Company Registration No. 11881432 (England and Wales)
TOPSTORM LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
TOPSTORM LIMITED
COMPANY INFORMATION
Directors
P Corrett
J Corrett
(Appointed 17 May 2023)
Company number
11881432
Registered office
Eden House
Reynolds Road
Beaconsfield
Buckinghamshire
HP9 2FL
Auditor
Littlestone Golding
17 Cavendish Square
London
W1G 0PH
TOPSTORM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
TOPSTORM LIMITED
STRATEGIC REPORT
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 1 -

The directors present the strategic report and financial statements for the 52 weeks ended 30 July 2023 with corresponding figures for the 52 weeks ending 31 July 2022.

Review of the business

The Group's EBITDA for the 52 week period ended 30 July 2023 was approximately £1.1 million on turnover of £18.6 million (2022: approximately £1.1 million on turnover of £18.1 million), as set out below.

 

Food and beverage and associated costs amounted to 31.6% of turnover compared to 31.9% for the comparative period, and net staff costs amounted to 31.4% of turnover compared to 34.4% for the comparative period, which resulted in a gross profit margin of 37.0% compared to 33.7% for the comparative period.

 

EBITDA from unit operating business was satisfactory as set out below.

 

 

52 weeks

 

52 weeks

 

ended

 

ended

 

30 July

 

31 July

 

2023

 

2022

 

£'000

 

£'000

 

 

 

 

Turnover

18,566

 

18,101

Raw materials and consumables

(5,860)

 

(5,777)

Net staff costs

(5,837)

 

(6,229)

 

 

 

 

Gross profit

6,869

 

6,095

 

 

 

 

Other operating expenses and income

(5,794)

 

(4,955)

 

 

 

 

EBITDA

1,075

 

1,140

 

 

 

 

Key performance indicators

 

 

 

Gross profit margin

37.0%

 

33.7%

EBITDA margin

5.8%

 

6.3%

 

The Group’s balance sheet shows that the Group has net assets of £2.3 million at 30 July 2023 (2022: £2.3 million).

Principal risks and uncertainties

The directors consider that the Group's principal risks and uncertainties relate to the provision of a suitable offering that will continue to attract customers to its restaurants and consequently the Group is focused on providing a quality, value-for-money offering in its restaurants.

 

There is virtually no credit risk as all customers pay by credit card or cash.

 

The Group closely monitors its cash flow both daily and longer term and ensures that adequate funding is available for its needs.

On behalf of the board

P Corrett
Director
30 July 2024
TOPSTORM LIMITED
DIRECTORS' REPORT
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 2 -

The directors present their report and financial statements for the 52 weeks ended 30 July 2023 with corresponding figures for the 52 weeks ending 31 July 2022.

Principal activities

The principal activity of the group is the operation of licensed restaurants.

Results and dividends

The results for the 52 week period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the 52 week period and up to the date of signature of the financial statements were as follows:

P Corrett
J Corrett
(Appointed 17 May 2023)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the 52 week period. These provisions remain in force at the reporting date.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees at meetings and with professional consultants, matters likely to affect employees' interests, and to ensure employee involvement in matters of concern to them, and to provide employees with relevant information.

Future developments

The directors expect to report an even more successful year for the year to July 2024 in terms of group trading and profitability compared to that achieved for the year to July 2023.

 

In 2024 the group has acquired two sister companies operating Big Easy outlets in Bluewater shopping centre and at Westfield, Stratford, which will result in a transformational improvement in group revenue and overall financial performance.

 

The group continues to look at opportunities when they arise and future new openings will be considered based on market conditions.

Auditor

The auditor, Littlestone Golding, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

TOPSTORM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
P Corrett
Director
30 July 2024
TOPSTORM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TOPSTORM LIMITED
- 4 -
Opinion

We have audited the financial statements of Topstorm Limited (the 'parent company') and its subsidiaries (the 'group') for the 52 week period ended 30 July 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TOPSTORM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOPSTORM LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

