Caskade Caterers Limited 31/12/2022 iXBRL

Company registration number: 01856120

Caskade Caterers Limited

Financial statements

31 December 2022

Caskade Caterers Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Caskade Caterers Limited

Directors and other information


	Directors	Hamid Ali


	Company number	01856120


	Registered office	2nd Floor Kirkland House
		11-15 Peterborough Road
		Harrow
		HA1 2AX


	Auditor	Krish Jermyn auditing Limited
		Maruti House, 1st Floor
		369 Station Road
		Harrow
		HA1 2AW


	Accountants	Krish Jermyn
		Unit 2, Bradburys Court
		Lyon Road
		Harrow, Middlesex
		HA1 2BY

Caskade Caterers Limited

Strategic report

Period ended 31 December 2022

The directors hereby present their strategic report, Director's report and the audited financial statements of Caskade Caterers Limited for the period ended 31 December 2022.

Princiipal Activities

The principal activity of the Company during the year was that of licence restaurants and take away

Business Review and key performance indicators

Despite the disturbance caused during the year due to the continuing pandemic and the consequential sales and supply chain impacts, the business during this year has delivered a reasonable performance

Business Review and key performance indicators

Despite the disturbance caused during the period due to various factors the business during this year has delivered a reasonable performance. The directors consider that the key financial performance indicators are those that monitor the performance in respect of each product

The key performance indicators used by the business are turnover and gross margin

This report was approved by the board of directors on 30 September 2023 and signed on behalf of the board by:

Hamid Ali

Director

Caskade Caterers Limited

Directors report

Period ended 31 December 2022

The directors present their report and the financial statements of the company for the period ended 31 December 2022.

Directors

The directors who served the company during the period were as follows:

Hamid Ali

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

The future development of the company has been reported in the strategic report.

Employment of disabled persons

The Company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability. Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should for whatever reason, an employee of the Company become disabled whilst in employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable retraining. The Company maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the Company is responsible for the needs of the employees and the environment.

Employee involvement

Within the bounds of commercial confidentiality, the group endeavours to keep the staff at all levels informed of matters that affect the progress of the group and are of interest to them as employees.

Financial instruments

Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

Disclosure of information in the strategic report.

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

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 company and the profit or loss of the company 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; and

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 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 company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 30 September 2023 and signed on behalf of the board by:

Hamid Ali

Director

Caskade Caterers Limited

Independent auditor's report to the members of

Caskade Caterers Limited

Period ended 31 December 2022

Opinion

We have audited the financial statements of Caskade Caterers Limited (the 'company') for the period ended 31 December 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, 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 company's affairs as at 31 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 auditor’s 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 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 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 has 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 directors' report. We have nothing to report in respect of the following matters where 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 the 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 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 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: The objectives of our audit, in respect to detecting irregularities including fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Enquiry of management and those charged with governance around actual and potential litigation and claims; Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).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. 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 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 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 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. 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 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.

Sailesh Rameshchandra Vaghjee (Senior Statutory Auditor)

For and on behalf of

Krish Jermyn auditing Limited

Chartered Certified Accountants and Statutory Auditor

Maruti House, 1st Floor

369 Station Road

Harrow

HA1 2AW

30 September 2023

Caskade Caterers Limited

Statement of comprehensive income

Period ended 31 December 2022

		Period	Year
		ended	ended
		31/12/22	30/11/21
	Note	£	£


Turnover	4	46,091,254	43,889,927
Cost of sales		( 34,631,277)	( 31,157,741)
		_______	_______
Gross profit		11,459,977	12,732,186

Administrative expenses		( 11,178,385)	( 8,707,738)
Other operating income	5	398,742	94,888
		_______	_______
Operating profit	6	680,334	4,119,336

Income from shares in group undertakings	9	-	1,009,200
Interest payable and similar expenses	10	( 285,358)	( 491,536)
		_______	_______
Profit before taxation		394,976	4,637,000

Tax on profit	11	( 143,504)	( 641,495)
		_______	_______
Profit for the financial period and total comprehensive income		251,472	3,995,505
		_______	_______

All the activities of the company are from continuing operations.

