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REGISTERED NUMBER: 11139878 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Period 1 February 2021 to 31 July 2022

for

Exultant Holdings Limited

Exultant Holdings Limited (Registered number: 11139878)






Contents of the Consolidated Financial Statements
for the Period 1 February 2021 to 31 July 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive
Income

11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Company Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Exultant Holdings Limited

Company Information
for the Period 1 February 2021 to 31 July 2022







DIRECTOR: M Syed





REGISTERED OFFICE: 46 Castle Street
High Wycombe
HP13 6RG





REGISTERED NUMBER: 11139878 (England and Wales)





AUDITORS: RA Audit Services Limited
2nd Floor
Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW

Exultant Holdings Limited (Registered number: 11139878)

Group Strategic Report
for the Period 1 February 2021 to 31 July 2022

The director presents his strategic report of the company and the group for the period 1 February 2021 to 31 July 2022.

REVIEW OF BUSINESS
The group's results for the year and the financial position at the year-end were considered satisfactory by the directors.

The management is headed by Mizan Syed having a vast experience in the QSR sector and take away food industry. Store count over England is 25 in the course of the reporting period with a number of new stores in purchased after the year end , the continued growth and success of the group will sustained.

The group has continued to perform with in management expectations and the group continues to maintain a healthy balance of working capital to meet its liabilities. The group has managed the challenge mostly driven by the accelerated growth of third party aggregators like Deliveroo, Just Eat & Uber Eats. Pizza Hut's e-channel managed to claw back a lot of it's customers through the on line portal via Pizza Hut Digital Ventures customer ordering platform.

Improvements in marketing, establishing a more frictionless customer journey, providing deals that offered a stronger value proposition and partnering with the third party aggregators saw sales and profit rise significantly in the second half of the trading year.

Furthermore, the business continued to position itself for sustained long-term growth by investing in the staffing structure and providing developmental training across the group. The group is closely working with its Franchisees and has invested in new available technology e.g. Pizza Hut Digital Ventures, Pizza Hut Loyalty Scheme, Just Eat, Deliveroo and other Third Party Aggregators, Dragon Tail systems, Zonal EPOS systems and Fourth labour scheduling tools. All this new technology will help increase the customer experience, reflecting on higher top line growth, enabling more efficiencies in key cost lines and hence leading to better overall financial results.

Post year end, the group has performed broadly in line with the Director's expectation and continues to grow despite increasing cost of sales and reducing margins. In addition, the new subsidiary was incorporated as another fast food chain franchise.


Exultant Holdings Limited (Registered number: 11139878)

Group Strategic Report
for the Period 1 February 2021 to 31 July 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The Director regards the following as the principal risks and uncertainties for the company:

Financial risks
The exposure to credit risk is not high as all the consumer sales are paid for by the customer at the point of order with the payment being made by the major online payment providers typically within 3 days. The rapid receipt of cash from customers also reduces the exposure to risks surrounding cash flows allowing the company to maintain sufficient cash reserves to meet its payments as they fall due. The company monitors the financial risks carefully and has strategies in place to manage these effectively.

Competitive risks
The fast food market is a competitive and over-crowded market, however due to a strong brand and established position in the market place Pizza Hut is able to mitigate these risks. Performance is carefully monitored across all stores via a daily review of a specific range of KPIs.

Commercial risks
The principal activity within the company is managing the Pizza Hut branches. The main commercial risks facing the business is ensuring the procedures and standards required by Pizza Hut are satisfied, so the customer journey is consistent across all the franchisees. The business has policies and procedures in place to ensure that on an ongoing basis its commercial risks are carefully monitored and mitigated against. The business has procedures in place to ensure its Franchise agreement is being adhered to.


Exultant Holdings Limited (Registered number: 11139878)

Group Strategic Report
for the Period 1 February 2021 to 31 July 2022

KEY PERFORMANCE INDICATORS
The key financial performance indicators used to determine the progress and performance of the group are set out below:



PE 31.07.22 YE 31.01.21
£ £
Turnover 15,236,393 -
Gross profit 6,586,173 -
Gross profit margin 43.22% -
Profit/(loss) before tax 678,713 -
Shareholders' equity 4,132,700 -

This is the first year, the group accounts are being prepared as parent company acquired the subsidiaries on 26 July 2022.

As a result of the above, it will be appropriate to review them next year for an understanding of the business.

ON BEHALF OF THE BOARD:





M Syed - Director


26 October 2023

Exultant Holdings Limited (Registered number: 11139878)

Report of the Director
for the Period 1 February 2021 to 31 July 2022

The director presents his report with the financial statements of the company and the group for the period 1 February 2021 to 31 July 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of The principal activity of the parent continued to be that of a holding company.