TOPSTORM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOPSTORM LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Wright FCA (Senior Statutory Auditor)
For and on behalf of Littlestone Golding
30 July 2024
Chartered Accountants
Statutory Auditor
17 Cavendish Square
London
W1G 0PH
TOPSTORM LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 7 -
52 weeks
52 weeks
ended
ended
30 July
31 July
2023
2022
Notes
£
£
Turnover
3
18,566,312
18,101,472
Raw materials and consumables
(5,860,183)
(5,777,394)
12,706,129
12,324,078
Staff costs
6
(5,837,353)
(6,232,652)
Depreciation and other amounts written off tangible and intangible fixed assets
4
(902,844)
(918,760)
Other operating expenses
(5,905,785)
(5,554,266)
Other operating income
111,667
602,714
Operating profit
171,814
221,114
Interest payable and similar expenses
8
(128,196)
(77,229)
Gain on disposal of investments
9
-
(111,394)
Profit before taxation
43,618
32,491
Tax on profit
10
(102,024)
(97,828)
Loss for the financial 52 week period
(58,406)
(65,337)
Loss for the financial 52 week period is all attributable to the owners of the parent company.
TOPSTORM LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 8 -
52 weeks
52 weeks
ended
ended
30 July
31 July
2023
2022
£
£
Loss for the 52 week period
(58,406)
(65,337)
Other comprehensive income
-
-
Total comprehensive income for the 52 week period
(58,406)
(65,337)
Total comprehensive income for the 52 week period is all attributable to the owners of the parent company.
TOPSTORM LIMITED
GROUP BALANCE SHEET
AS AT
30 JULY 2023
30 July 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
434,630
518,415
Other intangible assets
11
13,707
33,486
Total intangible assets
448,337
551,901
Tangible assets
12
4,814,957
5,370,049
5,263,294
5,921,950
Current assets
Stocks
15
1,496,651
1,766,788
Debtors
16
1,429,579
1,844,571
Cash at bank and in hand
789,760
270,544
3,715,990
3,881,903
Creditors: amounts falling due within one year
17
(5,607,852)
(5,624,094)
Net current liabilities
(1,891,862)
(1,742,191)
Total assets less current liabilities
3,371,432
4,179,759
Creditors: amounts falling due after more than one year
18
(1,078,306)
(1,811,267)
Provisions for liabilities
Deferred tax liability
20
2,183
19,143
(2,183)
(19,143)
Net assets
2,290,943
2,349,349
Capital and reserves
Called up share capital
22
3,251
3,251
Merger reserve
1,748,250
1,748,250
Profit and loss reserves
539,442
597,848
Total equity
2,290,943
2,349,349
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
P Corrett
Director
TOPSTORM LIMITED
COMPANY BALANCE SHEET
AS AT 30 JULY 2023
30 July 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
2,250
2,250
Current assets
Debtors
16
124,725
124,725
Cash at bank and in hand
1
1
Net current assets
124,726
124,726
Net assets
126,976
126,976
Capital and reserves
Called up share capital
22
3,251
3,251
Profit and loss reserves
123,725
123,725
Total equity
126,976
126,976

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
P Corrett
Director
Company Registration No. 11881432
TOPSTORM LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 11 -
Share capital
Merger reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 2 August 2021
3,251
1,748,250
663,185
2,414,686
Period ended 31 July 2022:
Loss and total comprehensive income for the period
-
-
(65,337)
(65,337)
Balance at 31 July 2022
3,251
1,748,250
597,848
2,349,349
Period ended 30 July 2023:
Loss and total comprehensive income for the period
-
-
(58,406)
(58,406)
Balance at 30 July 2023
3,251
1,748,250
539,442
2,290,943
TOPSTORM LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 2 August 2021
3,251
123,725
126,976
Period ended 31 July 2022:
Profit and total comprehensive income for the period
-
-
-
Balance at 31 July 2022
3,251
123,725
126,976
Period ended 30 July 2023:
Profit and total comprehensive income
-
-
-
Balance at 30 July 2023
3,251
123,725
126,976
TOPSTORM LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,639,324
(356,887)
Interest paid
(128,196)
(77,229)
Income taxes paid
(54,391)
(27,745)
Net cash inflow/(outflow) from operating activities
1,456,737
(461,861)
Investing activities
Purchase of intangible assets
-
(3,721)
Purchase of tangible fixed assets
(244,188)
(232,173)
Net cash used in investing activities
(244,188)
(235,894)
Financing activities
Movement in borrowings
(693,333)
(1,034,591)
Payment of finance leases obligations
-
(10,007)
Net cash used in financing activities
(693,333)
(1,044,598)
Net increase/(decrease) in cash and cash equivalents
519,216
(1,742,353)
Cash and cash equivalents at beginning of 52 week period
270,544
2,012,897
Cash and cash equivalents at end of 52 week period
789,760
270,544
Relating to:
Cash at bank and in hand
789,760
270,544
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 14 -
1
Accounting policies
Company information

Topstorm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL, and its place of business is 33 King Street, London.

 

The group consists of Topstorm Limited and all of its subsidiaries.

1.1
Reporting period

The reporting period for these financial statements is 52 weeks to 30 July 2023 with corresponding figures reported for the 52 weeks to 31 July 2022. The company's financial statements are prepared for a 52 or 53 week period ending on a date 7 days either side of 31 July.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Business combinations

The group applies the acquisition accounting method to account for business combinations except where it is eligible to use the merger accounting method.

 

For subsidiary undertakings consolidated using the acquisition accounting method, the group financial statements include the subsidiary undertakings from the date of acquiring control. For subsidiary undertakings consolidated using the merger accounting method, the group financial statements include the subsidiary undertakings as if the subsidiary undertakings had been owned throughout both the current and comparative accounting periods. Merger expenses are written off to the profit and loss account in the period that the merger occurred.

