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Registered number: 08641225










UNDERSTUDY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
UNDERSTUDY LIMITED
 
 
COMPANY INFORMATION


Directors
P Campbell 
G Ker 
D Roberts 
A McLauchlan 




Registered number
08641225



Registered office
13-14 Dean Street

London

W1D 3RS




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
UNDERSTUDY LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Statement of Financial Position
11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 32


 
UNDERSTUDY LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the strategic report for Understudy Limited (t/a Blacklock) for the year ended 31st
December 2023.
The principal activity of the group during the period was to operate restaurants under the ‘Blacklock’ brand.

Business review & future developments
 
I am pleased to be able to report on Understudy Limited (t/a Blacklock) full year results for the year ended 31st
December 2023.
The 2023 financial year was another positive year for Blacklock with the group delivering sales of £15.8m (up 36% on 2022) and adjusted EBITDA of £0.97m (up 22% on 2022) in a year that was full of challenges for the sector.
Despite ongoing inflation, significant increases in food and beverage costs, soaring energy prices and sector labour shortages, all our restaurants delivered record sales, cash EBITDA and EBITDA conversion. See below for definition of adjusted EBITDA.
The growth of our existing restaurants supported the opening of our fifth, and largest restaurant, located underneath the train tracks of the North Dock in Canary Wharf, which opened in May 2023 and is trading ahead of expectations. In the year we also signed our sixth and first restaurant to open outside of London in Manchester which will open in October 2024.
The business is focussed on the long term and being a great place to work first and foremost, believing that a happy and motivated team is the only way to support long term success. We also operate mindfully of our impact on the planet and our community.
Other notable highlights in 2023, demonstrating that as we continue to grow, we hold true to our core values and guest commitments include:
- Certifying as a B Corp - becoming one of only three UK restaurants to achieve BCorp Certification at the time.
- Recognised by Best Companies as one of the ‘The UK’s Top 100 Large Companies’ to work for and Top 10 employer in Hospitality; and
- Recognised as the UK’s ‘Best Value Restaurant Group’ by the R200.

Page 1

 
UNDERSTUDY LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Cost of living crisis
Whilst all our restaurants delivered their strongest covers, sales and EBITDA performance in the 2023 financial year the cost of living continues to present a significant risk to the sector.
Reduced disposable income amongst guests means reduced dining out and spending. Simultaneously, restaurants grapple with rising operational costs, including inflated prices for food and beverages, utilities and wages.
We work closely with our suppliers to find innovative solutions to combat inflation whilst continually reviewing our own pricing, margins, and guest metrics to ensure we’re navigating the delicate balance of managing costs and delivering great quality and value to our guests. 2023 saw us move further down our Whole Animal ethos - working to use every part of the animal which leads to less waste and reduces the need to farm more, meaning quality remains high, and our costs controlled better.
Recruitment & retention
Recruitment and retention are critical to a restaurant's success, directly affecting service quality, guest satisfaction, and operational efficiency. High turnover rates can disrupt service, increase training costs, and strain existing staff, ultimately impacting the dining experience.
At Blacklock we put our people at the heart of our business striving to be a great place to work first and foremost. With significant investments made in training, development, and a competitive benefits package this not only attracts but also retains great people that live our core values, something that’s been a contributing factor in ranking in ‘The UK’s 100 Best Companies to work for’ in 2023.
In 2023 our turnover rates were industry leading at 54% across the team. 14 of our team hit 5 years or more of service and became eligible for our 4 week company sabbatical.
Financial risk
The group has little credit risk due to the nature of guests in the restaurants paying with cash or credit card immediately. The group monitors cash flow as part of its day-to-day control procedures to ensure that appropriate funding is available.

