Company registration number NI064053 (Northern Ireland)
BOOJUM LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2023
BOOJUM LTD
COMPANY INFORMATION
Directors
Mr D Maxwell
Mr M Hill
(Appointed 19 June 2023)
Secretary
Mr M Hill
Company number
NI064053
Registered office
67-69 Botanic Avenue
Belfast
BT7 1JL
Auditor
GMcG BELFAST
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Business address
67-69 Botanic Avenue
Belfast
BT7 1JL
Bankers
AIB Bank
1-4 Baggot Street Lower
DUBLIN 2
AIB
35 University Road
Belfast
BT7 1ND
Solicitors
Mills Selig
21 Arthur Street
Belfast
BT1 4GA
Byrne Wallace
87-88 Harcourt Street
Dublin 2
BOOJUM LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 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
BOOJUM LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 23 APRIL 2023
- 1 -

The directors present the strategic report for the period ended 23 April 2023.

Review of the business

The group’s key financial indicators during the period were as follows:

 

23 April 2023

24 April 2022

Change

 

£

£

£

Turnover

26,984,781

24,067,721

2,917,060

Gross profit

18,605,329

17,356,248

1,249,081

Underlying EBITDA*

3,259,836

3,701,855

(442,019)

 

*EBITDA before government grants, FX, profit/loss on disposal, non-trading costs and management fees.

 

Annual turnover reached a new record level and represents growth of +27% over the last three years.

 

Sales receipts in all regions were ahead of the previous 12mths, however revenue in Northern Ireland was offset by increases in the average UK VAT rate that occurred during the comparative period. Like-for-like gains in the Republic of Ireland were boosted by a first full year of trade in Blanchardstown, which had opened in December 2021. Weekly revenues per store averaged £37,067 (2022: £34,285).

 

Gross margins of 68.9% (2022: 72.1%) reflect sustained pressure on food costs from multiple entrenched inflation factors. The whole hospitality sector has been exposed to global headwinds. Whilst striving to contain the impact of higher pricing, the business is not immune to such turbulence and consequently has been required to absorb a substantial share of the premiums imposed on certain key commodities.

 

Despite further inflationary effects, particularly relating to utilities, the ratio of operating expenses to sales held flat as labour efficiencies tracked in line with higher transaction volumes.

 

An underlying EBITDA return of 12.1% (2022: 15.4%) demonstrates that the group continues to achieve industry-leading performance metrics and is regarded as a strong result in the context of a more challenging trading environment.

 

Exceptional costs in the year include legal and professional fees pertaining to strategic projects that were ongoing at the balance sheet date.

Principal risks and uncertainties

The risk factors that are considered to be most significant to the group's operations, and where applicable an explanation of how these are managed or mitigated, are outlined below. The risks described do not necessarily comprise all those associated with the group and are not set out in any particular order of priority. Additional risks and uncertainties that are currently not known by the directors, or that are currently deemed immaterial, may also have an adverse effect on the group.

 

Operational risks

Supply chain: The regular supply of fresh food, drinks and supplies are essential for the successful operation of the stores. The company utilises established supply networks to maintain availability.

 

Health and safety: The group endeavours to ensure all necessary standards for health and safety are met including processes by which risks are identified on a timely basis and remedied accordingly.

 

Staffing: Recruiting, training, and retaining staff is a perpetual challenge for the hospitality sector. Management understands the importance of a committed and motivated team that aims to inspire each other daily. Competitive pay scales and benefits, as well as robust recruitment and training systems, are regularly reviewed to ensure a strong flow of candidates and enable stores to trade without interruption to service.

BOOJUM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 2 -

Commercial risks

Cost increases: The hospitality sector continues to face into a high-inflation environment, particularly in food and energy costs. These events are underpinned by macro-economic trends outside of the control of individual businesses. The near-term outlook is somewhat uncertain, however the longer they remain elevated the more likely they are to have a negative effect on profitability. Management work closely with dedicated supply partners to monitor the situation and take mitigating actions wherever possible.

 

Strategic risks

Economic risk: Adverse economic conditions, especially those that impact consumer confidence and disposable income, have the potential to affect sales volumes. Management regularly reviews performance against external indicators and internal forecasts. Competitor benchmarking, product innovation and brand messaging are focused on ensuring the customer is always presented with great value, choice, and experience.

