Registered number:
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
COMPANY INFORMATION
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KBEVERAGE LTD
CONTENTS
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KBEVERAGE LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
The directors present their strategic report for the period 1 June 2022 to 30 November 2023.
The principal activity of the Group during the period was the operation of franchised Starbucks stores. The aim of the Group is to provide products to customers to the brand standards, whilst continuing to invest in development to open further outlets.
During the period 1 June 2022 to 30 November, the Group opened 17 new stores. The sales for period amounted to £33,385,054 (year to 31 May 2022: £14,908,055). The directors are pleased with this performance, in light of the economic uncertainty in the period.
Through the expansion of the Group, employment levels have increased. The Group takes the safety and wellbeing of its employees very seriously, and various procedures are in place to ensure this. This includes the continued care and training for the Group’s disabled employees. All staff are made aware of the financial and economic factors affecting the performance of the Group. In addition, Kbeverage Ltd purchase GK Coffee Group Limited in February 2023 for £7.5m, which has increased the number of stores operated within the Group by 9. The operations of 8 of the 9 stores were subsequently hived up into Kbeverage Ltd. Throughout this challenging period, the directors have ensured the growth of the Group, whilst ensuring employees and customers are cared for. Suppliers have been traded with in accordance with agreed terms. With the opening of new stores, the company continues to create employment opportunities for local communities, and implement more environmentally-friendly procedures and equipment to help protect our planet.
The UK is currently in a cost of living crisis. Consumers may reduce their spending due to slight increases in cost, but coffee is generally considered an inelastic product.
Competition from other coffee shops is a threat. However, the franchisor is confident of its loyalty scheme to maintain customers, which works well worldwide. Should the Bank of England increase interest rates dramatically in the future, this may create a cashflow issue for the Group. However, the general consensus amongst economists is interest rates have peaked for the foreseeable future, and should gradually reduce over the next few years.
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KBEVERAGE LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
The directors use many key performance indicators throughout the running of the Group. Financial KPI's incude:
2023 2022 Total sales £33,835,054 £14,908,055 Sales by store £676,701 £451,759 Cost of sales % to sales 48.7% 41.3% Cost of labour % to sales 22.5% 21.1% These KPI's assist in understanding how each store is performing, and ensuring the largest controllable costs (labour and cost of sales) are within budget. Number of sales transactions 5,331,146 2,901,740 Average value of transaction £6.35 £5.14 These KPI's help to understand customer trends and allow management to plan accordingly.
Other KPI's include: customer service, health & safety compliance, store developments and compliance with brand standards. The non-financial KPI's are used to ensure brand standards are being met.
This report was approved by the board on 22 August 2024 and signed on its behalf.
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KBEVERAGE LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
The directors present their report and the financial statements for the period ended 30 November 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.
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 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 period, after taxation, amounted to £1,528,437 (2022 - £2,138,857).
Dividends of £381,432 were declared during the period (2022 - £472,797).
The directors who served during the period were:
The Group plans to continue to open additional outlets. It is aimed to open 12 new stores in the next 12 months. These will be funded partly by profits generated and additional finance.
Employees are a fundamental part of the performance of the Group, and communication is key to success. This takes place by regular formal or informal meetings, where suggestions are encouraged to improve the day to day running of the business, with all views respected. Staff are supplied with all necessary training.
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KBEVERAGE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
Details of the group's post balance sheet events are disclosed in note 35.
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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KBEVERAGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBEVERAGE LTD
We have audited the financial statements of KBeverage Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 November 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, 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.
Other matters
The financial statements of KBeverage Ltd for the year ended 31 May 2022 were not audited.
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KBEVERAGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBEVERAGE LTD (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 period 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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KBEVERAGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBEVERAGE LTD (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. Fraud risks include, but are not limited to, the risk that those charged with governance could manipulate the financial statements to report desired results through posting journals, manipulating the point at which revenue is recorded on sales around the period-end, or through manipulation of estimates. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out reviews of journal entries and other adjustments for appropriateness, and evaluated the business rationale of significant or unusual transactions; • We critically assessed significant estimates inherent in the financial statements. This involved assessing estimates in light of our expectations which are formed on the basis of past experience and our knowledge of the Group and its industry; • We held discussions with those charged with governance to enquire whether they are aware of any instances of non-compliance with laws and regulations; • We reviewed legal expenses to identify any instances of non-compliance with laws and regulations; • We reviewed correspondence with relevant regulators, to understand if any instances of non-compliance with key laws and regulations have occurred; • We reviewed a sample of food hygiene ratings achieved across the stores to identify any non-compliance with relevant legislation; • We undertook testing to confirm the existence of a sample of employees to ensure that no fictitious employees are paid, and also checked that said employees were being paid in accordance with their contracts of employment; • We reviewed bank details of employees included on payroll, to ensure no duplicate accounts were being paid into; • We reviewed a sample of expenditure and ensured appropriate authorisation had taken place in line with the Group's policy. • We obtained confirmation directly from the Company's bank, to confirm the accounts and balances held in their name at the balance sheet date.
We performed the procedures set out above after gaining an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, and after considering the risk of acts by the Group contrary to applicable laws and regulations including fraud. We obtained this understanding from discussions with those charged with governance, who did not make the engagement team aware of any non-compliance with laws and regulations or instances of fraud throughout the year or since the year end.
