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REGISTERED NUMBER: 05189631 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 July 2023

for

Exultant Limited

Exultant Limited (Registered number: 05189631)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Exultant Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: M Syed





REGISTERED OFFICE: 46 Castle Street
High Wycombe
HP13 6RG





REGISTERED NUMBER: 05189631 (England and Wales)





AUDITORS: RA Audit Services Limited
2nd Floor
Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW

Exultant Limited (Registered number: 05189631)

Strategic Report
for the Year Ended 31 July 2023

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

REVIEW OF BUSINESS
Exultant Limited is a company registered in England and Wales and a franchisee of Pizza Hut (UK) Ltd. A store count over England of 27 locations in the course of the reporting period. The management is headed by Mizan Syed having a vast experience in the QSR sector and take away food industry.

The company has continued to perform with in management expectations and the company continues to maintain a healthy balance of working capital to meet its liabilities. The company has managed the challenge mostly driven by the accelerated growth of third party aggregators like Deliveroo, Just Eat & Uber Eats. Pizza Hut's e-channel managed to claw back a lot of it's customers through the on line portal via Pizza Hut Digital Ventures customer ordering platform.

Improvements in marketing, establishing a more frictionless customer journey, providing deals that offered a stronger value proposition and partnering with the third party aggregators saw sales and profit rise significantly in the second half of the trading year.

Furthermore, the business continued to position itself for sustained long-term growth by investing in the staffing structure and providing developmental training across the company. The company is closely working with its Franchisees and has invested in new available technology e.g. Pizza Hut Digital Ventures, Pizza Hut Loyalty Scheme, Just Eat, Deliveroo and other Third Party Aggregators, Dragon Tail systems, Zonal EPOS systems and Fourth labour scheduling tools. All this new technology will help increase the customer experience, reflecting on higher top line growth, enabling more efficiencies in key cost lines and hence leading to better overall financial results.

Post year end, the company has performed broadly in line with the Director's expectation and continues to grow despite increasing cost of sales and reducing margins.


Exultant Limited (Registered number: 05189631)

Strategic Report
for the Year Ended 31 July 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of company's strategies are subject to risks, the key risks being the competition in the market place, operational risk and liquidity risk.

The Director regards the following as the principal risks and uncertainties for the company:

Financial risks
The exposure to credit risk is not high as all the consumer sales are paid for by the customer at the point of order with the payment being made by the major online payment providers typically within 3 days. The rapid receipt of cash from customers also reduces the exposure to risks surrounding cash flows allowing the company to maintain sufficient cash reserves to meet its payments as they fall due. The company monitors the financial risks carefully and has strategies in place to manage these effectively.

Competitive risks
The fast food market is a competitive and over-crowded market, however due to a strong brand and established position in the market place Pizza Hut is able to mitigate these risks. Performance is carefully monitored across all stores via a daily review of a specific range of KPIs.

Commercial risks
The principal activity within the company is managing the Pizza Hut branches. The main commercial risks facing the business is ensuring the procedures and standards required by Pizza Hut are satisfied, so the customer journey is consistent across all the franchisees. The business has policies and procedures in place to ensure that on an ongoing basis its commercial risks are carefully monitored and mitigated against. The business has procedures in place to ensure its Franchise agreement is being adhered to.


Exultant Limited (Registered number: 05189631)

Strategic Report
for the Year Ended 31 July 2023


The company's key performance indicators for the year ended 31 July 2022 are as follows:



YE 31.07.23 YE 31.07.22
£ £
Turnover 10,924,682 10,771,249
Gross profit 2,960,612 3,741,936
Gross profit margin 27.10% 34.74%
(Loss)/Profit before tax (266,011) 476,089
Shareholders' equity 3,208,905 3,528,347

In the year ending 31 July 2023 Turnover, has increased by 1.39%. Gross profit margin has reduced and operational costs have increased. This has resulted in reduction in profit before tax for the current year compared to last year.

However, the company continues to maintain a healthy bank balance of reserves to meet its current and long-term liabilities as they fall due.

