Company registration number 04936110 (England and Wales)
PEPPERMINT EVENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PEPPERMINT EVENTS LIMITED
COMPANY INFORMATION
Directors
A Hempenstall
A Brooke
J Davies
(Appointed 31 May 2022)
J Withers
(Appointed 31 May 2022)
Company number
04936110
Registered office
Lower Ground
04 Edinburgh House
154 - 182 Kennington Lane
London
SE11 5DP
Auditor
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
Lower Ground
04 Edinburgh House
154 - 182 Kennington Lane
London
SE11 5DP
PEPPERMINT EVENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
PEPPERMINT EVENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present the strategic report for the year ended 28 February 2023.
Review of the business
An event services business, primarily servicing UK Greenfield events including music festivals and sports venues with Food and Beverage services (mainly Beverage-led).
Business structure
The share capital of Peppermint Events Limited is owned by Alex Brooke, Adam Hempenstall and Compass Contract Services (U.K.) Limited
Aims and objectives
The Company's ultimate objective is to grow profits and cash flows via growth within our core business: Greenfield events and improving margin from incumbent / contracted events. The business has targeted a number of complementary growth sectors, particularly in venues and sports events, alongside Compass CS.
Performance
The Company achieved sales of £40.27m for the year ending 28 February 2023 (2022: £24.77m). The business has recovered from the Covid 19 Pandemic but with fresh challenges around inflationary costs such as transport and staff and the cost of living crisis affecting spends.
Principal risks and uncertainties
Competition
The Company's competitors can be broken down into a number of sectors:
Bar Operators – who challenge the business, normally at commercial level – e.g the strength/structure of the commercial deal/price
Event Caterers – who are small operators able to compete with less overhead but have little scale/experience
Legal and regulatory environment
The Company acknowledges that it operates in an environment that has both a developing and increasing regulatory agenda, in the areas of health and safety, quality control, environmental obligations and employee welfare. The Company seeks to ensure that it works in an appropriate manner with the relevant regulatory bodies, obtains recognised accreditations and encourages a proactive approach to changes in the legal environment. In addition, anti-bribery and money laundering policies are regularly reviewed and relevant employees provided the training required to implement them.
Risk/uncertainty
The Company uses a consistent documented approach in its treatment of risk, ensuring appropriate mitigation over legal, regulatory and financial exposures. Regular management review and strategic exercises seek to identify those areas of risk and uncertainty that need to be addressed and put in place appropriate actions to moderate them.
- 1 -
PEPPERMINT EVENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
Measurement
The Company has a well-established performance measurement system that focuses the business on the key levers of sales volume and margin growth, together with cost control through rigorous monthly departmental budgeting. Detailed financial information can be found on pages 8 to 22 of these financial statements. A detailed annual planning process ensures that targets relating to business growth and development are set in conjunction with the Company's long term strategy.
Financial risk management
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The main exposure to credit risk in the Company is represented by receivables owing to the Company. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of those assets, net of any provisions, as disclosed in the Balance Sheet and notes to the financial statements (see note 14).
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 maximising cash generation by its operations and ensuring adequate borrowing facilities are maintained.
Covid-19 & Current Market Challenges
The business has recovered from the challenges brought on by Covid-19. Though inflation has risen sharply during the period, this has not had any significant impact on the business; there is also no suggestion that this will impact the business in the following period.
Employees
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues and the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Employee involvement
Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. All employees are communicated on the performance of the Company as a whole at appropriate times throughout the year, with additional communications occurring through in-house emails and meetings.
A Hempenstall
Director
1 November 2023
- 2 -
PEPPERMINT EVENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present their annual report and financial statements for the year ended 28 February 2023.
Principal activities
The principal activity of the company continued to be that of the operation of corporate events and temporary licensed bars.
Results and dividends
The results for the year are set out on page 8.
No dividends were paid during the period (2022: £35,235). The directors do not recommend payment of any dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Hempenstall
A Brooke
J Reid
(Resigned 31 May 2022)
J Davies
(Appointed 31 May 2022)
J Withers
(Appointed 31 May 2022)
Auditor
The auditor, Lindeyer Francis Ferguson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A Hempenstall
Director
1 November 2023
- 3 -
PEPPERMINT EVENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors are responsible for preparing the annual report 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.
