ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
COMPANY INFORMATION
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BUSABA EATHAI LIMITED
CONTENTS
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BUSABA EATHAI LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
The directors present their Strategic report together with the audited financial statements for the extended accounting period ended 17 September 2023.
The principal activity of the Company is the operation of modern Thai restaurants.
Trade in the reporting period was slightly down on the previous year with a 2% LFL sales decline. Footfall in London has suffered from the cost of living impact on customers discretionary spend as well as the Summer wide disruption caused by industrial action on train and tube network. This coincided with significant input cost inflation for the business across food and beverages, employees and energy costs. Adjusted EBITDA* fell from a profit of £0.2m to a £0.6m loss. Continued focus on cost efficiencies has helped to mitigate a 50% increase in energy prices and 9% rise in hourly rates of pay. We made the difficult decision to surrender our restaurant lease in Cardiff and sell the site in Oxford to help preserve cash and profit. Despite the challenging economic environment we continue to explore opportunities to expand the brand closer to London with the successful opening in the reporting period at Lakeside Shopping Centre in Thurrock. The restaurant is profitable with sales above expectation. We believe Busaba's much loved brand and product in prominent London locations means we are well placed to face the anticipated customer and market economic challenges ahead. *Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, impairment, profit/(loss) on disposal, pre opening costs and exceptional administrative expenditure.
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BUSABA EATHAI LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
High price inflation for both customers and business together with reduced availability of key people and supplies remains the biggest risk for the coming months. A new utility contract and exiting the above underperforming sites resulted in a strong start to the new financial year. We are confident the business will achieve its targets and in doing so will be both profitable and cash generative. We continue have access to a credit facility if required.
Financial key performance indicators include:
1. The operating profit was £56k for the year (-£1421k in 2022); 2. The EBITDA for the year was -£636k (£172k in 2022): 3. The Company’s turnover totalled £21,073k (£21,163k in 2022).
This report was approved by the board and signed on its behalf.
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BUSABA EATHAI LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
The directors present their report and the financial statements for the period ended 17 September 2023.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 period, after taxation, amounted to £1,813,221 (2022 - loss £3,093,377).
The directors do not recommend payment of a dividend for the period.
The directors who served during the period were:
The Company operates an equal opportunities employment ethos, it also has in place a training programme to ensure that all staff are fully trained and up to date with statutory laws and requirements relating to food hygiene, health and safety, licensing and employment law.
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BUSABA EATHAI LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
The policy of the Company is to agree terms of payment with suppliers as part of the overall terms applying to each transaction, ensure that suppliers are made aware of the terms of payment and then to abide by the terms of payment to the supplier.
The auditors, WMT, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board on
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BUSABA EATHAI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSABA EATHAI LIMITED
We have audited the financial statements of Busaba Eathai Limited (the 'Company') for the period ended 17 September 2023, 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 draw attention to note 2.2 in the financial statements, which indicates that due to the loss making position of the Company and its negative balance sheet position. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BUSABA EATHAI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSABA EATHAI LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 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.
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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BUSABA EATHAI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSABA EATHAI 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.
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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational requirements, environmental regulations, health and safety legislation, employment law and data protection. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
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BUSABA EATHAI LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUSABA EATHAI LIMITED (CONTINUED)
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 auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
4 Beaconsfield Road
Hertfordshire
AL1 3RD
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BUSABA EATHAI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
REGISTERED NUMBER: 04956194
BALANCE SHEET
AS AT 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
REGISTERED NUMBER: 04956194
BALANCE SHEET (CONTINUED)
AS AT 17 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 31 form part of these financial statements.
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BUSABA EATHAI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
Busaba Eathai Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page and the nature of the Company’s operations and its principal activities are set out in the Strategic report.
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 is ultimately reliant on its financers, including Directors and shareholders. The
Directors are confident that this support will continue for the foreseeable future and enable the Company to meet its working capital requirements, and on this basis deem it appropriate to prepare the financial statements on a going concern basis.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
2.Accounting policies (continued)
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.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
2.Accounting policies (continued)
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
Company's accounting policies. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
10.Taxation (continued)
There are no factors that may affect future tax charges.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
The loans are secured by way of debentures and a floating charge over the assets of the company.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
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 £117,958 (2022: £118,152). Contributions totalling £36,667 (2022: £7,159) were payable to the fund at the reporting date.
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BUSABA EATHAI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 17 SEPTEMBER 2023
The Company's immediate parent is TP2 Limited. The ultimate controlling party is T. Poole.
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