ON BEHALF OF THE BOARD:





M Syed - Director


25 April 2024

Exultant Limited (Registered number: 05189631)

Report of the Director
for the Year Ended 31 July 2023

The director presents his report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of take-away food shops and mobile food stands.

DIVIDENDS
Dividends amounting to £Nil (2022: £20,000.00) were distributed at the year end.

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

EMPLOYMENT OF DISABLED PERSONS
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. where existing employees become disabled, it is company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT
The directors consider that the involvement of employees is important to the success of the company, employees are regularly informed of the company's performance and progress at both formal and informal meetings.

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.

Exultant Limited (Registered number: 05189631)

Report of the Director
for the Year Ended 31 July 2023


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

ON BEHALF OF THE BOARD:





M Syed - Director


25 April 2024

Report of the Independent Auditors to the Members of
Exultant Limited

Opinion
We have audited the financial statements of Exultant Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 July 2023 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 qualified 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.

Report of the Independent Auditors to the Members of
Exultant Limited


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.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, 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.

Report of the Independent Auditors to the Members of
Exultant Limited


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:

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.

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 client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations.

1) We identified the laws and regulations applicable to the company through discussions with directors, key management personnel and from our commercial knowledge and experience.
2) We focused on specific laws and regulations which we considered may have a direct effect on financial statements or the operations of the company including Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, food safety, employment and health and safety legislation.
3) We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
4) Identified laws and regulations were communicated with 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;
1) Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud and
2) 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:
1) Performed analytical procedures to identify any unusual and unexpected relationships,
2) Tested journal entries to identify unusual transactions,
3) 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:
1) Agreeing financial statements disclosures to underlying supporting documentation.
2) Enquiring of management as to actual and potential litigation and claims and
3) Reviewing correspondence with HMRC, enquiring of management over health and safety.


Report of the Independent Auditors to the Members of
Exultant Limited

There are inherent limitations in our audit procedures described above. Auditing standards also limit the audit procedures required to identifying 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.

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.




Abdul Hafeez ACA, FCCA (Senior Statutory Auditor)
for and on behalf of RA Audit Services Limited
2nd Floor
Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW

26 April 2024

Exultant Limited (Registered number: 05189631)

Statement of Comprehensive Income
for the Year Ended 31 July 2023

31.7.23 31.7.22
Notes £    £   

TURNOVER 4 10,924,682 10,771,249

Cost of sales 7,964,070 7,029,313
GROSS PROFIT 2,960,612 3,741,936

Administrative expenses 3,389,339 3,272,877
(428,727 ) 469,059

Other operating income 167,223 -
OPERATING (LOSS)/PROFIT 6 (261,504 ) 469,059

Interest receivable and similar
income

-

7,030
(261,504 ) 476,089

Interest payable and similar
expenses

7

4,507

-
(LOSS)/PROFIT BEFORE TAXATION (266,011 ) 476,089

Tax on (loss)/profit 8 53,431 537,998
LOSS FOR THE FINANCIAL YEAR (319,442 ) (61,909 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(319,442

)

(61,909

)

Exultant Limited (Registered number: 05189631)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 56,790 41,216
Tangible assets 11 2,270,407 1,950,939
2,327,197 1,992,155

CURRENT ASSETS
Stocks 12 101,245 84,923
Debtors 13 2,545,654 1,395,894
Cash at bank and in hand 261,233 1,812,473
2,908,132 3,293,290
CREDITORS
Amounts falling due within one year 14 1,581,637 1,269,363
NET CURRENT ASSETS 1,326,495 2,023,927
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,653,692

4,016,082

PROVISIONS FOR LIABILITIES 16 444,787 487,735
NET ASSETS 3,208,905 3,528,347

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings 3,208,904 3,528,346
SHAREHOLDERS' FUNDS 3,208,905 3,528,347

The financial statements were approved by the director and authorised for issue on 25 April 2024 and were signed by:





M Syed - Director


Exultant Limited (Registered number: 05189631)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2021 1 3,610,255 3,610,256

Changes in equity
Dividends - (20,000 ) (20,000 )
Total comprehensive income - (61,909 ) (61,909 )
Balance at 31 July 2022 1 3,528,346 3,528,347

