Company registration number 13725521 (England and Wales)
MAROUSH GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2022
MAROUSH GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr M Abouzaki
(Appointed 5 November 2021)
Company number
13725521
Registered office
5 Mcnicol Drive
London
England
NW10 7AJ
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
MAROUSH GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 36
MAROUSH GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 MARCH 2022
- 1 -

The director presents the strategic report for the period ended 30 March 2022.

Review of the business

The principal activity of the group is operating Lebanese restaurants with the principal brands Maroush, Beirut Express, Ranoush Juice and Maroush Bakehouse.

The revenue of the group during 2022 increased by 49.4% to £15.4m (2021: £10.3m).

The results of the group for the period show a profit on ordinary activities before taxation of £1.8m (2021: Loss - £8.3m).

The business has demonstrated commendable revenue growth, recapturing lost grounds amid Covid 19 lockdowns and trade restrictions. It has established a strong presence in the competitive hospitality and real estate sectors, attracting a steady stream of customers and tenants. The management's commitment to quality service, strategic location selection, and consistent maintenance of its properties has been key to its positive reputation. However, ongoing market analysis and customer feedback are crucial to ensure the business remains relevant and adaptable in the ever-changing London landscape.

Principal risks and uncertainties

As with any business operating in the hospitality and real estate industries, there are several principal risks and uncertainties that need to be considered. Firstly, economic fluctuations and changes in consumer behavior could impact the demand for restaurants and properties, potentially affecting revenue and occupancy rates. Additionally, increasing competition, both from established brands and emerging players, poses a threat to market share. Regulatory changes, such as zoning laws or health and safety regulations, can also create uncertainties that require careful navigation. Lastly, unforeseen events like natural disasters or pandemics can disrupt operations and financial stability.

Development and performance

Looking ahead, the business is poised for exciting future developments. London's vibrant dining scene continues to evolve, and the business has the opportunity to capitalize on emerging trends and preferences. By conducting thorough market research and analyzing customer preferences, the business can strategically expand its restaurant offerings, introducing innovative concepts or cuisines to cater to evolving tastes. Embracing technology advancements, such as online reservation systems and digital marketing strategies, will enhance customer engagement and promote sustained growth. Overall, the business's future success lies in its ability to adapt to market dynamics, deliver exceptional experiences, and stay ahead of industry trends.

Key performance indicators

The directors use both financial and non-financial performance indicators to monitor the company's position.

 

The key financial performance indicators of the group are gross profit of £11m (2021: £7.7m), sales £15.4m (2021: £10.3m) and balance sheet with net current liabilities of £20.1m (2021: £43.3m).

 

The key non-financial performance indicators of the company are customer service and satisfaction, and stakeholder relationships.

 

The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.

MAROUSH GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 2 -
Other performance indicators

This statement sets out how the directors have approached and met their responsibilities under section 172 Companies Act 2006. The Group's values are consistent with the requirements under section 172 of the Companies Act. The directors will consider all relevant factors when taking any decision. The examples below illustrate some of the key items under section 172 that were considered by the directors during the year.

 

Likely consequence of any decision in the long term

There have been no major changes in the Group in the financial year. However, the long-term impacts of any decisions are discussed in detail by the directors, especially when considering the Group's strategy.

 

Interest of the Group's employees

The directors engage with their employees frequently. We conduct an annual conference where managers from each restaurant come together for a workshop to share their thoughts, feedback and feelings about working for Maroush Group. This is attended by members of the leadership team. There are also individual quarterly reviews with all Regional Operations Managers to talk through their restaurants and their people - this is facilitated and attended by members of the leadership team. Furthermore, the leadership team regularly visit the restaurants across the group to engage with all teams.

 

The People function of the business is accountable for optimising everything we do for our employees and all members of the Group, managing policies and procedures, all with a view of promoting and maintaining fairness and consistency across the whole business.

 

Foster business relationships with suppliers, customers and others

The Group has always been steadfast about the quality of the food served in the restaurants. To make this possible we have developed strong supplier relationships to ensure we can maintain these high standards and deliver a unique product experience. Working collaboratively gives us stability both in terms of product consistency and our input costs.

 

Impact of the Group's operations on the community and environment

The Group is committed to reducing the environmental impact of our operation. We are working closely with suppliers to minimise product movement. In restaurants we have expanded our recycling both front and back of house with further rollout planned in the next financial year.

