REGISTERED NUMBER: 05634541 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 28th November 2022 to 26th November 2023 |
for |
Big Chill Group Limited |
REGISTERED NUMBER: 05634541 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 28th November 2022 to 26th November 2023 |
for |
Big Chill Group Limited |
Big Chill Group Limited (Registered number: 05634541) |
Contents of the Consolidated Financial Statements |
for the Period 28th November 2022 to 26th November 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Big Chill Group Limited |
Company Information |
for the Period 28th November 2022 to 26th November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
Big Chill Group Limited (Registered number: 05634541) |
Group Strategic Report |
for the Period 28th November 2022 to 26th November 2023 |
The Directors present their Strategic Report for the period ended 26 November 2023. |
REVIEW OF BUSINESS |
The emergence from the Covid-19 pandemic has provided challenges and opportunities which the Group has embraced by providing upgraded, enhanced, and new entertainment locations around its London base. |
The Directors have invested in the venues, to provide the dining and drinking atmosphere conducive to the sort of upmarket establishments the Group has a reputation for creating. The Directors are pleased with the progress made at these enhanced venues and expect a return to net profit in the current year. |
KEY PERFORMANCE INDICATORS |
All venues have individual targets mainly revolving around turnover. The location and investment in internal fixtures and equipment dictates the potential for the venue and individual managers are incentivised to achieve that potential. The Group achieved a 8% increase in turnover in the period ended 26 November 2023 compared to the prior period. |
Overall, the Group looks to achieve a return on capital employed by measuring income and direct costs charged to each venue as comparators. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group operates in a highly competitive industry which is monitored by the authorities for health and safety in all of its forms and the Directors adhere to the values to achieve compliance in both areas. The Group is well funded with cashflow not representing a material risk although the uncertainty in the economy generally does affect the investment decision making when evaluating customer appetite for discretionary spending in bars and restaurants. |
FUTURE DEVELOPMENTS |
The Directors continue to be offered, and seek for themselves, new venues and trading opportunities in the bar restaurant sector. Continued growth in current venues is expected to be maintained and the cashflow this yields will facilitate the provision of funds for further expansion. |
ON BEHALF OF THE BOARD: |
Big Chill Group Limited (Registered number: 05634541) |
Report of the Directors |
for the Period 28th November 2022 to 26th November 2023 |
The directors present their report with the financial statements of the company and the group for the period 28th November 2022 to 26th November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of operating bar restaurants. |
DIVIDENDS |
No dividends will be distributed for the period ended 26th November 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 28th November 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors have disclosed their review of the business, the key performance indicators, risk management policies, principal risks and uncertainties along with future developments in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Big Chill Group Limited (Registered number: 05634541) |
Report of the Directors |
for the Period 28th November 2022 to 26th November 2023 |
AUDITORS |
The auditors, Beak Kemmenoe, are deemed to be re-appointed. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Big Chill Group Limited |
Opinion |
We have audited the financial statements of Big Chill Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 26th November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 26th November 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Big Chill Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Big Chill Group Limited |
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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the business sector; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation; |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
-Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; and |
- Enquiring of management as to actual and potential litigation and claims; |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Big Chill Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
Big Chill Group Limited (Registered number: 05634541) |
Consolidated |
Income Statement |
for the Period 28th November 2022 to 26th November 2023 |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
Notes | £ | £ |
TURNOVER | 3 | 11,546,858 | 10,679,673 |
Cost of sales | 7,748,144 | 6,765,809 |
GROSS PROFIT | 3,798,714 | 3,913,864 |
Administrative expenses | 4,148,984 | 3,519,956 |
(350,270 | ) | 393,908 |
Other operating income | - | 58,476 |