Changes in equity
Total comprehensive income - (319,442 ) (319,442 )
Balance at 31 July 2023 1 3,208,904 3,208,905

Exultant Limited (Registered number: 05189631)

Cash Flow Statement
for the Year Ended 31 July 2023

31.7.23 31.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,022,997 ) 222,998
Interest paid (4,507 ) -
Tax paid (91,873 ) (262,862 )
Net cash from operating activities (1,119,377 ) (39,864 )

Cash flows from investing activities
Purchase of intangible fixed assets (19,765 ) (41,915 )
Purchase of tangible fixed assets (522,098 ) (455,693 )
Interest received - 7,030
Net cash from investing activities (541,863 ) (490,578 )

Cash flows from financing activities
Amount introduced by directors 110,000 20,000
Equity dividends paid - (20,000 )
Net cash from financing activities 110,000 -

Decrease in cash and cash equivalents (1,551,240 ) (530,442 )
Cash and cash equivalents at
beginning of year

2

1,812,473

2,342,915

Cash and cash equivalents at end
of year

2

261,233

1,812,473

Exultant Limited (Registered number: 05189631)

Notes to the Cash Flow Statement
for the Year Ended 31 July 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS
31.7.23 31.7.22
£    £   
(Loss)/profit before taxation (266,011 ) 476,089
Depreciation charges 206,820 244,845
Finance costs 4,507 -
Finance income - (7,030 )
(54,684 ) 713,904
Increase in stocks (16,322 ) (50,140 )
Increase in trade and other debtors (1,259,760 ) (1,163,695 )
Increase in trade and other creditors 307,769 722,929
Cash generated from operations (1,022,997 ) 222,998

2. 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 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 261,233 1,812,473
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 1,812,473 2,342,915


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 1,812,473 (1,551,240 ) 261,233
1,812,473 (1,551,240 ) 261,233
Total 1,812,473 (1,551,240 ) 261,233

Exultant Limited (Registered number: 05189631)

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

1. STATUTORY INFORMATION

Exultant Limited 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. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises the fair value of the sale of goods to external customers, net of value added tax, and returns. Turnover is recognised on the sale of goods when the significant risks and rewards of ownership of goods have passed to the buyer and the amount of turnover can be measured reliably. Turnover on goods delivered is recognised when the customer accepts delivery.

Intangible assets – goodwill
Goodwill arising on acquisitions, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets acquired, and is capitalised and written off on a straight line basis over its useful economic life, up to a maximum 10 years. In estimating the useful economic life of goodwill, account has been taken of the nature of the business acquired and the period over which the value of the business will remain in excess of its tangible assets. Goodwill is reviewed for impairment at the end of the first full year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets - franchisee fees
Franchisee fees are initially measured at cost. After initial recognition, they are measured at cost less and accumulated amortisation and any accumulated impairment losses.

Franchisee fees are being amortised over its estimated useful life of ten years.

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. 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.
Freehold property - 2% on cost
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - 25% on reducing balance

Freehold land is not being depreciated.

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock includes raw material for food preparation.

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.


Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
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
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they no longer at the discretion of the company.

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCER

In the application of the company's accounting policies, the directors are required to make judgments estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other are considered to be relevant. Actual results may differ from these estimates.

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

Key Sources of estimation uncertainty
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Useful lives of intangible fixed assets
Intangible fixed assets consist of goodwill and fanchisee fees. The annual amortisation charge depends on estimated useful economic life of the asset. The directors regularly review the remaining useful life of these assets. Changes in asset's useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies.

Useful lives of tangible fixed assets
The costs of tangible fixed assets less their residual value are depreciated over their estimated useful economic lives which are estimated by the director. Changes in the expected level of usage and technological developments could impact on the useful economic lives of these assets; therefore, further depreciation charges could be revised.