The principal activity of the subsidiaries were that of operating fast food franchised restaurants, property investments and franchised fitness gyms.

DIVIDENDS
No interim dividend was paid during the period. The director recommends a final dividend of 20000 per share.

The total distribution of dividends for the period ended 31 July 2022 will be £ 20,000 .

DIRECTOR
M Syed held office during the whole of the period from 1 February 2021 to the date of this report.

FINANCIAL INSTRUMENTS
Interest rate risk - The group borrows from its bankers using term loans whose tenure depends on the nature of the assets and management's view of the future direction on interest rate.

Liquidity risk - The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due.The group expects to meet its financial obligations through operating cashflow. Given the maturity of the bank loan, the group is in a position to meet its commitments and obligations as they come due.

EMPLOYMENT OF DISABLED PERSONS
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. where existing employees become disabled, it is company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT
The directors consider that the involvement of employees is important to the success of the company, employees are regularly informed of the company's performance and progress at both formal and informal meetings.


Exultant Holdings Limited (Registered number: 11139878)

Report of the Director
for the Period 1 February 2021 to 31 July 2022

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS
The auditors, RA Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Syed - Director


26 October 2023

Report of the Independent Auditors to the Members of
Exultant Holdings Limited

Qualified Opinion
We have audited the financial statements of Exultant Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 July 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 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
The evidence available to us was limited for the current year because we were appointed as auditors during the period and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures because the financial statements for the period ended 31 July 2021 were unaudited. Any adjustments to the opening balances would have a consequential effect on the profit for the year.


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 1hat 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Exultant Holdings Limited


Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 director
As explained more fully in the Statement of Director's Responsibilities set out on page six, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Exultant Holdings 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, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations.

1) We identified the laws and regulations applicable to the group through discussions with directors, key management personnel and from our commercial knowledge and experience.
2) We focused on specific laws and regulations which we considered may have a direct effect on financial statements or the operations of the group including Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, employment and health and safety legislation.
3) We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
4) Identified laws and regulations were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;
1) Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud and
2) Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
1) Performed analytical procedures to identify any unusual and unexpected relationships,
2) Tested journal entries to identify unusual transactions,
3) Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
1) Agreeing financial statements disclosures to underlying supporting documentation.
2) Enquiring of management as to actual and potential litigation and claims and
3) Reviewing correspondence with HMRC, enquiring of management over health and safety.


Report of the Independent Auditors to the Members of
Exultant Holdings Limited

There are inherent limitations in our audit procedures described above. Auditing standards also limit the audit procedures required to identifying non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Abdul Hafeez ACA, FCCA (Senior Statutory Auditor)
for and on behalf of RA Audit Services Limited
2nd Floor
Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW

27 October 2023

Exultant Holdings Limited (Registered number: 11139878)

Consolidated Statement of Comprehensive Income
for the Period 1 February 2021 to 31 July 2022

Period
1.2.21
to Year Ended
31.7.22 31.1.21
Notes £    £   

TURNOVER 15,236,393 -

Cost of sales 8,650,220 -
GROSS PROFIT 6,586,173 -

Administrative expenses 5,903,798 -
OPERATING PROFIT 5 682,375 -

Interest receivable and similar
income

7,030

-
689,405 -

Interest payable and similar
expenses

6

10,693

-
PROFIT BEFORE TAXATION 678,712 -

Tax on profit 7 571,505 -
PROFIT FOR THE FINANCIAL
PERIOD

107,207

-

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

107,207

-

Profit attributable to:
Owners of the parent 107,207 -

Total comprehensive income attributable to:
Owners of the parent 107,207 -

Exultant Holdings Limited (Registered number: 11139878)

Consolidated Balance Sheet
31 July 2022

31.7.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 58,269 -
Tangible assets 11 2,538,067 -
Investments 12 - -
Investment property 13 1,207,186 -
3,803,522 -

CURRENT ASSETS
Stocks 14 120,353 -
Debtors 15 409,022 1
Cash at bank and in hand 2,614,577 -
3,143,952 1
CREDITORS
Amounts falling due within one year 16 1,973,413 -
NET CURRENT ASSETS 1,170,539 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,974,061

1

CREDITORS
Amounts falling due after more than
one year

17

(375,126

)

-

PROVISIONS FOR LIABILITIES 20 (487,735 ) -
NET ASSETS 4,111,200 1

CAPITAL AND RESERVES
Called up share capital 21 500 1
Retained earnings 4,110,700 -
SHAREHOLDERS' FUNDS 4,111,200 1