- 4 -
PEPPERMINT EVENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEPPERMINT EVENTS LIMITED
Opinion
- 5 -
We have audited the financial statements of Peppermint Events Limited (the 'company') for the year ended 28 February 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 28 February 2023 and of its profit 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.
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.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PEPPERMINT EVENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEPPERMINT EVENTS 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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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
- 6 -
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.
We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the company, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified the Companies Act 2006 and FRS102.
We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the company’s operations and to avoid material penalties, including GDPR, data protection regulations, health and safety and employment laws.
Having reviewed the laws and regulations applicable to the company, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:
Selected a team with sector experience was selected for completing the audit;
Obtained an understanding of the company’s procedures for ensuring compliance with laws and regulations ;
Made enquiries of management and the directors regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations;
Obtained and reviewed meeting minutes;
Reviewed legal expenses accounts for indications of any possible non-compliance; and
Reviewed the completeness and accuracy of any disclosures made in the financial statements
PEPPERMINT EVENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEPPERMINT EVENTS LIMITED
- 7 -
We assessed the susceptibility of the company financial statements to material misstatement, including considering how fraud might occur. This was performed by:
Making an assessment of the company systems & controls, including identifying any weaknesses and considering the risk of management override of controls;
Assessing the susceptibility of the company financial statements to material misstatements, including considering how fraud could occur;
Considering if there are any incentives or opportunities for management to manipulate financial results;
Obtaining and evaluating the directors assessment of the risk of fraud, and enquiring as to whether they were aware of any actual or suspected fraud;
Reviewing the accounting policies and accounting estimates for signs of management bias;
Identifying key risks relating to irregularities including revenue recognition, management override, cut-off issues, high frequency of related party transactions, recoverability of debtors and completeness of creditors.
Reviewing journal entries for signs of management bias or override of controls.
We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, tracing post year receipts to confirm debtor recovery, substantive testing over creditor balances to gain assurance over completeness, confirming related party balances,
The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.
Jonathan Healey FCA
Senior Statutory Auditor
For and on behalf of Lindeyer Francis Ferguson Limited
1 November 2023
Chartered Accountants
Statutory Auditor
North House
198 High Street
Tonbridge
Kent
TN9 1BE
PEPPERMINT EVENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
2023
2022
Notes
£
£
Turnover
40,256,340
24,776,527
Cost of sales
(37,646,297)
(23,012,077)
Gross profit
2,610,043
1,764,450
Administrative expenses
(2,222,875)
(1,578,018)
Operating profit
3
387,168
186,432
Interest receivable and similar income
6
195
Interest payable and similar expenses
(22,380)
(20,026)
Profit before taxation
364,983
166,406
Tax on profit
7
25,731
Profit for the financial year
390,714
166,406
The profit and loss account has been prepared on the basis that all operations are continuing operations.
- 8 -
PEPPERMINT EVENTS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
9
20,111
1,001
Tangible assets
10
482,777
241,748
Investments
11
100
100
502,988
242,849
Current assets
Stocks
13
308,734
330,344
Debtors
14
1,715,841
1,730,688
Cash at bank and in hand
990,220
994,605
3,014,795
3,055,637
Creditors: amounts falling due within one year
15
(1,700,865)
(1,659,649)
Net current assets
1,313,930
1,395,988
Total assets less current liabilities
1,816,918
1,638,837
Creditors: amounts falling due after more than one year
16
(1,027,363)
(1,240,000)
Net assets
789,555
398,837
Capital and reserves
Called up share capital
17
904
900
Capital redemption reserve
100
100
Profit and loss reserves
788,551
397,837
Total equity
789,555
398,837
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
A Hempenstall
Director
Company Registration No. 04936110
- 9 -
PEPPERMINT EVENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
900
100
266,666
267,666
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
166,406
166,406
Dividends
8
-
-
(35,235)
(35,235)
Balance at 28 February 2022
900
100
397,837
398,837
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
390,714
390,714
Issue of share capital
17
4
-
-
4
Balance at 28 February 2023
904
100
788,551
789,555
- 10 -
PEPPERMINT EVENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
489,558
1,050,508
Interest paid
(22,380)
(20,026)
Income taxes refunded
25,731
Net cash inflow from operating activities
492,909
1,030,482
Investing activities
Purchase of intangible assets
(21,296)
Purchase of tangible fixed assets
(487,043)
(73,712)
Proceeds from disposal of tangible fixed assets
10,846
Interest received
195
Net cash used in investing activities
(497,298)
(73,712)
Financing activities
Proceeds from issue of shares
4
Payment of finance leases obligations
(8,657)
Dividends paid
(35,235)
Net cash generated from/(used in) financing activities
4
(43,892)
Net (decrease)/increase in cash and cash equivalents
(4,385)
912,878
Cash and cash equivalents at beginning of year
994,575
81,697
Cash and cash equivalents at end of year
990,190
994,575
Relating to:
Cash at bank and in hand
990,220
994,605
Bank overdrafts included in creditors payable within one year
(30)
(30)
- 11 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
Company information
Peppermint Events Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Ground, 04 Edinburgh House, 154 - 182 Kennington Lane, London, SE11 5DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for the operation of temporary licensed bars, sponsorship and management charges in the UK, all net of VAT and trade discounts.