 

We ensure that all of our used oil is collected, recycled and used as Biofuel. We have also focused on reducing single use plastics, with plans to replace items such as straws and children's toys with environmentally friendly alternatives. We continue to work on ensuring we keep up to speed with the latest development on packaging and applying best practice.

 

Other information and explanations

The desirability of the Group maintaining a reputation for high standards of business conduct

As with fostering relationships with suppliers, customers and others, the maintenance of high standards of ethical conduct are very important in order to run a sustainable business.

 

The need to act fairly between members of the Group

Communications with shareholders are given high priority, Advisory board meetings take place at regular intervals. These are attended by members of the board and the shareholders. The monthly and year to date performance of the Group are presented and discussed, as well as the Group's strategy and long-term impact of any decision.

MAROUSH GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 3 -

On behalf of the board

Mr M Abouzaki
Director
15 November 2023
MAROUSH GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 MARCH 2022
- 4 -

The director presents his annual report and financial statements for the period ended 30 March 2022.

Principal activities

The principal activity of the company was that of a holding company and the principal activity of the group companies were that of Lebanese restaurants and property investments.

Results and dividends

The results for the period are set out on page 10.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

Mr M Abouzaki
(Appointed 5 November 2021)
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

KLSA LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006.

Energy and carbon report

Whilst the overall group has consumed more than 40,000 kWh of energy in this reporting period, none of the individual subsidiaries are large as defined by the Companies Act. In preparing this group Director’s Report, we have taken advantage of the option to exclude any energy and carbon information relating to those subsidiaries.

As the parent entity has no trading activity, there is no energy and carbon information to be reported in respect of the parent entity.

 

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr M Abouzaki
Director
15 November 2023
MAROUSH GROUP HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 MARCH 2022
- 5 -

The director is responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MAROUSH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAROUSH GROUP HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Maroush Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 March 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

Emphasis of Matter - Material uncertainty related to going concern

In forming our opinion of the financial statements, which is not qualified, we have considered the adequacy of the disclosure made in note 1.3 of the financial statements concerning the group's ability to continue as a going concern. The group incurred a net loss of £3,047,401 (2021: £7,573,818) during the year ended 30 March 2022 and, at that date, the group had net liabilities of £5,500,779 (2021: £5,108,878). These conditions along with the other matters explained in note 1.3 of the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the group was unable to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

 

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

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 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.

MAROUSH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAROUSH GROUP HOLDINGS LIMITED
- 7 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 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 director is responsible for assessing 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 parent company or to cease operations, or has 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.

MAROUSH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAROUSH GROUP HOLDINGS LIMITED
- 8 -

We also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of internal controls and significant accounting estimations based on our fraud risk criteria;

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

 

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

 

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an 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.

MAROUSH GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAROUSH GROUP HOLDINGS LIMITED
- 9 -
Harsheel Dodhia (Senior Statutory Auditor)
For and behalf of KLSA LLP
15 November 2023
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
MAROUSH GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 MARCH 2022
- 10 -
Period
Year
ended
ended
30 March
31 March
2022
2021
Notes
£
£
Turnover
3
15,426,656
10,322,994
Cost of sales
(4,378,253)
(2,559,903)
Gross profit
11,048,403
7,763,091
Administrative expenses
(14,186,044)
(12,453,211)
Other operating income
960,681
2,851,690
Operating loss
4
(2,176,960)
(1,838,430)
Interest receivable and similar income
7
260,173
45,937
Interest payable and similar expenses
8
(1,731,125)
(1,851,230)
Amounts written off investments
9
(389,230)
54,776
Fair value gains and losses on investment properties
13
3,251,500
(4,714,375)
Loss before taxation
(785,642)
(8,303,322)
Tax on loss
10
(2,261,759)
729,504
Loss for the financial period
25
(3,047,401)
(7,573,818)
Loss for the financial period is all attributable to the owners of the parent company.
MAROUSH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 MARCH 2022
- 11 -
Period
Year
ended
ended
30 March
31 March
2022
2021
£
£
Loss for the period
(3,047,401)
(7,573,818)
Other comprehensive income
Revaluation of tangible fixed assets
2,655,500
-
0
Total comprehensive income for the period
(391,901)
(7,573,818)
Total comprehensive income for the period is all attributable to the owners of the parent company.
MAROUSH GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 MARCH 2022
30 March 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
2,614
3,485
Tangible assets
12
21,316,383
18,972,865
Investment properties
13
25,138,000
21,886,500
Investments
14
4,391,876
2,301,274
50,848,873
43,164,124
Current assets
Stocks
17
626,550
695,315
Debtors
18
33,462,941
40,460,229
Cash at bank and in hand
1,644,643
3,126,188
35,734,134
44,281,732
Creditors: amounts falling due within one year
19
(19,738,095)
(18,960,293)
Net current assets
15,996,039
25,321,439
Total assets less current liabilities
66,844,912
68,485,563
Creditors: amounts falling due after more than one year
20
(66,750,234)
(70,418,797)
Provisions for liabilities
Deferred tax liability
22
5,595,457
3,175,644
(5,595,457)
(3,175,644)
Net liabilities
(5,500,779)
(5,108,878)
Capital and reserves
Called up share capital
24
14,000
14,000
Revaluation reserve
25
2,655,500
-
0
Merger reserves
25
(713,956)
(713,956)
Profit and loss reserves
25
(7,456,323)
(4,408,922)
Total equity
(5,500,779)
(5,108,878)
The financial statements were approved and signed by the director and authorised for issue on 15 November 2023
15 November 2023
Mr M Abouzaki
Director
MAROUSH GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 MARCH 2022
30 March 2022
- 13 -
30 March 2022
31 March 2021
Notes
£
£
£
£
Fixed assets
Investments
14
14,000
14,000
Capital and reserves
Called up share capital
24
14,000
14,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2021 - £0 profit).