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





M Syed - Director


Exultant Holdings Limited (Registered number: 11139878)

Company Balance Sheet
31 July 2022

31.7.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4 -
Investment property 13 - -
4 -

CURRENT ASSETS
Debtors 15 500 1

CREDITORS
Amounts falling due within one year 16 5,254 -
NET CURRENT (LIABILITIES)/ASSETS (4,754 ) 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,750

)

1

CAPITAL AND RESERVES
Called up share capital 21 500 1
Retained earnings (5,250 ) -
SHAREHOLDERS' FUNDS (4,750 ) 1

Company's profit for the financial
year

14,750

-

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





M Syed - Director


Exultant Holdings Limited (Registered number: 11139878)

Consolidated Statement of Changes in Equity
for the Period 1 February 2021 to 31 July 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1 - 1
Balance at 31 January 2021 1 - 1

Changes in equity
Issue of share capital 499 - 499
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 107,207 107,207
Balance at 31 July 2022 500 87,207 87,707

Exultant Holdings Limited (Registered number: 11139878)

Company Statement of Changes in Equity
for the Period 1 February 2021 to 31 July 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 1 - 1
Balance at 31 January 2021 1 - 1

Changes in equity
Issue of share capital 499 - 499
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 14,750 14,750
Balance at 31 July 2022 500 (5,250 ) (4,750 )

Exultant Holdings Limited (Registered number: 11139878)

Consolidated Cash Flow Statement
for the Period 1 February 2021 to 31 July 2022

Period
1.2.21
to Year Ended
31.7.22 31.1.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 3,127,914 (1 )
Interest paid (10,693 ) -
Net cash from operating activities 3,117,221 (1 )

Cash flows from investing activities
Purchase of intangible fixed assets (52,393 ) -
Purchase of tangible fixed assets (591,199 ) -
Purchase of investment property (365,469 ) -
Interest received 7,030 -
Net cash from investing activities (1,002,031 ) -

Cash flows from financing activities
New loans in year 518,888 -
Share issue 499 1
Equity dividends paid (20,000 ) -
Net cash from financing activities 499,387 1

Increase in cash and cash equivalents 2,614,577 -
Cash and cash equivalents at
beginning of period

25

-

-

Cash and cash equivalents at end
of period

25

2,614,577

-

Exultant Holdings Limited (Registered number: 11139878)

Company Cash Flow Statement
for the Period 1 February 2021 to 31 July 2022

Period
1.2.21
to Year Ended
31.7.22 31.1.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 (495 ) (1 )
Net cash from operating activities (495 ) (1 )

Cash flows from investing activities
Purchase of fixed asset investments (4 ) -
Dividends received 20,000 -
Net cash from investing activities 19,996 -

Cash flows from financing activities
Share issue 499 1
Equity dividends paid (20,000 ) -
Net cash from financing activities (19,501 ) 1

Increase in cash and cash equivalents - -
Cash and cash equivalents at
beginning of period

25

-

-

Cash and cash equivalents at end
of period

25

-

-

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements
for the Period 1 February 2021 to 31 July 2022

1. STATUTORY INFORMATION

Exultant Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
This is the first year, consolidated financial statements are being prepared for Exultant Holdings Limited as per acquisition accounting as it acquired following subsidiaries during the year:

1. Exultant Limited
2. Exultant Properties Limited
3. Exultant Pizza Limited
4. Exultant Fitness Limited

In the parent company financial statements, the cost of business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount contingent consideration that is probable and can be measured reliably and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investment in subsidiaries are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Exultant Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 July 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

2. ACCOUNTING POLICIES - continued

Going concern
Management has considered the post balance sheet events, and other conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon group's ability to continue as a going concern. Improving operating results and financial position after the balance sheet date indicates the going concern assumption is still appropriate.

Turnover
Turnover comprises the fair value of the sale of goods to external customers, net of value added tax, and returns. Turnover is recognised on the sale of goods when the significant risks and rewards of ownership of goods have passed to the buyer and the amount of revenue can be measured reliably. Turnover on goods delivered is recognised when the customer accepts delivery. Turnover also includes income receivable from fitness gym.

Intangible assets - goodwill
Goodwill arising on acquisitions, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets acquired, and is capitalised and written off on a straight line basis over its useful economic life, up to a maximum 10 years. In estimating the useful economic life of goodwill, account has been taken of the nature of the business acquired and the period over which the value of the business will remain in excess of its tangible assets. Goodwill is reviewed for impairment at the end of the first full year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets - franchisee fees
Franchisee fees are initially measured at cost. After initial recognition, they are measured at cost less and accumulated amortisation and any accumulated impairment losses.

