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Registered number: 12121186










CHOPSTIX SAUCHIEHALL STREET LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 23 APRIL 2023

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 

CONTENTS



Page
Company Information
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Notes to the Financial Statements
10 - 13


 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
COMPANY INFORMATION


Directors
B Elia 
M Sadik 




Registered number
12121186



Registered office
The Atrium
29a Kentish Town Road

London

NW1 8NL




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG




Page 1

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 23 APRIL 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the company in the period under review is that of providing leasehold and facilities service to restaurants operated by companies in the group headed by Chopstix Group Limited.

Directors

The directors who served during the Period were:

B Elia 
M Sadik 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 23 APRIL 2023

This report was approved by the board on 28 March 2024 and signed on its behalf.
 





M Sadik
Director

Page 3

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOPSTIX SAUCHIEHALL STREET LIMITED
 

Opinion


We have audited the financial statements of Chopstix Sauchiehall Street Limited (the 'Company') for the Period ended 23 April 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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 23 April 2023 and of its 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 4

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOPSTIX SAUCHIEHALL STREET LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Directors' Report.


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


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOPSTIX SAUCHIEHALL STREET LIMITED (CONTINUED)



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


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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and income tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
inspecting correspondence with regulators and tax authorities;
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
evaluating management's controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
challenging assumptions and judgements made by management in their critical accounting estimates.


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


A further description of our responsibilities 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 Auditors' Report.


Page 6

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOPSTIX SAUCHIEHALL STREET LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Emma Bernardez (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

28 March 2024
Page 7

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 23 APRIL 2023

Period
23 April
Period
24 April
2023
2022
£
£

  

Turnover
  
72,259
18,082

Administrative expenses
  
(79,808)
(18,554)

Operating loss
  
(7,549)
(472)

Loss for the financial Period
  
(7,549)
(472)

The notes on pages 10 to 13 form part of these financial statements.

Page 8

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
REGISTERED NUMBER: 12121186

BALANCE SHEET
AS AT 23 APRIL 2023

23 April
24 April
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
8,297
9,271

  
8,297
9,271

Current assets
  

Debtors due after more than 1 year
 4 
45,000
45,000

Debtors due within 1 year
 4 
30,445
2,098

  
75,445
47,098

Creditors: amounts falling due within one year
 5 
(91,763)
(56,840)

Net current liabilities
  
 
 
(16,318)
 
 
(9,742)

Total assets less current liabilities
  
(8,021)
(471)

  

Net liabilities
  
(8,021)
(471)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(8,022)
(472)

Shareholders' funds
  
(8,021)
(471)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2024.




M Sadik
Director

The notes on pages 10 to 13 form part of these financial statements.

Page 9

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2023

1.


General information

Chopstix Sauchiehall Street Limited is a private limited company, limited by shares, registered in England and Wales, registration number 12121186. The registered office address is The Atrium, 29a Kentish Town Road, London, England, NW1 8NL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover is the total amount receivable by the Company from the recharge of property related costs to other Group companies and is recorded excluding value added tax. 
Turnover is attributable to the principal activity of the Company and is recognized in the UK.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
straight line over the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Going concern

The Company is reliant on the Group's cash resources to meet its obligations. The parent company, Chopstix Trading Limited, has signed a letter of support which confirms its intention to support its subsidiaries for at least 12 months from the date of signing these financial statements.

Based on the availability of support to date and the conclusion within the overall controlling entity Chopstix Group Limited's group financial statements the directors also continue to adopt the going concern basis in preparing the Company financial statements.

Page 10

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Tangible fixed assets







Land and buildings

£



Cost or valuation


At 25 April 2022
9,743



At 23 April 2023

9,743



Depreciation


At 25 April 2022
472


Charge for the Period on owned assets
974



At 23 April 2023

1,446



Net book value



At 23 April 2023
8,297



At 24 April 2022
9,271

Page 11

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2023

4.


Debtors

23 April
24 April
2023
2022
£
£

Due after more than one year

Other debtors
45,000
45,000

45,000
45,000

Due within one year

Taxation and social security
4,533
2,098

Prepayments and accrued income
25,913
-

75,446
47,098


Other debtors represent the rent deposit by the landlord.


5.


Creditors: Amounts falling due within one year

23 April
24 April
2023
2022
£
£

Trade creditors
-
12,090

Amounts owed to group undertakings
85,188
44,750

Accruals and deferred income
6,575
-

91,763
56,840


Page 12

 
CHOPSTIX SAUCHIEHALL STREET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 APRIL 2023

6.


Other financial Commitments

At 23 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

23 April
24 April
2023
2022
£
£


Not later than 1 year
75,000
75,000

Later than 1 year and not later than 5 years
300,000
300,000

Later than 5 years
281,250
356,250

656,250
731,250

The Company is a guarantor for a bank loan held by Chopstix Restaurant Limited, a company within the group headed by the Chopstix Group Limited. The original loan was entered into during the period ending 24 April 2022. An additional loan was obtained during the period ending 23 April 2023. The outstanding balance of the guaranteed bank loan is £4,000,000 (2022: £2,959,129). Additionally, during the current year, the Company guaranteed a new bank loan from Metro Bank with an outstanding balance of £2,960,628.
The Company is also a guarantor to two CBIL loans held within Chopstix Restaurant Limited. The first loan was entered into in the period ending 25 April 2021 and the balance outstanding at the period end is £2,027,683 (2022: £2,592,626). The Second CBIL loans was entered in June 2021 and the balance outstanding at the period end is £1,740,360 (2022: £2,000,000).


7.


Related party transactions

The Company has taken advantage of exemptions from disclosing transactions with related companies under the provisions of Section 33 of Financial Reporting Standard 102.


8.


Controlling party

The ultimate parent undertaking is Chopstix Group Limited, a company incorporated in the UK. It owns 100% of the share capital of Chopstix Trading Limited, the immediate parent undertaking of this Company. The ultimate parent undertaking prepares consolidated financial statements that include the results of the Company. The registered office is The Atrium 29a Kentish Town Road, London, NW1 8NL.

The directors believe the ultimate controlling party to be Chopstix Group Limited.

Page 13