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REGISTERED NUMBER: 09392110 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

STREETSHARP LTD

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Financial Statements 12


STREETSHARP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: M Street



REGISTERED OFFICE: Chancery House
30 St.Johns Road
Woking
Surrey
GU21 7SA



REGISTERED NUMBER: 09392110 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA



AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022


The director presents his strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
The Director reports that despite an improvement in turnover, significant costs pressures have lead to a fall in margins and an operating loss. Trading during the previous year was disrupted by the Coronavirus pandemic.

The company's key performance indicators are as follows:


2022 2021
£ £
Turnover 16,513,059 16,303,547
Gross profit 10,658,851 10,973,478
Gross profit % 65% 67%
Operating result (246,095) 1,620,217

The net assets of the company were £1.08m (2021: £1.63m) at the balance sheet date, reflecting the solid position of the company from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the company can continue to grow and prosper.


STREETSHARP LTD (REGISTERED NUMBER: 09392110)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks. The Director has set out below the principal risks facing the business. The Director is of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Economic downturn
The success of the business is reliant on consumer spending.

In response to this continuous risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies will be modified to reflect the new market conditions.

Inflation and the cost of living crisis
Global inflationary pressures that have arisen following the outbreak of the war in Ukraine continue to represent the largest risk to the business. These pressures are seen most clearly in relation to:

Food cost inflation
The Company is continually assessing all risks that food cost inflation may bring with the aim to mitigate future threats this may have on the business.

Wage cost inflation
The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies, as well as providing employees with fulfilling career opportunities.

Utilities costs
Increasing volatility, uncertainty, cost pressures and general environmental awareness in the UK market has resulted in increased pressure on the company in recent times. To manage and help mitigate the risk associated with these pressures, the company is party to a number of Power Purchase Agreements (PPAs) for the provision of cost-effective clean energy from environmentally friendly energy sources.

Competition
The market in which the Company operates is highly competitive. As a result, the Company is subject to a high level of price sensitivities in its consumer-led market. Policies of constantly assessing our pricing strategy and ongoing market research are in place to mitigate such risks.

Liquidity risk
As a result of the positive cash flows from operating activities achieved in the year and expected in future periods, the Director does not consider liquidity or cashflow risk to be an issue. The Company makes use of bank facilities in order to finance long term capital and refurbishment expenditure. The Director also continually monitors cash flow forecasts in order to further manage liquidity risk.

Interest rate risk
Considering the debt profile of the Company, increases in interest rates presents a risk. The continued policy of regular rate monitoring and ongoing dialogue with our lenders are in place to help mitigate this risk.

Brexit
The areas where Brexit has impacted our business include the access and cost of both labour and food and we continue to work with our business partners to mitigate this.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control; hence, we are constantly assessing our plans in line with the current environment.

ON BEHALF OF THE BOARD:





M Street - Director


19 January 2024

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2022


The director presents his report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operating quick service restaurants.

GOING CONCERN
The Company continued to generate significant operating cash flows and continued to increase operations year-on-year. Despite this, the balance sheet as at 31 December 2022 shows a net current liability position of £643,800 (2021: £256,779 asset).

The Company continues to meet its day to day working capital requirements through operating cash flows and finances all significant refurbishments via a combination of bank finance and working capital. Having considered all the relevant facts the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

DIVIDENDS
Interim dividends of £358,500 (2021: £479,000) were paid during the year. The Director does not recommend payment of a final dividend.

FUTURE DEVELOPMENTS
The company continues to substantially invest in its restaurants as part of programme to upgrade the looks and feel of its restaurants with new and enhanced equipment and thereby improve its customers' and employees' experience.

This forms part of its strategy to grow market share and profitability.

DIRECTOR
M Street held office during the whole of the period from 1 January 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the 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 auditors are aware of that information.

AUDITORS
The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Street - Director


19 January 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STREETSHARP LTD


Opinion
We have audited the financial statements of Streetsharp Ltd (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement 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 company's affairs as at 31 December 2022 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. 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. 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the 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 or the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STREETSHARP LTD


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 has no realistic alternative but to do so.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, food hygiene and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and any other relevant regulators as required.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as
they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STREETSHARP LTD


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 a Report of the Auditors 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.




Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

19 January 2024

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

TURNOVER 16,513,059 16,303,547

Cost of sales 5,854,208 5,330,069
GROSS PROFIT 10,658,851 10,973,478

Administrative expenses 10,904,946 9,390,896
(246,095 ) 1,582,582

Other operating income - 37,635
OPERATING (LOSS)/PROFIT 5 (246,095 ) 1,620,217

Interest receivable and similar income 1,188 1,739
(244,907 ) 1,621,956

Interest payable and similar expenses 6 8,874 8,569
(LOSS)/PROFIT BEFORE TAXATION (253,781 ) 1,613,387

Tax on (loss)/profit 7 (56,978 ) 358,281
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(196,803

)

1,255,106

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 861,948 916,929
Tangible assets 10 1,314,158 885,000
Investments 11 3,750 3,750
2,179,856 1,805,679

CURRENT ASSETS
Stocks 12 69,227 49,893
Debtors 13 355,969 226,169
Cash at bank 693,501 1,421,662
1,118,697 1,697,724
CREDITORS
Amounts falling due within one year 14 1,762,497 1,440,945
NET CURRENT (LIABILITIES)/ASSETS (643,800 ) 256,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,536,056

2,062,458

CREDITORS
Amounts falling due after more than one
year

15

(213,636

)

(252,091

)

PROVISIONS FOR LIABILITIES 18 (242,036 ) (174,680 )
NET ASSETS 1,080,384 1,635,687

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,080,284 1,635,587
SHAREHOLDERS' FUNDS 1,080,384 1,635,687

The financial statements were approved by the director and authorised for issue on 19 January 2024 and were signed by:





M Street - Director


STREETSHARP LTD (REGISTERED NUMBER: 09392110)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2021 100 859,481 859,581

Changes in equity
Dividends - (479,000 ) (479,000 )
Total comprehensive income - 1,255,106 1,255,106
Balance at 31 December 2021 100 1,635,587 1,635,687

Changes in equity
Dividends - (358,500 ) (358,500 )
Total comprehensive income - (196,803 ) (196,803 )
Balance at 31 December 2022 100 1,080,284 1,080,384

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 593,061 1,588,309
Interest paid (8,874 ) (8,569 )
Tax paid (50,000 ) (116,720 )
Net cash from operating activities 534,187 1,463,020

Cash flows from investing activities
Purchase of tangible fixed assets (766,529 ) (61,511 )
Sale of tangible fixed assets - 3,629
Interest received 1,188 1,739
Net cash from investing activities (765,341 ) (56,143 )

Cash flows from financing activities
Loan repayments in year (88,487 ) (333,795 )
Amount introduced by directors 49,980 -
Amount withdrawn by directors (100,000 ) (148,537 )
Equity dividends paid (358,500 ) (479,000 )
Net cash from financing activities (497,007 ) (961,332 )

(Decrease)/increase in cash and cash equivalents (728,161 ) 445,545
Cash and cash equivalents at beginning
of year

25

1,421,662

976,117

Cash and cash equivalents at end of
year

25

693,501

1,421,662

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Streetsharp Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The Company continued to generate significant operating cash flows and continued to increase operations year-on-year. Despite this, the balance sheet as at 31 December 2022 shows a net current liability position of £643,800 (2021: £256,779 asset).

The Company continues to meet its day to day working capital requirements through operating cash flows and finances all significant refurbishments via a combination of bank finance and working capital. Having considered all the relevant facts the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions
(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Useful economic lives of intangible fixed assets
Intangible fixed assets are amortised over their useful economic lives and are assessed annually for indications of impairment.

iii) Treatment of significant capital projects
The allocation of store refurbishment expenditure between capital and revenue is an area that requires judgement on the part of management. Costs are allocated in line with the asset recognition contained within FRS102 and on the basis of all available evidence as to their nature.

The management uses professional advisors to assist them with this process.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of refunds, discounts and value added taxes.

Sales of goods are recognised on sale to the customer, which is considered to be the point of sale and when the significant risks and rewards of the goods have been passed to the customer.

Franchise rights and franchise fees
Franchise rights purchased are recognised at amortised cost and are amortised over the period of the franchise agreement. Franchise fees are also amortised over the period of the franchise agreement.

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - Straight line over 7-10 years
Fixtures and fittings - Straight line over 5 years
Computer Equipment - Straight line over 4 years
Motor vehicles - Straight line over 3 years

Government grants
Government grants are accounted for on an accruals basis.

Stocks
Stocks are valued at the lower of cost and selling price, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
(i) Holiday pay

Holiday pay entitlements (where material) are recognised as an expense in the period in which the service is
received.

(ii) Pension Scheme

The company operates a defined contribution pension scheme for its employees. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 4,212,837 3,417,853
Social security costs 152,371 120,565
Other pension costs 49,600 43,432
4,414,808 3,581,850

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2022 2021

Restaurant Team 410 336
Management 11 10
421 346

2022 2021
£    £   
Director's remuneration 9,000 9,000

The Director is considered to be the key management for the purposes of disclosure under FRS102.

5. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging:

2022 2021
£    £   
Depreciation - owned assets 337,371 272,554
Franchise rights amortisation 50,481 50,482
Franchise fees amortisation 4,500 4,500
Auditors remuneration 8,250 7,200

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 8,874 8,569

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax (124,334 ) 346,013

Deferred tax 67,356 12,268
Tax on (loss)/profit (56,978 ) 358,281

UK corporation tax has been charged at 19% (2021 - 19%).