Financial and non financial key performance indicators
 
                                                          Year ended 31-Dec-23              Year ended 25-Dec-22
Financial KPI’s
Revenue (£m)                                                    15.8                                        11.6
Revenue growth (%)                                            37.4                                        n/a
Adjusted EBITDA* (£’000)                                    967                                         678
Adjusted EBITDA Margin (%)                                6.1                                         6.8
Non Financial KPI’s
Site Openings                                                       1                                            1
Head count                                                          238                                        181
Revenue growth, FY22 Gross Profit Margin and FY22 EBITDA have been adjusted to remove £115,459 of VAT Benefit received to provide a true LFL vs. FY23.
*Adjusted EBITDA is calculated as Profit for the financial year, adding back interest receivable, interest payable, tax on profit, depreciation and amortisation expense, pre-opening costs and exceptional costs.

Page 2

 
UNDERSTUDY LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 31 July 2024 and signed on its behalf.



................................................
G Ker
Director

Page 3

 
UNDERSTUDY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Principal activity

Its principal activity is the provision of restaurant and bar services. 

Results and dividends

The profit for the year, after taxation, amounted to £115,076 (2022 - £268,910).

The directors do not reccomend a payment of final dividend (2022: £Nil).

Directors

The directors who served during the year were:

P Campbell 
G Ker 
D Roberts 
A McLauchlan 

Page 4

 
UNDERSTUDY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

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

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

Auditors

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

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





................................................
G Ker
Director

Date: 31 July 2024

Page 5

 
UNDERSTUDY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED
 

Opinion


We have audited the financial statements of Understudy Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


Page 6

 
UNDERSTUDY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


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


adequate accounting records have not been kept 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
UNDERSTUDY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management's controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations,
postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates, in
particular provisions for bad and/or doubtful debts.
 


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


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


Other matters 
 

In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.


Page 8

 
UNDERSTUDY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED (CONTINUED)


Use of our report
 

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



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

31 July 2024
Page 9

 
UNDERSTUDY LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
15,788,389
11,602,217

Cost of sales
  
(4,862,146)
(3,546,685)

Gross profit
  
10,926,243
8,055,532

Administrative expenses
  
(10,800,021)
(7,677,580)

Operating profit
  
126,222
377,952

Interest receivable
  
9,233
-

Interest payable and expenses
 10 
(200,417)
(101,721)

(Loss)/profit before tax
  
(64,962)
276,231

Tax credit / (charge) on (loss)/profit
 11 
180,038
(7,321)

Profit for the financial year
  
115,076
268,910

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
UNDERSTUDY LIMITED
REGISTERED NUMBER: 08641225

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,468,923
2,407,269

  
3,468,923
2,407,269

Current assets
  

Stocks
  
96,518
94,556

Debtors
 16 
677,806
422,473

Cash at bank and in hand
 17 
2,111,375
2,487,818

  
2,885,699
3,004,847

Creditors: amounts falling due within one year
 18 
(3,762,499)
(2,481,393)

Net current (liabilities)/assets
  
 
 
(876,800)
 
 
523,454

Total assets less current liabilities
  
2,592,123
2,930,723

Creditors: amounts falling due after more than one year
 19 
(1,433,333)
(1,800,000)

Provisions for liabilities
  

Deferred taxation
 20 
(191,475)
(278,484)

  
 
 
(191,475)
 
 
(278,484)

Net assets
  
967,315
852,239


Capital and reserves
  

Called up share capital 
 21 
2,881
2,881

Share premium account
 22 
279,118
279,118

Profit and loss account
 22 
685,316
570,240

  
967,315
852,239


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.