1.4
Intangible fixed assets other than goodwill
Intangible fixed assets are stated at cost less accumulated amortisation. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
3 Years
Bespoke software
3 Years
1.5
Tangible fixed assets
- 12 -
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
3-5 years
Bar equipment
3-5 years
Misc. equipment
3-5 years
Motor vehicles
3 years
Office equipment
3 years
ATMs
5 years
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.
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving stock.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
1.11
Taxation
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
- 13 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that 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.
Critical judgements
Non-current assets
Estimates are made by the directors in determining depreciation and amortisation rates for tangible and intangible non-current assets.
Bad debt provision
Bad debts are provided for where there is doubt over the recoverability of the balance.
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,450
13,500
Depreciation of owned tangible fixed assets
225,693
236,497
Loss on disposal of tangible fixed assets
9,475
-
Amortisation of intangible assets
2,186
11,169
Operating lease charges
167,120
134,717
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Operational staff
77
33
Adminstration staff
28
14
Total
105
47
- 14 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Employees
(Continued)
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,570,061
1,268,979
Social security costs
244,699
118,298
Pension costs
35,242
29,550
2,850,002
1,416,827
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
219,345
218,836
Company pension contributions to defined contribution schemes
4,362
5,058
223,707
223,894
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
195
7
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(25,731)
- 15 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
7
Taxation
(Continued)
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
364,983
166,406
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
69,347
31,617
Tax effect of utilisation of tax losses not previously recognised
(47,378)
Unutilised tax losses carried forward
10,646
Permanent capital allowances in excess of depreciation
(123,290)
(31,304)
Expenses not deductable for tax purposes
43,297
47,065
Prior year tax refund
(25,731)
Taxation credit for the year
(25,731)
-
The company has taxable losses totalling £2,764,137 (2022: £2,690,059) to utilise against future profits.