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
(Loss)/profit before tax (253,781 ) 1,613,387
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 19% (2021 - 19%)

(48,218

)

306,544

Effects of:
Expenses not deductible for tax purposes 276 9,814
Capital allowances in excess of depreciation (76,392 ) -
Depreciation in excess of capital allowances - 29,655
Deferred tax 67,356 12,268
Total tax (credit)/charge (56,978 ) 358,281

8. DIVIDENDS
2022 2021
£    £   
Ordinary shares of 1 each
Interim 358,500 479,000

9. INTANGIBLE FIXED ASSETS
Franchise Franchise
rights fees Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 1,009,633 90,000 1,099,633
AMORTISATION
At 1 January 2022 163,579 19,125 182,704
Amortisation for year 50,481 4,500 54,981
At 31 December 2022 214,060 23,625 237,685
NET BOOK VALUE
At 31 December 2022 795,573 66,375 861,948
At 31 December 2021 846,054 70,875 916,929

10. TANGIBLE FIXED ASSETS
Plant and Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2022 1,839,303 - 28,466 1,867,769
Additions 551,665 195,536 19,328 766,529
At 31 December 2022 2,390,968 195,536 47,794 2,634,298
DEPRECIATION
At 1 January 2022 970,097 - 12,672 982,769
Charge for year 321,944 5,127 10,300 337,371
At 31 December 2022 1,292,041 5,127 22,972 1,320,140
NET BOOK VALUE
At 31 December 2022 1,098,927 190,409 24,822 1,314,158
At 31 December 2021 869,206 - 15,794 885,000

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2022
and 31 December 2022 3,750
NET BOOK VALUE
At 31 December 2022 3,750
At 31 December 2021 3,750

12. STOCKS
2022 2021
£    £   
Stocks 69,227 49,893

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 103,892 100
Directors' current accounts 99,987 49,967
Prepayments and accrued income 152,090 176,102
355,969 226,169

Balances owed at the year end from third party delivery partners have been classified as trade debtors. In prior year they were included as outstanding items on the bank.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 16) 88,668 138,698
Trade creditors 569,789 377,859
Corporation tax 171,679 346,013
Social security and other taxes 509,663 249,505
Accrued expenses 422,698 328,870
1,762,497 1,440,945

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 16) 213,636 252,091

16. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 year 88,668 138,698

Amounts falling due between one and two years:
Bank loans 92,464 140,511

Amounts falling due between two and five years:
Bank loans - 2-5 years 121,172 111,580

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


16. LOANS - continued

The bank loans are unsecured and are repayable over a total period of 7 years from inception at a floating rate of 1.8-2.0% above Bank of England Base Rate.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 253,812 253,812
Between one and five years 1,015,248 1,015,248
In more than five years 2,363,685 2,617,497
3,632,745 3,886,557

The above amounts relate to annual commitments to pay a base rent for leased trading premises.

18. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 242,036 174,680

Deferred
tax
£   
Balance at 1 January 2022 174,680
Provided during year 67,356
Balance at 31 December 2022 242,036

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary 1 100 100

20. RESERVES
Retained
earnings
£   

At 1 January 2022 1,635,587
Deficit for the year (196,803 )
Dividends (358,500 )
At 31 December 2022 1,080,284

21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
M Street
Balance outstanding at start of year 49,967 (98,570 )
Amounts advanced 419,145 148,537
Amounts repaid (369,125 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 99,987 49,967

STREETSHARP LTD (REGISTERED NUMBER: 09392110)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The amount is unsecured, interest free and was repaid after the year end.

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £358,500 (2021 - £479,000) were paid to the director .

During the year the company paid £38,000 (2021: £39,667) in wages to members of the Director's close family.

23. ULTIMATE CONTROLLING PARTY

The controlling party is M Street.

24. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
(Loss)/profit before taxation (253,781 ) 1,613,387
Depreciation charges 392,354 327,536
- 37,636
Government grants - (37,635 )
Finance costs 8,874 8,569
Finance income (1,188 ) (1,739 )
146,259 1,947,754
Increase in stocks (19,334 ) (6,371 )
(Increase)/decrease in trade and other debtors (79,780 ) 9,368
Increase/(decrease) in trade and other creditors 545,916 (362,442 )
Cash generated from operations 593,061 1,588,309

25. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 693,501 1,421,662
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 1,421,662 976,117


26. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 1,421,662 (728,161 ) 693,501
1,421,662 (728,161 ) 693,501
Debt
Debts falling due within 1 year (138,698 ) 50,030 (88,668 )
Debts falling due after 1 year (252,091 ) 38,455 (213,636 )
(390,789 ) 88,485 (302,304 )
Total 1,030,873 (639,676 ) 391,197