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REGISTERED NUMBER: 11139878 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 July 2023

for

Exultant Holdings Limited

Exultant Holdings Limited (Registered number: 11139878)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive
Income

10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Company Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Exultant Holdings Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: M Syed





REGISTERED OFFICE: 46 Castle Street
High Wycombe
HP13 6RG





REGISTERED NUMBER: 11139878 (England and Wales)





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

Exultant Holdings Limited (Registered number: 11139878)

Group Strategic Report
for the Year Ended 31 July 2023

The director presents his strategic report of the company and the group for the year ended 31 July 2023.

REVIEW OF BUSINESS
The group's results for the year and the financial position at the year-end were considered satisfactory by the directors.

The management is headed by Mizan Syed having a vast experience in the QSR sector and take away food industry. Store count over England is 28 in the course of the reporting period with a number of new stores in purchased after the year end , the continued growth and success of the group will sustained.

The group has continued to perform with in management expectations and the group continues to maintain a healthy balance of working capital to meet its liabilities. The group 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 group. The group 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 group has performed broadly in line with the Director's expectation and continues to grow despite increasing cost of sales and reducing margins. In addition, the new subsidiary was incorporated as another fast food chain franchise.


Exultant Holdings Limited (Registered number: 11139878)

Group Strategic Report
for the Year Ended 31 July 2023

PRINCIPAL RISKS AND UNCERTAINTIES
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.

KEY PERFORMANCE INDICATORS
The key financial performance indicators used to determine the progress and performance of the group are set out below:


PE 31.07.23 PE 31.07.22
£ £
Turnover 16,033,083 15,236,393
Gross profit 4,004,298 5,016,219
Gross profit margin 24.98% 32..92%
(loss) /Profit before tax (835,478) 678,712
Shareholders' equity 2,892,721 4,111,200

As a result of the above, it will be appropriate to review them next year for an understanding of the business.

ON BEHALF OF THE BOARD:





M Syed - Director


25 July 2024

Exultant Holdings Limited (Registered number: 11139878)

Report of the Director
for the Year Ended 31 July 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of The principal activity of the parent continued to be that of a holding company.

The principal activity of the subsidiaries were that of operating fast food franchised restaurants, property investments and franchised fitness gyms.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2023.

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

FINANCIAL INSTRUMENTS
Interest rate risk - The group borrows from its bankers using term loans whose tenure depends on the nature of the assets and management's view of the future direction on interest rate.

Liquidity risk - The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due.The group expects to meet its financial obligations through operating cashflow. Given the maturity of the bank loan, the group is in a position to meet its commitments and obligations as they come due.

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.


Exultant Holdings Limited (Registered number: 11139878)

Report of the Director
for the Year Ended 31 July 2023

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

- select suitable accounting policies and 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

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 July 2024

Report of the Independent Auditors to the Members of
Exultant Holdings Limited

Opinion
We have audited the financial statements of Exultant Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company 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 group's and of the parent company affairs as at 31 July 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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.

Report of the Independent Auditors to the Members of
Exultant Holdings Limited


Other information
The director is responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Exultant Holdings 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 group 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 group including Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, 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 group'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 Holdings 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 July 2024

Exultant Holdings Limited (Registered number: 11139878)

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

Period
1.2.21
Year Ended to
31.7.23 31.7.22
Notes £    £   

TURNOVER 16,033,083 15,236,393

Cost of sales 12,028,785 10,220,174
GROSS PROFIT 4,004,298 5,016,219

Administrative expenses 4,840,241 4,333,844
(835,943 ) 682,375

Other operating income 32,948 -
OPERATING (LOSS)/PROFIT 5 (802,995 ) 682,375

Interest receivable and similar
income

-

7,030
(802,995 ) 689,405

Interest payable and similar
expenses

6

32,483

10,693
(LOSS)/PROFIT BEFORE TAXATION (835,478 ) 678,712

Tax on (loss)/profit 7 383,001 571,505
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(1,218,479

)

107,207

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,218,479

)