The financial statements were approved and signed by the director and authorised for issue on 15 November 2023
15 November 2023
Mr M Abouzaki
Director
Company registration number 13725521 (England and Wales)
MAROUSH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2022
- 14 -
Share capital
Revaluation reserve
Merger reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 31 March 2020
-
0
-
0
-
3,164,896
3,164,896
Year ended 30 March 2021:
Loss and total comprehensive income for the year
-
-
-
(7,573,818)
(7,573,818)
Issue of share capital
24
14,000
-
-
-
14,000
Transfers
-
-
(713,956)
-
(713,956)
Balance at 30 March 2021
14,000
-
0
(713,956)
(4,408,922)
(5,108,878)
Period ended 30 March 2022:
Loss for the period
-
-
-
(3,047,401)
(3,047,401)
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,655,500
-
-
2,655,500
Total comprehensive income for the period
-
2,655,500
-
(3,047,401)
(391,901)
Balance at 30 March 2022
14,000
2,655,500
(713,956)
(7,456,323)
(5,500,779)
MAROUSH GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2022
- 15 -
Share capital
Notes
£
Balance at 31 March 2020
-
0
Year ended 30 March 2021:
Profit and total comprehensive income for the year
-
Issue of share capital
24
14,000
Balance at 30 March 2021
14,000
Period ended 30 March 2022:
Profit and total comprehensive income
-
Balance at 30 March 2022
14,000
MAROUSH GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 MARCH 2022
- 16 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
6,135,943
(896,872)
Interest paid
(1,731,125)
(1,851,230)
Income taxes (paid)/refunded
-
200
Net cash inflow/(outflow) from operating activities
4,404,818
(2,747,902)
Investing activities
Purchase of tangible fixed assets
(53,454)
(57,815)
Proceeds on disposal of investment property
-
1,700,000
Proceeds on disposal of subsidiaries
-
769,656
Proceeds on disposal of investments
(2,410,049)
(2,246,498)
Receipts arising from loans made
(69,783)
-
Interest received
260,173
45,937
Net cash (used in)/generated from investing activities
(2,273,113)
211,280
Financing activities
Proceeds from issue of shares
-
(769,656)
Repayment of bank loans
(3,668,563)
65,357
Net cash used in financing activities
(3,668,563)
(704,299)
Net decrease in cash and cash equivalents
(1,536,858)
(3,240,921)
Cash and cash equivalents at beginning of period
(3,078,703)
162,218
Cash and cash equivalents at end of period
(4,615,561)
(3,078,703)
Relating to:
Cash at bank and in hand
1,644,643
3,126,188
Bank overdrafts included in creditors payable within one year
(6,260,204)
(6,204,891)
MAROUSH GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 MARCH 2022
- 17 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Proceeds from disposal of subsidiaries
-
0
(14,000)
Net cash used in investing activities
-
(14,000)
Financing activities
Proceeds from issue of shares
-
14,000
Net cash (used in)/generated from financing activities
-
14,000
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of period
-
0
-
0
Cash and cash equivalents at end of period
-
0
-
0
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2022
- 18 -
1
Accounting policies
Company information

Maroush Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 Mcnicol Drive, London, England, NW10 7AJ.

