Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseoperating restaurants536355false 10952202 2023-01-01 2023-12-31 10952202 2022-01-01 2022-12-31 10952202 2023-12-31 10952202 2022-12-31 10952202 2022-01-01 10952202 1 2023-01-01 2023-12-31 10952202 1 2022-01-01 2022-12-31 10952202 3 2023-01-01 2023-12-31 10952202 3 2022-01-01 2022-12-31 10952202 1 2023-01-01 2023-12-31 10952202 d:Exceptional 2023-01-01 2023-12-31 10952202 d:Exceptional 2022-01-01 2022-12-31 10952202 e:Director1 2023-01-01 2023-12-31 10952202 e:Director2 2023-01-01 2023-12-31 10952202 e:Director3 2023-01-01 2023-12-31 10952202 e:RegisteredOffice 2023-01-01 2023-12-31 10952202 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 10952202 d:Buildings d:ShortLeaseholdAssets 2023-12-31 10952202 d:Buildings d:ShortLeaseholdAssets 2022-12-31 10952202 d:PlantMachinery 2023-01-01 2023-12-31 10952202 d:FurnitureFittings 2023-01-01 2023-12-31 10952202 d:FurnitureFittings 2023-12-31 10952202 d:FurnitureFittings 2022-12-31 10952202 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10952202 d:ComputerEquipment 2023-01-01 2023-12-31 10952202 d:ComputerEquipment 2023-12-31 10952202 d:ComputerEquipment 2022-12-31 10952202 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10952202 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10952202 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10952202 d:CurrentFinancialInstruments 2023-12-31 10952202 d:CurrentFinancialInstruments 2022-12-31 10952202 d:Non-currentFinancialInstruments 2023-12-31 10952202 d:Non-currentFinancialInstruments 2022-12-31 10952202 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10952202 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10952202 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10952202 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10952202 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 10952202 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 10952202 d:ShareCapital 2023-12-31 10952202 d:ShareCapital 2022-12-31 10952202 d:ShareCapital 2022-01-01 10952202 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10952202 d:RetainedEarningsAccumulatedLosses 2023-12-31 10952202 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10952202 d:RetainedEarningsAccumulatedLosses 2022-12-31 10952202 d:RetainedEarningsAccumulatedLosses 2022-01-01 10952202 e:OrdinaryShareClass1 2023-01-01 2023-12-31 10952202 e:OrdinaryShareClass1 2023-12-31 10952202 e:FRS102 2023-01-01 2023-12-31 10952202 e:Audited 2023-01-01 2023-12-31 10952202 e:FullAccounts 2023-01-01 2023-12-31 10952202 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10952202 d:WithinOneYear 2023-12-31 10952202 d:WithinOneYear 2022-12-31 10952202 d:BetweenOneFiveYears 2023-12-31 10952202 d:BetweenOneFiveYears 2022-12-31 10952202 d:MoreThanFiveYears 2023-12-31 10952202 d:MoreThanFiveYears 2022-12-31 10952202 2 2023-01-01 2023-12-31 10952202 4 2023-01-01 2023-12-31 10952202 7 2023-01-01 2023-12-31 10952202 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10952202














BIG MAMMA HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIG MAMMA HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
V Lugger 
T Seydoux 
Big Mamma Food S.A.S. 




Registered number
10952202



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
BIG MAMMA HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Notes to the Financial Statements
 
14 - 25

 
BIG MAMMA HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Big Mamma Holdings Limited is a subsidiary of the Big Mamma Group, a French-based Group of Italian restaurants founded at the end of 2013 by Victor Lugger and Tigrane Seydoux. The concept is Italian trattorias with products imported directly from Italy, 100% homemade cuisine by a predominantly Italian team, low prices, and a warm atmosphere.
At the end of the year, the company had five restaurants in London: Gloria, Ciroclo Popolare, Ave Mario, Jacuzzi and Carlotta. These establishments continue to have resounding results translated by wide media coverage and a real public success.

