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Registered number: 09556834 FT FOODS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
FT FOODS LIMITED COMPANY INFORMATION
Director | M F Tahir
Registered number | 09556834
Registered office | 236 High Street
| London
| E15 2JA
Independent auditors | Haslers
| Chartered Accountants & Statutory Auditor
| Old Station Road
| Loughton
| Essex
| IG10 4PL
FT FOODS LIMITED CONTENTS
| Page
Strategic Report | 1
Director's Report | 2 - 3
Director's Responsibilities Statement | 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10 - 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13 - 14
Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 31
FT FOODS LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 21 DECEMBER 2022
Introduction
The principal activity of the company during the period continued to be that of sale of fast food for consumption within the restaurant or takeaway under the KFC brand.
Business review
The directors are pleased with the performance of the Company during the period. The financial position of the Company is presented in the Balance Sheet. The total shareholders’ funds at 21 December 2022 show a strong position of £1,095,724 (2021 : £1,087,468). Cash balance at the end of the period totalled £711,252 (2021: £2,235,906).
Principal risks and uncertainties
The key business risks and uncertainties affecting the company include; • The cost of living crisis and inflationary pressures • Supply chain risks The Directors are confident that these risks and uncertainties are and will continue to be appropriately managed and mitigated by the company’s strategies, procedures, and commercial diligence, with constant monitoring and stringent risk management. In regard to supply chain risk, the Directors have put in place measures to ensure this risk is mitigated to ensure business can continue to operate efficiently.
Financial key performance indicators
The directors consider the key financial performance indicators to be sales, profit before tax and EBITDA. Sales for the period under review was £22,735,604 (2021: £20,867,259), profit/(loss) before tax was £63,931 (2021: £634,863) and EBITDA was £1,187,101 (2021: £2,235,906).
Directors Statement of compliance with duty to promote the success of the company
The Board of Directors considers that it has complied in all material respect with their s172(1) duties. This report was approved by the board on 4 October 2023 and signed on its behalf.
M F Tahir Director
Page 1
FT FOODS LIMITED DIRECTOR'S REPORT FOR THE PERIOD ENDED 21 DECEMBER 2022 The director presents his report and the financial statements for the period ended 21 December 2022.
Results and dividends
The profit for the period, after taxation, amounted to £8,256 (2021 - £352,969). No dividends have been proposed for the current or previous financial periods.
Directors
The directors who served during the period were:
M F Tahir
M Tahir (appointed 9 December 2022, resigned 9 December 2022)
Future developments
The directors continue to actively search for new franchise locations to facilitate expansion and open new stores. This is whilst investing in existing stores to maintain turnover levels. The Board of Directors acknowledges that the long-term success of the company is dependent on the way it works with several important stakeholders. Key stakeholders are considered in the Board’s decision making, which ensures that the directors' duty is discharged under section 172 of the Companies Act 2006.
Engagement with employees
The Company recognises the importance of retention and development of talented employees to the ongoing success of the company. We regularly update employees on internal procedures, new regulations, products and health and safety matters. Page 2
FT FOODS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE PERIOD ENDED 21 DECEMBER 2022
Engagement with suppliers, customers and others
Suppliers The company understands the importance of a strong supply chain and we work closely with regular suppliers in order to maintain strong relationships. We are aware of our responsibility to uphold the reputation of the brand and consider this in all dealings with our suppliers. Customers We always aim to provide a fast and efficient delivery of food to customers. We consider the growth in turnover as an indicator of repeat and new customers. We maintain our exceptional reputation and credibility with our customers by meeting the brand requirements implemented by the Franchisor. Others The company recognises its responsibility in ensuring it acts in a socially responsible manner. The company has committed to a rigorous recycling programme and works closely with KFC in order to reduce the carbon footprint of its activities. The Directors’ have acted to maximise profit and free cash flow, as shown by the results in the current financial period in order to create value for shareholders.
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 4 October 2023 and signed on its behalf.
