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Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

BA Restaurants Limited

BA Restaurants Limited (Registered number: 11542205)

Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Consolidated Income Statement 6

Consolidated Balance Sheet 7

Company Balance Sheet 8

Notes to the Consolidated Financial Statements 9


BA Restaurants Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Rojas Herrero





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 11542205 (England and Wales)





AUDITORS: Williams & Co Epsom LLP
Statutory Auditors
8-10 South Street
Epsom
Surrey
KT18 7PF

BA Restaurants Limited (Registered number: 11542205)

Report of the Director
for the Year Ended 31 December 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIRECTOR
A Rojas Herrero held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

AUDITORS
The auditors, Williams & Co Epsom LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A Rojas Herrero - Director


6 June 2024

Report of the Independent Auditors to the Members of
BA Restaurants Limited


Opinion
We have audited the financial statements of BA Restaurants Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and 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 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Key audit matters
The Group is very much reliant on the support of its parent company and investors which has allowed it to invest in its subsidiary company. The amounts owing from the subsidiary at the end of the year is lower than in 2022 year end as it has reported a profit in the year. This continued support is necessary whilst the loans remain outstanding and the business continues to establish itself in the market place.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
BA Restaurants 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 Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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:

The Parent Company and Group are subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. These include financial reporting and tax legislation, employment law and health & safety legislation.

We communicated relevant 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.

We discussed with management the application of these legal requirements and enquired as to any instances of non-compliance.

The results of our risk assessment at the planning stage formed the basis of designing audit procedures to identify non-compliance with the laws and regulations as mentioned above.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

In assessing the potential risks of material misstatement, we obtained an understanding of the Parent Company and Group's operations, including the nature of their revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement.

We reviewed the business' control environment and the application of those controls with regards to authorisation of transactions and the correct reporting of transactions.

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
BA Restaurants 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.




Paul M Smith BSc (hons) FCA (Senior Statutory Auditor)
for and on behalf of Williams & Co Epsom LLP
Statutory Auditors
8-10 South Street
Epsom
Surrey
KT18 7PF

6 June 2024

BA Restaurants Limited (Registered number: 11542205)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3,902,431 3,293,253

Cost of sales (1,872,349 ) (1,885,358 )
GROSS PROFIT 2,030,082 1,407,895

Administrative expenses (1,977,012 ) (2,039,110 )
53,070 (631,215 )

Other operating income 222,222 6,000
OPERATING PROFIT/(LOSS) and
PROFIT/(LOSS) BEFORE TAXATION 275,292 (625,215 )

Tax on profit/(loss) - -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 275,292 (625,215 )

Profit/(loss) attributable to:
Owners of the parent 275,292 (625,215 )

BA Restaurants Limited (Registered number: 11542205)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 2,210,279 2,368,762
Investments 7 - -
2,210,279 2,368,762

CURRENT ASSETS
Stocks 61,239 58,668
Debtors: amounts falling due within one year 8 579,992 243,902
Debtors: amounts falling due after more than
one year

8

225,000

225,000
Cash at bank and in hand 33,693 46,844
899,924 574,414
CREDITORS
Amounts falling due within one year 9 2,194,355 2,020,291
NET CURRENT LIABILITIES (1,294,431 ) (1,445,877 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

915,848

922,885

CREDITORS
Amounts falling due after more than one
year

10

2,322,321

2,604,650
NET LIABILITIES (1,406,473 ) (1,681,765 )

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings (1,406,574 ) (1,681,866 )
SHAREHOLDERS' FUNDS (1,406,473 ) (1,681,765 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 6 June 2024 and were signed by:





A Rojas Herrero - Director


BA Restaurants Limited (Registered number: 11542205)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 - -
Investments 7 1 1
1 1

CURRENT ASSETS
Debtors: amounts falling due within one year 8 1,373,624 1,174,152
Debtors: amounts falling due after more than
one year

8

2,322,321

2,570,080
Cash at bank and in hand 348 200
3,696,293 3,744,432
CREDITORS
Amounts falling due within one year 9 1,401,852 1,196,404
NET CURRENT ASSETS 2,294,441 2,548,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,294,442

2,548,029

CREDITORS
Amounts falling due after more than one
year

10

2,322,321

2,570,080
NET LIABILITIES (27,879 ) (22,051 )

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings (27,980 ) (22,152 )
SHAREHOLDERS' FUNDS (27,879 ) (22,051 )

Company's loss for the financial year (5,828 ) (9,761 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 6 June 2024 and were signed by:





A Rojas Herrero - Director


BA Restaurants Limited (Registered number: 11542205)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

BA Restaurants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entity controlled by the Group (its subsidiary). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Accounting policies consistent with those of the parent are used and all intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Critical accounting judgements and key sources of estimation uncertainty
Carrying amounts of loans
The Group has loans payable to its ultimate parent as well as other shareholders. These amounts are carried at cost and are not interest bearing. The key judgement revolves around the ability of the Group to repay these loans and the potential dates for repayment.