4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.7.23 31.7.22
£    £   
Sale of goods 10,924,682 10,771,249
10,924,682 10,771,249

5. EMPLOYEES AND DIRECTORS
31.7.23 31.7.22
£    £   
Wages and salaries 4,242,487 3,341,053
Social security costs 209,137 178,160
Other pension costs 16,254 3,182
4,467,878 3,522,395

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.7.23 31.7.22

Employees including director 310 278

31.7.23 31.7.22
£    £   
Director's remuneration 30,000 43,500

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

31.7.23 31.7.22
£    £   
Depreciation - owned assets 202,630 244,146
Patents and licences amortisation 4,191 699
Auditors' remuneration 9,500 9,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.23 31.7.22
£    £   
Interest payable 4,507 -

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.7.23 31.7.22
£    £   
Current tax:
UK corporation tax 96,379 50,263

Deferred tax (42,948 ) 487,735
Tax on (loss)/profit 53,431 537,998

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. TAXATION - continued

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

31.7.23 31.7.22
£    £   
(Loss)/profit before tax (266,011 ) 476,089
(Loss)/profit multiplied by the standard rate of corporation tax
in the UK of 19% (2022 - 19%)

(50,542

)

90,457

Effects of:
Capital allowances in excess of depreciation - (40,194 )
Depreciation in excess of capital allowances 130,525 -
Adjustments to tax charge in respect of previous periods 16,396 -


Deferred tax (42,948 ) 487,735
Total tax charge 53,431 537,998

9. DIVIDENDS
31.7.23 31.7.22
£    £   
Ordinary share of £1
Final - 20,000

10. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2022 566,013 41,915 607,928
Additions - 19,765 19,765
At 31 July 2023 566,013 61,680 627,693
AMORTISATION
At 1 August 2022 566,013 699 566,712
Amortisation for year - 4,191 4,191
At 31 July 2023 566,013 4,890 570,903
NET BOOK VALUE
At 31 July 2023 - 56,790 56,790
At 31 July 2022 - 41,216 41,216

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 August 2022 575,000 3,298,617 13,107 3,886,724
Additions - 488,411 33,687 522,098
At 31 July 2023 575,000 3,787,028 46,794 4,408,822
DEPRECIATION
At 1 August 2022 72,240 1,862,447 1,098 1,935,785
Charge for year 11,500 188,128 3,002 202,630
At 31 July 2023 83,740 2,050,575 4,100 2,138,415
NET BOOK VALUE
At 31 July 2023 491,260 1,736,453 42,694 2,270,407
At 31 July 2022 502,760 1,436,170 12,009 1,950,939

12. STOCKS
31.7.23 31.7.22
£    £   
Stocks 101,245 84,923

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 2 162,934
Amounts owed by group undertakings 1,939,454 1,064,284
Other debtors 455,011 12,287
Directors' current accounts 6,926 116,926
S455 recoverable 39,463 39,463
Prepayments and accrued income 104,798 -
2,545,654 1,395,894

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 522,255 795,191
Tax 94,232 89,726
Social security and other taxes 96,545 43,278
VAT 381,359 288,273
Other creditors 9,662 -
Net wages payable 228,737 43,395
Accruals and deferred income 248,847 9,500
1,581,637 1,269,363

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year 366,464 366,464
Between one and five years 1,085,180 1,125,680
In more than five years 1,691,715 1,945,135
3,143,359 3,437,279

16. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 444,787 487,735

Deferred
tax
£   
Balance at 1 August 2022 487,735
Credit to Statement of Comprehensive Income during year (42,948 )
Balance at 31 July 2023 444,787

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
1 Ordinary £1 1 1

Exultant Limited (Registered number: 05189631)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

18. ULTIMATE PARENT COMPANY

The company's parent company is Exultant Holdings Limited , a company registered in England and Wales. The results of Exultant Limited are included in consolidated financial statements of Exultant Holdings Limited which are available from their registered office 46 Castle Street, High Wycombe, England, HP13 6RG.

19. RELATED PARTY DISCLOSURES

Included in debtors falling due with in one year is £6,926 (2022: debtors £116,926) Due from the director. An interest of £Nil (2022:£7,030) Has been charged on the overdrawn balance.

20. ULTIMATE CONTROLLING PARTY

The controlling party is M Syed.