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Registration number: 13274965

SB Group Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2022

 

SB Group Holdings Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Accountants' Report

4

Statement of Director's Responsibilities

5

Consolidated Statement of Comprehensive Income

6

Consolidated Balance Sheet

7

Balance Sheet

8

Consolidated Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 17

 

SB Group Holdings Limited

Company Information

Director

Gavin Sahota

Registered office

Epsilon House West Road, Ransomes Industrial Estate
Ipswich
IP3 9FJ

 

SB Group Holdings Limited

Strategic Report for the Year Ended 30 November 2022

The director presents the strategic report for the year ended 30 November 2022.

Principal activity

The principal activity of the group is Unlicensed restaurants and cafes

Fair review of the business

The director is satisfied with the performance of the group.

Principal risks and uncertainties

The Board is responsible for setting the Group’s risk appetite and ensuring that appropriate risk management systems are in place. The Board reviews the Group’s principal risks throughout the year as part of its normal agenda, adopting an integrated approach to risk management by regularly discussing the principal risks as a part of key agenda items.

Approved and authorised by the director on 23 November 2023
 

.........................................
Gavin Sahota
Director

 

SB Group Holdings Limited

Director's Report for the Year Ended 30 November 2022

The report and the for the year ended 30 November 2022.

Director of the group

The director who held office during the year was as follows:

Gavin Sahota

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

There is no risk of going concern for foreseeable future.

Approved and authorised by the director on 23 November 2023
 

.........................................
Gavin Sahota
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
SB Group Holdings Limited
for the Year Ended 30 November 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SB Group Holdings Limited for the year ended 30 November 2022 as set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of SB Group Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 18 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of SB Group Holdings Limited and state those matters that we have agreed to state to the Board of Directors of SB Group Holdings Limited, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SB Group Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SB Group Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of SB Group Holdings Limited. You consider that SB Group Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SB Group Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Milton Accountants Ltd
Chartered Certified Accountants
19-21 Eastern Road
Romford
RM1 3NH

23 November 2023

 

SB Group Holdings Limited

Statement of Director's Responsibilities

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 satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable to ensure that the financial statements comply with the Companies Act 2006. 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

SB Group Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2022

2022
£

2021
£

Loss for the year

(707,041)

(2,111)

Total comprehensive income for the year

(707,041)

(2,111)

Total comprehensive income attributable to:

Owners of the company

(707,041)

(2,111)

 

SB Group Holdings Limited

(Registration number: 13274965)
Consolidated Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

9

90,000

216,313

Tangible assets

10

2,065,214

1,688,174

 

2,155,214

1,904,487

Current assets

 

Stocks

66,293

95,926

Debtors

11

377,649

490,923

Cash at bank and in hand

 

150,072

314,229

 

594,014

901,078

Creditors: Amounts falling due within one year

13

(669,596)

(288,197)

Net current (liabilities)/assets

 

(75,582)

612,881

Total assets less current liabilities

 

2,079,632

2,517,368

Creditors: Amounts falling due after more than one year

13

(2,981,611)

(2,712,306)

Net liabilities

 

(901,979)

(194,938)

Capital and reserves

 

Called up share capital

14

100

100

Profit and loss account

(902,079)

(195,038)

Equity attributable to owners of the company

 

(901,979)

(194,938)

Shareholders' deficit

 

(901,979)

(194,938)

Approved and authorised by the director on 23 November 2023
 

.........................................
Gavin Sahota
Director

 

SB Group Holdings Limited

(Registration number: 13274965)
Balance Sheet as at 30 November 2022

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

SB Group Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2022
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Total equity
£

At 1 December 2021

100

(195,038)

(194,938)

(194,938)

Loss for the year

-

(707,041)

(707,041)

(707,041)

Total comprehensive income

-

(707,041)

(707,041)

(707,041)

At 30 November 2022

100

(902,079)

(901,979)

(901,979)

Share capital
£

Profit and loss account
£

Total
£

Total equity
£

At 18 March 2021

100

(192,927)

(192,827)

(192,827)

Loss for the year

-

(2,111)

(2,111)

(2,111)

Total comprehensive income

-

(2,111)

(2,111)

(2,111)

At 30 November 2021

100

(195,038)

(194,938)

(194,938)

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Epsilon House West Road, Ransomes Industrial Estate
Ipswich
IP3 9FJ
England

These financial statements were authorised for issue by the director on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2022.

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

Asset class

Depreciation method and rate

Office equipment

33.33% Straight Line

Furniture and fittings

20% Reducing Balance Method

Motor vehicles

20% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangible assets

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

2022
£

2021
£

Sale of goods

9,833,252

7,541,548

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

4

Operating (loss)/profit

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

591,970

494,442

Amortisation expense

17,316

59,792

Operating lease expense - other

4,565

19,901

5

Interest payable and similar expenses

2022
£

2021
£

Interest on bank overdrafts and borrowings

43,361

27,548

6

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2022
£

2021
£

Wages and salaries

2,705,007

2,022,698

Social security costs

145,521

96,010

Pension costs, defined contribution scheme

30,440

18,843

Other employee expense

-

948

2,880,968

2,138,499

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2022
No.

2021
No.

Administration and support

237

223

237

223

7

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

36,000

36,000

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

8

Taxation

9

Intangible assets

Group

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2021

-

107,316

107,316

At 30 November 2022

-

107,316

107,316

Amortisation

Amortisation charge

-

17,316

17,316

At 30 November 2022

-

17,316

17,316

Carrying amount

At 30 November 2022

-

90,000

90,000

At 30 November 2021

129,412

86,901

216,313

10

Tangible assets

Group

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2021

2,300,214

16,042

13,429

2,329,685

Additions

1,238,076

3,321

33,715

1,275,112

At 30 November 2022

3,538,290

19,363

47,144

3,604,797

Depreciation

At 1 December 2021

938,063

6,628

2,686

947,377

Charge for the year

570,038

6,454

15,714

592,206

At 30 November 2022

1,508,101

13,082

18,400

1,539,583

Carrying amount

At 30 November 2022

2,030,189

6,281

28,744

2,065,214

At 30 November 2021

1,667,567

9,864

10,743

1,688,174

Company

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

Office equipment
£

Total
£

Cost or valuation

Additions

1,418

1,418

At 30 November 2022

1,418

1,418

Depreciation

Charge for the year

473

473

At 30 November 2022

473

473

Carrying amount

At 30 November 2022

945

945

11

Debtors

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Trade debtors

72,295

-

-

-

Other debtors

264,913

490,923

17,060

9,053

Prepayments

40,441

-

-

-

377,649

490,923

17,060

9,053

12

Cash and cash equivalents

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Cash on hand

13,862

30,570

-

-

Cash at bank

136,210

283,659

327

1,077

150,072

314,229

327

1,077

13

Creditors

   

Group

Company

Note

2022
£

2021
£

2022
£

2021
£

 

SB Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2022

   

Group

Company

Note

2022
£

2021
£

2022
£

2021
£

Due within one year

 

Trade creditors

 

337,002

217,808

(81)

3,749

Social security and other taxes

 

270,117

12,207

10,471

4,145

Outstanding defined contribution pension costs

 

3,982

4,798

1,030

2,136

Accruals

 

58,495

53,384

250

-

 

669,596

288,197

11,670

10,030

Due after one year

 

Loans and borrowings

15

777,489

699,545

-

-

Other non-current financial liabilities

 

2,204,122

2,012,761

6,562

-

 

2,981,611

2,712,306

6,562

-

14

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

15

Loans and borrowings

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

777,489

699,545

-

-