REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 May 2023 |
for |
Street Eats Food Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 May 2023 |
for |
Street Eats Food Limited |
Street Eats Food Limited (Registered number: 07628262) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Profit and Loss Account | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Street Eats Food Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
Street Eats Food Limited (Registered number: 07628262) |
Strategic Report |
for the Year Ended 31 May 2023 |
The directors present their strategic report for the year ended 31 May 2023. |
REVIEW OF BUSINESS |
The directors are pleased with the performance of Tiffin Sandwiches over the period, the integration of Street Eats Food Ltd has now been completed and the revised structure, with two manufacturing sites and multiple distribution centres is working well for the business and customers. |
With this phase complete, the plan is to 'hive up ' Street Eats Food Limited so that all the assets and business undertaken is transferred up into the parent company, we expect this to be completed by the end of May 2024. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are - |
Competitive risk: |
The company receives its income through a variety of markets and seeks to minimise its reliance on a particular sector. Should a fall occur in one sector the impact on turnover would be minimal by the spread of work into other sectors. |
Exposure to credit risk: |
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that customers pay promptly upon delivery. Consideration of payment history and customers credit worthiness are considered in each case. Details of the company's debtors are show in Note 10 to the financial statements. |
Liquidity risk: |
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets. |
ON BEHALF OF THE BOARD: |
13 October 2023 |
Street Eats Food Limited (Registered number: 07628262) |
Report of the Directors |
for the Year Ended 31 May 2023 |
The directors present their report with the financial statements of the company for the year ended 31 May 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the preparation and supply of pre-packed food. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 May 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. 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 of 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 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Street Eats Food Limited |
Opinion |
We have audited the financial statements of Street Eats Food Limited (the 'company') for the year ended 31 May 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 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 31 May 2023 and of its loss for the year 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 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. |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Street Eats Food Limited |
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 Report of the Directors. |
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 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
Street Eats Food Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this. |
We undertake the following procedures to identify and respond to these risks of non-compliance: |
- | Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, food standards agency, fire precautions, health & safety, GDPR and employment law. |
- | Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance |
- | Review of board minutes and correspondence with regulators. |
- | Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed. |
- | Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We do not consider there to be any significant key estimates, assumptions or judgements. |
- | Identifying and testing unusual journal entries, with a particular focus on manual journal entries. |
Through these procedures, we did not become aware of actual or suspected non-compliance. |
We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Street Eats Food Limited |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
Street Eats Food Limited (Registered number: 07628262) |
Profit and Loss Account |
for the Year Ended 31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(2,954,322 | ) | (2,915,304 | ) |
Other operating income | 3 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
8,644 | 17,223 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Street Eats Food Limited (Registered number: 07628262) |
Other Comprehensive Income |
for the Year Ended 31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Prior year adjustment | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
( |
) |
Street Eats Food Limited (Registered number: 07628262) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Street Eats Food Limited (Registered number: 07628262) |
Statement of Changes in Equity |
for the Year Ended 31 May 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2021 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated | ( |
) |
Changes in equity |
Total comprehensive income | - | 28,257 | 28,257 |
Balance at 31 May 2022 | 230,000 | (5,593 | ) | 224,407 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2023 | ( |
) |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Street Eats Food Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year. |
Going concern |
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved. |
The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. If the company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities. |
The going concern basis is dependent upon the support of the parent company who have provided an appropriate undertaking of support. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. |
On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss account. |
Government grants |
Revenue based grants are credited to the profit and loss account on receipt. |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Government grants |
Management charges received |
2,962,966 | 2,931,682 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 1 | 1 |
Direct | 111 | 118 |
Administration | 13 | 11 |
All employees work in Tiffin Sandwiches Limited and the costs are transferred through an inter-company management charge. |
5. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts and finance leases |
Profit on disposal of fixed assets | ( |
) |
The audit fees are paid by the parent company. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest |
Hire purchase |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Overprovided corporation tax | - | (29,757 | ) |
Total current tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on profit | ( |
) |
UK corporation tax has been charged at 20% (2022 - 19%). |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Total tax charge/(credit) | 2,097 | (28,257 | ) |
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2022 |
Disposals | ( |
) | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Included in freehold land and buildings is land at a cost of £300,000 (2022: £300,000) which is not |
depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Transfer to ownership | - | (238,260 | ) | (238,260 | ) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Transfer to ownership | - | (231,979 | ) | (231,979 | ) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
10. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
VAT |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts and finance leases (see note 13) |
Corporation tax |
Taxation and social security |
Amount owed to related party | 760,000 | 920,000 |
Accruals and deferred income |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts and finance leases (see note 13) |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts | Finance leases |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts and finance leases | 36,596 | 120,912 |
Obligations under hire purchase and finance lease contracts are secured against the assets to which they relate. |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 313 | 17,358 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Provided during year | ( |
) |
Balance at 31 May 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 230,000 | 230,000 |
Street Eats Food Limited (Registered number: 07628262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
17. | CONTINGENT LIABILITIES |
A cross guarantee is in place between Barclays Bank PLC, Tiffin Sandwiches Limited and Street Eats Food Limited for the Bank Loan in Tiffin Sandwiches Limited. The value of these as at 31 May 2023 is £1,297,245 (2022: £1,500,000). |
A cross guarantee is in place between Barclays Bank PLC, Tiffin Sandwiches Limited, Street Eats Food Limited and T C Sandwich Holdings Limited for the CID facility in Tiffin Sandwiches Limited. The value of these as at 31 May 2023 is £2,237,108 (2022: £2,619,260). |
18. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Amount due to related party |
2023 | 2022 |
£ | £ |
Remuneration | 905,142 | 733,556 |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Tiffin Sandwiches Limited, a private company, limited by shares, registered in England and Wales. The company's registered office is 20 Commondale Way, Euroway Industrial Estate, Bradford, England, BD4 6SF. |