 

Unless merger relief applies the cost of a business combination is recognised at 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 of 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. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. Where merger relief is available under Section 612 of the Companies Act 2006 investments in subsidiaries are recorded at the nominal value of the shares issued in respect of the acquisition.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Topstorm Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 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.

1.5
Going concern

The directors have confidence in the current and future trading of the group which continues to improve and perform well and which will be further enhanced by the acquisition of two Big Easy operating businesses in 2024.

 

The group continues to trade profitably and the directors consider that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.6
Turnover

Turnover represents the total amounts receivable by the Group in respect of sales to customers, net of VAT, derived from the Group's ordinary activities and is recognised in the profit and loss account at the point of sale.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 16 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired in respect of subsidiaries accounted for using the acquisition method of accounting. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 years straight line
Trade marks
Over 4 years
1.9
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
In equal annual instalments over the lease term
Fixtures, fittings and equipment
Over 5 to 15 years straight line

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 recognised in the profit and loss account.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Where merger relief under Section 612 of the Companies Act 2006 applies, cost is the aggregate of the nominal value of the relevant number of the company's shares and the fair value of any other consideration given to acquire the share capital of the subsidiary undertaking.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 18 -
1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 19 -
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 group 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.

 

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

 

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that 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.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Licensed restaurants
18,566,312
18,101,472
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,566,312
18,101,472
2023
2022
£
£
Other revenue
Grants received
-
3,525

Grant income represents amounts receivable under the Government's Coronavirus Job Retention Scheme and Coronavirus Business Rates Relief for businesses in the hospitality sector.

4
Operating profit
2023
2022
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange (gains)/losses
-
411
Government grants
-
(3,525)
Depreciation of owned tangible fixed assets
799,280
827,543
Amortisation of intangible assets
103,564
91,217
Operating lease charges
1,545,399
1,344,002
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,100
2,000
Audit of the financial statements of the company's subsidiaries
15,500
15,000
17,600
17,000
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the 52 week period was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
1
1
-
-
Staff
295
328
-
-
Total
296
329
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,316,653
5,765,363
-
0
-
0
Social security costs
431,133
393,156
-
-
Pension costs
89,567
74,133
-
0
-
0
5,837,353
6,232,652
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
215,023
-
Company pension contributions to defined contribution schemes
198
-
215,221
-
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
203,773
-
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 23 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
126,739
75,663
Other interest
1,457
1,566
Total finance costs
128,196
77,229
9
Gain on disposal of investments
2023
2022
£
£
Other gains and losses
-
(111,394)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
96,089
-
0
Deferred tax
Origination and reversal of timing differences
12,069
97,828
Changes in tax rates
(6,134)
-
0
Total deferred tax
5,935
97,828
Total tax charge
102,024
97,828

The actual charge for the 52 week period can be reconciled to the expected charge for the 52 week period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
43,618
32,491
Expected tax charge based on the standard rate of corporation tax in the UK of 21.01% (2022: 19.00%)
9,162
6,173
Tax effect of expenses that are not deductible in determining taxable profit
15,272
22,030
Effect of change in corporation tax rate
(6,134)
-
Permanent capital allowances in excess of depreciation
(1,572)
(9,185)
Depreciation on assets not qualifying for tax allowances
67,697
62,920
Amortisation on assets not qualifying for tax allowances
17,599
15,919
Deferred tax adjustments in respect of prior years
-
0
(29)
Taxation charge
102,024
97,828
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 24 -
11
Intangible fixed assets
Group
Goodwill
Software
Trade marks
Total
£
£
£
£
Cost
At 1 August 2022 and 30 July 2023
1,736,965
23,810
79,026
1,839,801
Amortisation and impairment
At 1 August 2022
1,218,550
5,342
64,008
1,287,900
Amortisation charged for the 52 week period
83,785
4,762
15,017
103,564
At 30 July 2023
1,302,335
10,104
79,025
1,391,464
Carrying amount
At 30 July 2023
434,630
13,706
1
448,337
At 31 July 2022
518,415
18,468
15,018
551,901
The company had no intangible fixed assets at 30 July 2023 or 31 July 2022.
12
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 August 2022
6,154,129
9,511,750
15,665,879
Additions
7,750
236,438
244,188
Disposals
(2,000)
(40,686)
(42,686)
At 30 July 2023
6,159,879
9,707,502
15,867,381
Depreciation and impairment
At 1 August 2022
3,032,100
7,263,730
10,295,830
Depreciation charged in the 52 week period
322,286
476,994
799,280
Eliminated in respect of disposals
(2,000)
(40,686)
(42,686)
At 30 July 2023
3,352,386
7,700,038
11,052,424
Carrying amount
At 30 July 2023
2,807,493
2,007,464
4,814,957
At 31 July 2022
3,122,029
2,248,020
5,370,049
The company had no tangible fixed assets at 30 July 2023 or 31 July 2022.
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 25 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,250
2,250
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022 and 30 July 2023
2,250
Carrying amount
At 30 July 2023
2,250
At 31 July 2022
2,250
14
Subsidiaries

