187 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-26 Sage Accounts Production Advanced 2023 - FRS102_2023 194,887 118,118 4,515 122,633 72,254 76,769 xbrli:pure xbrli:shares iso4217:GBP 08807787 2022-12-26 2023-12-31 08807787 2023-12-31 08807787 2022-12-25 08807787 2021-12-27 2022-12-25 08807787 2022-12-25 08807787 2021-12-26 08807787 core:FurnitureFittings 2022-12-26 2023-12-31 08807787 bus:OrdinaryShareClass1 2022-12-26 2023-12-31 08807787 bus:Director1 2022-12-26 2023-12-31 08807787 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-25 08807787 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08807787 core:LandBuildings 2022-12-25 08807787 core:FurnitureFittings 2022-12-25 08807787 core:LandBuildings 2023-12-31 08807787 core:FurnitureFittings 2023-12-31 08807787 core:LandBuildings 2022-12-26 2023-12-31 08807787 core:WithinOneYear 2023-12-31 08807787 core:WithinOneYear 2022-12-25 08807787 core:ShareCapital 2023-12-31 08807787 core:ShareCapital 2022-12-25 08807787 core:RetainedEarningsAccumulatedLosses 2023-12-31 08807787 core:RetainedEarningsAccumulatedLosses 2022-12-25 08807787 core:BetweenOneFiveYears 2023-12-31 08807787 core:BetweenOneFiveYears 2022-12-25 08807787 core:MoreThanFiveYears 2023-12-31 08807787 core:MoreThanFiveYears 2022-12-25 08807787 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-26 2023-12-31 08807787 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-25 08807787 core:LandBuildings 2022-12-25 08807787 core:FurnitureFittings 2022-12-25 08807787 bus:SmallEntities 2022-12-26 2023-12-31 08807787 bus:AuditExempt-NoAccountantsReport 2022-12-26 2023-12-31 08807787 bus:SmallCompaniesRegimeForAccounts 2022-12-26 2023-12-31 08807787 bus:PrivateLimitedCompanyLtd 2022-12-26 2023-12-31 08807787 bus:FullAccounts 2022-12-26 2023-12-31 08807787 bus:OrdinaryShareClass1 2023-12-31 08807787 bus:OrdinaryShareClass1 2022-12-25 08807787 core:LandBuildings core:LongLeaseholdAssets 2022-12-26 2023-12-31 08807787 core:CapitalContributionReserve 2023-12-31 08807787 core:CapitalContributionReserve 2022-12-25
COMPANY REGISTRATION NUMBER: 08807787
SB REALTY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2023
SB REALTY LIMITED
BALANCE SHEET
31 December 2023
31 Dec 23
25 Dec 22
Note
£
£
£
£
Fixed assets
Intangible assets
5
72,254
76,769
Tangible assets
6
829,158
962,054
--------
-----------
901,412
1,038,823
Current assets
Stocks
7
94,132
110,409
Debtors
8
799,807
579,412
Cash at bank and in hand
225,670
97,302
-----------
--------
1,119,609
787,123
Creditors: amounts falling due within one year
9
( 6,736,376)
( 5,097,580)
-----------
-----------
Net current liabilities
( 5,616,767)
( 4,310,457)
-----------
-----------
Total assets less current liabilities
( 4,715,355)
( 3,271,634)
-----------
-----------
Net liabilities
( 4,715,355)
( 3,271,634)
-----------
-----------
Capital and reserves
Called up share capital
10
2
2
Capital contribution
6,769,051
6,769,051
Profit and loss account
( 11,484,408)
( 10,040,687)
------------
------------
Shareholders deficit
( 4,715,355)
( 3,271,634)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
S S Grewal
Director
Company registration number: 08807787
SB REALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 26 DECEMBER 2022 TO 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, notwithstanding the net current liabilities of £4,715,355 (2022: £4,310,457). The parent company has confirmed its intention to financially support the company for at least 12 months from the date of approval of these financial statements. Companies controlled by some of the shareholders of the parent company have also confirmed their intention to to financially support the company for at least 12 months from the date of approval of these financial statements. Included in creditors due within one year are amounts totalling £4,923,000 (2022: £3,429,000) due to these related companies. As a consequence, the directors believe that the company is well placed to manage its business risks and meet liabilities as they fall due. For this reason, they continue to adopt the going concern basis in preparing accounts.
Revenue recognition
The turnover shown in the profit and loss account represents amounts for goods sold during the year, exclusive of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Franchise fees
-
over the term of the relevant store lease/franchise agreement
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
over the term of the lease
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accruals model. Under the accruals model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable and is included within other operating income.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from fellow group companies and other related entities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 187 (2022: 187 ).
5. Intangible assets
Franchise fees
£
Cost
At 26 December 2022 and 31 December 2023
194,887
--------
Amortisation
At 26 December 2022
118,118
Charge for the period
4,515
--------
At 31 December 2023
122,633
--------
Carrying amount
At 31 December 2023
72,254
--------
At 25 December 2022
76,769
--------
6. Tangible assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 26 December 2022
1,959,087
4,646,954
6,606,041
Additions
72,414
72,414
-----------
-----------
-----------
At 31 December 2023
1,959,087
4,719,368
6,678,455
-----------
-----------
-----------
Depreciation
At 26 December 2022
1,074,706
4,569,281
5,643,987
Charge for the period
180,927
24,383
205,310
-----------
-----------
-----------
At 31 December 2023
1,255,633
4,593,664
5,849,297
-----------
-----------
-----------
Carrying amount
At 31 December 2023
703,454
125,704
829,158
-----------
-----------
-----------
At 25 December 2022
884,381
77,673
962,054
-----------
-----------
-----------
7. Stocks
31 Dec 23
25 Dec 22
£
£
Raw materials and consumables
94,132
110,409
-------
--------
8. Debtors
31 Dec 23
25 Dec 22
£
£
Trade debtors
167
152
Amounts owed by group undertakings
157,837
Other debtors
641,803
579,260
--------
--------
799,807
579,412
--------
--------
Debtors include amounts of £170,038 (2022: £170,038) which are due after more than one year.
9. Creditors: amounts falling due within one year
31 Dec 23
25 Dec 22
£
£
Trade creditors
153,674
173,603
Amounts owed to group undertakings
1,114,429
906,828
Social security and other taxes
150,356
149,808
Amounts owed to other related entities
4,923,000
3,429,000
Other creditors
394,917
438,341
-----------
-----------
6,736,376
5,097,580
-----------
-----------
10. Called up share capital
Issued, called up and fully paid
31 Dec 23
25 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
25 Dec 22
£
£
Not later than 1 year
485,395
485,395
Later than 1 year and not later than 5 years
938,131
1,304,450
Later than 5 years
444,863
571,918
-----------
-----------
1,868,389
2,361,763
-----------
-----------
12. Controlling party
The immediate and ultimate parent company is A L Ventures Limited, a company incorporated in England and Wales.