Caskade Caterers Limited

Statement of financial position

31 December 2022

		31/12/22		30/11/21
	Note	£	£	£	£

Fixed assets
Intangible assets	14	549,853		616,341
Tangible assets	15	17,943,683		14,886,546
Investments	16	200		200
		_______		_______
			18,493,736		15,503,087

Current assets
Stocks	17	309,442		243,703
Debtors	18	17,057,145		12,150,081
Cash at bank and in hand		1,564,260		2,089,767
		_______		_______
		18,930,847		14,483,551
Creditors: amounts falling due
within one year	19	( 8,733,443)		( 5,310,827)
		_______		_______
Net current assets			10,197,404		9,172,724
			_______		_______
Total assets less current liabilities			28,691,140		24,675,811

Creditors: amounts falling due
after more than one year	20		( 18,567,829)		( 14,803,976)

Provisions for liabilities	22		( 639,388)		( 639,387)

			_______		_______
Net assets			9,483,923		9,232,448
			_______		_______

Capital and reserves
Called up share capital	27		100		100
Profit and loss account	28		9,483,823		9,232,348
			_______		_______
Shareholders funds			9,483,923		9,232,448
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 30 September 2023 , and are signed on behalf of the board by:

Hamid Ali

Director

Company registration number: 01856120

Caskade Caterers Limited

Statement of changes in equity

Period ended 31 December 2022

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 December 2020	100	5,336,843	5,336,943

Profit for the period		3,995,505	3,995,505
	_______	_______	_______
Total comprehensive income for the period	-	3,995,505	3,995,505

Dividends paid and payable		( 100,000)	( 100,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 100,000)	( 100,000)

	_______	_______	_______
At 30 November 2021 and 1 December 2021	100	9,232,351	9,232,451

Profit for the period		251,472	251,472
	_______	_______	_______
Total comprehensive income for the period	-	251,472	251,472

	_______	_______	_______
At 31 December 2022	100	9,483,823	9,483,923
	_______	_______	_______

Caskade Caterers Limited

Statement of cash flows

Period ended 31 December 2022

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£

Cash flows from operating activities
Profit for the financial period	251,472	3,995,505

Adjustments for:
Depreciation of tangible assets	1,169,293	1,030,574
Amortisation of intangible assets	66,487	199,913
Government grant income	( 8,826)	( 23,416)
Income from shares in group undertakings	-	( 1,009,200)
Other interest receivable and similar income	4	(10,974,519)
Interest payable and similar expenses	285,358	491,536
Gain/(loss) on disposal of tangible assets	( 92,915)	-
Tax on profit	143,504	641,495
Accrued expenses/(income)	( 300,463)	421,692

Changes in:
Stocks	( 65,739)	( 243,703)
Trade and other debtors	( 4,907,064)	( 12,150,081)
Trade and other creditors	3,270,091	2,611,077
	_______	_______
Cash generated from operations	( 188,798)	( 15,009,127)

Interest paid	( 285,358)	( 491,536)
Tax paid	( 235,720)	427,625
	_______	_______
Net cash used in operating activities	( 709,876)	( 15,073,038)
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 6,183,077)	( 1,378,958)
Proceeds from sale of tangible assets	2,049,563	-
Purchase of intangible assets	-	( 58,539)
Dividends received	-	1,009,200
	_______	_______
Net cash used in investing activities	( 4,133,514)	( 428,297)
	_______	_______

Cash flows from financing activities
Proceeds from borrowings	4,150,543	14,700,471
Proceeds from loans from group undertakings	272,171	-
Proceeds from loans from participating interests	339,697	-
Government grant income	8,826	23,416
Payment of finance lease liabilities	( 453,354)	1,423,524
Equity dividends paid	-	( 100,000)
	_______	_______
Net cash from financing activities	4,317,883	16,047,411
	_______	_______



Net increase/(decrease) in cash and cash equivalents	( 525,507)	546,076
Cash and cash equivalents at beginning of period	2,089,767	1,543,691
	_______	_______
Cash and cash equivalents at end of period	1,564,260	2,089,767
	_______	_______

Caskade Caterers Limited

Notes to the financial statements

Period ended 31 December 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 2nd Floor Kirkland House, 11-15 Peterborough Road, Harrow, HA1 2AX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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

In preparing the financial statements the directors have taken into account all the information that could reasonably be expected to be available together with their continued support The company is dependent on the availability of orders and the current conditions are having significant impact upon the orders and the conditions remain challenging. Based on the results of the company the board consider that the company has sufficient confirmed future orders to maintain its profitability. The directors have reasonable expectations and adequate resources that the company will be able to continue in operations and meet its liabilities as they fall due.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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	-	Residual goodwill amortised over 10 years

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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Long leasehold property	-	Over the term of the lease property
Fittings fixtures and equipment	-	10 %	reducing balance
Motor vehicles	-	12.5 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset 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.