M F Tahir Director
Page 3
FT FOODS LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE PERIOD ENDED 21 DECEMBER 2022 The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. Page 4
FT FOODS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FT FOODS LIMITED
Opinion
We have audited the financial statements of FT Foods Limited (the 'Company') for the period ended 21 December 2022, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 21 December 2022 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙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 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 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 director with respect to going concern are described in the relevant sections of this report. Page 5
FT FOODS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FT FOODS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.
Opinion 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's 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 Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
FT FOODS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FT FOODS LIMITED (CONTINUED)
Auditors' 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 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: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that: • had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc; and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include those rules governing the fast-food industry such as health and safety, including food hygiene. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by inquiring with management. These inquiries were corroborated by a review of documentation issued by the Franchisor and Food Standards Agency and used to assess the extent of compliance with the relevant laws and regulations. We also reviewed the controls in place for management to detect any non-compliance with health and safety and food hygiene regulations. We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: The principal risks related to inappropriate journal entries to impact the profit for the period and management bias in accounting estimates. Procedures performed to address these were as follows: • Selecting specific income transactions based on risk criteria and tracing this through to supporting documentation to ensure revenue was appropriately recorded, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process, • Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management, Page 7
FT FOODS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FT FOODS LIMITED (CONTINUED) • Incorporating testing of manual journal entries that were posted throughout the period. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, journal entries crediting revenue or cash, and journal entries with specific defined descriptions. These were scrutinised for evidence of unusual entries, • Considering any changes to the control environment. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.
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 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. Christina Georgiou (Senior Statutory Auditor) for and on behalf of Haslers Chartered Accountants Statutory Auditor Old Station Road Loughton Essex IG10 4PL 4 October 2023 Page 8
FT FOODS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 21 DECEMBER 2022
| 2022 | 2021
Note | £ | £
Turnover | 4 | 22,735,604 | 20,867,259
Cost of sales |  | (10,278,435) | (8,507,932)
Gross profit |  | 12,457,169 | 12,359,327
Administrative expenses |  | (12,132,830) | (11,605,630)
Other operating income | 5 | - | 114,031
Operating profit |  | 324,339 | 867,728
Interest receivable and similar income |  | 5,566 | -
Interest payable and similar expenses | 9 | (265,974) | (232,865)
Profit before tax |  | 63,931 | 634,863
Tax on profit | 10 | (55,675) | (281,894)
Profit for the financial period |  | 8,256 | 352,969
There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2022 (2021:£NIL).
The notes on pages 16 to 31 form part of these financial statements.
Page 9
FT FOODS LIMITED REGISTERED NUMBER: 09556834 BALANCE SHEET AS AT 21 DECEMBER 2022
| 21 December | 21 December | 31 December | 31 December
| 2022 | 2022 | 2021 | 2021
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 3,081,914 |  | 4,194,374
Tangible assets | 12 |  | 5,996,683 |  | 3,634,418
|  |  | 9,078,597 |  | 7,828,792
Current assets |  |  |  |  |
Stocks | 13 | 153,672 |  | 98,918 |
Debtors: amounts falling due after more than one year | 14 | 3,278,378 |  | - |
Debtors: amounts falling due within one year | 14 | 16,011,213 |  | 4,369,036 |
Cash at bank and in hand | 15 | 891,763 |  | 234,734 |
|  | 20,335,026 |  | 4,702,688 |
Creditors: amounts falling due within one year | 16 | (7,214,555) |  | (4,817,574) |
Net current assets/(liabilities) |  |  | 13,120,471 |  | (114,886)
Total assets less current liabilities |  |  | 22,199,068 |  | 7,713,906
Creditors: amounts falling due after more than one year | 17 |  | (20,678,576) |  | (6,224,583)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (424,768) |  | (401,855) |
|  |  | (424,768) |  | (401,855)
Net assets |  |  | 1,095,724 |  | 1,087,468
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 10 |  | 10
Profit and loss account |  |  | 1,095,714 |  | 1,087,458
|  |  | 1,095,724 |  | 1,087,468
Page 10
FT FOODS LIMITED REGISTERED NUMBER: 09556834 BALANCE SHEET (CONTINUED) AS AT 21 DECEMBER 2022 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2023.