................................................
G Ker
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 11

 
UNDERSTUDY LIMITED
REGISTERED NUMBER: 08641225

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,479,026
2,176,099

Investments
 14 
2
2

  
2,479,028
2,176,101

Current assets
  

Stocks
 15 
96,518
94,556

Debtors
 16 
1,522,852
653,642

Cash at bank and in hand
 17 
2,111,375
2,487,813

  
3,730,745
3,236,011

Creditors: amounts falling due within one year
 18 
(3,617,654)
(2,481,393)

Net current assets
  
 
 
113,091
 
 
754,618

Total assets less current liabilities
  
2,592,119
2,930,719

Creditors: amounts falling due after more than one year
 19 
(1,433,333)
(1,800,000)

Provisions for liabilities
  

Deferred taxation
 20 
(191,475)
(278,484)

  
 
 
(191,475)
 
 
(278,484)

Net assets
  
967,311
852,235


Capital and reserves
  

Called up share capital 
 21 
2,881
2,881

Share premium account
 22 
279,118
279,118

Profit and loss account
 22 
685,312
570,236

  
967,311
852,235


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.

................................................
G Ker
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 12

 
UNDERSTUDY LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2,881
279,118
301,330
583,329



Profit for the year
-
-
268,910
268,910



At 1 January 2023
2,881
279,118
570,240
852,239



Profit for the year
-
-
115,076
115,076


At 31 December 2023
2,881
279,118
685,316
967,315


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
UNDERSTUDY LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2,881
279,118
303,711
585,710



Profit for the year
-
-
266,525
266,525



At 1 January 2023
2,881
279,118
570,236
852,235



Profit for the year
-
-
115,076
115,076


At 31 December 2023
2,881
279,118
685,312
967,311


The notes on pages 17 to 32 form part of these financial statements.

Page 14

 
UNDERSTUDY LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
115,076
268,910

Adjustments for:

Depreciation of tangible assets
415,495
238,579

Interest paid
200,417
101,721

Interest received
(9,233)
-

Taxation charge
(180,038)
4,941

(Increase) in stocks
(1,963)
(39,878)

(Increase) in debtors
(162,302)
(124,617)

Increase in creditors
1,081,100
985,061

Net cash generated from operating activities

1,458,552
1,434,717


Cash flows from investing activities

Purchase of tangible fixed assets
(1,477,144)
(780,049)

Interest received
9,233
-

Net cash from investing activities

(1,467,911)
(780,049)

Cash flows from financing activities

New secured loans
-
841,297

Repayment of loans
(166,667)
-

Interest paid
(200,417)
(101,720)

Net cash used in financing activities
(367,084)
739,577

Net (decrease)/increase in cash and cash equivalents
(376,443)
1,394,245

Cash and cash equivalents at beginning of year
2,487,818
1,093,573

Cash and cash equivalents at the end of year
2,111,375
2,487,818


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,111,375
2,487,818

2,111,375
2,487,818


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
UNDERSTUDY LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,487,818

(376,443)

2,111,375

Debt due after 1 year

(1,800,000)

366,667

(1,433,333)

Debt due within 1 year

(216,794)

(183,206)

(400,000)


471,024
(192,982)
278,042

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Understudy Limited is a private company limited by shares registered in registered in England and Wales. Its registered number is 10965783 and trading address is 13-14 Dean Street, London, W1D 3RS.
Its principal activity is the provision of restaurant and bar services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is recognised at the point at which a bill is issued to a diner and is stated net of discounts and VAT.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.4

Going concern

After reviewing the Group's forecasts and projections the directors have a reasonable expectation
that the Group has adequate resources to continue in operational existence for at least the next
twelve months following approval of these financial statements. The Group therefore continues to
adopt the going concern basis in preparing its financial statements.

Page 17

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Tangible fixed assets

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

Page 19

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold improvements
-
over the life of the lease
Fixtures and fittings
-
7 years
Kitchen equipment
-
3 years
Computer equipment
-
3 years