107,207

(Loss)/profit attributable to:
Owners of the parent (1,218,479 ) 107,207

Total comprehensive income attributable to:
Owners of the parent (1,218,479 ) 107,207

Exultant Holdings Limited (Registered number: 11139878)

Consolidated Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 117,545 58,269
Tangible assets 11 4,275,880 2,538,067
Investments 12 - -
Investment property 13 1,207,186 1,207,186
5,600,611 3,803,522

CURRENT ASSETS
Stocks 14 133,684 120,353
Debtors 15 1,000,659 409,022
Cash at bank and in hand 488,059 2,614,577
1,622,402 3,143,952
CREDITORS
Amounts falling due within one year 16 2,788,479 1,973,413
NET CURRENT (LIABILITIES)/ASSETS (1,166,077 ) 1,170,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,434,534

4,974,061

CREDITORS
Amounts falling due after more than
one year

17

(776,507

)

(375,126

)

PROVISIONS FOR LIABILITIES 20 (765,306 ) (487,735 )
NET ASSETS 2,892,721 4,111,200

CAPITAL AND RESERVES
Called up share capital 21 500 500
Retained earnings 2,892,221 4,110,700
SHAREHOLDERS' FUNDS 2,892,721 4,111,200

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





M Syed - Director


Exultant Holdings Limited (Registered number: 11139878)

Company Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 104 4
Investment property 13 - -
104 4

CURRENT ASSETS
Debtors 15 250,500 500

CREDITORS
Amounts falling due within one year 16 5,354 5,254
NET CURRENT ASSETS/(LIABILITIES) 245,146 (4,754 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

245,250

(4,750

)

CAPITAL AND RESERVES
Called up share capital 21 500 500
Retained earnings 244,750 (5,250 )
SHAREHOLDERS' FUNDS 245,250 (4,750 )

Company's profit for the financial
year

250,000

14,750

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





M Syed - Director


Exultant Holdings Limited (Registered number: 11139878)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2021 1 4,023,493 4,023,494

Changes in equity
Issue of share capital 499 - 499
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 107,207 107,207
Balance at 31 July 2022 500 4,110,700 4,111,200

Changes in equity
Total comprehensive income - (1,218,479 ) (1,218,479 )
Balance at 31 July 2023 500 2,892,221 2,892,721

Exultant Holdings Limited (Registered number: 11139878)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2021 1 - 1

Changes in equity
Issue of share capital 499 - 499
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 14,750 14,750
Balance at 31 July 2022 500 (5,250 ) (4,750 )

Changes in equity
Total comprehensive income - 250,000 250,000
Balance at 31 July 2023 500 244,750 245,250

Exultant Holdings Limited (Registered number: 11139878)

Consolidated Cash Flow Statement
for the Year Ended 31 July 2023

Period
1.2.21
Year Ended to
31.7.23 31.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 (257,107 ) 3,127,914
Interest paid (32,483 ) (10,693 )
Tax paid (118,028 ) -
Net cash from operating activities (407,618 ) 3,117,221

Cash flows from investing activities
Purchase of intangible fixed assets (74,765 ) (52,393 )
Purchase of tangible fixed assets (2,155,517 ) (591,199 )
Purchase of investment property - (365,469 )
Interest received - 7,030
Net cash from investing activities (2,230,282 ) (1,002,031 )

Cash flows from financing activities
New loans in year 607,000 518,888
Loan repayments in year (205,618 ) -
Amount introduced by directors 110,000 -
Share issue - 499
Equity dividends paid - (20,000 )
Net cash from financing activities 511,382 499,387

(Decrease)/increase in cash and cash equivalents (2,126,518 ) 2,614,577
Cash and cash equivalents at
beginning of year

25

2,614,577

-

Cash and cash equivalents at end
of year

25

488,059

2,614,577

Exultant Holdings Limited (Registered number: 11139878)

Company Cash Flow Statement
for the Year Ended 31 July 2023

Period
1.2.21
Year Ended to
31.7.23 31.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 (249,900 ) (495 )
Net cash from operating activities (249,900 ) (495 )

Cash flows from investing activities
Purchase of fixed asset investments (100 ) (4 )
Dividends received 250,000 20,000
Net cash from investing activities 249,900 19,996

Cash flows from financing activities
Share issue - 499
Equity dividends paid - (20,000 )
Net cash from financing activities - (19,501 )

Increase in cash and cash equivalents - -
Cash and cash equivalents at
beginning of year

25

-

-

Cash and cash equivalents at end
of year

25

-

-

Exultant Holdings Limited (Registered number: 11139878)

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

1. STATUTORY INFORMATION

Exultant Holdings 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 General 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.