Details of the company's subsidiaries at 30 July 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Big Easy Restaurants Limited
a
Ordinary
100.00
-
Chelstorm Limited
a
Ordinary
-
100.00
Landstorm Limited
a
Ordinary
-
100.00
Maggiore Restaurants Limited
a
Ordinary
-
100.00
Maiden Lane Vaults Limited
a
Ordinary
-
100.00
Maiden London Limited
a
Ordinary
-
100.00
Tyfoon Restaurants Limited
a
Ordinary
-
100.00
Wharfstorm Limited
a
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

a
Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,496,651
1,766,788
-
-
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 26 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
592,385
287,702
-
0
-
0
Amounts owed by group undertakings
1,992
-
124,725
124,725
Other debtors
205,091
827,610
-
0
-
0
Prepayments and accrued income
605,876
682,129
-
0
-
0
1,405,344
1,797,441
124,725
124,725
Deferred tax asset (note 20)
24,235
47,130
-
0
-
0
1,429,579
1,844,571
124,725
124,725
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
693,333
693,333
-
0
-
0
Trade creditors
2,080,843
3,123,276
-
0
-
0
Amounts owed to group undertakings
1,992
-
-
0
-
0
Corporation tax payable
96,089
54,391
-
0
-
0
Other taxation and social security
763,358
672,963
-
-
Deferred income
39,628
39,628
-
0
-
0
Other creditors
991,453
30,185
-
0
-
0
Accruals and deferred income
941,156
1,010,318
-
0
-
0
5,607,852
5,624,094
-
0
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
866,667
1,560,000
-
0
-
0
Deferred income
211,639
251,267
-
0
-
0
1,078,306
1,811,267
-
-
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 27 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,560,000
2,253,333
-
0
-
0
Payable within one year
693,333
693,333
-
0
-
0
Payable after one year
866,667
1,560,000
-
0
-
0

The bank loan is secured by a debenture, fixed charge over bank accounts, and cross guarantee with other group companies. The loan bears interest at 3.59% of Bank of England base rate and is repayable over a five year term ending August 2025.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 28 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
2,183
19,143
24,235
34,725
Tax losses
-
-
-
12,405
2,183
19,143
24,235
47,130
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the 52 week period:
£
£
Asset at 1 August 2022
(27,987)
-
Charge to profit or loss
12,069
-
Effect of change in tax rate - profit or loss
(6,134)
-
Asset at 30 July 2023
(22,052)
-

Of the deferred tax asset set out above, approximately £nil is expected to reverse within 12 months which relates to the utilisation of tax losses against future expected profits of the same period, and of the deferred tax liability set out above approximately £2,183 is expected to reverse with 12 months.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,567
74,133

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,251
5,501
3,251
3,251
TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 29 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,558,797
1,315,948
-
-
Between two and five years
6,020,667
6,063,792
-
-
In over five years
7,311,825
8,784,648
-
-
14,891,289
16,164,388
-
-
24
Events after the reporting date

In 2024 the group acquired two further restaurant operating companies, Big Easy Bluewater Limited and Big Easy Westfield (Stratford) Limited by way of a share for share exchange transaction.

25
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
7,072
7,072
Other related parties
385,299
3,822

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
327,904
537,783
Company
Entities over which the company has control, joint control or significant influence
124,725
124,725
26
Controlling party

The company's ultimate controlling party is Mr P Corrett, the sole shareholder of Topstorm Limited.

TOPSTORM LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 30 -
27
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Loss for the 52 week period after tax
(58,406)
(65,337)
Adjustments for:
Taxation charged
102,024
97,828
Finance costs
128,196
77,229
Amortisation and impairment of intangible assets
103,564
91,217
Depreciation and impairment of tangible fixed assets
799,280
827,543
Movements in working capital:
Decrease/(increase) in stocks
270,137
(1,287,801)
Decrease/(increase) in debtors
392,097
(626,521)
(Decrease)/increase in creditors
(57,940)
568,582
Decrease in deferred income
(39,628)
(39,627)
Cash generated from/(absorbed by) operations
1,639,324
(356,887)
28
Analysis of changes in net debt - group
1 August 2022
Cash flows
30 July 2023
£
£
£
Cash at bank and in hand
270,544
519,216
789,760
Borrowings excluding overdrafts
(2,253,333)
693,333
(1,560,000)
(1,982,789)
1,212,549
(770,240)
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