Franchisee fees are being amortised over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - 25% on reducing balance

Freehold land is not being depreciated.

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property
Investment property which is property held to earn rentals and or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss account.

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss.

Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The group has elected to apply the provision of Section 11 `Basic Financial Instruments` and Section 12 Other Financial Instruments Issues` of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity is any contract that evidences are residual interest in the assets of the group after deducting all of its liabilities

Basic financial liabilities
Basic financial liabilities include creditors and bank loans are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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 period 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals paid under operating leases including any lease incentives received, 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they no longer at the discretion of the company.

Reporting period
The group's reporting period has changed, and the financial statements presented are for a period longe than one year. The reason for this is to have all the companies in the group to have the same year end date.

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCER

In the application of the group's accounting policies, the directors are required to make judgments estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key Sources of estimation uncertainty
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Useful lives of intangible fixed assets
Intangible fixed assets consist of goodwill and fanchisee fees. The annual amortisation charge depends on estimated useful economic life of the asset. The directors regularly review the remaining useful life of these assets. Changes in asset's useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies.

Useful lives of tangible fixed assets
The costs of tangible fixed assets less their residual value are depreciated over their estimated useful economic lives which are estimated by the director. Changes in the expected level of usage and technological developments could impact on the useful economic lives of these assets; therefore, further depreciation charges could be revised.

4. EMPLOYEES AND DIRECTORS
Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Wages and salaries 4,797,426 -
Social security costs 254,277 -
Other pension costs 18,123 -
5,069,826 -

The average number of employees during the period was as follows:
Period
1.2.21
to Year Ended
31.7.22 31.1.21

396 1

The average number of employes during the year for the company was 1 (2021: 1).

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

4. EMPLOYEES AND DIRECTORS - continued

Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Director's remuneration 43,500 -

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Other operating leases 240,660 -
Depreciation - owned assets 357,365 -
Goodwill amortisation 4,750 -
Patents and licences amortisation 874 -
Auditors' remuneration 14,750 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Bank loan interest 10,693 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Current tax:
UK corporation tax 83,770 -

Deferred tax 487,735 -
Tax on profit 571,505 -

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Ordinary share of 1
Final 20,000 -

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 February 2021 566,013 - 566,013
Additions - 52,393 52,393
Reclassification/transfer 47,500 - 47,500
At 31 July 2022 613,513 52,393 665,906
AMORTISATION
At 1 February 2021 566,013 - 566,013
Amortisation for period 4,750 874 5,624
Reclassification/transfer 36,000 - 36,000
At 31 July 2022 606,763 874 607,637
NET BOOK VALUE
At 31 July 2022 6,750 51,519 58,269
At 31 January 2021 - - -

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 February 2021 1,416,717 4,155,454 - 5,572,171
Additions - 578,092 13,107 591,199
Reclassification/transfer (841,717 ) (47,500 ) - (889,217 )
At 31 July 2022 575,000 4,686,046 13,107 5,274,153
DEPRECIATION
At 1 February 2021 126,258 2,414,721 - 2,540,979
Charge for period 72,240 284,027 1,098 357,365
Reclassification/transfer (126,258 ) (36,000 ) - (162,258 )
At 31 July 2022 72,240 2,662,748 1,098 2,736,086
NET BOOK VALUE
At 31 July 2022 502,760 2,023,298 12,009 2,538,067
At 31 January 2021 1,290,459 1,740,733 - 3,031,192

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 4
At 31 July 2022 4
NET BOOK VALUE
At 31 July 2022 4

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Exultant Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fast food franchise
%
Class of shares: holding
Ordinary 100.00
31.7.22
£   
Aggregate capital and reserves 3,528,347
Loss for the period (61,909 )

Exultant Pizza Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fast food franchise
%
Class of shares: holding
Ordinary 100.00
31.7.22
£   
Aggregate capital and reserves 908,888
Profit for the period 127,564

Exultant Fitness Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fitness gym franchise
%
Class of shares: holding
Ordinary 100.00
31.7.22
£   
Aggregate capital and reserves (569,421 )
Loss for the period (127,558 )

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

12. FIXED ASSET INVESTMENTS - continued

Exultant Properties Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Investment properties
%
Class of shares: holding
Ordinary 100.00
31.7.22
£   
Aggregate capital and reserves 248,140
Profit for the period 174,360


AUDIT EXEMPTION OF SUBSIDIARIES

For the financial year ended 31 July 2022, Exultant Pizza Limited, Exultant Properties Limited, Exultant Fitness Limited have claimed exemption from audit under S479A of the companies act relating to subsidiary companies.

