Period from 27 June 2022 to
Registration number:
High Road Restaurants Group Holdco Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
High Road Restaurants Group Holdco Limited
Company Information
Directors |
G I Henderson-Londono G V Lloyd-Jones G Morrison |
Registered office |
|
Auditors |
|
High Road Restaurants Group Holdco Limited
Strategic Report
period from 27 June 2022 to 25 June 2023
The directors present their strategic report for the period from 27 June 2022 to 25 June 2023.
Principal activity
The principal activity of the group is that of operation of chains of restaurants. The principal activity of the company is that of a holding company.
Review of the business
High Road Restaurants Group Holdco Ltd was incorporated on 16 of November 2016 to affect the acquisition of the Koh Thai Tapas group of Thai restaurants. On 6 February 2018 it acquired the Buenos Aires steak restaurant group.
The sole purpose of the company is to oversee the running of these restaurants with a view to growing them across the UK and therefore generate significant returns to shareholders.
Buenos Aires, and its sister brand Buenasado (collectively referred to as “BA”), operates nine restaurants in the south of England. Four restaurants are situated within the South West London suburbs; Chiswick, Richmond, Walton on Thames and Wimbledon. A further three are situated further around the M25; Reigate, Horsham and Bluewater (opened during October 2022). Its other two restaurants are in Reading and Bristol (opened in May 2022).
During August 2023, there was a fire at the Horsham site. It has been closed since then for insurance repair works. Following a strategic review, the directors have decided not to reopen the Horsham site and have agreed to return the site to its landlords.
Following the receivership of the Koh business in September 2020, a new subsidiary, High Road Thai Restaurants Limited (‘HRTR”) was set up and, with funding provided by Santander, it acquired the trademarks and assets of three Koh Thai restaurants; Bournemouth, Lilliput and Southsea, from the Liquidators.
Following a period of continued strong performance within the Koh Thai business, the company acquired a site at Port Solent Marina. The restaurant reflects a new direction in terms of design whilst retaining all other elements including the menus. The restaurant opened on Good Friday, 15 April 2022. Although it has traded well, and is profitable, footfall at the scheme is lower than previous years, undermining the site’s immediate profitability.
The invasion of Ukraine, supply led inflation and continued increases in interest rates has negatively impacted the mood of the consumer. This was felt earlier on the south coast and as of Summer 2023 was also being felt by some of the regional BA sites.
High Road Restaurants Group Holdco Limited
Strategic Report
period from 27 June 2022 to 25 June 2023
Financial performance
During the period ended 25 June 2023, the group generated sales from restaurant activities of £13.58m (2022 - £10.75m) generating an operating loss of £1m (2022 – operating profit of £0.3m), and a loss before tax of £2.7m (2022 - £0.9m).
During the period ended 25 June 2023, the group generated negative EBITDA of £443,957 (2022 - positive EBITDA of £829,884).
Non-cash adjustments during the period were as follows:
Notional interest on non-market rate loans: £160,999 (2022 - £784,915)
Capitalised interest on market rate loans: £1,415,247 (2022 - £421,063l)
Amortisation of intangible fixed assets: £319,146 (2022 - £319,146)
Depreciation of tangible fixed assets: £279,099 (2022 - £177,900)
Impairment of fixed assets: £275,611 (2022 - £nil)
Onerous lease expense: £193,074 (2022 - £nil)
It is noted that these financial statements do not include profits, losses, assets or liabilities relating to Koh (UK) Limited, Koh Noi Limited, Koh Noi (Christchurch) Limited, and The Thai Tapas Group Limited as the records for these companies are in liquidation and are no longer under the control of the group.
As at 25 June 2023 the group balance sheet shows a total net liabilities position of £15.7m (2022 - £13m) with a net current liabilities position of £1.4m (2022 - £1.4m). The balance sheet deficit has increased by c£2.7m (2022 - c£3.7m) during the year to 25 June 2023 due to the loss for the year of £2.7m (2022 - £1.3m).