OPERATING (LOSS)/PROFIT | 5 | (350,270 | ) | 452,384 |
Interest receivable and similar income | 155 | 12 |
(350,115 | ) | 452,396 |
Interest payable and similar expenses | 7 | 222,975 | 186,986 |
(LOSS)/PROFIT BEFORE TAXATION | (573,090 | ) | 265,410 |
Tax on (loss)/profit | 8 | (95,333 | ) | 91,745 |
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (464,969 | ) | 199,941 |
Non-controlling interests | (12,788 | ) | (26,276 | ) |
(477,757 | ) | 173,665 |
Big Chill Group Limited (Registered number: 05634541) |
Consolidated |
Other Comprehensive Income |
for the Period 28th November 2022 to 26th November 2023 |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE PERIOD | (477,757 | ) | 173,665 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(477,757 |
) |
173,665 |
Total comprehensive income attributable to: |
Owners of the parent | (464,969 | ) | 199,941 |
Non-controlling interests | (12,788 | ) | (26,276 | ) |
(477,757 | ) | 173,665 |
Big Chill Group Limited (Registered number: 05634541) |
Consolidated Balance Sheet |
26th November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 660,246 | 752,181 |
Tangible assets | 11 | 2,536,979 | 2,013,650 |
Investments | 12 | - | - |
3,197,225 | 2,765,831 |
CURRENT ASSETS |
Stocks | 13 | 128,323 | 124,572 |
Debtors | 14 | 1,678,669 | 1,649,018 |
Cash at bank and in hand | 1,377,706 | 2,184,253 |
3,184,698 | 3,957,843 |
CREDITORS |
Amounts falling due within one year | 15 | 5,345,234 | 4,876,397 |
NET CURRENT LIABILITIES | (2,160,536 | ) | (918,554 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,036,689 |
1,847,277 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(356,250 |
) |
(593,748 |
) |
PROVISIONS FOR LIABILITIES | 20 | (15,843 | ) | (111,176 | ) |
NET ASSETS | 664,596 | 1,142,353 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 3,100 | 3,100 |
Retained earnings | 22 | 700,510 | 1,165,479 |
SHAREHOLDERS' FUNDS | 703,610 | 1,168,579 |
NON-CONTROLLING INTERESTS | (39,014 | ) | (26,226 | ) |
TOTAL EQUITY | 664,596 | 1,142,353 |
The financial statements were approved by the Board of Directors and authorised for issue on 30th August 2024 and were signed on its behalf by: |
N A Foster - Director |
Big Chill Group Limited (Registered number: 05634541) |
Company Balance Sheet |
26th November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (38,754 | ) | (42,484 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Big Chill Group Limited (Registered number: 05634541) |
Consolidated Statement of Changes in Equity |
for the Period 28th November 2022 to 26th November 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 29th November 2021 | 3,100 | 965,538 | 968,638 | 25 | 968,663 |
Changes in equity |
Total comprehensive income | - | 199,941 | 199,941 | (26,276 | ) | 173,665 |
3,100 | 1,165,479 | 1,168,579 | (26,251 | ) | 1,142,328 |
Acquisition of non-controlling interest |
- |
- |
- |
25 |
25 |
Balance at 27th November 2022 | 3,100 | 1,165,479 | 1,168,579 | (26,226 | ) | 1,142,353 |
Changes in equity |
Total comprehensive income | - | (464,969 | ) | (464,969 | ) | (12,788 | ) | (477,757 | ) |
Balance at 26th November 2023 | 3,100 | 700,510 | 703,610 | (39,014 | ) | 664,596 |
Big Chill Group Limited (Registered number: 05634541) |
Company Statement of Changes in Equity |
for the Period 28th November 2022 to 26th November 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 29th November 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 27th November 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 26th November 2023 |
Big Chill Group Limited (Registered number: 05634541) |
Consolidated Cash Flow Statement |
for the Period 28th November 2022 to 26th November 2023 |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 585,412 | 1,324,777 |
Interest paid | (222,975 | ) | (186,986 | ) |
Net cash from operating activities | 362,437 | 1,137,791 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (3,510 | ) | (495,411 | ) |
Purchase of tangible fixed assets | (928,131 | ) | (433,237 | ) |
Interest received | 155 | 12 |
Net cash from investing activities | (931,486 | ) | (928,636 | ) |
Cash flows from financing activities |
Loan repayments in year | (237,498 | ) | (118,752 | ) |
Minority interest | - | 25 |
Net cash from financing activities | (237,498 | ) | (118,727 | ) |
(Decrease)/increase in cash and cash equivalents | (806,547 | ) | 90,428 |
Cash and cash equivalents at beginning of period |
2 |
2,184,253 |
2,093,825 |
Cash and cash equivalents at end of period |
2 |
1,377,706 |
2,184,253 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Cash Flow Statement |
for the Period 28th November 2022 to 26th November 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
(Loss)/profit before taxation | (573,090 | ) | 265,410 |
Depreciation charges | 500,247 | 337,374 |
Finance costs | 222,975 | 186,986 |
Finance income | (155 | ) | (12 | ) |
149,977 | 789,758 |
Increase in stocks | (3,751 | ) | (21,358 | ) |
(Increase)/decrease in trade and other debtors | (29,651 | ) | 33,056 |
Increase in trade and other creditors | 468,837 | 523,321 |
Cash generated from operations | 585,412 | 1,324,777 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 26th November 2023 |
