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Registered number: 05302325
















THE BOSTON TEA PARTY GROUP LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 18 OCTOBER 2023


































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THE BOSTON TEA PARTY GROUP LIMITED

 
COMPANY INFORMATION


DIRECTORS
S V Roberts 
C G Clarke 
T R King 
P Hooker (appointed 2 August 2023)




COMPANY SECRETARY
Michelmores Secretaries Limited



REGISTERED NUMBER
05302325



REGISTERED OFFICE
75 Park Street

Bristol

BS1 5PF




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






THE BOSTON TEA PARTY GROUP LIMITED


CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 31


THE BOSTON TEA PARTY GROUP LIMITED

 
STRATEGIC REPORT
FOR THE PERIOD ENDED 18 OCTOBER 2023

INTRODUCTION
 
The Directors present the Strategic report for the period ended 18 October 2023.

BUSINESS REVIEW
 
In the financial period end October 18th, 2023, The Boston Tea Party Group Limited (BTP) saw a 5% decrease in net sales compared to the previous year of £22.9m to £21.7m.
The company ended the year with 23 cafés.
The board monitors closely the following financial KPI’s: sales, gross profit margins, team costs, EBITDA, and net cash flow. It also monitors non-financial KPI’s relating to team including team turnover, stability in addition to health and safety audits. 
BTP’s purpose is Making Things Better for our team, customers and the planet. These three strategic pillars guide and inform all our thinking. 
We continue to deliver sector leading people & customer KPIs and remain truly differentiated by our commitment to sustainability. 
The business continues to confidently navigate sector headwinds and remains optimistic about future growth.  

PRINCIPAL RISKS AND UNCERTAINTIES
 
The biggest risk to the sector continues to be the long-term effect on the high street, work patterns, consumer behavior and inflationary pressures.  BTP continues to mitigate those risks by delivering a great customer experience and menu innovation as well as being well positioned in residential and non-high street locations.

GOING CONCERN

BTP has produced conservative forecasts and cashflows for the next 12 months that assumes a similar sales level as 2023.

The Directors have considered the Company’s financial position at the date of approving this financial statement, including considering the current inflationary environment and challenges in the wider supply chain. This has included assumptions behind the financing models and trading post the financial year ending October 18th 2023. The company remains well positioned through its cash reserves and facilities. At year end it had drawn £3.5m of term debt with a £1m overdraft facility of which £0.5m is drawn down at year end. The overdraft facility was renewed post year end and is in place until 20th July 2026.

The BTP shareholders continue to be supportive of management’s growth plans and working from a conservative model. Trading is ahead of the financing model and provides BTP with enough liquidity at the date of this report. Since the year end BTP has continued to pay down its debt obligations. The BTP shareholders remain confident it has adequate resources to continue to operate for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

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



S V Roberts
Director

Date: 8 August 2024
Page 1


THE BOSTON TEA PARTY GROUP LIMITED

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 18 OCTOBER 2023

The directors present their report and the financial statements for the period ended 18 October 2023.

RESULTS AND DIVIDENDS

The loss for the period, after taxation, amounted to £614,423 (2022:loss £889,666).

No dividends were declared or paid during the period (2022: £nil)

DIRECTORS

The directors who served during the period were:

S V Roberts 
C G Clarke 
T R King 
P Hooker (appointed 2 August 2023)
J L Centracchio (resigned 23 November 2022)

FUTURE DEVELOPMENTS

All future developments are included within the Strategic Report.

ENGAGEMENT WITH EMPLOYEES

The company encourages the involvement of its employees in its management through meetings and regular communications from directors to employees, including information of particular concern to employees, and actively seeks feedback from employees. 

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'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's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

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

Page 2


THE BOSTON TEA PARTY GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 18 OCTOBER 2023
This report was approved by the board and signed on its behalf.
 






S V Roberts
Director

Date: 8 August 2024

75 Park Street
Bristol
BS1 5PF
Page 3


THE BOSTON TEA PARTY GROUP LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 18 OCTOBER 2023

The directors are responsible for preparing the Strategic report, the Directors' 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 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 of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


THE BOSTON TEA PARTY GROUP LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED
OPINION


We have audited the financial statements of The Boston Tea Party Group Limited (the 'Company') for the period ended 18 October 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity, Analysis of net debt 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 Company's affairs as at 18 October 2023 and of its loss for the period 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 Company 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 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 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.