M F Tahir
Director
The notes on pages 16 to 31 form part of these financial statements. Page 11
FT FOODS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 21 DECEMBER 2022
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2022 | 10 | 1,087,458 | 1,087,468
Comprehensive income for the period |  |  |
Profit for the period | - | 8,256 | 8,256
At 21 December 2022 | 10 | 1,095,714 | 1,095,724
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2021
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2021 | 10 | 734,489 | 734,499
Comprehensive income for the year |  |  |
Profit for the year | - | 352,969 | 352,969
At 31 December 2021 | 10 | 1,087,458 | 1,087,468
| The notes on pages 16 to 31 form part of these financial statements.
Page 12
FT FOODS LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 21 DECEMBER 2022
|  |  | 21 December | 31 December
|  |  | 2022 | 2021
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 8,256 | 352,969
Adjustments for: |  |
Amortisation of intangible assets | 425,114 | 899,802
Depreciation of tangible assets | 437,648 | 468,375
Government grants | - | (69,125)
Interest paid | 265,974 | 232,865
Interest received | (5,566) | -
Taxation charge | 32,294 | 281,894
(Increase)/decrease in stocks | (54,754) | 1,203
(Increase) in debtors | (14,920,558) | (2,586,794)
Increase in creditors | 3,796,995 | 337,236
Corporation tax (paid) | (4,573) | (282,628)
Net cash generated from operating activities | (10,019,170) | (364,203)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (185,349) | -
Purchase of tangible fixed assets | (2,799,913) | (633,879)
Government grants received | - | 69,125
Interest received | 5,566 | -
Net cash from investing activities | (2,979,696) | (564,754)
Page 13
FT FOODS LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 21 DECEMBER 2022
|  | 21 December | 31 December
|  | 2022 | 2021
|  | £ | £
Cash flows from financing activities |  |
New secured loans | 20,608,435 | -
Repayment of loans | (6,930,613) | (1,261,777)
Other new loans | 244,047 | -
Interest paid | (265,974) | (232,865)
Net cash used in financing activities | 13,655,895 | (1,494,642)
Net increase in cash and cash equivalents | 657,029 | (2,423,599)
Cash and cash equivalents at beginning of period | 234,734 | 2,658,333
Cash and cash equivalents at the end of period | 891,763 | 234,734
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 891,763 | 234,734
| 891,763 | 234,734
The notes on pages 16 to 31 form part of these financial statements.
Page 14
FT FOODS LIMITED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 21 DECEMBER 2022
|  | At 1 January 2022 | Cash flows | At 21 December 2022
|  | £ | £ | £
Cash at bank and in hand | 234,734 | 657,029 | 891,763
Debt due after 1 year | (5,351,888) | (15,326,688) | (20,678,576)
Debt due within 1 year | (1,579,656) | 1,405,749 | (173,907)
| (6,696,810) | (13,263,910) | (19,960,720)
The notes on pages 16 to 31 form part of these financial statements.
Page 15
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
1. | General information
FT Foods Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 09556834. The address of the registered office is 236 High Street, London, E15 2JA. The company's principal activity during the period continued to be that of sale of fast food for consumption within the restaurant or takeaway under the KFC brand. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have reviewed their business model and projections and are confident that the company can meet its day to day cash flow requirements within its existing facilities. The directors are of the opinion that the company can continue for the foreseeable future. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.