Basis of consolidation
This is the first year, consolidated financial statements are being prepared for Exultant Holdings Limited as per acquisition accounting as it acquired following subsidiaries during the year:

1. Exultant Limited
2. Exultant Properties Limited
3. Exultant Pizza Limited
4. Exultant Fitness Limited

In the parent company financial statements, the cost of business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount contingent consideration that is probable and can be measured reliably and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investment in subsidiaries are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Exultant Holdings Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 July 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Exultant Holdings Limited (Registered number: 11139878)

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

2. ACCOUNTING POLICIES - continued

Going concern
Management has considered the post balance sheet events, and other conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon group's ability to continue as a going concern. Improving operating results and financial position after the balance sheet date indicates the going concern assumption is still appropriate.

Turnover
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 revenue can be measured reliably. Turnover on goods delivered is recognised when the customer accepts delivery. Turnover also includes income receivable from fitness gym.

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.

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
Short leasehold - 2% on cost
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - 25% on reducing balance and 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 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.

Exultant Holdings Limited (Registered number: 11139878)

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

2. ACCOUNTING POLICIES - continued

Investment property
Investment property which is property held to earn rentals and or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss account.

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

Stocks are stated at the lower of cost and net realisable value. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss.

Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The group has elected to apply the provision of Section 11 `Basic Financial Instruments` and Section 12 Other Financial Instruments Issues` of FRS 102 to all of its financial instruments.

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 arrangements constitute 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.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

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

Basic financial liabilities
Basic financial liabilities include creditors and bank loans are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Exultant Holdings Limited (Registered number: 11139878)

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

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax.

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 group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals paid under operating leases including any lease incentives received, are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group'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.

Reporting period
The group's reporting period has changed, and the financial statements presented are for a period longe than one year. The reason for this is to have all the companies in the group to have the same year end date.

Exultant Holdings Limited (Registered number: 11139878)

Notes to the Consolidated 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 group'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. EMPLOYEES AND DIRECTORS
Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Wages and salaries 6,139,860 4,797,426
Social security costs 310,837 254,277
Other pension costs 38,071 18,123
6,488,768 5,069,826

The average number of employees during the year was as follows:
Period
1.2.21
Year Ended to
31.7.23 31.7.22

Employees 428 396
Director 1 -
429 396

Exultant Holdings Limited (Registered number: 11139878)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employes during the year for the company was 1 (2021: 1).

Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Director's remuneration 30,000 43,500

5. OPERATING (LOSS)/PROFIT

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

Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Other operating leases 309,138 240,660
Depreciation - owned assets 417,703 357,365
Goodwill amortisation 4,750 4,750
Patents and licences amortisation 10,739 874
Auditors' remuneration 9,500 14,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Bank interest 278 -
Bank loan interest 26,607 10,693
Interest payable 5,598 -
32,483 10,693

Exultant Holdings Limited (Registered number: 11139878)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Current tax:
UK corporation tax 105,430 83,770

Deferred tax 277,571 487,735
Tax on (loss)/profit 383,001 571,505

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Ordinary share of 1
Final - 20,000

Exultant Holdings Limited (Registered number: 11139878)

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

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2022 613,513 52,393 665,906
Additions - 74,765 74,765
At 31 July 2023 613,513 127,158 740,671
AMORTISATION
At 1 August 2022 606,763 874 607,637
Amortisation for year 4,750 10,739 15,489
At 31 July 2023 611,513 11,613 623,126
NET BOOK VALUE
At 31 July 2023 2,000 115,545 117,545
At 31 July 2022 6,750 51,519 58,269