Page 5


THE BOSTON TEA PARTY GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED (CONTINUED)

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 Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6


THE BOSTON TEA PARTY GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP 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 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In additions we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company's ability to operate or avoid a material penalty. These included food hygiene legislation, health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; Challenging assumptions and judgments made by management in their significant accounting estimates;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes; and
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the
Page 7


THE BOSTON TEA PARTY GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED (CONTINUED)

further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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.


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.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 August 2024
Page 8


THE BOSTON TEA PARTY GROUP LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 18 OCTOBER 2023

Period ended
18 October
Period ended
19 October
2023
2022
Note
£
£

  

Turnover
 4 
21,662,372
22,853,655

Cost of sales
  
(5,145,209)
(5,647,204)

Gross profit
  
16,517,163
17,206,451

Administrative expenses
  
(17,506,742)
(18,432,780)

Other operating income
 5 
333,752
315,008

Operating loss
 6 
(655,827)
(911,321)

Interest receivable and similar income
 10 
31
4

Interest payable and similar expenses
 11 
(147,679)
(131,065)

Loss before tax
  
(803,475)
(1,042,382)

Tax on loss
 12 
189,052
152,716

Loss for the financial period
  
(614,423)
(889,666)

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

The notes on pages 15 to 31 form part of these financial statements.
Page 9


THE BOSTON TEA PARTY GROUP LIMITED
REGISTERED NUMBER:05302325

STATEMENT OF FINANCIAL POSITION
AS AT 18 OCTOBER 2023

18 October
19 October
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,567,607
1,583,444

Tangible assets
 14 
5,141,589
5,946,787

  
6,709,196
7,530,231

Current assets
  

Stocks
 16 
347,115
336,969

Debtors: amounts falling due within one year
 17 
428,983
687,997

Cash at bank and in hand
 18 
113,668
513,492

  
889,766
1,538,458

Creditors: amounts falling due within one year
 19 
(4,455,654)
(4,555,511)

Net current liabilities
  
 
 
(3,565,888)
 
 
(3,017,053)

Total assets less current liabilities
  
3,143,308
4,513,178

Creditors: amounts falling due after more than one year
 20 
(1,575,000)
(2,100,000)

Provisions for liabilities
  

Deferred tax
 22 
(294,807)
(483,859)

  
 
 
(294,807)
 
 
(483,859)

Net assets
  
1,273,501
1,929,319


Capital and reserves
  

Called up share capital 
 23 
1,006
1,012

Share premium account
 24 
57,833
99,222

Capital redemption reserve
 24 
499,032
499,026

Profit and loss account
 24 
715,630
1,330,059

  
1,273,501
1,929,319


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





S V Roberts
Director

Date: 8 August 2024

The notes on pages 15 to 31 form part of these financial statements.
Page 10


THE BOSTON TEA PARTY GROUP LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 18 OCTOBER 2023


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

£
£
£
£
£


At 25 October 2021
1,018
147,843
499,020
2,219,731
2,867,612



Loss for the period
-
-
-
(889,666)
(889,666)

Purchase of own shares
-
-
6
(6)
-

Shares cancelled during the period
(6)
(48,621)
-
-
(48,627)



At 19 October 2022
1,012
99,222
499,026
1,330,059
1,929,319



Loss for the period
-
-
-
(614,423)
(614,423)

Purchase of own shares
-
-
6
(6)
-

Shares cancelled during the period
(6)
(41,389)
-
-
(41,395)


At 18 October 2023
1,006
57,833
499,032
715,630
1,273,501


The notes on pages 15 to 31 form part of these financial statements.
Page 11


THE BOSTON TEA PARTY GROUP LIMITED


STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 18 OCTOBER 2023

Period ended
18 October
Period ended
19 October
2023
2022
£
£

Cash flows from operating activities

Loss for the financial period
(614,423)
(889,666)

Adjustments for:

Amortisation of intangible assets
20,337
23,569

Depreciation of tangible assets
1,088,927
1,067,910

Loss on disposal of tangible assets
80,925
18,628

Interest paid
147,679
131,065

Interest received
(31)
(4)

Taxation charge
(189,052)
(152,716)

(Increase) in stocks
(10,146)
(85,747)

Decrease/(increase) in debtors
73,737
(124,005)

(Decrease)/increase in creditors
(658,196)
740,510

Corporation tax received
185,277
-

Net cash generated from operating activities

125,034
729,544


Cash flows from investing activities

Purchase of intangible fixed assets
(4,500)
(6,910)