The net current liabilities of £1.4m (2022 - £1.4m) were in line with the directors' expectations and include the impact, as required by FRS 102, of presenting CBILs loan finance of £0.3m (2022 - £0.5m) as due within one year following breach of covenant to provide 2022 financial statements within 270 days of that year end. Based on discussions with the relevant banks the directors are satisfied that the CBILs loans are not going to be called for repayment outside of the planned repayment schedule which concludes in August 2026.
Other than the KPI’s disclosed in the business review, the directors of each group continue to adopt normal trading KPI’s consistent with those used by other restaurant groups including labour, food and sales like for likes. The board also reports to the bank on a monthly basis regarding cash, cash flow and trading performance.
The board also holds monthly meetings to ensure that its strategic objectives are achieved throughout the group; financial and operational performance meets the board’s demands in order to balance the needs and desires of all stakeholders including staff, suppliers, banks, customers and shareholders; and, the group maintains best practice in all areas of the business thereby ensuring the safety of customers and staff.
High Road Restaurants Group Holdco Limited
Strategic Report
period from 27 June 2022 to 25 June 2023
Going concern
Having considered the trading performance of the group subsequent to the year end, the extension (in October 2023) of loan note repayment terms provided by investors and the forecasts prepared for a period to June 2025 and considered a period of at least 12 months from the date of approval of these financial statements (in light of the principal risks and uncertainties described below in the context of the negative balance sheet position), the directors are satisfied that the going concern basis of preparation remains appropriate.
Principal risks and uncertainties
Staff shortages
Following the UK’s decision to leave the EU, staff recruitment has been a major issue and concern facing the leisure sector. Following the covid outbreak, European nationals left the UK workforce to stay with their families. Brexit and the resulting visa restrictions has ensured that many of them never returned.
The recent closures of certain restaurants, together with the rise in minimum wage, has eased the recruitment issue to some extent, but staff recruitment remains a challenge for the group and the industry as a whole.
Inflation and Cost of Living Crisis
Global inflation fuelled by the war in Ukraine has reached double digits, affecting consumer confidence and their discretionary spending. This is unlikely to improve in the short to medium term. The group has witnessed a general shift towards a pre-1990’s sales pattern of weaker sales Monday to Wednesday; followed by a stronger sales pattern Thursday to Sunday.
As a group we have seen, like all restaurants, a significant increase in supplier costs. This is unprecedented in recent history, certainly the last 40 years. Inflation of above 10% in some cases means that margins have been suppressed. In a small number of areas we have been able to slightly increase menu prices, but for the most part we continue to absorb the increases and weather the storm. The falling level of consumer confidence precludes us from making radical changes to our menu.
Energy
Increasing energy prices have doubled the cost of energy at some of the group’s restaurants. We have implemented buying contracts where possible in order to fix rates and minimise the downside.
Exchange Rates
As stated in last year's accounts, in order to maintain authenticity, both the Koh Thai business and the Buenos Aires business import significant product lines from other parts of the world, including the Far East, South America and Europe. The current levels of sterling exchange rates and import duties are having a negative financial impact on the group. In order to mitigate the potential impact, the Group maintains close relationships with suppliers and have therefore been able to secure the supplies needed ahead of many other restaurants.
High Road Restaurants Group Holdco Limited
Strategic Report
period from 27 June 2022 to 25 June 2023
Consumer attitudes
A change in consumer attitudes towards the types of cuisine that they choose continues to be a risk to sales, in particular within our steak restaurants. This is mainly due to the fact that vegetarian and vegan options are greater within the Thai restaurants. However, as results show, meat continues to be a popular choice and revenues and EBITDA continue to be strong within the Buenos Aires group.
Approved and authorised by the
......................................... |
High Road Restaurants Group Holdco Limited
Directors' Report
Period from 27 June 2022 to 25 June 2023
The directors present their report and the for the period from 27 June 2022 to 25 June 2023.
Directors of the group
The directors who held office during the period were as follows:
Financial instruments
Objectives and policies
The group holds various borrowings, being loan notes and bank borrowings, and the company holds investments in subsidiaries, all of which are deemed to be basic financial instruments, in order to fund the investment made in subsidiary undertakings and fund development of the trading businesses in the group.