| 2.3 | Revenue
Turnover comprises revenue recognised by the company in respect of food and drink supplied through its store outlets which are operated under the KFC brand. Revenue is recognised at the point of sale.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 16
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022 2.Accounting policies (continued)
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 17
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | Straight line over the life of the lease
|  |  |  | Motor vehicles | - | 25% Straight line
|  |  |  | Fixtures and fittings | - | 10% Reducing balance
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. Page 18
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022 2.Accounting policies (continued)
| 2.12 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. Page 19
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022 2.Accounting policies (continued)
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. 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 instrument. Page 20
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022 2.Accounting policies (continued)
| 2.18 | Financial instruments (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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The directors do not believe that there have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Page 21
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
4. | Turnover
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Sales | 22,735,604 | 20,867,259
|  | 22,735,604 | 20,867,259
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Other operating income | - | 44,906
| Government grants receivable | - | 69,125
|  | - | 114,031
6. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 24,000 | 24,500
Page 22
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Wages and salaries | 5,838,800 | 4,910,198
| Social security costs | 420,395 | 341,132
| Cost of defined contribution scheme | 42,779 | 47,028
|  | 6,301,974 | 5,298,358
| The average monthly number of employees, including the director, during the period was as follows:
|  |  | 2022 | 2021
|  |  | No. | No.
|  | Staff | 537 | 334
8. | Interest receivable
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Other interest receivable | 5,566 | -
|  | 5,566 | -
9. | Interest payable and similar expenses
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Bank interest payable | 256,977 | 213,196
| Other loan interest payable | 8,997 | 3,046
| Other interest payable | - | 16,623
|  | 265,974 | 232,865
Page 23
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
10. | Taxation
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 32,294 | 262,444
| Adjustments in respect of previous periods | - | (2,836)
|  | 32,294 | 259,608
| Total current tax | 32,294 | 259,608
| Deferred tax |  |
| Origination and reversal of timing differences | 23,381 | 22,286
| Total deferred tax | 23,381 | 22,286
| Tax on profit | 55,675 | 281,894
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 63,930 | 634,862
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%) | 12,147 | 120,624
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 75,671 | 165,309
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,042 | -
| Capital allowances for period/year in excess of depreciation | (59,030) | (12,554)
| Adjustments to tax charge in respect of prior periods | - | (2,836)
| Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax | 360 | (11,596)
| Other timing differences leading to an increase (decrease) in taxation | 25,485 | 22,947
| Total tax charge for the period/year | 55,675 | 281,894
Page 24
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022 10.Taxation (continued)
| Factors that may affect future tax charges
During March 2021 the UK chancellor announced an expected change to the UK’s main corporation tax rates from 19% to 25% which was subsequently enacted into the Finance Act in June 2021. The main rate will increase to 25% from 1 April 2023 and will impact the corporation tax provision of the Company from that date. The deferred tax provision has been adjusted in these financial statements in recognition of this change.
11. | Intangible assets
|  | Licences | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2022 | 260,776 | 7,037,150 | 7,297,926
| Additions | 185,349 | - | 185,349
| Reduction in goodwill | - | (872,695) | (872,695)
| At 21 December 2022 | 446,125 | 6,164,455 | 6,610,580
| Amortisation |  |  |
| At 1 January 2022 | 130,878 | 2,972,674 | 3,103,552
| Charge for the period on owned assets | 26,845 | 398,269 | 425,114
| At 21 December 2022 | 157,723 | 3,370,943 | 3,528,666
| Net book value |  |  |