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

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

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.16

Debtors

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

 
2.17

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

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

Page 20

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies 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 assumptions are based on historical experience and other factors that are considered to be relevant. These 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Useful lives of property, plant and equipment
Property, plant and equipment are depreciated over their useful lives. Useful lives are based on management's best estimates of the period that the assets generate revenue, which are periodcially reviewed for continued appropriateness.
Impairment of tangible fixed assets
In carrying out an impairment review, it has been necessary to make estimates and judgements regarding the future performance and cashflows generated by individual trading units which cannot be known with certainty. Past performance is often use as a guide in estimating future performance.
Where the circumstances surrounding a particular trading unit have changed then forecasting future trading performance becomes increasingly judgemental. As a result, the actual impairment required may differ to the charge made in the financial statements. When assessing the recoverable amount of the tangible fixed assets, the net book value of the assets at the impairment date is used a guide, taking into account factors which may signficantly affect the sale or use value.
Recoverability of intercompany and related party debtors
Intercompany balances receivable are reviewed frequently for impairment. Group financial support is provided from the Company and on review of the group financial position there are sufficient net assets to repay all intercompany debt.

Page 21

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
15,788,389
11,602,217

15,788,389
11,602,217


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
5,155
5,160

Auditors' remuneration
29,700
-

Other operating lease rentals
697,188
545,359

Depreciation
415,495
238,579

Pre-opening costs
383,569
124,071


6.


Auditors' remuneration

During the year, the Group obtained the following services from it's auditors:


2023
2022
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
20,900
-

Fees payable to the Group's auditors in respect of:

The auditing of accounts of associates of the Company
8,800
-

Page 22

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,944,607
4,361,921
5,944,607
4,361,921

Social security costs
529,764
378,433
529,764
378,433

Cost of defined contribution scheme
98,231
67,558
98,231
67,558

6,572,602
4,807,912
6,572,602
4,807,912


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
238
181


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
114,154
108,615

114,154
108,615


During the year retirement benefits were accruing to 2,307 directors (2022 - 150) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
9,233
-

9,233
-

Page 23

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
200,417
101,721

200,417
101,721


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(93,029)
-


Deferred tax


Origination and reversal of timing differences
(87,009)
7,321


Tax credit / (charge) on (loss)/profit
(180,038)
7,321
Page 24

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(64,962)
276,231


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(16,241)
52,484

Effects of:


Non-tax deductible amortisation of goodwill and impairment
31,269
(52,484)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(20,515)
7,321

Fixed asset differences
21,779
-

Adjustments to tax charge in respect of prior periods
(93,029)
-

Adjustments to tax charge in respect of prior periods - deferred tax
(9,620)
-

Remeasurement of deferred tax for changes in tax rates
(339)
-

Non-taxable income
(21,706)
-

Movement in deferred tax not recognised
(71,636)
-

Total tax charge for the year
(180,038)
7,321


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £56,224 (2022 - profit of £266,525).

Page 25

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Leasehold
improvements
Fixtures and fittings
Kitchen equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
2,215,268
466,138
539,410
166,496
3,387,312


Additions
1,085,028
36,411
319,335
36,370
1,477,144



At 31 December 2023

3,300,296
502,549
858,745
202,866
4,864,456



Depreciation


At 1 January 2023
412,892
77,608
374,211
115,332
980,043


Charge for the year on owned assets
181,336
57,156
145,011
31,987
415,490



At 31 December 2023

594,228
134,764
519,222
147,319
1,395,533



Net book value



At 31 December 2023
2,706,068
367,785
339,523
55,547
3,468,923



At 31 December 2022
1,802,376
388,530
165,199
51,164
2,407,269

Page 26

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Leasehold improvements
Fixtures and fittings
Kitchen equipment
Computer equipment
Total

£
£
£
£
£

Cost


At 1 January 2023
1,984,098
466,138
539,410
166,496
3,156,142


Additions
269,850
36,411
319,335
36,370
661,966



At 31 December 2023

2,253,948
502,549
858,745
202,866
3,818,108



Depreciation


At 1 January 2023
412,892
77,608
374,211
115,332
980,043


Charge for the year on owned assets
124,885
57,156
145,011
31,987
359,039



At 31 December 2023

537,777
134,764
519,222
147,319
1,339,082



Net book value



At 31 December 2023
1,716,171
367,785
339,523
55,547
2,479,026



At 31 December 2022
1,571,206
388,530
165,199
51,164
2,176,099







14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
2



At 31 December 2023
2




Page 27

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Blacklock (Canary Wharf) Limited
13-14 Dean Street, London, W1D 3RS
Ordinary
100%
Blacklock Newco Limited
13-14 Dean Street, London, W1D 3RS
Ordinary
100%

Blacklock Newco Limited has claimed exemption from the requirement of the Companies Act 2006 relating to audit of individual accounts by virtue of section 479A on the basis that they are a subsidiary undertaking and its parent undertaking is established under the law of the United Kingdom.