Purchase of tangible fixed assets
(364,654)
(1,729,430)

Sale of tangible fixed assets
-
3,249

Interest received
31
4

Net cash from investing activities

(369,123)
(1,733,087)
Page 12


THE BOSTON TEA PARTY GROUP LIMITED


STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 18 OCTOBER 2023

Period ended
18 October
Period ended
19 October

2023
2022

£
£



Cash flows from financing activities

Purchase of ordinary shares
(41,395)
(48,627)

Repayment of loans
(525,000)
(525,000)

Interest paid
(147,679)
(131,065)

Net cash used in financing activities
(714,074)
(704,692)

Net (decrease) in cash and cash equivalents
(958,163)
(1,708,235)

Cash and cash equivalents at beginning of period
513,492
2,221,727

Cash and cash equivalents at the end of period
(444,671)
513,492


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
113,668
513,492

Bank overdrafts
(558,339)
-

(444,671)
513,492


The notes on pages 15 to 31 form part of these financial statements.

Page 13


THE BOSTON TEA PARTY GROUP LIMITED


ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 18 OCTOBER 2023




At 20 October 2022
Cash flows
At 18 October 2023
£

£

£

Cash at bank and in hand

513,492

(399,824)

113,668

Bank overdrafts

-

(558,339)

(558,339)

Debt due after 1 year

(2,100,000)

525,000

(1,575,000)

Debt due within 1 year

(700,000)

-

(700,000)



(2,286,508)
(433,163)
(2,719,671)

The notes on pages 15 to 31 form part of these financial statements.
Page 14


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

1.


GENERAL INFORMATION

The Boston Tea Party Group Limited (BTP) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 75 Park Street, Bristol BS1 5PF.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

GOING CONCERN

BTP has produced conservative forecast and cashflows for the next 12 months that assumes a similar sales level as 2023. 

The Directors have considered the Company’s financial position at the date of approving this financial statement, including considering the current inflationary environment and challenges in the wider supply chain. This has included assumptions behind the financing models and trading post the financial period ending 18 October 2023. The company remains well positioned through its cash reserves and facilities. At year end it had drawn £3.5m of term debt with a £1m overdraft facility. The overdraft facility was renewed post year end and is in place until 20th July 2026.

The BTP shareholders continue to be supportive of management’s growth plans. Trading is ahead of the financing model and the shareholders remain confident in the brands ability to differentiate itself both from a team and customer perspective. Inflationary pressures from energy and cost of goods continue to dissipate. Since the year end BTP has continued to pay down its debt obligations and therefore the financial statements have been prepared on a going concern basis. 

  
2.4

TURNOVER

Turnover represents net sales of goods excluding value added tax, recognised at the point of sale. All turnover is derived from the company's principal activity which is included within the Strategic report.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

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

Page 15


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
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 period in which they are incurred.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 16


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the period 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 operates and generates 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.

 
2.12

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life of 100 years.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

 Amortisation is provided on the following bases:

Software
-
20%
-  33% on costs straight line
Page 17


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

2.ACCOUNTING POLICIES (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Leasehold improvements
-
reducing balance over the term of the lease
Kitchen, bar equipment and Cafe Fittings
-
10-33% on cost straight line

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.

Assets under construction are not depreciated.

 
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. Cost is based on the cost of purchase on a weighted average basis. 



 
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 AND CASH EQUIVALENTS

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 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 Company's cash management.

Page 18


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

2.ACCOUNTING POLICIES (continued)

 
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.

 
2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 19


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

2.ACCOUNTING POLICIES (continued)


2.20
FINANCIAL INSTRUMENTS (CONTINUED)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Equity instruments
Equity instruments issued by the company are recorded at the fair value of 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 company.

Page 20


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgments, 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.

Useful economic lives of Intangible assets
The annual amortisation charge is sensitive to any changes in the estimated useful life and residual values of the Intangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation condition of the asset and future investments.


4.


TURNOVER

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

Period ended
18 October
Period ended
19 October
2023
2022
£
£

Other Income
174,098
-

Government grants receivable
159,654
315,008

333,752
315,008


Other income relates to rental income received and income in relation to specific one off contractual payments.
Government grants receivable relate to amounts received from the Rates Relief Scheme (2022: Rates Relief Scheme).

Page 21


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

6.