| At 21 December 2022 | 288,402 | 2,793,512 | 3,081,914
| At 31 December 2021 | 129,898 | 4,064,476 | 4,194,374
Page 25
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
12. | Tangible fixed assets
|  | Short-term leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2022 | 691,551 | 15,058 | 4,688,009 | 5,394,618
| Additions | - | - | 2,799,913 | 2,799,913
| At 21 December 2022 | 691,551 | 15,058 | 7,487,922 | 8,194,531
| Depreciation |  |  |  |
| At 1 January 2022 | 177,769 | 8,471 | 1,573,960 | 1,760,200
| Charge for the period on owned assets | 48,920 | 3,765 | 384,963 | 437,648
| At 21 December 2022 | 226,689 | 12,236 | 1,958,923 | 2,197,848
| Net book value |  |  |  |
| At 21 December 2022 | 464,862 | 2,822 | 5,528,999 | 5,996,683
| At 31 December 2021 | 513,782 | 6,587 | 3,114,049 | 3,634,418
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Short leasehold | 464,862 | 513,782
|  | 464,862 | 513,782
Page 26
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
13. | Stocks
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Raw materials and consumables | 153,672 | 98,918
|  | 153,672 | 98,918
14. | Debtors
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 3,278,378 | -
|  | 3,278,378 | -
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Due within one year |  |
| Other debtors | 14,668,734 | 4,142,160
| Prepayments and accrued income | 1,342,479 | 226,876
|  | 16,011,213 | 4,369,036
15. | Cash and cash equivalents
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Cash at bank and in hand | 891,763 | 234,734
|  | 891,763 | 234,734
Page 27
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Bank loans | - | 1,578,725
| Other loans | 173,907 | -
| Trade creditors | 3,766,302 | 1,601,887
| Corporation tax | 602,716 | 597,909
| Other taxation and social security | 956,141 | 320,242
| Other creditors | 764,856 | 155,692
| Accruals and deferred income | 950,633 | 563,119
|  | 7,214,555 | 4,817,574
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Bank loans | 20,608,435 | 5,351,888
| Other loans | 70,141 | -
| Other creditors | - | 872,695
|  | 20,678,576 | 6,224,583
| The aggregated bank loans and overdrafts of £20,608,435 (2021: £6,930,612), are secured by a fixed charge over all assets of the company. In addition to this, the loans are secured via a debenture which contains a fixed charge over the assets of TAFS Foods Limited, MFT Restaurants Limited and the subsidiaries of the entity.
Page 28
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | - | 1,578,725
| Other loans | 173,907 | -
|  | 173,907 | 1,578,725
| Amounts falling due 1-2 years |  |
| Bank loans | 1,462,673 | 1,096,693
| Other loans | 70,141 | -
|  | 1,532,814 | 1,096,693
| Amounts falling due 2-5 years |  |
| Bank loans | 19,145,762 | 2,979,728
|  | 19,145,762 | 2,979,728
| Amounts falling due after more than 5 years |  |
| Bank loans | - | 1,275,466
|  | - | 1,275,466
|  | 20,852,483 | 6,930,612
Page 29
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
19. | Deferred taxation
|  | 2022
|  | £
| At beginning of year | (401,855)
| Charged to profit or loss | (22,913)
| At end of year | (424,768)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Accelerated capital allowances | (424,768) | (401,855)
|  | (424,768) | (401,855)
20. | Share capital
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2021 - 1,000) Ordinary shares of £0.01 each | 10 | 10
21. | Pension commitments
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 £43,984 (2021: £47,028). Contributions totalling £24,505 (2021: £23,611) were payable to the fund at the balance sheet date and are included in creditors Page 30
FT FOODS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 DECEMBER 2022
22. | Commitments under operating leases
| At 21 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 21 December | 31 December
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| Not later than 1 year | 777,000 | 554,500
| Later than 1 year and not later than 5 years | 2,656,708 | 1,913,625
| Later than 5 years | 6,198,875 | 3,365,000
|  | 9,632,583 | 5,833,125
23. | Transactions with directors
At the period end, £55,593 was due from the directors of the company (2021: £Nil). Interest of £5,566 (2021: £Nil) has been charged on the loan.
24. | Related party transactions
| During the period management charge income was charged to entities under common control totalling £450,000 (2021: £Nil). At the period end, the following amounts were due from/(to) the related parties:
|  | 21 December | 31 December
|  | 2022 | 2021
|  | £ | £
| Entities under common control | 9,425,526 | 3,942,068
|  | 9,425,526 | 3,942,068
25. | Controlling party
The ultimate controlling party is M F Tahir.
Page 31