26.11.23 | 28.11.22 |
£ | £ |
Cash and cash equivalents | 1,377,706 | 2,184,253 |
Period ended 27th November 2022 |
27.11.22 | 29.11.21 |
£ | £ |
Cash and cash equivalents | 2,184,253 | 2,093,825 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 28.11.22 | Cash flow | At 26.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,184,253 | (806,547 | ) | 1,377,706 |
2,184,253 | (806,547 | ) | 1,377,706 |
Debt |
Debts falling due within 1 year | (237,500 | ) | - | (237,500 | ) |
Debts falling due after 1 year | (593,748 | ) | 237,498 | (356,250 | ) |
(831,248 | ) | 237,498 | (593,750 | ) |
Total | 1,353,005 | (569,049 | ) | 783,956 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements |
for the Period 28th November 2022 to 26th November 2023 |
1. | STATUTORY INFORMATION |
Big Chill Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements drawn up to 26 November 2023 consolidate the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. |
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. |
Goodwill |
Another business was purchased in 2006 and the associated goodwill has been fully amortised. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold property | - | over the lease period |
Improvements to property | - | over the lease period |
Plant and machinery | - | 25% on a reducing balance basis |
Fixtures and fittings | - | 25% on a reducing balance basis |
Computer equipment | - | 20 - 33% straight line or 20 - 25% on a reducing balance basis |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is determined using a first-in, first-out method. |
Stock items are constantly reviewed to determine if they are in a saleable condition and that the net realisable value remains higher than the carrying amount. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Rendering of services | 11,546,858 | 10,679,673 |
All turnover originates in the UK. |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Wages and salaries | 4,284,601 | 3,679,660 |
Social security costs | 102,975 | 78,691 |
Other pension costs | 56,582 | 49,783 |
4,444,158 | 3,808,134 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
Management | 3 | 3 |
Administration and marketing | 10 | 9 |
Bar and restaurant | 171 | 155 |
The average number of employees by undertakings that were proportionately consolidated during the period was 180 (2022 - 167 ) . |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Directors' remuneration | 248,333 | 228,000 |
Directors' pension contributions to money purchase schemes | 2,642 | 2,642 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Emoluments etc | 133,333 | 115,667 |
Pension contributions to money purchase schemes | 1,321 | 1,321 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Other operating leases | 870,568 | 913,482 |
Depreciation - owned assets | 330,275 | 242,121 |
Goodwill amortisation | 87,458 | 87,458 |
Patents and licences amortisation | 245 | 245 |
Development costs amortisation | 7,742 | 7,550 |
Fixed asset impairment | 74,527 | - |
6. | AUDITORS' REMUNERATION |
The audit fee stated in the financial statements is made up of the following services |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Fees payable to the company’s auditor for the audit of the |
company’s annual accounts | 27,000 | 16,000 |
Fees payable to the company’s auditor for other services: |
Audit of the accounts of subsidiaries | 18,800 | 16,900 |
Non-audit related services | 9,990 | 7,606 |
55,790 | 40,506 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Interest payable | 222,975 | 186,986 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the period was as follows: |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
Deferred tax | (95,333 | ) | 91,745 |
Tax on (loss)/profit | (95,333 | ) | 91,745 |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
28.11.22 | 29.11.21 |
to | to |
26.11.23 | 27.11.22 |
£ | £ |
(Loss)/profit before tax | (573,090 | ) | 265,410 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 23 % (2022 - 19 %) |
(131,811 |
) |
50,428 |
Effects of: |
Expenses not deductible for tax purposes | 38,933 | 28,086 |
Capital allowances in excess of depreciation | (118,115 | ) | (72,209 | ) |
Utilisation of tax losses | - | (53,424 | ) |
Losses carried forward | 210,993 | 47,119 |
Deferred tax | (95,333 | ) | 91,745 |
Total tax (credit)/charge | (95,333 | ) | 91,745 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Development |
Goodwill | licences | costs | Totals |
£ | £ | £ | £ |
COST |
At 28th November 2022 | 1,063,590 | 2,450 | 75,500 | 1,141,540 |
Additions | - | - | 3,510 | 3,510 |
At 26th November 2023 | 1,063,590 | 2,450 | 79,010 | 1,145,050 |
AMORTISATION |
At 28th November 2022 | 372,335 | 1,198 | 15,826 | 389,359 |
Amortisation for period | 87,458 | 245 | 7,742 | 95,445 |
At 26th November 2023 | 459,793 | 1,443 | 23,568 | 484,804 |
NET BOOK VALUE |
At 26th November 2023 | 603,797 | 1,007 | 55,442 | 660,246 |
At 27th November 2022 | 691,255 | 1,252 | 59,674 | 752,181 |
Company |
Patents |
and |
licences |
£ |
COST |
At 28th November 2022 |
and 26th November 2023 |
AMORTISATION |
At 28th November 2022 |
Amortisation for period |
At 26th November 2023 |
