Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
COMPANY INFORMATION
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UNDERSTUDY LIMITED
CONTENTS
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UNDERSTUDY LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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UNDERSTUDY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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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.
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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.
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.
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 2006. They 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.
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).
The directors who served during the year were:
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UNDERSTUDY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Haysmacintyre LLP, will 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.
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UNDERSTUDY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED
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 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).
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.
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.
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UNDERSTUDY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED (CONTINUED)
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 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.
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.
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.
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UNDERSTUDY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED (CONTINUED)
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.
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.
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UNDERSTUDY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNDERSTUDY LIMITED (CONTINUED)
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 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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UNDERSTUDY LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
REGISTERED NUMBER: 08641225
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.
The notes on pages 17 to 32 form part of these financial statements.
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UNDERSTUDY LIMITED
REGISTERED NUMBER: 08641225
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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UNDERSTUDY LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
Revenue is recognised at the point at which a bill is issued to a diner and is stated net of discounts and VAT.
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.
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.
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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. 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.
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
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).
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
20.Deferred taxation (continued)
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UNDERSTUDY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
The company is owned by G Ker and D P Roberts, as shareholders of the company.
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