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 365,469
Reclassification/transfer 841,717
At 31 July 2022 1,207,186
NET BOOK VALUE
At 31 July 2022 1,207,186

In the opinion of the directors, the market value of the investment property is not materially different to the carrying value in the accounts as at the balance sheet date.

14. STOCKS

Group
31.7.22 31.1.21
£    £   
Stocks 120,353 -

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.22 31.1.21 31.7.22 31.1.21
£    £    £    £   
Trade debtors 239,846 - - -
Other debtors 12,787 1 500 1
Directors' current accounts 116,926 - - -
Tax 39,463 - - -
409,022 1 500 1

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.22 31.1.21 31.7.22 31.1.21
£    £    £    £   
Bank loans and overdrafts (see note 18)
143,762

-

-

-
Trade creditors 1,103,169 - - -
Tax 123,233 - - -
Social security and other taxes 69,677 - - -
VAT 412,003 - - -
Other creditors 4 - 4 -
Net wages payable 106,815 - - -
Accruals and deferred income 14,750 - 5,250 -
1,973,413 - 5,254 -

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
31.7.22 31.1.21
£    £   
Bank loans (see note 18) 375,126 -

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.7.22 31.1.21
£    £   
Amounts falling due within one year or on demand:
Bank loans 143,762 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 375,126 -

19. SECURED DEBTS

Included within Other creditors falling due within one year and creditors falling due after one year is £163,737 (2021: 164,540) in respect of a Flexi Business Loan. This loan is secured by a fixed and floating charge over present and future assets of the company.

Included in Included within Other creditors falling due within one year and creditors falling due after one year is £31,331 (2021: £48,000) in respect of a loan guarantee by the government under Coronavirus Business Interruption Loan Scheme. This loan is payable by May 2026.

Included within Other creditors falling due within one year and creditors falling due after one year is £301,944 (2021: 347,415) in respect of a Flexi Business Loan and and Commercial Mortgage loan. This loan is secured by a fixed and floating charge over present and future assets of the company.

Also, included in Included within Other creditors falling due within one year and creditors falling due after one year is £15,876 (2021: 18,267) in respect of a loan guarantee by the government under Coronavirus Business Interruption Loan Scheme. This loan is payable by May 2026.

20. PROVISIONS FOR LIABILITIES

Group
31.7.22 31.1.21
£    £   
Deferred tax 487,735 -

Group
Deferred
tax
£   
Charge to Statement of Comprehensive Income during period 487,735
Balance at 31 July 2022 487,735

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.22 31.1.21
value: £    £   
1 Ordinary 1 500 1

22. RELATED PARTY DISCLOSURES

Included in debtors falling due with in one year is £116,926 (2021: £Nil) Due from the director. An interest of £7,030 (2021: £Nil) Has been charged on the overdrawn balance.

23. ULTIMATE CONTROLLING PARTY

The controlling party is M Syed.

24. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Group
Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Profit before taxation 678,712 -
Depreciation charges 236,731 -
Increase in provisions 487,735 -
Finance costs 10,693 -
Finance income (7,030 ) -
1,406,841 -
Increase in stocks (120,353 ) -
Increase in trade and other debtors (369,559 ) (1 )
Increase in trade and other creditors 2,210,985 -
Cash generated from operations 3,127,914 (1 )


Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

24. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS - continued

Company
Period
1.2.21
to Year Ended
31.7.22 31.1.21
£    £   
Profit before taxation 14,750 -
Finance income (20,000 ) -
(5,250 ) -
Increase in trade and other debtors (499 ) (1 )
Increase in trade and other creditors 5,254 -
Cash generated from operations (495 ) (1 )

25. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Group Company
Period ended 31 July 2022
31.7.22 1.2.21 31.7.22 1.2.21
£    £    £    £   
Cash and cash equivalents 2,614,577 - - -
Year ended 31 January 2021
31.1.21 1.2.20 31.1.21 1.2.20
£    £    £    £   


Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated Financial Statements - continued
for the Period 1 February 2021 to 31 July 2022

26. ANALYSIS OF CHANGES IN NET FUNDS

Group
At 1.2.21 Cash flow At 31.7.22
£    £    £   
Net cash
Cash at bank and in hand - 2,614,577 2,614,577
- 2,614,577 2,614,577
Debt
Debts falling due within 1 year - (143,762 ) (143,762 )
Debts falling due after 1 year - (375,126 ) (375,126 )
- (518,888 ) (518,888 )
Total - 2,095,689 2,095,689
Company
At 1.2.21 Cash flow At 31.7.22
£    £    £