 

Financial risks

Foreign currency risk: The group has transactional currency exposure arising from purchases by stores in currencies other than its functional currency. The group has sought to offset the effect of currency fluctuations by utilising Euro cash flow from the ROI operations, creating a natural hedge with the Euro denominated borrowings and, where appropriate, using forward contracts approved by the Board.

 

Liquidity risk: Management works closely with shareholders and with their banking partner to maintain a balance of continuity and flexibility in the funding position across the business. Funding needs are reviewed against operational cash flow requirements and investment strategy.

Future developments

Looking forward, the directors have set a clear focus on championing value, continually improving the proposition, and driving operational excellence at the core of company strategy.

 

The business continues to grow, opening a fifteenth store in October 2023. Further units are already in development with management confident that significant potential exists in all domestic markets, employing energy, agility and experience to leverage resources and build on recent momentum.

 

Post year-end the Azzurri Group acquired a majority shareholding in the immediate parent company, Modern Restaurant Concepts Limited.

On behalf of the board

Mr D Maxwell
Director
23 February 2024
BOOJUM LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 23 APRIL 2023
- 3 -

The directors present their annual report and financial statements for the period ended 23 April 2023.

Principal activities

The principal activity of the company and group is the operation of casual Mexican burrito stores in Northern Ireland and the Republic of Ireland.

Results and dividends

The results for the period are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr D Maxwell
Mr A Maxwell
(Resigned 19 June 2023)
Mr B Traynor
(Resigned 19 June 2023)
Mr M Flood
(Resigned 19 June 2023)
Mr M Hill
(Appointed 19 June 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through 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.

Auditor

The auditor, GMcG BELFAST, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

BOOJUM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D Maxwell
Director
23 February 2024
BOOJUM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOOJUM LTD
- 5 -
Opinion

We have audited the financial statements of Boojum Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 23 April 2023 which comprise 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.

BOOJUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOJUM LTD
- 6 -

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 directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

BOOJUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOJUM LTD
- 7 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BOOJUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOJUM LTD
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

BOOJUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOJUM LTD
- 9 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities 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.

BOOJUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOJUM LTD
- 10 -

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.

Mr Nigel Moore FCA (Senior Statutory Auditor)
For and on behalf of GMcG BELFAST
23 February 2024
Chartered Accountants
Statutory Auditor
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
BOOJUM LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 23 APRIL 2023
- 11 -
Period
Period
ended
ended
23 April
24 April
2023
2022
Notes
£
£
Turnover
3
26,984,781
24,067,721
Cost of sales
(8,379,452)
(6,711,473)
Gross profit
18,605,329
17,356,248
Administrative expenses
(16,434,611)
(15,241,942)
Other operating income
96,052
354,886
Exceptional items
4
(52,892)
(70,240)
Operating profit
5
2,213,878
2,398,952
Interest payable and similar expenses
9
(13,413)
-
0
Profit before taxation
2,200,465
2,398,952
Tax on profit
10
(601,844)
(437,066)
Profit for the financial period
21
1,598,621
1,961,886
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
185,212
(78,665)
Total comprehensive income for the period
1,783,833
1,883,221
Profit for the financial period is all attributable to the owner of the parent company.
Total comprehensive income for the period is all attributable to the owner of the parent company.
BOOJUM LTD
GROUP BALANCE SHEET
AS AT
23 APRIL 2023
23 April 2023
- 12 -
23 April 2023
24 April 2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
799
Other intangible assets
12
612,661
741,723
Total intangible assets
612,661
742,522
Tangible assets
13
796,108
904,137
1,408,769
1,646,659
Current assets
Stocks
15
102,102
101,964
Debtors
16
5,205,610
4,278,553
Cash at bank and in hand
2,587,140
1,202,259
7,894,852
5,582,776
Creditors: amounts falling due within one year
17
(4,392,211)
(4,118,850)
Net current assets
3,502,641
1,463,926
Total assets less current liabilities
4,911,410
3,110,585
Provisions for liabilities
Deferred tax liability
18
37,001
20,009
(37,001)
(20,009)
Net assets
4,874,409
3,090,576
Capital and reserves
Called up share capital
20
10
10
Profit and loss reserves
21
4,874,399
3,090,566
Total equity
4,874,409
3,090,576