 

The group consists of Maroush Group Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements are presented for a period longer than one year. The reporting period covers the duration from the date of incorporation to 31 March 2023, the accounting reference date.

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Business combinations

In merger accounting, the assets and liabilities are recorded at book value and no goodwill is recognised. The comparative amounts are restated as if the combination had taken place at the beginning of the earliest comparative period presented.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Maroush Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 March 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The group is reliant on the continued financial support from its subsidiaries, in order to meet its obligations as they fall due. The group incurred a net loss of £3,047,401 (2021: £7,573,818) during the year ended 30 March 2022 and, at that date, the group had net liabilities of £5,500,779 (2021: £5,108,878). At the time of approving the financial statements, the directors have a reasonable expectation that the company, with the support of Mr. Abouzaki, 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.

 

The financial statements do not include any adjustments that would result if the above support is withdrawn.

 

 

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 19 -
1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Patents & licences
over useful life
1.9
Tangible fixed assets

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

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 20 -

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:

Freehold land and buildings
1% on cost
Leasehold land and buildings
over the remaining term of the lease
Leasehold improvements
over the remaining term of the lease
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

1.10
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. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

1.11
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 21 -
1.12
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
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.

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 22 -
1.15
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 arrangement constitutes 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

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

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
1
Accounting policies
(Continued)
- 24 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
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 leased asset are consumed.

1.21
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.22
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.

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Restaurants and catering
14,630,545
9,663,818
Rental income
796,111
659,176
15,426,656
10,322,994
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
15,426,656
10,322,994
2022
2021
£
£
Other revenue
Interest income
260,173
45,937
Grants received
738,852
2,808,147
4
Operating loss
2022
2021
£
£
Operating loss for the period is stated after charging/(crediting):
Government grants
(738,852)
(2,808,147)
Depreciation of owned tangible fixed assets
365,436
617,353
Amortisation of intangible assets
871
1,991
Operating lease charges
1,084,884
1,400,955
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
51,871
54,426
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
5
Auditor's remuneration
(Continued)
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Distribution
192
201
-
-
Production
61
58
-
-
Management
15
24
-
-
Total
268
283
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
6,310,791
6,313,555
-
0
-
0
Social security costs
571,914
516,968
-
-
Pension costs
133,191
125,242
-
0
-
0
7,015,896
6,955,765
-
0
-
0
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
3
8,993
Other interest income
260,170
36,944
Total income
260,173
45,937
2022
2021
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3
8,993
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 27 -
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,705,793
1,838,702
Other interest on financial liabilities
25,332
12,528
1,731,125
1,851,230
9
Amounts written off investments
2022
2021
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(319,447)
54,776
Other gains/(losses)
Amounts written off current loans
(69,783)
-
(389,230)
54,776
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
-
0
323,664
Adjustments in respect of prior periods
(158,054)
-
0
Total current tax
(158,054)
323,664
Deferred tax
Origination and reversal of timing differences
2,419,813
(1,053,168)
Total tax charge/(credit)
2,261,759
(729,504)
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
10
Taxation
(Continued)
- 28 -