OPERATING LOSS

The operating loss is stated after charging:

Period ended
18 October
Period ended
19 October
2023
2022
£
£

Government grants
(159,654)
(315,008)

Depreciation of owned tangible fixed assets
1,088,927
1,067,910

Loss on disposal of tangible fixed assets
61,247
18,628

Amortisation of intangible fixed assets
20,337
23,569

Other operating lease rentals
1,153,326
1,078,970


7.


AUDITORS' REMUNERATION

During the period, the Company obtained the following services from the Company's auditors:


Period ended
18 October
Period ended
19 October
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,225
15,950

Page 22


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

8.


EMPLOYEES

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


Period ended
18 October
Period ended
19 October
2023
2022
£
£

Wages and salaries
9,770,785
10,493,586

Social security costs
731,886
819,215

Cost of defined contribution scheme
209,238
191,190

10,711,909
11,503,991


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


     Period ended
      18 October
     Period ended
       19 October
        2023
        2022
            No.
            No.







Cafe Operations
652
687



Administration and management
17
21

669
708


9.


DIRECTORS' REMUNERATION

Period ended
18 October
Period ended
19 October
2023
2022
£
£

Directors' emoluments
177,341
205,460

Company contributions to defined contribution pension schemes
5,885
4,000

183,226
209,460


During the period retirement benefits were accruing to 2 directors (2022:2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £124,808 (2022:£127,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,846 (2022:£NIL).

Page 23


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

10.


INTEREST RECEIVABLE

Period ended
18 October
Period ended
19 October
2023
2022
£
£


Interest on bank deposits
31
4

31
4


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

Period ended
18 October
Period ended
19 October
2023
2022
£
£


Bank interest payable
147,679
131,065

147,679
131,065


12.


TAXATION


Period ended
18 October
Period ended
19 October
2023
2022
£
£

CORPORATION TAX


Adjustments in respect of previous periods
-
(185,277)


-
(185,277)


TOTAL CURRENT TAX
-
(185,277)

DEFERRED TAX


Accelerated capital allowances
(189,052)
32,561

TOTAL DEFERRED TAX
(189,052)
32,561


TAXATION ON LOSS ON ORDINARY ACTIVITIES
(189,052)
(152,716)
Page 24


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD

The tax assessed for the period is lower than (2022:higher than) the standard rate of corporation tax in the UK of 22.31% (2022:19%). The differences are explained below:

Period ended
18 October
Period ended
19 October
2023
2022
£
£


Loss on ordinary activities before tax
(803,475)
(1,042,382)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.31% (2022:19%)
(179,225)
(198,053)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,950
6,477

Capital allowances for period in excess of depreciation
33,389
1,126

Adjustments to tax charge in respect of prior periods
-
(185,277)

Other timing differences leading to an increase (decrease) in taxation
-
2,450

Remeasurement of deferred tax for changes in tax rates
(16,369)
(26,053)

Adjustments to tax in relation to prior periods - deferred tax
(36,797)
246,614

TOTAL TAX CHARGE FOR THE PERIOD
(189,052)
(152,716)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors affecting future tax charges.

Page 25


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

13.


INTANGIBLE ASSETS






Software
Goodwill
Total

£
£
£



COST


At 20 October 2022
31,650
1,695,000
1,726,650


Additions
4,500
-
4,500



At 18 October 2023

36,150
1,695,000
1,731,150



AMORTISATION


At 20 October 2022
24,556
118,650
143,206


Charge for the period on owned assets
3,387
16,950
20,337



At 18 October 2023

27,943
135,600
163,543



NET BOOK VALUE



At 18 October 2023
8,207
1,559,400
1,567,607



At 19 October 2022
7,094
1,576,350
1,583,444



Page 26


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

14.


TANGIBLE FIXED ASSETS







Long-term leasehold property
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



COST OR VALUATION


At 20 October 2022
7,497,711
4,745,520
35,534
12,278,765


Additions
194,432
170,222
-
364,654


Disposals
(34,362)
(260,499)
-
(294,861)



At 18 October 2023

7,657,781
4,655,243
35,534
12,348,558



DEPRECIATION


At 20 October 2022
3,580,009
2,751,969
-
6,331,978


Charge for the period on owned assets
558,582
530,345
-
1,088,927


Disposals
-
(213,936)
-
(213,936)



At 18 October 2023

4,138,591
3,068,378
-
7,206,969



NET BOOK VALUE



At 18 October 2023
3,519,190
1,586,865
35,534
5,141,589



At 19 October 2022
3,917,702
1,993,551
35,534
5,946,787




The net book value of land and buildings may be further analysed as follows:


18 October
19 October
2023
2022
£
£

Long leasehold
3,519,190
3,917,702

3,519,190
3,917,702



15.