8
Dividends
2023
2022
£
£
Interim paid
35,235
9
Intangible fixed assets
Website
Bespoke software
Total
£
£
£
Cost
At 1 March 2022
28,267
115,920
144,187
Additions
15,370
5,926
21,296
At 28 February 2023
43,637
121,846
165,483
Amortisation and impairment
At 1 March 2022
28,212
114,974
143,186
Amortisation charged for the year
455
1,731
2,186
At 28 February 2023
28,667
116,705
145,372
Carrying amount
At 28 February 2023
14,970
5,141
20,111
At 28 February 2022
855
146
1,001
- 16 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
10
Tangible fixed assets
Plant and machinery
Bar equipment
Misc. equipment
Motor vehicles
Office equipment
ATMs
Total
£
£
£
£
£
£
£
Cost
At 1 March 2022
83,294
919,861
703,517
97,605
143,854
525,640
2,473,771
Additions
111,829
315,617
42,375
17,222
487,043
Disposals
(134,459)
(134,459)
At 28 February 2023
83,294
1,031,690
1,019,134
139,980
161,076
391,181
2,826,355
Depreciation and impairment
At 1 March 2022
76,358
814,948
638,260
81,329
138,136
482,992
2,232,023
Depreciation charged in the year
4,549
86,506
99,595
10,474
6,603
17,966
225,693
Eliminated in respect of disposals
(114,138)
(114,138)
At 28 February 2023
80,907
901,454
737,855
91,803
144,739
386,820
2,343,578
Carrying amount
At 28 February 2023
2,387
130,236
281,279
48,177
16,337
4,361
482,777
At 28 February 2022
6,936
104,913
65,257
16,276
5,718
42,648
241,748
- 17 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
100
100
12
Subsidiaries
Details of the company's subsidiaries at 28 February 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
POP (Purveyors of Plenty) Collective Limited
England and Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
POP (Purveyors of Plenty) Collective Limited
6,874
(200)
13
Stocks
2023
2022
£
£
Goods for resale
308,734
330,344
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
924,073
668,957
Amounts owed by group undertakings
39,853
39,647
Other debtors
263,160
373,127
Prepayments and accrued income
488,755
648,957
1,715,841
1,730,688
- 18 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
15
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30
30
Trade creditors
798,032
872,511
Other loans
254,420
50,000
Taxation and social security
55,807
331,375
Other creditors
28,774
71,449
Accruals and deferred income
563,802
334,284
1,700,865
1,659,649
16
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other loans
1,027,363
1,240,000
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
550 A Ordinary shares of £1 each
-
550
-
550
350 B Ordinary shares of £1 each
-
350
-
350
904 Ordinary shares of £1 each
904
-
904
-
904
900
904
900
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
62,181
31,091
Between two and five years
65,290
127,471
31,091
- 19 -
PEPPERMINT EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
19
Related party transactions
During the year sales totalling £5,726,924 (2022: £1,834,891) and purchases totalling £3,651,744 (2022; £Nil) were made to and from Between the Bridges Limited, a company under common control. At the year end a balance of £649,199 (2022: £747,935) was due from Between the Bridges Limited.
During the year goods and services were purchased totalling £17,206 (2022: £40,544), with no sales made (2022: £63,467), from Equals Agency Limited, a company under common control. At the year end, £1,675 (2022: £19,456) was due to the Equals Agency Limited.
During the year sales totalling £2,899,357 and purchases totalling £677,280 were made to and from Compass Contract Services (U.K.) Limited. At the year end a balance of £322,484 was due from Compass Contract Services (U.K.) Limited.
20
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
390,714
166,406
Adjustments for:
Taxation credited
(25,731)
Finance costs
22,380
20,026
Investment income
(195)
Loss on disposal of tangible fixed assets
9,475
-
Amortisation and impairment of intangible assets
2,186
11,169
Depreciation and impairment of tangible fixed assets
225,693
236,497
Movements in working capital:
Decrease/(increase) in stocks
21,610
(49,873)
Decrease/(increase) in debtors
14,847
(861,879)
(Decrease)/increase in creditors
(171,421)
1,528,162
Cash generated from operations
489,558
1,050,508
21
Analysis of changes in net funds
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
994,605
(4,385)
990,220
Bank overdrafts
(30)
-
(30)
994,575
(4,385)
990,190
- 20 -