Price risk, credit risk, liquidity risk and cash flow risk
The group has both fixed and variable interest rate debt instruments and does not have exposure to foreign exchange transactions. The directors monitor the group performance and thus price risk, credit risk, liquidity risk and cash flow risk, on an ongoing basis.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of a member of staff becoming disabled, the group makes every effort to ensure that their employment continues and that appropriate training is arranged where necessary. It is the policy of the group that the training, career, development and promotion of disabled persons should be identical to that of other employees.
Employee involvement
We recognise that organisations perform at the highest level and are most successful when all employees share a common purpose and work in partnership with open, clear lines of communication. The company holds regular meetings with its staff in order to fully communicate future plans, any proposed changes in procedures or policies, customer feedback and all other information from board level to all staff, and vice versa.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
......................................... |
High Road Restaurants Group Holdco Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are 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 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
High Road Restaurants Group Holdco Limited
Independent Auditor's Report to the Members of High Road Restaurants Group Holdco Limited
Opinion
We have audited the financial statements of High Road Restaurants Group Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 27 June 2022 to 25 June 2023, which comprise the Consolidated Profit and Loss Account, 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's and the parent company's affairs as at 25 June 2023 and of the group's loss for the period 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
High Road Restaurants Group Holdco Limited
Independent Auditor's Report to the Members of High Road Restaurants Group Holdco 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.
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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' 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 Directors' 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 group’s and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
High Road Restaurants Group Holdco Limited
Independent Auditor's Report to the Members of High Road Restaurants Group Holdco Limited
Auditor’s responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.
However, because of the matter described in the ‘basis for disclaimer of opinion’ section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the group. We gained an understanding of the industry in which the group operates as part of this assessment to identify the key laws and regulations affecting the group. As part of this, we discussed these with the relevant individuals responsible for compliance. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements. The key laws and regulations identified were the Food Standards Agency regulations and employment legislation. In addition, other laws and regulation such as the Companies Act 2006 and Corporation Tax Acts 2009 & 2010 have been considered.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the group’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• |
Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements; |
• |
Reviewing legal and professional costs to identify any possible non-compliance or legal costs inrespect of non-compliance; |
• |
Reviewing relevant certification records; and |
• |
Review of relevant correspondence and paperwork |
As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud, of which management confirmed there were none.
We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to income and expenditure, and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The fraud incentives were assessed as being the need to meet investor and banking partner's expectations, and also the mitigation of tax liabilities. Based upon our understanding we designed and conducted audit procedures including:
High Road Restaurants Group Holdco Limited
Independent Auditor's Report to the Members of High Road Restaurants Group Holdco Limited
• |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; |
• |
Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates; and |
• |
Revenue completeness testing, including cut-off of income at the year end. |
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
90 Victoria Street
Redcliffe
BS1 6DP
High Road Restaurants Group Holdco Limited
Consolidated Profit and Loss Account
Period from 27 June 2022 to 25 June 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Exceptional expenditure |
(468,685) |
- |
|
Other operating income |
- |
|
|
Operating (loss)/profit |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
Loss before tax |
( |
( |
|
Tax on loss |
|
( |
|
Loss for the financial period |
( |
( |
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
( |
|
Minority interests |
( |
|
|
( |
( |
High Road Restaurants Group Holdco Limited
Consolidated Balance Sheet
25 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1,200 |
1,200 |
|
Share premium reserve |
2,329,198 |
2,329,198 |
|
Capital redemption reserve |
427 |
427 |
|
Other reserves |
190,406 |
351,405 |
|
Profit and loss account |
(18,462,025) |
(16,181,329) |
|
Equity attributable to owners of the company |
(15,940,794) |
(13,499,099) |
|
Minority interests |
209,092 |
446,014 |
|
Shareholders' deficit |
(15,731,702) |
(13,053,085) |
Approved and authorised by the
......................................... |
Company Registration Number: 10482231
High Road Restaurants Group Holdco Limited
Balance Sheet
25 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investments |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,200 |
1,200 |
|
Share premium reserve |
2,329,198 |
2,329,198 |
|
Capital redemption reserve |
427 |
427 |
|
Profit and loss account |
(2,330,824) |
(2,330,824) |
|
Shareholders' funds |
1 |
1 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a loss after tax for the financial period of £- (2022 - loss of £88,847).