FIXED ASSET INVESTMENTS

The company holds 100% of the issued ordinary share capital of The Boston Tea Party Limited. The registered office is 75 Park Street, Bristol, BS1 5PF. The company is dormant.















Page 27


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

16.


STOCKS

18 October
19 October
2023
2022
£
£

Raw materials and consumables
347,115
336,969

347,115
336,969



17.


DEBTORS

18 October
19 October
2023
2022
£
£


Trade debtors
1,376
5,000

Other debtors
107,640
260,983

Prepayments and accrued income
319,967
422,014

428,983
687,997



18.


CASH AND CASH EQUIVALENTS

18 October
19 October
2023
2022
£
£

Cash at bank and in hand
113,668
513,492

Less: bank overdrafts
(558,339)
-

(444,671)
513,492



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

18 October
19 October
2023
2022
£
£

Bank overdrafts
558,339
-

Bank loans
700,000
700,000

Trade creditors
1,588,805
1,760,722

Other taxation and social security
1,047,826
1,198,207

Other creditors
250,027
230,896

Accruals and deferred income
310,657
665,686

4,455,654
4,555,511


Page 28


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

18 October
19 October
2023
2022
£
£

Bank loans
1,575,000
2,100,000

1,575,000
2,100,000



21.


LOANS


Analysis of the maturity of loans is given below:


18 October
19 October
2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
700,000
700,000


700,000
700,000

AMOUNTS FALLING DUE 1-5 YEARS

Bank loans
1,575,000
2,100,000


1,575,000
2,100,000



2,275,000
2,800,000


The borrowings in place at 18 October 2023 are part of £4,500,000 term loan facility, of which £2,275,000 remains payable at the year end. The loan is repayable in quarterly installments starting from the first anniversary of drawdown to the termination date of 13 July 2026. The interest chargeable on the loan is based on a margin of 3.8% plus base rate.
Page 29


THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

22.


DEFERRED TAXATION






2023


£






At beginning of year
(483,859)


Charged to profit or loss
189,052



AT END OF YEAR
(294,807)

The provision for deferred taxation is made up as follows:

18 October
19 October
2023
2022
£
£


Accelerated capital allowances
(793,735)
(928,333)

Tax losses carried forward
10,134
436,893

Short term timing differences
488,794
7,581

(294,807)
(483,859)


23.


SHARE CAPITAL

18 October
19 October
2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



10,062 (2022:10,124) Ordinary shares shares of £0.10 each
1,006
1,012

On 22 November 2022 the company repurchased 62 of its own Ordinary shares which were subsequently cancelled. The amount paid for these shares was £41,389 above par value.



24.


RESERVES

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs.

Capital redemption reserve

The capital redemption reserve reflects the nominal value of shares repurchased and subsequently cancelled.

Profit and loss account

The profit and loss reserve reflects cumulative profits and losses net of distribution to shareholders.

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THE BOSTON TEA PARTY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 OCTOBER 2023

25.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £209,238 (2022: £191,190) . Contributions totaling £70,128 (2022: £35,114) were payable to the fund at the reporting date and are included in other creditors.


26.


COMMITMENTS UNDER OPERATING LEASES

At 18 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

18 October
19 October
2023
2022
£
£


Not later than 1 year
1,186,682
1,175,475

Later than 1 year and not later than 5 years
4,175,246
4,103,467

Later than 5 years
3,317,087
3,475,208

8,679,015
8,754,150


27.OTHER FINANCIAL COMMITMENTS

During the year the company renegotiated an existing operating lease contract and is now acting as a guarantor on the contract.
The total potential rental liability that may fall due on the company is: £206,500


28.


RELATED PARTY TRANSACTIONS

Remuneration of key management personnel
The aggregate compensation paid to key management personnel during the period amounted to £333,752 (2022: £549,095).
Balances outstanding
The company maintains loan accounts with the directors which are interest free, unsecured and repayable on demand. At the period end date the amount owed from the directors was £822 (2022: £1,519).


29.


CONTROLLING PARTY

In the opinion of the directors there is no controlling party on the basis that no shareholder has more than a 50% interest.

 
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