Impairment

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. 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 are 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 stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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 in finance costs 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 or 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 in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Sale of goods	46,091,254	43,889,927
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Management charges receivable	274,000	24,000
Government grant income	8,826	23,416
Other operating income	115,916	47,472
	_______	_______
	398,742	94,888
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Amortisation of intangible assets	66,488	199,913
Depreciation of tangible assets	1,169,293	1,030,574
(Gain)/loss on disposal of tangible assets	( 92,915)	-
Operating lease rentals	343,136	280,373
Fees payable for the audit of the financial statements	9,500	8,500
	_______	_______

7. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to:

	Period	Year
	ended	ended
	31/12/22	30/11/21
Shop staff	852	687
Adminstration	7	7
	_______	_______
	859	694
	_______	_______

The aggregate payroll costs incurred during the period were:

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Wages and salaries	12,320,647	10,195,572
Social security costs	877,779	567,089
Other pension costs	167,537	147,803
	_______	_______
	13,365,963	10,910,464
	_______	_______

8. Employee numbers

The average number of persons employed by the company during the period amounted to 859 (2021: 694 ).

9. Income from shares in group undertakings

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Dividends from shares in group undertakings	(-)	1,009,200
	_______	_______

10. Interest payable and similar expenses

		Period	Year
		ended	ended
		31/12/22	30/11/21
		£	£
Bank loans and overdrafts		284,971	390,679
Other loans made to the company:
	Finance leases and hire purchase contracts	-	86,564
Other interest payable and similar expenses		387	14,293
		_______	_______
		285,358	491,536
		_______	_______

11. Tax on profit

Major components of tax expense

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Current tax:
UK current tax expense	143,504	530,414
	_______	_______

Deferred tax:
Origination and reversal of timing differences	-	111,081
	_______	_______
Tax on profit	143,504	641,495
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the period is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19.00 % (2021: 19.00%).

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Profit before taxation	394,976	4,637,000
	_______	_______

Profit multiplied by rate of tax	75,045	881,030
Effect of capital allowances and depreciation	68,459	( 350,616)
	_______	_______
Tax on profit	143,504	530,414
	_______	_______

12. Earnings per share

Basic earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Profit for the period attributable to the owners of the company	251,472	3,995,505
	_______	_______

Diluted earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Earnings/(loss) used in calculation of basic earnings/(loss) per share	251,472	3,995,505
	_______	_______

13. Dividends

Equity dividends

	Period	Year
	ended	ended
	31/12/22	30/11/21
	£	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year)	-	100,000
	_______	_______

14. Intangible assets

	Goodwill	Patents, trademarks & licences	Total
	£	£	£
Cost
At 1 December 2021 and 31 December 2022	2,977,128	930,089	3,907,217
	_______	_______	_______
Amortisation
At 1 December 2021	2,604,084	686,793	3,290,877
Charge for the period	40,333	26,154	66,487
	_______	_______	_______
At 31 December 2022	2,644,417	712,947	3,357,364
	_______	_______	_______
Carrying amount
At 31 December 2022	332,711	217,142	549,853
	_______	_______	_______
At 30 November 2021	373,044	243,296	616,340
	_______	_______	_______

15. Tangible assets

	Long leasehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 December 2021	18,566,850	13,125,140	365,762	32,057,752
Additions	2,859,687	424,168	2,899,222	6,183,077
Disposals	-	-	( 1,956,648)	( 1,956,648)
	_______	_______	_______	_______
At 31 December 2022	21,426,537	13,549,308	1,308,336	36,284,181
	_______	_______	_______	_______
Depreciation
At 1 December 2021	8,602,238	8,350,953	218,014	17,171,205
Charge for the year	464,242	558,823	146,228	1,169,293
	_______	_______	_______	_______
At 31 December 2022	9,066,480	8,909,776	364,242	18,340,498
	_______	_______	_______	_______
Carrying amount
At 31 December 2022	12,360,057	4,639,532	944,094	17,943,683
	_______	_______	_______	_______
At 30 November 2021	9,964,612	4,774,187	147,748	14,886,547
	_______	_______	_______	_______