Business review
 
2023 was the first year where all 5 restaurants were operating. Out of 5, 4 restaurants operated throughout the year.
Gloria, Circolo Popolare, Ave Mario, Jacuzzi and Carlotta all performed strongly in excess of expectations driven by the strong brand presence on social media and consistently high customer feedback scores. Each of these factors has enabled the Group to maintain its high demand for the product with the restaurants continually fully booked one month in advance up throughout 2023.
The Company profit for the year, before the corporation tax and deferred tax movement, was £3,672,773 (2022 – £359,085), an increase of £3,313,688. Company turnover for the year was £40,894,782 (2022 - £25,884,339).

Principal risks and uncertainties
 
The main risks to the business are further global pandemic and government-enforced lockdowns preventing the company from trading as dine-in restaurants; this is an industry-wide risk. The decision by the UK to leave Europe has affected the Group’s ability to source staff, food and beverage from Europe.

Financial key performance indicators
 
The continued success and sustainability of the company will be determined significantly by the ability to continue to grow revenues more than its costs. Therefore, the level of sales and year on year growth are key performance indicators (KPIs).

Other key performance indicators
 
In line with the company's operating objectives, financial and non-financial KPIs are used to measure and support the success of the business, including:
• Detailed analysis and monitoring of sales using average spend per head, table rotation
• F&B costs
• Labour costs
• EBITA
• Free Cash Flow
• Investment Payback
• Employee Turnover
• Customer Satisfaction via rating on social media
• BCorp
Where appropriate, we also use qualitative measures in addition to KPIs to evaluate performance against our objectives where numerical measures are not appropriate. None of the above are individually key to assessing the overall perfromance of the company.
 
Page 1

 
BIG MAMMA HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other key performance indicators (continued)
Gross Profit Margin is used to measure performance:
Gross Profit Margin 2023 - 72% (2022 - 67.3%)
Non-financial KPIs are monitored on a regular basis and include food and drink quality, customer feedback and staff turnover levels. These are monitored by management and drive the actions across the business to deliver the strategy. Management were satisfied with these KPIs in 2023.

Directors' statement of compliance with duty to promote the success of the company
 
Members and Employees
The members of the Company along with any future employees, are considered essential to the Company’s future. The interests and wellbeing of all members and future employees are held in the highest regard and the Company is dependent on a collegial environment to ensure success. Scheduled meetings are held on a regular basis to ensure all members are informed of business decisions and material information as it pertains to the Company.
Equal opportunities are offered to all, regardless of gender, race, ethnicity or national origin, sexual orientation, religious belief, colour, disability, marital status, or age. All applicants are treated equally in respect to any recruitment, promotion, training, pay and other employment policies and practices. Under no circumstances will discrimination against any individual or group be tolerated.
Business Relationships
Business relationships are held in the utmost regard and are critical to the success of the Company. This includes all vendors, service providers, advisers, and strategic partnership with whom the Company initiates and maintains a professional relationship. Of particular importance as it pertains to the Company is our partners in the finance, compliance, and law areas to assist with navigating local guidelines and procedures with the highest integrity.
Community and Environment
The company, given its B-Corp accreditation, actively works to protect and operate harmoniously within its surrounding environment and local community. As part of the day-to-day running of the business it consistently considers its impact and how its operations can benefit the local community and environment.
Standards of Business Conduct
One of the tenets the Company was built upon is upholding a reputation for high standards of business conduct and ethics. We continue to focus our efforts around maintaining this reputation, which is a guiding beacon in our path to help our investments and shareholders succeed.
When considering any business activity or conduct, much thought is given to longer-term implications of that decision. Decisions material to the direction and success of the Company are made on a consensual basis among the directors. Careful thought is also given to the likely scenarios we foresee materialising over the long term regarding the macro and operating environment prior to implementation.
Directors' statement of compliance with duty to promote the success of the Company (continued)
 