NET BOOK VALUE |
At 26th November 2023 |
At 27th November 2022 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 28th November 2022 | 178,935 | 3,526,681 | 687,578 |
Additions | 32,443 | 612,796 | 74,845 |
At 26th November 2023 | 211,378 | 4,139,477 | 762,423 |
DEPRECIATION |
At 28th November 2022 | 119,667 | 1,900,417 | 578,693 |
Charge for period | 7,446 | 199,238 | 38,920 |
Impairments | - | 38,400 | 9,427 |
At 26th November 2023 | 127,113 | 2,138,055 | 627,040 |
NET BOOK VALUE |
At 26th November 2023 | 84,265 | 2,001,422 | 135,383 |
At 27th November 2022 | 59,268 | 1,626,264 | 108,885 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 28th November 2022 | 600,667 | 322,544 | 5,316,405 |
Additions | 174,054 | 33,993 | 928,131 |
At 26th November 2023 | 774,721 | 356,537 | 6,244,536 |
DEPRECIATION |
At 28th November 2022 | 443,549 | 260,429 | 3,302,755 |
Charge for period | 64,657 | 20,014 | 330,275 |
Impairments | 12,415 | 14,285 | 74,527 |
At 26th November 2023 | 520,621 | 294,728 | 3,707,557 |
NET BOOK VALUE |
At 26th November 2023 | 254,100 | 61,809 | 2,536,979 |
At 27th November 2022 | 157,118 | 62,115 | 2,013,650 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Short | Plant and | Computer |
leasehold | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 28th November 2022 |
Additions |
At 26th November 2023 |
DEPRECIATION |
At 28th November 2022 |
Charge for period |
At 26th November 2023 |
NET BOOK VALUE |
At 26th November 2023 |
At 27th November 2022 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 28th November 2022 |
and 26th November 2023 |
NET BOOK VALUE |
At 26th November 2023 |
At 27th November 2022 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the period |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the period | ( |
) |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the period | ( |
) |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the period | ( |
) |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the period | ( |
) | ( |
) |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the period | ( |
) | ( |
) |
Camino Shoreditch Ltd |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: Leasehold property investment |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (4,496 | ) | (2,716 | ) |
Loss for the period | (1,780 | ) | (1,780 | ) |
Camino Monument Ltd |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: Leasehold property investment |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (2,224 | ) | (301 | ) |
Loss for the period | (1,923 | ) | (401 | ) |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Camino Kings Cross Ltd |
Registered office: 1 - 3 Manor Road, Chatham, England, ME4 6AE |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 128,323 | 124,572 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts owed by group undertakings | - | - |
Other debtors and prepayments | 1,678,669 | 1,649,018 |
Deferred tax asset | - | - | 4,858 | - |
1,678,669 | 1,649,018 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 237,500 | 237,500 |
Trade creditors | 761,635 | 687,229 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 354,369 | 366,282 |
Other creditors and accruals | 3,991,730 | 3,585,386 |
5,345,234 | 4,876,397 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 356,250 | 593,748 |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 237,500 | 237,500 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 237,500 | 237,500 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 118,750 | 356,248 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 798,365 | 860,336 |
Between one and five years | 3,391,266 | 3,151,793 |
In more than five years | 3,448,500 | 3,769,093 |
7,638,131 | 7,781,222 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 593,750 | 831,248 |
A debenture with The Royal Bank of Scotland Plc contains a fixed and floating charge on the assets of Big Chill Group Limited and its subsidiaries in the event that any of these companies default on their loan commitments. |
Mr N Foster and Mr R Bigg have a fixed and floating charge over the Camino Trading Ltd's assets. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 15,843 | 111,176 | - | 7,077 |
Group |
Deferred |
tax |
£ |
Balance at 28th November 2022 | 111,176 |
Credit to Income Statement during period | (95,333 | ) |
Balance at 26th November 2023 | 15,843 |
Company |
Deferred |
tax |
£ |
Balance at 28th November 2022 |
Credit to Income Statement during period | ( |
) |
Balance at 26th November 2023 | ( |
) |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3,100 | 3,100 |
The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
Big Chill Group Limited (Registered number: 05634541) |
Notes to the Consolidated Financial Statements - continued |
for the Period 28th November 2022 to 26th November 2023 |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 28th November 2022 | 1,165,479 |
Deficit for the period | (464,969 | ) |
At 26th November 2023 | 700,510 |
Company |
Retained |
earnings |
£ |
At 28th November 2022 |
Deficit for the period | ( |
) |
At 26th November 2023 |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr N Foster and Mr R Bigg. |