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
23 February 2024
Mr D Maxwell
Director
Company registration number NI064053 (Northern Ireland)
BOOJUM LTD
COMPANY BALANCE SHEET
AS AT 23 APRIL 2023
23 April 2023
- 13 -
23 April 2023
24 April 2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
799
Other intangible assets
12
77,756
120,174
Total intangible assets
77,756
120,973
Tangible assets
13
271,586
190,736
Investments
14
2,858
2,858
352,200
314,567
Current assets
Stocks
15
59,304
64,923
Debtors
16
4,649,710
3,790,426
Cash at bank and in hand
742,187
464,760
5,451,201
4,320,109
Creditors: amounts falling due within one year
17
(10,645,326)
(9,070,257)
Net current liabilities
(5,194,125)
(4,750,148)
Total assets less current liabilities
(4,841,925)
(4,435,581)
Provisions for liabilities
Deferred tax liability
18
37,001
20,009
(37,001)
(20,009)
Net liabilities
(4,878,926)
(4,455,590)
Capital and reserves
Called up share capital
20
10
10
Profit and loss reserves
21
(4,878,936)
(4,455,600)
Total equity
(4,878,926)
(4,455,590)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £500,597 (2022 - £649,786 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
23 February 2024
Mr D Maxwell
Director
Company registration number NI064053 (Northern Ireland)
BOOJUM LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 23 APRIL 2023
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 26 April 2021
10
1,207,345
1,207,355
Period ended 24 April 2022:
Profit for the period
-
1,961,886
1,961,886
Other comprehensive income:
Currency translation differences
-
(78,665)
(78,665)
Total comprehensive income
-
1,883,221
1,883,221
Balance at 24 April 2022
10
3,090,566
3,090,576
Period ended 23 April 2023:
Profit for the period
-
1,598,621
1,598,621
Other comprehensive income:
Currency translation differences
-
185,212
185,212
Total comprehensive income
-
1,783,833
1,783,833
Balance at 23 April 2023
10
4,874,399
4,874,409
BOOJUM LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 23 APRIL 2023
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 26 April 2021
10
(3,762,850)
(3,762,840)
Period ended 24 April 2022:
Loss for the period
-
(649,786)
(649,786)
Other comprehensive income:
Currency translation differences
-
(42,964)
(42,964)
Total comprehensive income
-
(692,750)
(692,750)
Balance at 24 April 2022
10
(4,455,600)
(4,455,590)
Period ended 23 April 2023:
Loss for the period
-
(500,596)
(500,596)
Other comprehensive income:
Currency translation differences
-
77,260
77,260
Total comprehensive income
-
(423,336)
(423,336)
Balance at 23 April 2023
10
(4,878,936)
(4,878,926)
BOOJUM LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 23 APRIL 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
2,326,807
(1,811,167)
Interest paid
(13,413)
-
0
Income taxes paid
(605,060)
(713,517)
Net cash inflow/(outflow) from operating activities
1,708,334
(2,524,684)
Investing activities
Purchase of intangible assets
(27,227)
(64,497)
Purchase of tangible fixed assets
(389,628)
(561,651)
Other loans made
(25,000)
-
Net cash used in investing activities
(441,855)
(626,148)
Financing activities
Payment of finance leases obligations
-
(1,482)
Net cash used in financing activities
-
(1,482)
Net increase/(decrease) in cash and cash equivalents
1,266,479
(3,152,314)
Cash and cash equivalents at beginning of period
1,202,259
4,365,831
Effect of foreign exchange rates
118,402
(11,258)
Cash and cash equivalents at end of period
2,587,140
1,202,259
BOOJUM LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 23 APRIL 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
507,138
333,827
Interest paid
(2,772)
-
0
Income taxes paid
(50,877)
(108,085)
Net cash inflow from operating activities
453,489
225,742
Investing activities
Purchase of intangible assets
(27,227)
(61,675)
Purchase of tangible fixed assets
(195,379)
(110,993)
Other loans made
(25,000)
-
0
Net cash used in investing activities
(247,606)
(172,668)
Financing activities
Payment of finance leases obligations
-
(1,482)
Net cash used in financing activities
-
(1,482)
Net increase in cash and cash equivalents
205,883
51,592
Cash and cash equivalents at beginning of period
464,760
450,637
Effect of foreign exchange rates
71,544
(37,469)
Cash and cash equivalents at end of period
742,187
464,760
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2023
- 18 -
1
Accounting policies
Company information

Boojum Ltd (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is 67-69 Botanic Avenue, Belfast, BT7 1JL.

 

The group consists of Boojum Ltd and all of its subsidiaries.

 

The group is engaged in the operation of Mexican burrito bars serving award winning food and operates from a number of places of business in both Northern Ireland and the Republic of Ireland.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The group has divisions in Northern Ireland and the Republic of Ireland. Consequently, the group's functional currency is both Sterling and Euro. The group’s presentational currency is Sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

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

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Boojum Ltd 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 23 April 2023. 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.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
1
Accounting policies (Continued)
- 19 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a 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 amortised on a straight-line basis over its expected life, which is 10 years.

1.7
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.

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:

Rental leases
Amortised over 10 years
Software development
Amortised over 3 years

No amortisation is charged on liquor licences as the residual value is not considered to be materially different to cost.

1.8
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.

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:

Alterations to leasehold property
20% per annum straight line
Fixtures, fittings and equipment
25% per annum straight line
Motor vehicles
25% per annum straight line

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.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
1
Accounting policies (Continued)
- 20 -
1.9
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.

1.10
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.

1.11
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.

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.

1.12
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.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
1
Accounting policies (Continued)
- 21 -
1.13
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.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
1
Accounting policies (Continued)
- 22 -
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.

1.14
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.

1.15
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.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
1
Accounting policies (Continued)
- 23 -
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.

1.16
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.

1.17
Retirement benefits

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

1.18
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.

1.19
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.

1.20
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.

On consolidation of the company's subsidiaries, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in the Statement of Other Comprehensive Income.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
1
Accounting policies (Continued)
- 24 -
1.21

Exceptional items

Exceptional items represent the impact of non-recurring items including pre-opening costs of stores. Due to their nature and infrequency these are presented separately on the face of the Income Statement.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment. Impairment of such investments involves some estimation uncertainty.

Intangible assets

Intangible assets are measured at cost less any accumulated amortisation over the useful life of the asset and any accumulated impairment losses. Both the useful life and the impairment of such assets involves some estimation uncertainty.

Tangible assets

Tangible assets are measured at cost less any accumulated depreciation over the useful life of the asset and any accumulated impairment losses. Both the useful life and the impairment of such assets involves some estimation uncertainty.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
Sales - NI
8,491,113
8,760,272
Sales - ROI
18,493,668
15,307,449
26,984,781
24,067,721
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
3
Turnover and other revenue (Continued)
- 25 -
2023
2022
£
£
Other revenue
Grants received
34,367
308,219
Employment subsidies
-
214,245
Other income
61,685
46,667

Grants received during the year includes Temporary Business Energy Support Scheme (TBESS) claims and in the prior year relates to other various Government support initiatives in relation to the COVID-19 pandemic.

 

Other income in both the current and prior years includes proceeds that were received for the assignment of a lease to a third party.

 

All turnover is derived from the group's principal activity.

4
Exceptional items
2023
2022
£
£
Expenditure
Pre-opening costs
1,110
54,945
Impairment of fixed assets
-
15,295
Other non-recurring items
51,782
-
52,892
70,240

The exceptional items represent the impact of non-recurring items, including pre-opening of stores. Other non-recurring items in the year include legal and professional fees pertaining to strategic projects that were ongoing at the balance sheet date. Due to their nature and infrequency these are presented separately on the face of the Statement of Comprehensive Income.

5
Operating profit
2023
2022
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange (gains)/losses
(108,896)
264,286
Government grants
(34,367)
(308,219)
Depreciation of owned tangible fixed assets
489,071
793,264
Impairment of owned tangible fixed assets
-
15,295
Loss on disposal of tangible fixed assets
45,515
6,103
Amortisation of intangible assets
183,458
189,148
Loss on disposal of intangible assets
3,511
2,056
Operating lease charges
1,022,328
946,167
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 26 -
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,180
8,450
Audit of the financial statements of the company's subsidiaries
44,380
43,466
53,560
51,916
7
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
26
26
26
26
Restaurant staff
413
350
122
107
Total
439
376
148
133

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,511,439
6,725,165
3,236,897
3,037,689
Social security costs
696,091
590,600
338,481
286,667
Pension costs
39,866
42,059
26,223
25,587
8,247,396
7,357,824
3,601,601
3,349,943
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
247,170
198,932
Company pension contributions to defined contribution schemes
1,854
1,841
249,024
200,773
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
8
Directors' remuneration (Continued)
- 27 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
207,640
-
Company pension contributions to defined contribution schemes
1,321
-

As total directors' remuneration was less than £200,000 in the prior period, no disclosure is provided for that period.

9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
8,527
-
Other finance costs:
Other interest
4,886
-
Total finance costs
13,413
-
0
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
512,413
487,883
Adjustments in respect of prior periods
72,733
(1,456)
Adjustment in respect of ROI subsidiaries
-
0
(62,045)
Total current tax
585,146
424,382
Deferred tax
Origination and reversal of timing differences
16,698
12,684
Total tax charge
601,844
437,066
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
10
Taxation (Continued)
- 28 -

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

2023
2022
£
£
Profit before taxation
2,200,465
2,398,952
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
418,088
455,801
Tax effect of expenses that are not deductible in determining taxable profit
38,440
90,093
Unutilised tax losses carried forward
211
542
Adjustments in respect of prior years
72,733
(1,456)
Group relief
166,966
-
0
Other non-reversing timing differences
(31,332)
24,502
Effect of overseas tax rates
(26,316)
(108,273)
Adjustment on consoldiation
(41,363)
(24,143)
Other adjustments
4,417
-
0
Taxation charge
601,844
437,066

Factors that may affect future tax charges

Finance Act 2021 increased the UK tax rate from 19% to 25% with effect from 1 April 2023. This will have a consequential effect on the company and group's future tax charge.

11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
£
£
In respect of:
Property, plant and equipment
-
15,295

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 29 -
12
Intangible fixed assets
Group
Goodwill
Liquor licence
Rental leases
Software development
Total
£
£
£
£
£
Cost
At 25 April 2022
460,502
71,328
1,174,027
126,730
1,832,587
Additions
-
0
-
0
-
0
27,227
27,227
Disposals
-
0
(3,256)
(68,118)
-
0
(71,374)
Exchange adjustments
-
0
1,654
54,324
-
0
55,978
At 23 April 2023
460,502
69,726
1,160,233
153,957
1,844,418
Amortisation and impairment
At 25 April 2022
459,703
4,467
577,350
48,545
1,090,065
Amortisation charged for the period
799
-
0
127,453
55,206
183,458
Disposals
-
0
-
0
(67,863)
-
0
(67,863)
Exchange adjustments
-
0
-
0
26,097
-
0
26,097
At 23 April 2023
460,502
4,467
663,037
103,751
1,231,757
Carrying amount
At 23 April 2023
-
0
65,259
497,196
50,206
612,661
At 24 April 2022
799
66,861
596,677
78,185
742,522
Company
Goodwill
Liquor licence
Rental leases
Software development
Total
£
£
£
£
£
Cost
At 25 April 2022
460,502
27,237
91,648
126,730
706,117
Additions
-
0
-
0
-
0
27,227
27,227
Disposals
-
0
(442)
(68,118)
-
0
(68,560)
Exchange adjustments
-
0
526
1,845
-
0
2,371
At 23 April 2023
460,502
27,321
25,375
153,957
667,155
Amortisation and impairment
At 25 April 2022
459,703
-
0
76,896
48,545
585,144
Amortisation charged for the period
799
-
0
14,280
55,206
70,285
Disposals
-
0
-
0
(67,863)
-
0
(67,863)
Exchange adjustments
-
0
-
0
1,833
-
0
1,833
At 23 April 2023
460,502
-
0
25,146
103,751
589,399
Carrying amount
At 23 April 2023
-
0
27,321
229
50,206
77,756
At 24 April 2022
799
27,237
14,752
78,185
120,973
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 30 -
13
Tangible fixed assets
Group
Alterations to leasehold property
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 25 April 2022
4,889,980
1,287,602
47,415
6,224,997
Additions
227,553
162,075
-
0
389,628
Disposals
(441,727)
(151,582)
-
0
(593,309)
Exchange adjustments
159,524
40,479
130
200,133
At 23 April 2023
4,835,330
1,338,574
47,545
6,221,449
Depreciation and impairment
At 25 April 2022
4,080,021
1,193,424
47,415
5,320,860
Depreciation charged in the period
438,892
50,179
-
0
489,071
Eliminated in respect of disposals
(397,499)
(150,295)
-
0
(547,794)
Exchange adjustments
126,402
36,672
130
163,204
At 23 April 2023
4,247,816
1,129,980
47,545
5,425,341
Carrying amount
At 23 April 2023
587,514
208,594
-
0
796,108
At 24 April 2022
809,959
94,178
-
0
904,137
Company
Alterations to leasehold property
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 25 April 2022
742,477
379,843
47,415
1,169,735
Additions
129,631
65,748
-
0
195,379
Disposals
(121,329)
(85,000)
-
0
(206,329)
Exchange adjustments
20,637
12,085
130
32,852
At 23 April 2023
771,416
372,676
47,545
1,191,637
Depreciation and impairment
At 25 April 2022
612,788
318,796
47,415
978,999
Depreciation charged in the period
57,529
26,790
-
0
84,319
Eliminated in respect of disposals
(85,941)
(85,000)
-
0
(170,941)
Exchange adjustments
17,981
9,563
130
27,674
At 23 April 2023
602,357
270,149
47,545
920,051
Carrying amount
At 23 April 2023
169,059
102,527
-
0
271,586
At 24 April 2022
129,689
61,047
-
0
190,736
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 31 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
31
-
0
-
0
2,858
2,858
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 25 April 2022 and 23 April 2023
2,858
Carrying amount
At 23 April 2023
2,858
At 24 April 2022
2,858
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
102,102
101,964
59,304
64,923
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
66,959
60,490
66,959
60,490
Corporation tax recoverable
105,362
116,285
-
0
70,370
Amounts owed by group undertakings
4,120,934
3,369,179
4,147,184
3,364,050
Other debtors
465,076
546,641
208,939
219,677
Prepayments and accrued income
447,279
185,958
226,628
75,839
5,205,610
4,278,553
4,649,710
3,790,426
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 32 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,032,030
775,707
332,845
164,233
Amounts owed to group undertakings
-
0
-
0
8,596,562
7,380,452
Corporation tax payable
245,646
276,777
148,375
-
0
Other taxation and social security
1,584,780
1,457,867
888,808
827,802
Other creditors
139,247
123,542
136,516
43,973
Accruals and deferred income
1,390,508
1,484,957
542,220
653,797
4,392,211
4,118,850
10,645,326
9,070,257
18
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
37,001
20,009
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
37,001
20,009
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 25 April 2022
20,009
20,009
Charge to profit or loss
16,698
16,698
Other
294
294
Liability at 23 April 2023
37,001
37,001

At the balance sheet date there exists a deferred tax asset of £226,745 (2022 - £244,329) at a corporation tax rate of 25%/12.5% (Non-UK). The deferred tax asset arises in respect of timing differences and in accordance with FRS 102 and the accounting policy, this asset has not been recognised.

BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 33 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,866
42,059

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.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
21
Reserves
Profit and loss reserves

The profit and loss reserves represent the accumulated profits of the group.

22
Financial commitments, guarantees and contingent liabilities

The group has provided an unlimited cross company guarantee in relation to the bank borrowings of its parent company, Modern Restaurant Concepts Limited. The total bank borrowings of Modern Restaurant Concepts Limited at the balance sheet date were £124,173. Boojum Ltd also acts as guarantor for certain operating leases entered into by subsidiary companies.

 

There were no other contingencies requiring disclosure at the year end.

23
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
2023
2022
2023
2022
£
£
£
£
Within one year
968,394
1,033,276
148,833
222,401
Between two and five years
2,928,834
3,133,056
282,773
495,497
In over five years
780,195
1,342,729
120,402
269,376
4,677,423
5,509,061
552,008
987,274
Reduction in rent payments recognised in profit or loss arising from the COVID-19 pandemic
-
47,188
-
17,188
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 34 -
24
Related party transactions

Key Management Personnel

Key management personnel are made up of the senior management team, including all statutory directors. Remuneration totaling £901,736 (2022 - £739,463) was paid to key management personnel during the year.

 

Other

During the period the group paid £99,265 (2022 - £117,726) in management fees and other charges to Renatus Capital Partners Limited Partnership (reference note 26).

 

Company

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

 

There were no other transactions that are required to be disclosed in accordance with FRS 102.

25
Directors' transactions

During the year a loan of £25,000 was advanced by the company to one of its directors. The loan was repaid in full after the year end and no interest was payable to the company in respect of the loan.

26
Controlling party

The company is a wholly owned subsidiary of Modern Restaurant Concepts Ltd, a company incorporated in the Republic of Ireland. The results of the company are included in the consolidated financial statements of Modern Restaurant Concepts Ltd available from the registered office at Unit 2, Harmony Court, Harmony Row, Dublin.

 

Renatus Capital Partners Limited Partnership was considered to be the ultimate controlling party during the year. From 19 June 2023 the ultimate controlling party is considered to be TowerBrook Capital Partners L.P.

27
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the period after tax
1,598,621
1,961,886
Adjustments for:
Taxation charged
601,844
437,066
Finance costs
13,413
-
0
Loss on disposal of tangible fixed assets
45,515
6,103
Loss on disposal of intangible assets
3,511
2,056
Amortisation and impairment of intangible assets
183,458
189,148
Depreciation and impairment of tangible fixed assets
489,071
808,559
Movements in working capital:
Increase in stocks
(138)
(18,095)
Increase in debtors
(933,515)
(3,388,144)
Increase/(decrease) in creditors
325,027
(1,809,746)
Cash generated from/(absorbed by) operations
2,326,807
(1,811,167)
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 35 -
28
Cash generated from operations - company
2023
2022
£
£
Loss for the period after tax
(500,596)
(649,786)
Adjustments for:
Taxation charged/(credited)
286,614
(2,856)
Finance costs
2,772
-
0
Loss on disposal of tangible fixed assets
35,388
4,974
Loss on disposal of intangible assets
697
-
Amortisation and impairment of intangible assets
70,285
81,328
Depreciation and impairment of tangible fixed assets
84,319
96,770
Movements in working capital:
Decrease/(increase) in stocks
5,619
(9,890)
Increase in debtors
(904,654)
(1,929,951)
Increase in creditors
1,426,694
2,743,238
Cash generated from operations
507,138
333,827
29
Analysis of changes in net funds - group
25 April 2022
Cash flows
Exchange rate movements
23 April 2023
£
£
£
£
Cash at bank and in hand
1,202,259
1,266,479
118,402
2,587,140
30
Analysis of changes in net funds - company
25 April 2022
Cash flows
Exchange rate movements
23 April 2023
£
£
£
£
Cash at bank and in hand
464,760
205,883
71,544
742,187
BOOJUM LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023
- 36 -
31
Subsidiaries

Details of the company's subsidiaries at 23 April 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Boojum Abbey Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum GB trading Limited (Formerly Boojum Chichester Limited)
Northern Ireland
No trade in the year
Ordinary
100.00
Boojum George's Street Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Hanover Quay Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum IFSC Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum Lisburn Limited
Northern Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Mespil Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Patrick Street Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Smithfield Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Thomas Street Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum Victoria Limited
Northern Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Victoria Square Limited
Northern Ireland
Operation of Restaurant
Ordinary
100.00
Boojum Winthrop Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum 10 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 11 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 12 Limited
Republic of Ireland
Operation of Restaurant
Ordinary
100.00
Boojum 13 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 14 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 15 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 16 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 17 Limited
Northern Ireland
In liquidation
Ordinary
100.00
Boojum 3 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00
Boojum 9 Limited
Republic of Ireland
No trade in the year
Ordinary
100.00

All subsidiaries incorporated in Northern Ireland have a registered office address of 67-69 Botanic Avenue, Belfast, BT7 1JL.

 

All subsidiaries incorporated in the Republic of Ireland have a registered office address of Unit 2, Harmony Court, Harmony Row, Dublin.

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