Page 2

 
BIG MAMMA HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Anti-bribery and anti-corruption
The Company has adopted an anti-corruption and bribery policy which applies to the Board and employees of the Company. It generally sets out their responsibilities in observing and upholding a zero-tolerance position on bribery and corruption in all jurisdictions in which the Company operates. It also provides guidance to those working for the Company on how to recognise and deal with bribery and corruption issues and the potential consequences of failing to adhere to this guidance. The Company expects all employees, suppliers and consultants to conduct their day to day business activities in a fair, honest and ethical manner, be aware of and refer to this policy in all of their  business activities worldwide and to conduct business on the Company’s behalf in compliance with it. Management at all levels are responsible for ensuring that those reporting to them, internally and externally, are made aware of and understand this policy. The anti-corruption and bribery policy is aligned to meet UK and Europe laws governing anti-bribery and anti-corruption. The Company takes a zero-tolerance approach to acts of bribery and corruption and will not offer, give or receive bribes, or accept improper payments to obtain new business, retain existing business or secure any advantage and will not permit others to do so on its behalf.


This report was approved by the board on 17 October 2024 and signed on its behalf.



T Seydoux
Director
Page 3

 
BIG MAMMA HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

V Lugger 
T Seydoux 
Big Mamma Food S.A.S. 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,672,773 (2022 - £359,085).

Future developments

There are no plans which will significantly change the activities and risks of the company.

Page 4

 
BIG MAMMA HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with employees

Engaging with employees is crucial for creating a positive work environment and driving organizational success. 
We foster a culture where employees feel comfortable sharing ideas, feedback, and concerns. We invest in training and career development opportunities. We include employees in decision-making processes, especially those that affect their work. We try and create a positive and inclusive work environment where employees feel safe and respected and can address any issues of discrimination or harassment promptly to the management.

Engagement with suppliers, customers and others

Suppliers : We try and have regular and clear communication. We keep our suppliers informed about their needs, expectations, and any changes in our business. Provide constructive feedback on their performance. 
Customers : We actively listen to customer feedback and address their concerns promptly. This shows that we value their input and are committed to improving. We try and provide a consistent experience across all touchpoints, from customer service to product quality. We utilize various channels (social media, email, in-person) to engage with customers and keep them informed, implement programs that reward repeat customers and encourage long-term relationships.
 
Stakeholders : We keep stakeholders informed about our company’s performance, goals, and challenges. Transparent reporting builds trust and credibility. We actively engage with stakeholders through meetings, reports, and community involvement.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

Details of post balance sheet events are disclosed in note 26.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 17 October 2024 and signed on its behalf.
 





T Seydoux
Director
Page 5

 
BIG MAMMA HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG MAMMA HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Big Mamma Holdings Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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.
 
Page 6

 
BIG MAMMA HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG MAMMA HOLDINGS LIMITED (CONTINUED)



Other information (continued)
In connection with our audit of the financial statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
BIG MAMMA HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG MAMMA HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 Company through discussions with directors and other management, and from our commercial knowledge and experience of the hospitality 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 Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 Company’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; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

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; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 
Page 8

 
BIG MAMMA HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIG MAMMA HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

17 October 2024
Page 9

 
BIG MAMMA HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
40,894,782
25,884,339

Cost of sales
  
(10,131,776)
(6,582,511)

Exceptional cost of sales
  
(1,002,897)
(1,891,339)

Gross profit
  
29,760,109
17,410,489

Administrative expenses
  
(25,237,395)
(16,918,030)

Other operating income
 5 
2,166
120,173

Operating profit
 6 
4,524,880
612,632

Interest receivable and similar income
 10 
178
3

Interest payable and similar expenses
 11 
(852,285)
(253,550)