Approved and authorised by the
......................................... |
Company Registration Number: 10482231
High Road Restaurants Group Holdco Limited
Consolidated Statement of Changes in Equity
Period from 27 June 2022 to 25 June 2023
Share capital |
Share premium |
Capital redemption reserve |
Capital contribution reserve |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 27 June 2022 |
|
|
|
|
( |
( |
|
( |
Loss for the period |
- |
- |
- |
- |
( |
( |
( |
( |
Transfers (note 18) |
- |
- |
- |
(160,999) |
160,999 |
- |
- |
- |
At 25 June 2023 |
|
|
|
|
( |
( |
|
( |
Share capital |
Share premium |
Capital redemption reserve |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 28 June 2021 |
|
|
|
|
( |
( |
- |
( |
(Loss)/profit for the period |
- |
- |
- |
- |
( |
( |
|
( |
Transfers (note 18) |
- |
- |
- |
(784,915) |
784,915 |
- |
- |
- |
Decrease in ownership interests in subsidiaries that do not result in a loss of control |
- |
- |
- |
- |
( |
( |
|
|
Other movements on reserves (note 18) |
- |
- |
- |
(2,675,524) |
- |
(2,675,524) |
- |
(2,675,524) |
At 26 June 2022 |
|
|
|
|
( |
( |
|
( |
High Road Restaurants Group Holdco Limited
Statement of Changes in Equity
Period from 27 June 2022 to 25 June 2023
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 27 June 2022 |
|
|
|
( |
|
At 25 June 2023 |
|
|
|
( |
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 28 June 2021 |
|
|
|
( |
|
Loss for the period |
- |
- |
- |
( |
( |
At 26 June 2022 |
|
|
|
( |
|
High Road Restaurants Group Holdco Limited
Consolidated Statement of Cash Flows
Period from 27 June 2022 to 25 June 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Loss for the period |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Impairment |
275,611 |
- |
|
Profit on disposal of tangible assets |
- |
( |
|
Finance costs |
|
|
|
Tax expense |
( |
|
|
( |
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
(Increase)/decrease in trade debtors |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Increase in provisions |
|
- |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Acquisition of intangible assets |
( |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Net bank borrowing (repayments)/draw downs |
|
( |
|
Net cash flows from financing activities |
|
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 27 June |
|
|
|
Cash and cash equivalents at 25 June |
1,024,285 |
1,085,773 |
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel. Equivalent information is presented in relation to these group accounts.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 25 June 2023.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Going concern
Notwithstanding the net liabilities of £15,731,702 (2022 - £13,053,085), net current liabilities of £1,389,719 (2022 - £1,440,371) and loss for the year of £2,678,617 (2022 - £1,062,177) the directors are satisfied that the going concern basis of preparation remains appropriate. In making their assessment the directors have made all necessary enquiries and have considered, in particular, the following key matters:
• |
The directors have prepared detailed forecasts and cash flow analysis models to June 2025, and have also considered the period of at least 12 months from the date of approval of these financial statements, for each of the group’s trading subsidiaries and the group as a whole. These forecasts have been prepared in light of reasonably anticipated financial performance, based upon the experience in the current and previous years and recent fixing of energy costs in part of the group, and whilst they acknowledge that there can be no certainty in respect of both consumer confidence and supply chain and cost inflation assumptions therein, they are satisfied that sufficient cash will be generated in order to meet liabilities as they fall due. |
• |
The directors have considered the financial performance for the financial period to January 2024 as reported in the unaudited January 2024 management accounts and note both positive earnings before interest tax and depreciation and profit before tax on a consolidated basis, and an unaudited cash balance as at January 2024 of £1.5m (June 2023 - £1.8m) |
• |
The majority of creditors relate to loan note balances due to key group management personnel and the institutional investor. Fundamental to the going concern assumption is that the terms of the loan notes held by the institutional investor have been formally varied subsequent to the year end extending any repayment commencement to February 2025 at the earliest, with the expectation of both management and investors being that the loan notes will not be called for repayment at that date unless the company is in a position to do so. In addition, it is the intention to extend the commencement of repayment out further to February 2026. Those members of management who also hold loan notes have provided written confirmation regarding their waiving of interest payable to them and that they will not seek repayment until such time as the company is in a position to do so. |
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Key judgements and sources of estimation uncertainty
In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judegments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.