The actual charge/(credit) for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Loss before taxation
(785,642)
(8,303,322)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(149,272)
(1,577,631)
Tax effect of expenses that are not deductible in determining taxable profit
80,476
907,307
Gains not taxable
(617,690)
-
0
Unutilised tax losses carried forward
682,794
472,039
Adjustments in respect of prior years
(158,054)
-
0
Permanent capital allowances in excess of depreciation
43,119
89,914
Under/(over) provided in prior years
-
0
323,665
Deferred tax
2,419,813
(1,053,168)
Utilisation of tax losses
(39,427)
(59,406)
Chargeable gains
-
0
167,776
Taxation charge/(credit)
2,261,759
(729,504)
11
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 31 March 2021 and 30 March 2022
75,074
98,334
173,408
Amortisation and impairment
At 31 March 2021
75,074
94,849
169,923
Amortisation charged for the period
-
0
871
871
At 30 March 2022
75,074
95,720
170,794
Carrying amount
At 30 March 2022
-
0
2,614
2,614
At 30 March 2021
-
0
3,485
3,485
The company had no intangible fixed assets at 30 March 2022 or 30 March 2021.
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 29 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 31 March 2021
17,173,500
2,607,226
5,368,144
6,730,316
4,430,592
15,930
391,169
36,716,877
Additions
-
0
-
0
-
0
14,203
28,327
4,030
6,894
53,454
Revaluation
2,655,500
-
0
-
0
-
0
-
0
-
0
-
0
2,655,500
At 30 March 2022
19,829,000
2,607,226
5,368,144
6,744,519
4,458,919
19,960
398,063
39,425,831
Depreciation and impairment
At 31 March 2021
-
0
2,024,284
4,953,015
6,345,542
4,063,238
14,585
343,348
17,744,012
Depreciation charged in the period
-
0
72,375
79,048
100,188
98,802
1,344
13,679
365,436
At 30 March 2022
-
0
2,096,659
5,032,063
6,445,730
4,162,040
15,929
357,027
18,109,448
Carrying amount
At 30 March 2022
19,829,000
510,567
336,081
298,789
296,879
4,031
41,036
21,316,383
At 30 March 2021
17,173,500
582,942
415,129
384,774
367,354
1,345
47,821
18,972,865
The company had no tangible fixed assets at 30 March 2022 or 30 March 2021.
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 30 -
13
Investment property
Group
Company
2022
2022
£
£
Fair value
At 31 March 2021 and 30 March 2022
21,886,500
-
Net gains or losses through fair value adjustments
3,251,500
-
At 30 March 2022
25,138,000
-

The fair value of the investment properties has been arrived at on the basis of a valuation carried out in September 2022 by Adelaide Jones, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the directors, the market value at the balance sheet date is not materially different to this valuation.

14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
14,000
14,000
Unlisted investments
4,391,876
2,301,274
-
0
-
0
4,391,876
2,301,274
14,000
14,000
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 31 March 2021
2,301,274
Additions
2,410,049
Valuation changes
(319,447)
At 30 March 2022
4,391,876
Carrying amount
At 30 March 2022
4,391,876
At 30 March 2021
2,301,274
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
14
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 March 2021 and 30 March 2022
14,000
Carrying amount
At 30 March 2022
14,000
At 30 March 2021
14,000
15
Subsidiaries

Details of the company's subsidiaries at 30 March 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Maroush Group Limited
England and Wales
Ordinary
100.00
*Ranoush Company Limited
England and Wales
Ordinary
100.00
*Dilmoor Estates Limited
England and Wales
Ordinary
100.00
*Maroush II Company Limited
England and Wales
Ordinary
100.00
*Suckers Limited
England and Wales
Ordinary
100.00
*Crockers Folly Limited
England and Wales
Ordinary
100.00
*Zakary Limited
England and Wales
Ordinary
100.00
*Superflow Management Limited
England and Wales
Ordinary
100.00
*Pollcrown Limited
England and Wales
Ordinary
100.00
*Sidi Maarouf Limited
England and Wales
Ordinary
100.00
*Lebanese Food Market Limted
England and Wales
Ordinary
100.00
*Lilyhill Limited
England and Wales
Ordinary
100.00
*Maroush Company Limited
England and Wales
Ordinary
100.00
*Maroush Express Limited
England and Wales
Ordinary
100.00
*Luckky Duggy Limited
England and Wales
Ordinary
100.00
*Beirut Express Limited
England and Wales
Ordinary
100.00
*Ranoush II Company Limited
England and Wales
Ordinary
100.00
*Samadi Foods Limited
England and Wales
Ordinary
100.00
Abouzaki Properties Limited
England and Wales
Ordinary
100.00
**Villanze Properties Limited
England and Wales
Ordinary
100.00
**Lilycroft Ventures Limited
England and Wales
Ordinary
100.00
**Firestone Management Limited
England and Wales
Ordinary
100.00
**Diamondlimits Limited
England and Wales
Ordinary
100.00
**Secsy Products Limited
England and Wales
Ordinary
100.00

* These companies are wholly owned subsidiaries of Maroush Group Limited.