Profit before tax
  
3,672,773
359,085

Tax on profit
 12 
-
-

Profit for the financial year
  
3,672,773
359,085

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

The notes on pages 14 to 25 form part of these financial statements.
Page 10

 
BIG MAMMA HOLDINGS LIMITED
REGISTERED NUMBER:10952202

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
26,347,414
23,437,051

Current assets
  

Stocks
 15 
1,164,535
830,839

Debtors: amounts falling due within one year
 16 
8,745,611
7,510,691

Bank and cash balances
  
5,606,436
697,173

  
15,516,582
9,038,703

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(23,769,531)
(18,788,882)

Net current liabilities
  
 
 
(8,252,949)
 
 
(9,750,179)

Total assets less current liabilities
  
18,094,465
13,686,872

Creditors: amounts falling due after more than one year
 18 
(17,392,696)
(16,657,876)

  
701,769
(2,971,004)

  

Net assets/(liabilities)
  
701,769
(2,971,004)


Capital and reserves
  

Called up share capital 
 20 
1
1

Profit and loss account
 21 
701,768
(2,971,005)

  
701,769
(2,971,004)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.




T Seydoux
Director

The notes on pages 14 to 25 form part of these financial statements.
Page 11

 
BIG MAMMA HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1
(3,330,090)
(3,330,089)



Profit for the year
-
359,085
359,085



At 1 January 2023
1
(2,971,005)
(2,971,004)



Profit for the year
-
3,672,773
3,672,773


At 31 December 2023
1
701,768
701,769


The notes on pages 14 to 25 form part of these financial statements.
Page 12

 
BIG MAMMA HOLDINGS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,672,773
359,085

Adjustments for:

Depreciation of tangible assets
2,416,573
1,442,689

Loss on disposal of tangible assets
-
(120)

Interest paid
852,285
253,550

Interest received
(178)
(3)

(Increase) in stocks
(333,696)
(386,106)

(Increase) in debtors
(1,268,065)
(1,589,178)

Decrease/(increase) in amounts owed by groups
33,145
(921,400)

Increase in creditors
1,228,923
3,397,765

Increase in amounts owed to groups
5,299,046
5,740,586

Net cash generated from operating activities

11,900,806
8,296,868


Cash flows from investing activities

Sale of tangible fixed assets
-
120

Interest received
178
3

Net cash from investing activities

(5,326,758)
(9,778,489)

Cash flows from financing activities

Repayment of loans
(812,500)
(487,500)

Interest paid
(852,285)
(253,550)

Net cash used in financing activities
(1,664,785)
(741,050)

Net increase/(decrease) in cash and cash equivalents
4,909,263
(2,222,671)

Cash and cash equivalents at beginning of year
697,173
2,919,844

Cash and cash equivalents at the end of year
5,606,436
697,173


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,606,436
697,173

5,606,436
697,173


The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Big Mamma Holdings Limited is a private limited liability company registered in England and Wales. Its registered office is at 5 Elstree Gate, Elstree Way, Hertfordshire, WD6 1JD and its business address is at Huckletree Soho, Basement - Second Floor, Ingestre Court Basement, Ingestre PI, London W1F 0JL.
The principal activity of the company is that of operating restaurants.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As at the statement of Financial Position date the company had net currect liabilities. The directors have obtained assurance from the ultimate parent undertaking that funds will be made available to the company so that it will be able to carry on on trading and meet its financial obligations as and when they fall due for at least twelve months from the date of accounts are approved. The accounts have therefore been prepared under the going concern basis.
 

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.
Turnover consists of food and beverage sales, which are recognised at the point of sale.

 
2.4

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Short-term leasehold property
-
over the life of the lease
Decoration (included in short-term leasehold property)
-
5 years straight line
Fixtures and fittings
-
2-5 years straight line
Computer and other equipment
-
3 years straight line
Kitchen equipment (included in fixtures and fittings)
-
25 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
Page 15

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Basic financial instruments

The company enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans with related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. 

 
2.9

Foreign currency translation

The company's functional and presentational currency is £ Sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 16

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.15

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
The company's exceptional items are property rental and pre-opening costs incurred up until the date of opening a new restaurant.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management have made the following judgments:
a) Determining whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
In preparing these financial statements, the management have considered the following key sources of estimation uncertainty:
a) Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.