16. Investments

	Shares in group undertakings	Total
	£	£
Cost
At 1 December 2021 and 31 December 2022	200	200
	_______	_______
Impairment
At 1 December 2021 and 31 December 2022	-	-
	_______	_______
Carrying amount
At 31 December 2022	200	200
	_______	_______
At 30 November 2021	200	200
	_______	_______

17. Stocks

	31/12/22	30/11/21
	£	£
Raw materials and consumables	-	15,059
Finished goods and goods for resale	309,442	228,644
	_______	_______
	309,442	243,703
	_______	_______

18. Debtors

	31/12/22	30/11/21
	£	£
Amounts owed by group undertakings	12,920,522	5,225,065
Amounts owed by undertakings in which the company has a participating interest	204,500	6,812,525
Prepayments and accrued income	383,534	112,491
Other debtors	3,548,589	-
	_______	_______
	17,057,145	12,150,081
	_______	_______

19. Creditors: amounts falling due within one year

	31/12/22	30/11/21
	£	£
Bank loans and overdrafts	800,000	866,664
Trade creditors	5,051,393	2,598,789
Amounts owed to group undertakings	272,171	-
Amounts owed to undertakings in which the company has a participating interest	339,697	-
Accruals and deferred income	121,229	421,692
Corporation tax	865,823	958,039
Social security and other taxes	587,117	( 257,649)
Obligations under finance leases	453,355	453,355
Other creditors	242,658	269,937
	_______	_______
	8,733,443	5,310,827
	_______	_______

20. Creditors: amounts falling due after more than one year

	31/12/22	30/11/21
	£	£
Bank loans and overdrafts	14,302,366	13,833,807
Obligations under finance leases	516,815	970,169
Other creditors	3,748,648	-
	_______	_______
	18,567,829	14,803,976
	_______	_______

The company has provided a fixed and floating charge to the lenders.

21. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	31/12/22	30/11/21
	£	£
Not later than 1 year	453,355	453,355
Later than 1 year and not later than 5 years	516,815	970,169
	_______	_______
	970,170	1,423,524
	_______	_______
Present value of minimum lease payments	970,170	1,423,524
	_______	_______

				31/12/22	30/11/21



22. Provisions
		Deferred tax (note 23)	Total
		£	£
	At 1 December 2021 and 31 December 2022	639,388	639,388
		_______	_______

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	31/12/22	30/11/21
	£	£
Included in provisions (note 22)	639,388	639,387
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	31/12/22	30/11/21
	£	£
Accelerated capital allowances	639,388	639,388
	_______	_______

24. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 167,537 (2021: £ 147,803 ).

25. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	31/12/22	30/11/21
	£	£
Recognised in other operating income:
Government grants recognised directly in income	8,826	23,416
	_______	_______

26. Financial instruments

Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

27. Called up share capital

Issued, called up and fully paid

	31/12/22		30/11/21
	No	£	No	£
Ordinary shares shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

Called up share capital represents the nominal value of share that have been issued.

28. Reserves

The share premium, profit and loss reserves include all current and prior retained period profitsand losses.

29. Analysis of changes in net debt

	At 1 December 2021	Cash flows	At 31 December 2022
	£	£	£
Cash and cash equivalents	2,089,767	(525,507)	1,564,260
Debt due within one year	(1,320,019)	(545,204)	(1,865,223)
Debt due after one year	(14,803,976)	(3,763,853)	(18,567,829)
	_______	_______	_______
	( 14,034,228)	( 4,834,564)	( 18,868,792)
	_______	_______	_______

30. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	442,213	442,213
Later than 1 year and not later than 5 years	1,768,852	1,768,852
Later than 5 years	7,959,834	7,517,621
	_______	_______
	10,170,899	9,728,686
	_______	_______

31. Related party transactions

At the period end, the company owed £272,171 to various companies witin the group.

32. Controlling party

During the year the company was controlled by the director Hamid Ali