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2023.200A HempenstallA BrookeJ ReidJ DaviesJ Withers049361102022-03-012023-02-2804936110bus:Director12022-03-012023-02-2804936110bus:Director22022-03-012023-02-2804936110bus:Director42022-03-012023-02-2804936110bus:Director52022-03-012023-02-2804936110bus:Director32022-03-012023-02-2804936110bus:Director42023-02-2804936110bus:Director52023-02-2804936110bus:RegisteredOffice2022-03-012023-02-2804936110bus:Director32023-02-28049361102023-02-28049361102021-03-012022-02-2804936110core:RetainedEarningsAccumulatedLosses2021-03-012022-02-2804936110core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2804936110core:OtherResidualIntangibleAssets2023-02-2804936110core:OtherResidualIntangibleAssets2022-02-2804936110core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2804936110core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-02-2804936110core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2804936110core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-02-28049361102022-02-2804936110core:PlantMachinery2023-02-2804936110core:FurnitureFittings2023-02-2804936110core:ComputerEquipment2023-02-2804936110core:MotorVehicles2023-02-2804936110core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-2804936110core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-02-2804936110core:PlantMachinery2022-02-2804936110core:FurnitureFittings2022-02-2804936110core:ComputerEquipment2022-02-2804936110core:MotorVehicles2022-02-2804936110core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-2804936110core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-02-2804936110core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2804936110core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2804936110core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2804936110core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2804936110core:CurrentFinancialInstruments2023-02-2804936110core:CurrentFinancialInstruments2022-02-2804936110core:ShareCapital2023-02-2804936110core:ShareCapital2022-02-2804936110core:CapitalRedemptionReserve2023-02-2804936110core:CapitalRedemptionReserve2022-02-2804936110core:RetainedEarningsAccumulatedLosses2023-02-2804936110core:RetainedEarningsAccumulatedLosses2022-02-2804936110core:ShareCapital2021-02-2804936110core:CapitalRedemptionReserve2021-02-2804936110core:RetainedEarningsAccumulatedLosses2021-02-28049361102021-02-2804936110core:ShareCapitalOrdinaryShares2023-02-2804936110core:ShareCapitalOrdinaryShares2022-02-2804936110core:ShareCapital2022-03-012023-02-28049361102022-02-2804936110core:WithinOneYear2023-02-2804936110core:WithinOneYear2022-02-2804936110bus:Original2022-03-012023-02-2804936110core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-012023-02-2804936110core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-03-012023-02-2804936110core:PlantMachinery2022-03-012023-02-2804936110core:FurnitureFittings2022-03-012023-02-2804936110core:ComputerEquipment2022-03-012023-02-2804936110core:MotorVehicles2022-03-012023-02-2804936110core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-012023-02-2804936110core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-03-012023-02-2804936110bus:Original2021-03-012022-02-2804936110dpl:Item12022-03-012023-02-2804936110dpl:Item12021-03-012022-02-2804936110core:UKTax2022-03-012023-02-2804936110core:UKTax2021-03-012022-02-280493611012022-03-012023-02-280493611012021-03-012022-02-280493611022022-03-012023-02-280493611022021-03-012022-02-2804936110core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2804936110core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-02-2804936110core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2022-03-012023-02-2804936110core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2022-03-012023-02-2804936110core:ExternallyAcquiredIntangibleAssets2022-03-012023-02-2804936110core:PlantMachinery2022-02-2804936110core:FurnitureFittings2022-02-2804936110core:ComputerEquipment2022-02-2804936110core:MotorVehicles2022-02-2804936110core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-02-2804936110core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-02-2804936110core:Non-currentFinancialInstruments2023-02-2804936110core:Non-currentFinancialInstruments2022-02-2804936110core:Subsidiary12022-03-012023-02-2804936110core:Subsidiary112022-03-012023-02-2804936110bus:OrdinaryShareClass12022-03-012023-02-2804936110bus:OrdinaryShareClass22022-03-012023-02-2804936110bus:OrdinaryShareClass32022-03-012023-02-2804936110bus:OrdinaryShareClass12023-02-2804936110bus:OrdinaryShareClass22023-02-2804936110bus:OrdinaryShareClass32023-02-2804936110core:BetweenTwoFiveYears2023-02-2804936110core:BetweenTwoFiveYears2022-02-2804936110core:EntityControlledByKeyManagementPersonnel12022-03-012023-02-2804936110core:EntityControlledByKeyManagementPersonnel12021-03-012022-02-2804936110core:EntityControlledByKeyManagementPersonnel22021-03-012022-02-2804936110core:EntityControlledByKeyManagementPersonnel32022-03-012023-02-2804936110core:EntityControlledByKeyManagementPersonnel22022-03-012023-02-2804936110core:EntityControlledByKeyManagementPersonnel12023-02-2804936110core:EntityControlledByKeyManagementPersonnel12022-02-2804936110core:EntityControlledByKeyManagementPersonnel32023-02-2804936110core:EntityControlledByKeyManagementPersonnel22023-02-2804936110core:EntityControlledByKeyManagementPersonnel22022-02-2804936110bus:PrivateLimitedCompanyLtd2022-03-012023-02-2804936110bus:FRS1022022-03-012023-02-2804936110bus:Audited2022-03-012023-02-2804936110bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP