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Registration number: 10027274

Hautecaters Holding Co. Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2023

 

Hautecaters Holding Co. Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3 to 4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 36

 

Hautecaters Holding Co. Limited

Company Information

Director

C Moffatt

Company secretary

P Saunders

Registered office

22 Woodstock Street
London
W1C 2AR

Auditors

Wenn Townsend
Chartered Accountants and Statutory Auditor
30 St Giles'
Oxford
OX1 3LE

 

Hautecaters Holding Co. Limited

Strategic Report for the Year Ended 31 March 2023

The director presents his strategic report for the year ended 31 March 2023.

Principal activity

The principal activity of the group is is that of a holding company.

Fair review of the business

The group has a business model that combines markets where it wholly operates its own shops and others where it franchises out the operation of the shops. Its subsidiary, HCL Global Supply Ltd, makes cookie dough to be sold in both wholly owned and franchised shops. The group also derives royalties from licensing the Ben’s Cookies brand.

The year ended 31 March 2023 experienced no tangible negative impact COVID-19 pandemic. This return to normal trading helped the group’s financial performance improve versus the prior year which – in some markets – had still felt some negative impacts during the first half of 2022.

Overall: revenues increased by 27%, gross margin percentage was maintained and admin expenses on continuing operations increased by 20%.


The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£000

15,764

12,373

Gross Margin

%

49

48

Principal risks and uncertainties

Gross margins continue to be squeezed due to continued input inflation, particularly ingredient / food costs, energy costs and labour rates. The board maintains its view from last year that whilst much of this margin pressure can be passed on to the end consumer via retail price increases, there is a limit to this, and the company continues to look at longer term strategies to mitigate exposure.

Other longer term macro trends can present risks such as change in dietary preferences and changes to government tax policies impacting business.


Approved and authorised by the director on 29 February 2024
 

.........................................
C Moffatt
Director

 

Hautecaters Holding Co. Limited

Director's Report for the Year Ended 31 March 2023

The director presents his report and the for the year ended 31 March 2023.

Directors of the group

The directors who held office during the year were as follows:

C Moffatt

F A Rajhi (resigned 29 February 2024)

Employment of disabled persons

The Group remains supportive of the employment and advancement of disabled persons.

Whilst there is no specific policy in place, the business would work to support and amend duties to enable all employees to continue work in the event of becoming disabled wherever feasible. Any disabled employees will be supported to encourage further training, career development and promotion.

Employee involvement

The Group values the commitment of its employees and has maintained its practice of communicating with them regarding the development of the business. The Directors seek to promote an inclusive workplace in which individuals feel they are respected, valued and have an equal opportunity to progress. As such, employment policies are designed to respect employees’ human rights, ensure equal opportunity and promote diversity. Employees are actively encouraged to undertake relevant training and to develop their careers. Performance reviews are also conducted with individual employees.

The Group operates as follows with regards to employee engagement:
- We welcome employees to raise concerns via ‘open door’ policy. Official communications to staff are in the format of written notices or group emails.
- Effective communication and consultation between staff and management is recognised as being key, weekly meetings take place to discuss any concerns. Regular consultation with employees is provided through regular face to face contact
- Management are regularly updated with the performance of the company and economic reasons affecting decision making on a need-to-know basis.

Future developments

There are no imminent developments of a material nature not already mentioned in the Strategic Report.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

 

Hautecaters Holding Co. Limited

Director's Report for the Year Ended 31 March 2023

Approved and authorised by the director on 29 February 2024
 

.........................................
C Moffatt
Director

 

Hautecaters Holding Co. Limited

Statement of Director's Responsibilities

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

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

 

Hautecaters Holding Co. Limited

Independent Auditor's Report to the Members of Hautecaters Holding Co. Limited

Opinion

We have audited the financial statements of Hautecaters Holding Co. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group and of the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Hautecaters Holding Co. Limited

Independent Auditor's Report to the Members of Hautecaters Holding Co. Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

• Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing overseas local auditor reporting;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

 

Hautecaters Holding Co. Limited

Independent Auditor's Report to the Members of Hautecaters Holding Co. Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

 

Hautecaters Holding Co. Limited

Independent Auditor's Report to the Members of Hautecaters Holding Co. Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

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.

......................................
Anthony Haines BSc FCA (Senior Statutory Auditor)
For and on behalf of Wenn Townsend, Statutory Auditor

30 St Giles'
Oxford
OX1 3LE

29 February 2024

 

Hautecaters Holding Co. Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
 £

2022
 £

Turnover

3

15,764,170

12,373,161

Cost of sales

 

(8,068,423)

(6,304,515)

Gross profit

 

7,695,747

6,068,646

Distribution costs

 

(144,299)

(164,714)

Administrative expenses

 

(7,010,343)

(5,848,406)

Other operating income

4

125,620

499,846

Operating profit

5

666,725

555,372

Other interest receivable and similar income

7

-

89

Interest payable and similar charges

8

(51,482)

(44,627)

 

(51,482)

(44,538)

Profit before tax

 

615,243

510,834

Taxation

12

(153,438)

(158,398)

Profit for the financial year

 

461,805

352,436

Profit/(loss) attributable to:

 

Owners of the company

 

461,805

352,436

 

Hautecaters Holding Co. Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

461,805

352,436

Foreign currency translation gains

31,945

39,250

Total comprehensive income for the year

493,750

391,686

Total comprehensive income attributable to:

Owners of the company

493,750

391,686

 

Hautecaters Holding Co. Limited

(Registration number: 10027274)
Consolidated Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

328,336

402,633

Tangible assets

14

1,001,041

1,240,911

Investments

15

8,130

-

 

1,337,507

1,643,544

Current assets

 

Stocks

16

1,189,370

809,469

Debtors

17

1,313,151

895,787

Cash at bank and in hand

 

652,131

621,720

 

3,154,652

2,326,976

Creditors: Amounts falling due within one year

19

(2,117,201)

(2,065,567)

Net current assets

 

1,037,451

261,409

Total assets less current liabilities

 

2,374,958

1,904,953

Creditors: Amounts falling due after more than one year

19

(728,664)

(709,709)

Provisions for liabilities

20

(196,591)

(239,291)

Net assets

 

1,449,703

955,953

Capital and reserves

 

Called up share capital

22

200

200

Share premium reserve

2,128,905

2,128,905

Other reserves

213,932

181,987

Profit and loss account

(893,334)

(1,355,139)

Equity attributable to owners of the company

 

1,449,703

955,953

Total equity

 

1,449,703

955,953

Approved and authorised by the director on 29 February 2024
 

.........................................
C Moffatt
Director

 

Hautecaters Holding Co. Limited

(Registration number: 10027274)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

15

2,601,269

2,601,269

Current assets

 

Debtors

17

100

100

Cash at bank and in hand

 

2,092

2,119

 

2,192

2,219

Creditors: Amounts falling due within one year

19

(353,571)

(353,571)

Net current liabilities

 

(351,379)

(351,352)

Net assets

 

2,249,890

2,249,917

Capital and reserves

 

Called up share capital

22

200

200

Share premium reserve

2,128,905

2,128,905

Retained earnings

120,785

120,812

Shareholders' funds

 

2,249,890

2,249,917

The company made a loss after tax for the financial year of £27 (2022 - profit of £-).

Approved and authorised by the director on 29 February 2024
 

.........................................
C Moffatt
Director

 

Hautecaters Holding Co. Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Foreign currency translation
£

Retained earnings
£

Total
£

Total equity
£

At 1 April 2022

200

2,128,905

181,987

(1,355,139)

955,953

955,953

Profit for the year

-

-

-

461,805

461,805

461,805

Other comprehensive income

-

-

31,945

-

31,945

31,945

Total comprehensive income

-

-

31,945

461,805

493,750

493,750

At 31 March 2023

200

2,128,905

213,932

(893,334)

1,449,703

1,449,703

Share capital
£

Share premium
£

Foreign currency translation
£

Retained earnings
£

Total
£

Total equity
£

At 1 April 2021

200

2,128,905

142,737

(1,707,575)

564,267

564,267

Profit for the year

-

-

-

352,436

352,436

352,436

Other comprehensive income

-

-

39,250

-

39,250

39,250

Total comprehensive income

-

-

39,250

352,436

391,686

391,686

At 31 March 2022

200

2,128,905

181,987

(1,355,139)

955,953

955,953

 

Hautecaters Holding Co. Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

200

2,128,905

120,812

2,249,917

Loss for the year

-

-

(27)

(27)

At 31 March 2023

200

2,128,905

120,785

2,249,890

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2021

200

2,128,905

120,812

2,249,917

At 31 March 2022

200

2,128,905

120,812

2,249,917

 

Hautecaters Holding Co. Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
 £

2022
 £

Cash flows from operating activities

Profit for the year

 

461,805

352,436

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

680,973

452,512

Loss/(profit) on disposal of tangible assets

10,149

(30,070)

Finance income

7

-

(89)

Finance costs

8

51,482

44,627

Income tax expense

12

153,438

158,398

Foreign exchange gains/losses

 

31,216

66,941

 

1,389,063

1,044,755

Working capital adjustments

 

(Increase)/decrease in stocks

16

(379,901)

32,640

(Increase)/decrease in trade debtors

17

(417,364)

67,053

Increase/(decrease) in trade creditors

19

145,884

(514,831)

Increase/(decrease) in provisions

20

26,100

(3,858)

Cash generated from operations

 

763,782

625,759

Income taxes paid

 

(312,000)

-

Net cash flow from operating activities

 

451,782

625,759

Cash flows from investing activities

 

Interest received

-

89

Acquisitions of tangible assets

(397,877)

(331,536)

Proceeds from sale of tangible assets

 

64,053

107,855

Acquisition of intangible assets

13

(39,195)

(13,700)

Acquisition of investments in joint ventures and associates

15

(8,130)

-

Net cash flows from investing activities

 

(381,149)

(237,292)

Cash flows from financing activities

 

Interest paid

8

(51,482)

(44,627)

Repayment of other borrowing

 

(57,371)

(34,623)

Payments to finance lease creditors

 

72,991

(27,414)

Net cash flows from financing activities

 

(35,862)

(106,664)

Net increase in cash and cash equivalents

 

34,771

281,803

Cash and cash equivalents at 1 April

 

621,720

396,609

Effect of exchange rate fluctuations on cash held

 

(4,360)

(56,692)

Cash and cash equivalents at 31 March

 

652,131

621,720

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
22 Woodstock Street
London
W1C 2AR

The principal place of business is:
31/32 Monument Business Park
Warpsgrove Lane
Chalgrove
Oxfordshire
OX44 7RW

These financial statements were authorised for issue by the director on 29 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's loss for the year was £27 (2022: £nil).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.

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

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

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

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

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

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

Going concern

The financial statements have been prepared on a going concern basis. The group had net current liabilities of £347,075 at the 31st March 2021, which coupled with the COVID-19 global pandemic necessitated a structural review by the management. Forecasts and budgets were prepared, and structural decisions regarding loss making areas in the group were made during 2021. As a result, following profits in both 2022 and 2023 the group now has net current assets of £1,037,451 as at 31st March 2023.

At the date of approval of the accounts, these operating forecasts have been updated and continue to illustrate the ability of the group to continue as a going concern for a period of at least 12 months from the date of approval of these accounts in the opinion of the directors. In performing this review, the directors have factored in the anticipated continued impact global economic factors including rising inflation and conflict in Ukraine, and undertaken stress testing on projections to identify any point of material concern. No issues were noted in this review, and the group continues to show positive improvement trading post COVID.

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Revenue recognition

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

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

Government grants

The group received government grants in the prior period in respect of the Coronavirus Job Retention Scheme in the UK.
These grants are recognised using the accrual model and as such are recorded in the profit and loss
account in the period in which the company is entitled to such grants as a result of having furloughed
staff members.

Foreign currency transactions and balances

The financial statements of the individual group entities are presented in their functional currency. Transactions in currencies other than the functional currency of the individual entities are recognised at the spot rate at the date of the transaction. At the end of each reporting period, monetary items are retranslated at the prevailing rate. Non-monetary items are not retranslated. Exchange differences are recognised in profit and loss in the period in which they arise.

In preparing the group's consolidated financial statements, the financial statements of the group's foreign operations are translated into the group's presentation currency of sterling. The assets and liabilities are translated using the closing exchange rate. Income and expenditure are translated using the average rate for the period. Resulting exchange differences are recognised in other comprehensive income.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

Straight line over 5-15 years

Motor vehicles

Straight line over 10 years

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Fixtures, fittings and equipment

Straight line over 3-8 years

Leasehold properties

Straight line over the life of the lease

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

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

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

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

Asset class

Amortisation method and rate

Trademarks

over 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

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

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade debtors

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

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

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

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

Trade creditors

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

Borrowings

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

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

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

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Defined contribution pension obligation

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

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

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Revenue

The analysis of the group's turnover for the year by class of business is as follows:

2023
£

2022
£

Sale of goods

15,233,813

11,901,672

Royalties and store fees

530,357

471,489

15,764,170

12,373,161

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

9,445,815

7,359,956

Rest of world

6,318,355

5,013,205

15,764,170

12,373,161

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

-

128,000

Miscellaneous other operating income

125,620

371,846

125,620

499,846

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

567,035

349,449

Amortisation expense

113,938

103,063

Foreign exchange losses

31,216

66,941

Loss/(profit) on disposal of property, plant and equipment

10,149

(30,070)

6

Government grants

The group received government grants in the form of CJRS funding to cover the costs of furloughed staff in the UK.

The amount of grants recognised in the financial statements was £Nil (2022 - £128,000).

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Other interest receivable and similar income

2023
£

2022
£

Other finance income

-

89

8

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

51,482

44,627

9

Staff costs

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

2023
£

2022
£

Wages and salaries

5,086,905

4,068,848

Social security costs

338,316

243,139

Pension costs, defined contribution scheme

125,340

95,513

5,550,561

4,407,500

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

2023
No.

2022
No.

Production

45

47

Administration and support

9

9

Sales

173

177

227

233

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Director's remuneration

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

2023
£

2022
£

Remuneration

270,412

212,546

In respect of the highest paid director:

2023
£

2022
£

Remuneration

270,412

212,546

11

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements of subsidiaries of the company pursuant to legislation

44,562

33,806

Other fees to auditors

Auditor's remuneration - Other services

11,444

8,500


 

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

153,438

158,398

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

615,243

510,834

Corporation tax at standard rate

116,896

97,058

Tax increase from effect of unrelieved loss on foreign subsidiaries

36,542

61,340

Total tax charge

153,438

158,398

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

112,000

-

112,000

2022

Asset
£

Liability
£

Accelerated capital allowances

-

180,800

-

180,800

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

13

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

799,472

170,518

969,990

Additions acquired separately

2,631

36,564

39,195

At 31 March 2023

802,103

207,082

1,009,185

Amortisation

At 1 April 2022

481,397

85,960

567,357

Amortisation charge

91,694

22,244

113,938

Foreign exchange movements

(446)

-

(446)

At 31 March 2023

572,645

108,204

680,849

Carrying amount

At 31 March 2023

229,458

98,878

328,336

At 31 March 2022

318,075

84,558

402,633

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2022 - £-).
 

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

14

Tangible assets

Group

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 April 2022

1,137,106

2,598,678

210,400

-

3,946,184

Additions

116,404

99,150

85,923

96,400

397,877

Disposals

(92,858)

(124,141)

(29,488)

-

(246,487)

Foreign exchange movements

8,233

6,044

-

-

14,277

At 31 March 2023

1,168,885

2,579,731

266,835

96,400

4,111,851

Depreciation

At 1 April 2022

813,744

1,779,234

112,295

-

2,705,273

Charge for the year

111,295

417,661

38,079

-

567,035

Eliminated on disposal

(60,879)

(96,332)

(15,074)

-

(172,285)

Foreign exchange movements

4,744

5,938

105

-

10,787

At 31 March 2023

868,904

2,106,501

135,405

-

3,110,810

Carrying amount

At 31 March 2023

299,981

473,230

131,430

96,400

1,001,041

At 31 March 2022

323,362

819,444

98,105

-

1,240,911

Included within the net book value of land and buildings above is £299,981 (2022 - £323,362) in respect of short leasehold land and buildings.
 

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Hautecaters Limited*

22 Woodstock Street
London

Ordinary

100%

100%

 

England

     

HCL Global Supply Limited*

22 Woodstock Street
London

Ordinary

100%

100%

 

England

     

Frampton Worldwide Limited*

22 Woodstock Street
London

Ordinary

100%

100%

 

England

     

Ben's Cookies Korea Company Limited*

Ordinary

100%

100%

 

Korea

     

Ben's Cookies Japan Company Limited*

Ordinary

100%

100%

 

Japan

     

Ben's Cookies PTE Limited

Ordinary shares

100%

100%

 

Singapore

     

Ben's Cookies (NY) Inc

Ordinary shares

100%

100%

 

USA

     

Ben's Cookies (Thailand) Company Limited

Ordinary shares

49%

49%

 

Thailand

     

Other holdings (at cost)

Bens Cookies USA 1/2 LLC

Ordinary

15%

0%

 

USA

     
 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

* indicates direct investment of the company

Subsidiary undertakings

Hautecaters Limited

The principal activity of Hautecaters Limited is preparation and sale of food.

HCL Global Supply Limited

The principal activity of HCL Global Supply Limited is food manufacturing.

Frampton Worldwide Limited

The principal activity of Frampton Worldwide Limited is catering equipment.

Ben's Cookies Korea Company Limited

The principal activity of Ben's Cookies Korea Company Limited is food preparation and sale.

Ben's Cookies Japan Company Limited

The principal activity of Ben's Cookies Japan Company Limited is food preparation and sale.

Ben's Cookies PTE Limited

The principal activity of Ben's Cookies PTE Limited is food preparation and sale.

Ben's Cookies (NY) Inc

The principal activity of Ben's Cookies (NY) Inc is food preparation and sale.

Ben's Cookies (Thailand) Company Limited

The principal activity of Ben's Cookies (Thailand) Company Limited is food preparation and sale.
The group has effective control of the company in Thailand due to local ownership rules.

Company

2023
£

2022
£

Investments in subsidiaries

2,601,269

2,601,269

Subsidiaries

£

Cost or valuation

At 1 April 2022

2,601,269

Provision

Carrying amount

At 31 March 2023

2,601,269

At 31 March 2022

2,601,269

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Hautecaters Limited

22 Woodstock Street
London

Ordinary

100%

100%

 

England

     

HCL Global Supply Limited

22 Woodstock Street
London

Ordinary

100%

100%

 

England

     

Frampton Worldwide Limited

22 Woodstock Street,
London

Ordinary

100%

100%

 

England

     

Ben's Cookies Korea Company Limited

Ordinary

100%

100%

 

Korea

     

Bens Cookies Japan Company Limited

Ordinary

100%

100%

 

Japan

     

Subsidiary undertakings

Hautecaters Limited

The principal activity of Hautecaters Limited is food preparation and sale.

HCL Global Supply Limited

The principal activity of HCL Global Supply Limited is food manufacturing.

Frampton Worldwide Limited

The principal activity of Frampton Worldwide Limited is catering equipment.

Ben's Cookies Korea Company Limited

The principal activity of Ben's Cookies Korea Company Limited is food preparation and sale.

Bens Cookies Japan Company Limited

The principal activity of Bens Cookies Japan Company Limited is food preparation and sale.

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

1,189,370

809,469

-

-

17

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

344,799

225,616

-

-

Other debtors

768,425

606,860

100

100

Prepayments

199,927

63,311

-

-

1,313,151

895,787

100

100

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

652,131

621,720

2,092

2,119

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

23

38,134

41,469

-

-

Trade creditors

 

1,049,543

1,008,343

-

-

Amounts due to related parties

25

-

-

353,571

353,571

Social security and other taxes

 

165,880

260,725

-

-

Other payables

 

252,162

260,866

-

-

Accruals

 

390,397

182,164

-

-

Income tax liability

12

221,085

312,000

-

-

 

2,117,201

2,065,567

353,571

353,571

Due after one year

 

Loans and borrowings

23

728,664

709,709

-

-

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

20

Provisions for liabilities

Group

Employee benefits
£

Deferred tax
£

Total
£

At 1 April 2022

58,491

180,800

239,291

Increase (decrease) in existing provisions

26,100

(68,800)

(42,700)

At 31 March 2023

84,591

112,000

196,591

Employee benefit provisions relate to amounts due overseas for employees.

Deferred tax provisions relate to accelerated capital allowances. Amounts used in year relate to the net movement.

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £125,340 (2022 - £95,513).

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         
 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

23

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

84,893

17,147

-

-

Redeemable preference shares

500,000

500,000

-

-

Other borrowings

143,771

192,562

-

-

728,664

709,709

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

28,264

23,019

-

-

Other borrowings

9,870

18,450

-

-

38,134

41,469

-

-

24

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,115,000

1,370,000

Later than one year and not later than five years

2,486,000

2,485,000

Later than five years

34,000

467,000

3,635,000

4,322,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,745,000 (2022 - £1,595,000).

 

Hautecaters Holding Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

25

Related party transactions

Group

Summary of transactions with other related parties

Al Rajhi United is owned by a director of the group.
 Al Rajhi United provided a loan to a subsidiary of the group. During the year ended 31st March 2021, the company repaid £94,974 of the loan. In the year ended 31st March 2022, the loan was repaid in full.


 

Group

Transactions with the director

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

C Moffatt

Loan provided to Hautecaters Limited

179,581

(123,779)

55,802

       
     

 

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

C Moffatt

Loan provided to Hautecaters Limited

310,763

(131,182)

179,581

       
     

 

26

Parent and ultimate parent undertaking

The ultimate controlling party is Mr C Moffatt.