The key judgements that have a significant effect on the financial statements are in respect of going concern (as described in the above accounting policy) and the assessment of control of subsidiary companies.
The company’s proportion of the share ownership of certain of its indirectly owned subsidiaries is less than 50%. These subsidiaries are operationally controlled by the High Road Restaurants Holdco Group Limited group with the minority shareholders being key management personnel, and therefore are accounted for as subsidiaries of the company. Certain other 100% owned companies, as detailed in note 13, are in liquidation and subsequently are no longer under the control of the group Therefore, these companies are not included in the group financial statements.
Certain of the long term loan note liabilities are held at a below market rate of interest and are measured at the present value of the future payments discounted at an estimated market rate of interest for a similar debt instrument. The carrying amount of those loan notes at a below market rate of interest as the period end is £1,770,993 (2022 - £1,609,994).
An onerous lease provision has been estimated by the directors in the financial statements. The provision represents the best estimate of least net costs that will be incurred in exiting the lease based on rentals payable and costs to exit the lease, discounted at a relevant rate. The carrying amount is £193,074 (2022 -£Nil).
Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment losses. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. An impairment charge of £275,611 (2022 - £nil) was recognised in the period as described in note 12. The carrying amount is £1,934,115 (2022 -£2,118,794).
The useful economic lives of the goodwill and brand are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimate used to calculate amortisation, that charge is adjusted prospectively. The annual impairment assessment in respect of goodwill and brand requires estimates of the value in use of cash generating units to which goodwill has been allocated. As a result, estimates of future cashflows are required. The directors do not believe that any reasonably possible changes to the key assumptions would produce any further impairment for the forthcoming year.
The carrying amount of goodwill and brand at the period end is £1,463,808 (2022 - £1,774,435).
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of food and beverages in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The group recognises revenue at the point of sale.
Government grants
Government revenue grants are accounted for under the accruals method. These are credited to the profit and loss account when the company is entitled to the income.
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 corporation 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.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Over the life of the lease |
Plant and machinery |
15% straight line |
Furniture and fittings |
15% straight line |
Office equipment |
15% straight line |
Computer equipment |
25% straight line |
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
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 represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Profit and Loss Account over its useful economic life.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any 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 |
Brand |
10 years straight line |
Goodwill |
between 5 - 10 years |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
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.
Defined contribution pension obligation
The group operates defined contribution pension schemes. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans;
• Other borrowings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the group’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Other borrowings, being loan notes, are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At inception the discount is recognised as a capital contribution within equity. As the discount unwinds it is charged against profit. An equivalent transfer is made between the capital contribution reserve and the profit and loss reserve.
Turnover |
The analysis of the group's Turnover for the period from continuing operations is as follows:
2023 |
2022 |
|
Restaurant sales |
|
|
All turnover arose within the United Kingdom.
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Other operating income |
The analysis of the group's other operating income for the period is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
2023 |
2022 |
|
Directors |
|
|
Restaurant staff |
|
|
|
|
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Directors' remuneration |
The directors' remuneration for the period was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
139,121 |
242,202 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
- |
|
Company contributions to money purchase pension schemes |
- |
|
Disclosure for highest paid director is not required in 2023.
Auditor's remuneration |
2023 |
2022 |
|
Audit of these financial statements |
5,500 |
5,000 |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
|
|
|
The interest expense on other finance liabilities includes £160,999 (2022 - £784,915) charged to the profit and loss account in respect of the unwinding of discount.