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 August 2022 575,000 - 4,686,046
Additions - 538,816 1,252,914
At 31 July 2023 575,000 538,816 5,938,960
DEPRECIATION
At 1 August 2022 72,240 - 2,662,749
Charge for year 11,500 55,190 330,943
At 31 July 2023 83,740 55,190 2,993,692
NET BOOK VALUE
At 31 July 2023 491,260 483,626 2,945,268
At 31 July 2022 502,760 - 2,023,297

Exultant Holdings Limited (Registered number: 11139878)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 13,107 - - 5,274,153
Additions 341,763 19,920 2,104 2,155,517
At 31 July 2023 354,870 19,920 2,104 7,429,670
DEPRECIATION
At 1 August 2022 1,098 - - 2,736,087
Charge for year 14,783 4,980 307 417,703
At 31 July 2023 15,881 4,980 307 3,153,790
NET BOOK VALUE
At 31 July 2023 338,989 14,940 1,797 4,275,880
At 31 July 2022 12,009 - - 2,538,066

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2022 4
Additions 100
At 31 July 2023 104
NET BOOK VALUE
At 31 July 2023 104
At 31 July 2022 4

Exultant Holdings Limited (Registered number: 11139878)

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

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Exultant Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fast food franchise
%
Class of shares: holding
Ordinary 100.00
31.7.23 31.7.22
£    £   
Aggregate capital and reserves 3,208,905 3,528,347
Loss for the year/period (319,442 ) (61,909 )

Exultant Pizza Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fast food franchise
%
Class of shares: holding
Ordinary 100.00
31.7.23 31.7.22
£    £   
Aggregate capital and reserves 264,324 908,888
(Loss)/profit for the year/period (394,564 ) 127,564

Exultant Fitness Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fitness gym franchise
%
Class of shares: holding
Ordinary 100.00
31.7.23 31.7.22
£    £   
Aggregate capital and reserves (662,459 ) (569,421 )
Loss for the year/period (93,038 ) (127,558 )

Exultant Holdings Limited (Registered number: 11139878)

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

12. FIXED ASSET INVESTMENTS - continued

Exultant Properties Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Investment properties
%
Class of shares: holding
Ordinary 100.00
31.7.23 31.7.22
£    £   
Aggregate capital and reserves 253,960 248,140
Profit for the year/period 5,820 174,360

Exultant Food To Go Limited
Registered office: 46 Castle Street, High Wycombe, England, HP13 6RG
Nature of business: Fast food franchise
%
Class of shares: holding
Ordinary 100.00
31.7.23
£   
Aggregate capital and reserves (417,254 )
Loss for the year (417,154 )


AUDIT EXEMPTION OF SUBSIDIARIES

For the financial year ended 31 July 2023, Exultant Pizza Limited, Exultant Properties Limited, Exultant Fitness Limited and Exultant Food To Go limited have claimed exemption from audit under S479A of the companies act relating to subsidiary companies.

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 1,207,186
NET BOOK VALUE
At 31 July 2023 1,207,186
At 31 July 2022 1,207,186

In the opinion of the directors, the market value of the investment property is not materially different to the carrying value in the accounts as at the balance sheet date.

Exultant Holdings Limited (Registered number: 11139878)

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

14. STOCKS

Group
31.7.23 31.7.22
£    £   
Stocks 133,684 120,353

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.23 31.7.22 31.7.23 31.7.22
£    £    £    £   
Trade debtors 39,770 239,846 - -
Amounts owed by group undertakings - - 250,000 -
Other debtors 654,841 12,787 500 500
Directors' current accounts 6,926 116,926 - -
Tax 39,463 39,463 - -
Prepayments and accrued income 240,956 - - -
Prepayments 18,703 - - -
1,000,659 409,022 250,500 500

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.23 31.7.22 31.7.23 31.7.22
£    £    £    £   
Bank loans and overdrafts (see note 18)
124,772