15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
96,518
94,556
96,518
94,556

96,518
94,556
96,518
94,556


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
363,611
361,633
243,251
241,271

363,611
361,633
243,251
241,271

Due within one year

Trade debtors
800
-
800
-

Amounts owed by group undertakings
-
-
965,406
351,530

Other debtors
102,544
11,813
102,545
11,814

Prepayments and accrued income
210,851
49,027
210,850
49,027

677,806
422,473
1,522,852
653,642


Other debtors due after more than one year relates to rent deposits.
Amounts owed by group undertakings are interest free and repayable on demand.

Page 28

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,111,375
2,487,818
2,111,375
2,487,813

2,111,375
2,487,818
2,111,375
2,487,813



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
400,000
200,000
400,000
200,000

Trade creditors
795,562
760,305
795,562
760,305

Other taxation and social security
1,053,356
653,580
1,053,356
653,580

Other creditors
582,244
76,749
582,244
76,749

Accruals and deferred income
931,337
790,759
786,492
790,759

3,762,499
2,481,393
3,617,654
2,481,393


See note 19 for further information on bank loans.

Page 29

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,433,333
1,800,000
1,433,333
1,800,000

1,433,333
1,800,000
1,433,333
1,800,000



Analysis of the maturity of loans is given below:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts falling due within one year
400,000
200,000
400,000
200,000

Amounts falling due 1-2 years
400,000
400,000
400,000
400,000

Amounts falling due 2-5 years
1,033,333
1,400,000
1,033,333
1,400,000

1,833,333
2,000,000
1,833,333
2,000,000

The bank loan is provided by HSBC UK Bank plc and incurs interest at 4.65% above base rate per annum. The loans are secured via legal charges over the leased property of the group and a debenture
over all assets of the group.
The final repayment date of the loan is 27th April 2028.


20.


Deferred taxation


Group



2023


£






At beginning of year
(278,484)


Charged to profit or loss
87,009



At end of year
(191,475)

Page 30

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
20.Deferred taxation (continued)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(454,690)
(278,484)
(454,690)
(278,484)

Tax losses carried forward
257,582
-
257,582
-

Pension surplus
5,633
-
5,633
-

(191,475)
(278,484)
(191,475)
(278,484)

Page 31

 
UNDERSTUDY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



288,087 (2022 - 288,087) Ordinary shares of £0.01 each
2,881
2,881



22.


Reserves

Share premium account

The share premium account relates to the cash paid over and above the nominal value of the shares.

Profit and loss account

The profit and loss account is the total cumulative value of profit or losses incurred since inception.


23.


Share-based payments

In the period to 29 December 2019, 1,552 share options were granted. These were issued at a value of £0.73 over a 10 year vesting period. 
In the period to 31 December 2023, 16,726 share options were granted. These were issued at a value of £0.05 over a 10 year vesting period. 
The Group has undertaken an exercise to determine the fair value of these share options granted using a Black Scholes option pricing model. No share based payment expense has been recognised in the Statement of Comprehensive Income as the value is not considered material to the financial statements.


24.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
Group
£
£


Not later than 1 year
580,000
513,550

Later than 1 year and not later than 5 years
2,888,099
2,530,000

Later than 5 years
8,357,423
5,880,080

11,825,522
8,923,630


25.


Controlling party

The company is owned by G Ker and D P Roberts, as shareholders of the company.

Page 32