 

** These companies are wholly owned subsidiaries of Abouzaki Properties Limited.

MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 32 -
16
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,391,876
2,301,274
-
-
17
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
626,550
695,315
-
-
18
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
411,391
655,532
-
0
-
0
Other debtors
32,203,545
39,515,365
-
0
-
0
Prepayments and accrued income
848,005
289,332
-
0
-
0
33,462,941
40,460,229
-
-
19
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
21
6,260,204
6,204,891
-
0
-
0
Trade creditors
4,212,336
6,847,568
-
0
-
0
Corporation tax payable
167,510
325,564
-
0
-
0
Other taxation and social security
2,640,135
1,277,996
-
-
Other creditors
4,780,760
3,668,034
-
0
-
0
Accruals and deferred income
1,677,150
636,240
-
0
-
0
19,738,095
18,960,293
-
0
-
0
20
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
21
66,750,234
70,418,797
-
0
-
0
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 33 -
21
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
66,750,234
70,418,797
-
0
-
0
Bank overdrafts
6,260,204
6,204,891
-
0
-
0
73,010,438
76,623,688
-
-
Payable within one year
6,260,204
6,204,891
-
0
-
0
Payable after one year
66,750,234
70,418,797
-
0
-
0

£45m of bank loan is secured by a fixed charge over the properties owned by the Group. The bank loan is subject to commercial rates of interest with quarterly capital repayments.

 

There is an unlimited corporate guarantee by Pollcrown Limited.

 

The other bank loan of £21m is unsecured and subject to commercial rates of interest.

 

 

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2022
2021
Group
£
£
Revaluation of Freehold properties
2,581,976
1,457,685
Revaluation of Investment properties
3,013,481
1,717,959
5,595,457
3,175,644
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the period:
£
£
Liability at 31 March 2021
3,175,644
-
Charge to profit or loss
2,419,813
-
Liability at 30 March 2022
5,595,457
-
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 34 -
23
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
133,191
125,242

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class 'A' Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Class 'B' Ordinary shares of £1 each
3,000
3,000
3,000
3,000
Class 'C' Ordinary shares of £1 each
1,000
1,000
1,000
1,000
14,000
14,000
14,000
14,000
25
Reserves
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
2,667,500
5,595,526
-
-
Between two and five years
8,477,704
19,297,060
-
-
In over five years
9,537,570
25,975,303
-
-
20,682,774
50,867,889
-
-
27
Controlling party

The ultimate controlling party is M Abouzaki.

28
Related party transactions
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
28
Related party transactions
(Continued)
- 35 -

Group and Company

Other than the transactions disclosed below, the company's other related party transactions were with wholly owned subsidiaries and so have not been disclosed.

 

Included in other creditors, is an amount due to a group of connected companies by virtue of common directors amounting to £708,217 (2021: £6,127).

 

Included in other debtors, is an amount due from a group of connected companies by virtue of common directors amounting to £30,777,125 (2021: £30,331,260).

 

During the year, wages and salaries totalling £203,543 (2021: £117,695) were paid to the directors and their family.

 

At the balance sheet date, the balances due to the directors and their family were £2,181,775 (2021: £2,166,044).These balances are interest free, unsecured and repayable on demand.

29
Cash generated from/(absorbed by) group operations
2022
2021
£
£
Loss for the period after tax
(3,047,401)
(7,573,818)
Adjustments for:
Taxation charged/(credited)
2,261,759
(729,504)
Finance costs
1,731,125
1,851,230
Investment income
(260,173)
(45,937)
Fair value (gain)/loss on investment properties
(3,251,500)
4,714,375
Amortisation and impairment of intangible assets
871
1,991
Depreciation and impairment of tangible fixed assets
365,436
617,353
Other gains and losses
389,230
(54,776)
Movements in working capital:
Decrease in stocks
68,765
66,989
Decrease in debtors
6,997,288
17,380,921
Increase/(decrease) in creditors
880,543
(17,125,696)
Cash generated from/(absorbed by) operations
6,135,943
(896,872)
30
Cash absorbed by operations - company
2022
2021
£
£
Profit for the period after tax
-
-
Cash absorbed by operations
-
-
MAROUSH GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2022
- 36 -
31
Analysis of changes in net debt - group
31 March 2021
Cash flows
30 March 2022
£
£
£
Cash at bank and in hand
3,126,188
(1,481,545)
1,644,643
Bank overdrafts
(6,204,891)
(55,313)
(6,260,204)
(3,078,703)
(1,536,858)
(4,615,561)
Borrowings excluding overdrafts
(70,418,797)
3,668,563
(66,750,234)
(73,497,500)
2,131,705
(71,365,795)
32
Analysis of changes in net funds - company
31 March 2021
30 March 2022
£
£
2022-03-302021-03-31falseCCH SoftwareCCH Accounts Production 2023.300Mr M 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