
28 Nov 21
No.
£
No.
£
Ordinary shares of £ 1 each
19,804
19,804
19,804
19,804
--------
--------
--------
--------
Shares issued and partly paid
27 Nov 22
28 Nov 21
No.
£
No.
£
25. Reserves
Share option The company's parent undertaking operates an EMI Share option scheme for the key management employees of its subsidiary. The maximum term of current arrangements under the EMI scheme ends on 28 November 2027. Upon vesting, each option allows the holder to purchase one ordinary share at the pre-agreed option price.
26. Analysis of changes in net debt
At 29 Nov 2021
Cash flows
At 27 Nov 2022
£
£
£
Cash at bank and in hand
1,426,352
(791,530)
634,822
Debt due within one year
(126,822)
22,633
(104,189)
Debt due after one year
(552,909)
82,217
(470,692)
------------
---------
---------
746,621
( 686,680)
59,941
------------
---------
---------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
27 Nov 22
28 Nov 21
27 Nov 22
28 Nov 21
£
£
£
£
Not later than 1 year
1,390,143
1,370,534
–
–
Later than 1 year and not later than 5 years
4,490,572
4,475,916
–
–
Later than 5 years
6,608,810
7,794,007
–
–
-------------
-------------
----
----
12,489,525
13,640,457
–
–
-------------
-------------
----
----