We also enquired with those charged with governance as to how they ensure the Group complies with the applicable legal & regulatory framework. The Group is subject to annual audits carried out by Starbucks ©, the findings of which are reported to key management. Furthermore the Group employs an internal auditor to perform regular checks across its range of stores to identify instances of non-compliance. Copies of Starbucks’ working practices are kept permanently at each store, and form part of the training programme undertaken by all employees. The Group also obtained advice from overseas employment specialists to ensure their employees are compliant with Right to Work legislation. In performing the above procedures we focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Food Safety Act 1990, Health & Safety at Work Act 1974, The Town and Country Planning (Use Classes) Order 1987, Employment Rights Act 1996, Companies Act 2006 and UK tax legislation. As a franchisee, the Group is also governed by Starbucks © regulations.
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KBEVERAGE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBEVERAGE LTD (CONTINUED)
Following detailed team briefings, the Responsible Individual has assessed that the audit engagement team collectively has the appropriate competence and capability to identify or recognise non-compliance with applicable laws and regulation. Nonetheless, 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.
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
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norfolk
NR7 0HR
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KBEVERAGE LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
REGISTERED NUMBER: 09587927
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.
The notes on pages 17 to 41 form part of these financial statements.
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KBEVERAGE LTD
REGISTERED NUMBER: 09587927
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
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KBEVERAGE LTD
REGISTERED NUMBER: 09587927
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 41 form part of these financial statements.
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KBEVERAGE LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
KBeverage Ltd is a private company limited by shares and incorporated in England & Wales. The address of the registered office is Office Suite, Sarbucks Ernest Gage Avenue, New Costessey, Norwich, NR5 0TX. The company has no single place of business due to the nature of its principle activity.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. The financial statements cover the period from 1 June 2022 to 30 November 2023. The prior period covered 365 days and hence the comparatives figures are not entirely comparable. The Directors have taken the decision to extent the period to allow for a smooth transition following a business combination.
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:
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 Balance Sheet, 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.
The Directors believe that the financial statements should be prepared on the going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the Group's needs. The Directors also consider such future plans to be feasible.
Projections, including cash flow forecasts, have been prepared using historical data and based on market expectations. The directors believe the company will be able to operate in the foreseeable future and continue its strategic business plan. The Directors have considered a period of 12 months from the date of approval of the financial statements. The Directors believe that no further disclosures relating to the Group's ability to continue as a going concern are required in the financial statements.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 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.
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.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Depreciation & amortisation Management have estimated the useful economic life (UEL) of fixed assets and have in turn calculated a depreciation & amortisation charge based on the UEL. Depreciation charged in the year amounted to £3,309,127 (2022: £1,538,295). Amortisation charged in the year amounted to £341,111 (2022: £82,881). Dilapidation provisions The Group leases a number of properties, and the Directors assess the likelihood and expected future liability for restoring the property to its original condition at each balance sheet date. The Directors use specialists to assist in making this estimate. The carrying value of capitalised dilapidation provisions is £1,090,430 (2022: £552,090). The carrying value of the provision itself is £1,364,250 (2022: £709,500).
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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13.Tangible fixed assets (continued)
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13.Tangible fixed assets (continued)
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
The hire purchase contracts are secured on the relevant assets. Repayments are made on a monthly basis. Interest is charged over the life of the loan, using the sum of digits method.
Bank and other loans are secured via Debenture, including: Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 06 January 2016. There is also a Group set-off held. Repayments are made on a monthly basis. Interest is charged monthly at rates between 2.25% and 2.98%, in excess of the Bank of England base rate.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
Page 36
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
Profit and loss account
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
26.Business combinations (continued)
The Directors have identified two prior year adjustments affecting the financial statements for the accounting period ended 31 May 2022.
Firstly, a provision has been made for the expected future costs of restoring leased property to its original condition. The restatement relates to the leases in place as at 31 May 2022, and affects the following financial statement areas: Increase in provisions £709,500 Increase in tangible fixed assets £552,090 Increase in depreciation charged £157,410 Secondly, rent-free incentives relating to the leased property had previously been recognised up-front, and are now spread systematically over the lease term. The affected financial statement areas are: Decrease in profit & loss reserve £401,456 Increase in accruals £525,358 Increase in rent expense £123,902
There is an Unlimited Multilateral Guarantee dated 21 February 2023 given by Kbeverage Ltd, GK Coffee Group Limited (the subsidiary), and Kdevelopment Ltd (a company related by virtue of common Directorship). Due to the nature of the Guarantee, it is impracticable to estimate the financial effect or uncertainties relating to the amount of timing of any possible outflow.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group, in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £88,173 (2022: £33,510). Contributions totalling £6,012 (2022: £3,069) were payable to the fund at the balance sheet date and are included in creditors.
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
Page 40
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KBEVERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
During the period, amounts were advanced to the Directors totalling £418,463 (2022: £nil), and repayments were made totalling £428,463 (2022: £nil). The balance due to the Directors at the period-end is £10,000 (2022: £nil) and is included in other creditors.
A historic balance due to a former Director was written off during the period following an effective waiver of the loan as a result of the business combination. The write off totalled £92,764. No interest is charged on the Directors' loan accounts. The group has opened two new stores. The group has entered into additional hire purchase agreements. The total finance received is £2,392,191 and will be repaid in instalments over 5 years. The group has entered into an Agreement For Lease (AFL) for a further 2 stores for a combined rent of £194,000 per annum.
There is no ultimate controlling party.
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