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Taxation |
Tax charged/(credited) in the profit and loss account
27 June 2022 to 25 June 2023 |
28 June 2021 to 26 June 2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
22,396 |
80,000 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Arising from changes in tax rates and laws |
|
- |
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
- |
57,784 |
Total deferred taxation |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Expenses not deductible for tax purposes |
|
|
Effect of differences in tax rates |
( |
( |
Deferred tax expense from movement deferred tax not recognised |
|
|
Fixed asset differences |
|
( |
Increase in respect of prior period deferred tax |
|
- |
Other short term timing differences |
- |
( |
Total tax (credit)/charge |
( |
|
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Losses and other deductions |
|
- |
Other short term timing differences |
|
- |
|
|
2022 |
Asset |
Liability |
Fixed asset timing differences |
- |
|
Losses and other deductions |
|
- |
Other short term timing differences |
|
- |
|
|
There are £1,900,000 of unused tax losses (2022 - £581,000) for which no deferred tax asset is recognised in the balance sheet.
Intangible assets |
Group
Goodwill |
Brand |
Total |
|
Cost or valuation |
|||
At 27 June 2022 |
|
|
|
Additions acquired separately |
- |
|
|
At 25 June 2023 |
|
|
|
Amortisation |
|||
At 27 June 2022 |
|
|
|
Amortisation charge |
|
|
|
At 25 June 2023 |
|
|
|
Carrying amount |
|||
At 25 June 2023 |
|
|
|
At 26 June 2022 |
|
|
|
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 27 June 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
- |
( |
( |
At 25 June 2023 |
|
|
|
|
Depreciation |
||||
At 27 June 2022 |
|
|
|
|
Charge for the period |
|
|
|
|
Impairment |
|
|
|
|
At 25 June 2023 |
|
|
|
|
Carrying amount |
||||
At 25 June 2023 |
|
|
|
|
At 26 June 2022 |
|
|
|
|
Included within the net book value of land and buildings above is £1,190,493 (2022 - £1,459,231) in respect of short leasehold land and buildings.
Investments |
Company
Subsidiaries |
£ |
Cost and net book value |
|
At 27 June 2022 |
|
At 25 June 2023 |
|
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Details of undertakings
Details of the investments 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 |
||||
|
see below |
|
|
|
|
see below |
|
|
|
|
see below |
|
|
|
|
see below |
|
|
|
|
see below |
|
|
|
|
see below |
|
|
|
* Held indirectly
At the period end the registered office of all subsidiaries not in liquidation was Nower End, Nower Road, Dorking, RH4 3BX.
During a prior period, the following companies 100% owned by the group were put into liquidation and their registered office was transferred to Office D Beresford House, Town Quay, Southampton, SO14 2AQ; Koh (UK) Limited, Koh Noi Limited, Koh Noi (Christchurch) Limited, and Thai Tapas Restaurants Limited. During the period, The Thai Tapas Group Limited was put into liquidation and its registered office was transferred to The Old Town Hall, 71 Christchurch Road, Ringwood, BH24 1DH.
The group does not have control of the subsidiaries in liquidation and therefore these are not consolidated in the group financial statements.
The company’s proportion of the indirect share ownership of Buenos Aires Restaurant Holdings Limited, Buenos Aires Restaurant Limited, High Road Thai Restaurants Limited, Buenasado (Reading) Limited and Argentine Steakhouse (Bidco) Limited is 45.45% - 48%. These subsidiaries are operationally controlled by the High Road Restaurants Holdco Group Limited group and the minority shareholders are key management of the group, and therefore are accounted for as subsidiaries of the company.
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Subsidiary undertakings |
High Road Restaurants Group Bidco Limited The principal activity of High Road Restaurants Group Bidco Limited is |
Buenos Aires Restaurant Holdings Limited* The principal activity of Buenos Aires Restaurant Holdings Limited* is |
Buenos Aires Restaurant Limited* The principal activity of Buenos Aires Restaurant Limited* is |
High Road Thai Restaurants Limited* The principal activity of High Road Thai Restaurants Limited* is |
Buenasado (Reading) Limited* The principal activity of Buenasado (Reading) Limited* is |
Argentine Steakhouse (Bidco) Limited* The principal activity of Argentine Steakhouse (Bidco) Limited* is |
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Consumables |
|
|
- |
- |
Debtors |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Trade debtors |
|
|
- |
- |
Other debtors |
|
|
- |
- |
Prepayments |
|
|
- |
- |
|
|
- |
- |
Details of non-current trade and other debtors
Group
£40,000 (2022 - £40,000) of Other debtors is classified as non current. Other debtors due after more than one year relate to rent deposits.