143,762

-

-
Trade creditors 1,261,014 1,101,069 - -
Tax 110,635 123,233 - -
Social security and other taxes 125,835 69,677 - -
VAT 399,200 412,003 - -
Other creditors 13,499 4 104 4
Net wages payable 322,982 106,815 - -
Accruals and deferred income 254,097 14,750 5,250 5,250
Accrued expenses 176,445 2,100 - -
2,788,479 1,973,413 5,354 5,254

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
31.7.23 31.7.22
£    £   
Bank loans (see note 18) 776,507 375,126

Exultant Holdings Limited (Registered number: 11139878)

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

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.7.23 31.7.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 124,772 143,762
Amounts falling due between one and two years:
Bank loans - 1-2 years 242,276 375,126
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 534,231 -

19. SECURED DEBTS

Included within Other creditors falling due within one year and creditors falling due after one year is £Nil (2022: 163,737) in respect of a Flexi Business Loan. This loan was secured by a fixed and floating charge over present and future assets of the company. This loan was settled in February 2023.

Included in Included within Other creditors falling due within one year and creditors falling due after one year is £31,731 (2022: £47,207) in respect of a loan guarantee by the government under Coronavirus Business Interruption Loan Scheme. This loan is payable by May 2026.

Included within Other creditors falling due within one year and creditors falling due after one year is £258,460 (2022: 301,944) in respect of a Flexi Business Loan and and Commercial Mortgage loan. This loan is secured by a fixed and floating charge over present and future assets of the company.

A new loan of £607,000 was taken on 30 June 2023.This loan is secured by a fixed and floating charge over present and future assets of the company.

20. PROVISIONS FOR LIABILITIES

Group
31.7.23 31.7.22
£    £   
Deferred tax 765,306 487,735

Exultant Holdings Limited (Registered number: 11139878)

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

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 August 2022 487,735
Charge to Statement of Comprehensive Income during year 277,571
Balance at 31 July 2023 765,306

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
1 Ordinary 1 500 500

22. RELATED PARTY DISCLOSURES

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

23. ULTIMATE CONTROLLING PARTY

The controlling party is M Syed.

24. RECONCILIATION OF (LOSS)/PROFIT/PROFIT BEFORE TAXATION TO CASH
GENERATED FROM OPERATIONS
Group
Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
(Loss)/profit before taxation (835,478 ) 678,712
Depreciation charges 433,192 236,731
Increase in provisions - 487,735
Finance costs 32,483 10,693
Finance income - (7,030 )
(369,803 ) 1,406,841
Increase in stocks (13,331 ) (120,353 )
Increase in trade and other debtors (701,637 ) (369,559 )
Increase in trade and other creditors 827,664 2,210,985
Cash generated from operations (257,107 ) 3,127,914


Exultant Holdings Limited (Registered number: 11139878)

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

24. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS - continued

Company
Period
1.2.21
Year Ended to
31.7.23 31.7.22
£    £   
Profit before taxation 250,000 14,750
Finance income (250,000 ) (20,000 )
- (5,250 )
Increase in trade and other debtors (250,000 ) (499 )
Increase in trade and other creditors 100 5,254
Cash generated from operations (249,900 ) (495 )

25. CASH AND CASH EQUIVALENTS

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

Group Company
Year ended 31 July 2023
31.7.23 1.8.22 31.7.23 1.8.22
£    £    £    £   
Cash and cash equivalents 488,059 2,614,577 - -
Period ended 31 July 2022
31.7.22 1.2.21 31.7.22 1.2.21
£    £    £    £   
Cash and cash equivalents 2,614,577 - - -


Exultant Holdings Limited (Registered number: 11139878)

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

26. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Group
At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 2,614,577 (2,126,518 ) 488,059
2,614,577 (2,126,518 ) 488,059
Debt
Debts falling due within 1 year (143,762 ) 18,990 (124,772 )
Debts falling due after 1 year (375,126 ) (401,381 ) (776,507 )
(518,888 ) (382,391 ) (901,279 )
Total 2,095,689 (2,508,909 ) (413,220 )
Company
At 1.8.22 Cash flow At 31.7.23
£    £    £