Estimated useful life of assets
Management determines the estimated useful lives and depreciation method for property improvements and equipment based on expected usage of the respective assets, expected physical wear and tear, technical or commercial obsolescence etc. These estimates can change significantly as a result of changes in expected usage or abandonment, technological innovations and competitors’ actions, leading to potential changes in future depreciation charges, impairment losses and / or write-offs. The Group reviews the residual values and useful lives of property and equipment at each reporting date in accordance with the relevant accounting policy with the effect of any changes in estimate accounted for on a prospective basis.

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 is earned from the sale of food and drink from the Group's restaurant, alongside the provision of event space and bookings.

When a deposit is made or an event booked, the transaction is initially recorded as a liability. The revenue is recognised within profit and loss once the event has taken place. If an event or booking is cancelled and the deposit is deemed non-refundable, the deposit is recognised as revenue within profit or loss at the point of cancellation.

The Group sells vouchers which customers can redeem at a later stage. Sales of vouchers are initially recognised as deferred income and carried within current liabilities. Upon use of the voucher, the relevant income is recognised within profit or loss.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - 4.17% - straight line method
Improvements to property - 10% - straight line method
Plant and machinery - 12.5% and 10% - straight line method
Fixtures and fittings - 12.5% - straight line method
Computer equipment - 12.5% and 10% - straight line method

BA Restaurants Limited (Registered number: 11542205)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stock is comprised of both food and drink as used in the restaurant.

Initially stock is valued at the actual cost paid to the supplier.

Stock is subsequently valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year 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.

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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
The Group has made a surplus in the period to the 31st December 2023 although it still has net current liabilities at that date. The funding in place is from its parent company and other shareholders who have no immediate rights to repayment under the shareholders and subscribers agreement.

The subsidiary company is reporting a surplus for the year based on increased turnover as it establishes itself in the market

The director has prepared forecasts for the Group that show trading is expected to continue ito be profitable and so provide a means to repay the loan outstanding. The parent company is also committed to providing financial support going forward.

As a result, the accounts have been drawn up on a going concern basis which will continue to support it as required.

BA Restaurants Limited (Registered number: 11542205)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,109,036 1,190,391
Social security costs 89,858 103,837
Other pension costs 18,119 14,104
1,217,013 1,308,332

The average number of employees during the year was as follows:
2023 2022

Management 12 9
Kitchen and bar 32 27
Front of house and reception 23 24
67 60

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 267,424 200,689

5. 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.


BA Restaurants Limited (Registered number: 11542205)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


6. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 340,249 2,306,827 2,647,076
Additions 7,601 101,340 108,941
At 31 December 2023 347,850 2,408,167 2,756,017
DEPRECIATION
At 1 January 2023 19,817 258,497 278,314
Charge for year 14,557 252,867 267,424
At 31 December 2023 34,374 511,364 545,738
NET BOOK VALUE
At 31 December 2023 313,476 1,896,803 2,210,279
At 31 December 2022 320,432 2,048,330 2,368,762

7. FIXED ASSET INVESTMENTS

Company
Shares in
subsidiary
£   
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Name of Subsidiary% of HoldingNature of Business


Sucre London Limited


100
Sale of food and drink from the company's
restaurant, alongside the provision of event space
and bookings.


8. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 124,233 114,377 - -
Other debtors 455,759 129,525 1,373,624 1,174,152
579,992 243,902 1,373,624 1,174,152

BA Restaurants Limited (Registered number: 11542205)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023


8. DEBTORS - continued

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 225,000 225,000 2,322,321 2,570,080

Aggregate amounts 804,992 468,902 3,695,945 3,744,232

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts 99 99 - -
Advances from customers 705 15,267 - -
Trade creditors 254,467 384,228 - -
Taxation and social security 201,814 132,090 - -
Other creditors 1,737,270 1,488,607 1,401,852 1,196,404
2,194,355 2,020,291 1,401,852 1,196,404

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other creditors 2,322,321 2,604,650 2,322,321 2,570,080

11. ULTIMATE PARENT COMPANY

TH International Limited (incorporated in United Arab Emirates ) is regarded by the director as being the company's ultimate parent company.

Following a group reorganisation in 2024, there is a new controlling party now in place.