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash at bank |
|
|
- |
- |
Analysis of net debt |
At 27 June 2022 |
Cash flow |
Non- cash movements |
At 25 June 2023 |
|
£ |
£ |
£ |
£ |
|
Cash at bank and on hand |
1,085,773 |
(61,488) |
- |
1,024,285 |
Cash and cash equivalents |
1,085,773 |
(61,488) |
- |
1,024,285 |
Bank loans |
(960,076) |
(530,043) |
- |
(1,490,119) |
Loan notes |
(15,070,083) |
- |
(1,576,246) |
(16,646,329) |
Net debt |
(14,944,386) |
(591,531) |
(1,576,246) |
(17,112,163) |
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Corporation tax |
102,396 |
80,000 |
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accrued expenses |
|
|
- |
- |
|
|
|
- |
- |
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Other borrowings |
|
|
- |
- |
|
|
- |
- |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Group
Bank borrowings
The CBILs loans are secured by a fixed and floating charge over the assets of certain of the subsidiaries of the group.
|
The remaining CBILs loans are secured by a fixed and floating charge over the assets of certain of the subsidiaries of the group.
|
The recovery loan is secured by a debenture against the assets of the subsidiary in which the loan sits, and a guarantee from its immediate parent company within the group. |
The business term loan is secured by a fixed and floating charge over the assets of certain of the subsidiaries of the group. |
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Other borrowings
The loan notes are denominated in sterling with a nominal interest rate of 10%, and the final instalment is due on 2 February 2025. The carrying amount at year end is £16,577,591 (2022 - £15,070,083).
The loan notes are secured by a charge over capital in High Road Restaurants Group Bidco Limited made between the parent, High Road Restaurants Group Holdco Limited and certain of the loan note holders.
The loan notes at the year end are repayable in equal instalments on 2 February 2024 and 2 February 2025.
The loan notes are presented in accordance with the requirements of FRS 102 for non-market-rate loans. They are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The movement on the loans each year is the unwinding of this discount from the capital contribution reserve and the capitalisation of interest. From 25 February 2022 certain of the loan notes were no longer having their interest waived and therefore an adjustment was made to the loan notes and capital contribution reserve of £2,675,524 due to the change in loan note terms. At the end of the period, the undiscounted loan note liability was £16,767,572 (2022 - £15,421,488).
On 11 October 2023, the loan note instruments were amended so that 50% of the balance becomes payable on 2 February 2025 and 50% on 2 February 2026.
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 |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Provisions for liabilities |
Group
Onerous contracts |
Deferred tax |
Total |
|
At 27 June 2022 |
- |
|
|
Additional provisions |
|
- |
|
Decrease in existing provisions |
- |
( |
( |
At 25 June 2023 |
|
|
|
|
Pension scheme |
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
25 June 2023 |
26 June 2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,200 |
|
1,200 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Non adjusting events after the financial period |
|
High Road Restaurants Group Holdco Limited
Notes to the Financial Statements
Period from 27 June 2022 to 25 June 2023
Related party transactions |
Group
Key management compensation
2023 |
2022 |
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with all subsidiaries
At the period end, Buenos Aires Restaurant Holdings Limited (BARH) (48% owned post restructure) owed HRRGB £629,000 (2022: £629,000).
At the period end, High Road Thai Restaurants Limited (HRTR) (45.45% owned post restructure) owed HRRGB £286,999 (2022: £251,985) and was owed £55,147 (2022: £87,516) by BAR. During the period, HRRGB recharged £18,769 CBILs loan interest to HRTR, and BAR recharged £27,480 insurance costs to HRTR.
HRTR recharged costs of £1,200 (2022: £nil) to BARH, and recharged costs of £2,225 (2022: £nil) to HRRGB. At the period end, BARH owed HRTR £1,200.
Parent and ultimate parent undertaking |
The ultimate parent entity and controlling party is