4.


Turnover

All turnover arose within the United Kingdom.

Page 17

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Management fees
2,166
2,637

Insurance claims receivable
-
117,536

2,166
120,173



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
2,416,573
1,442,689

Exchange differences
(324,622)
390,967

Other operating lease rentals
2,134,937
1,664,754

Pension contributions
189,114
116,455


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors and their associates:


2023
2022
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
44,550
33,000

All other services

All other services
189,785
115,653

Page 18

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
11,703,948
7,564,159

Social security costs
1,064,045
757,269

Cost of defined contribution scheme
189,114
116,455

12,957,107
8,437,883


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


        2023
        2022
            No.
            No.







Employees (including directors)
536
355


9.


Directors' remuneration


No remuneration was paid to the directors during the year.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
178
3


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
30,755
37,038

Loans from group undertakings
821,206
207,908

Other interest payable
324
8,604

852,285
253,550
Page 19

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,672,773
359,085


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
918,193
68,226

Effects of:


Expenses not deductible for tax purposes
49,146
646

Capital allowances for year in excess of depreciation
(1,860,895)
(48,916)

Utilisation of tax losses
-
(19,956)

Unrelieved tax losses carried forward
893,556
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

At the reporting date the company has estimated tax losses of £9,076,155 (2022 - £5,501,933) available to carry forward and use against future taxable profits. No deferred tax asset provision has been made in respect of the losses as there is insufficient evidence to ascertain its recoverability.


13.


Exceptional items

2023
2022
£
£


CoS exceptional (on face of P/L a/c)
1,002,897
1,891,339

The pre-trading expenses represent property rental and pre-opening costs incurred up until the date of opening a new restaurant.

Page 20

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 January 2023
24,486,445
2,790,768
245,420
27,522,633


Additions
4,218,601
1,057,980
50,355
5,326,936


Transfers between classes
(112,606)
97,355
15,251
-



At 31 December 2023

28,592,440
3,946,103
311,026
32,849,569



Depreciation


At 1 January 2023
2,531,850
1,386,468
167,264
4,085,582


Charge for the year on owned assets
1,652,623
703,279
60,671
2,416,573



At 31 December 2023

4,184,473
2,089,747
227,935
6,502,155



Net book value



At 31 December 2023
24,407,967
1,856,356
83,091
26,347,414



At 31 December 2022
21,954,595
1,404,300
78,156
23,437,051

Assets worth £112,606 are reclassified from Short-term leasehold property to Fixtures & fittings and Computer equipment in current year for presentation purposes.


15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,164,535
830,839


Page 21

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
92,351
101,797

Amounts owed by group undertakings
4,927,545
4,960,690

Other debtors
2,838,230
1,901,667

Prepayments and accrued income
887,485
546,537

8,745,611
7,510,691



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
650,000

Trade creditors
1,378,272
3,052,476

Amounts owed to group undertakings
14,070,047
9,668,321

Other taxation and social security
2,443,069
609,148

Other creditors
1,128,513
836,313

Accruals and deferred income
4,749,630
3,972,624

23,769,531
18,788,882


Amounts owed to group undertakings due after more than one year are unsecured. Interest was charged at 2.58% up until 16 October 2023 and at 9.07% from 17 October 2023 onwards (2022 - 1.71%) per annum.


18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
162,500

Amounts owed to group undertakings
17,392,696
16,495,376

17,392,696
16,657,876


Amounts owed to group undertakings due after more than one year are unsecured. Interest was charged at 2.58% up until 16 October 2023 and at 9.07% from 17 October 2023 onwards (2022 - 1.40%) per annum.

Page 22

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
650,000

Amounts falling due 1-2 years

Bank loans
-
162,500



-
812,500



20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



21.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading.
Page 23

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

697,173

4,909,263

5,606,436

Debt due after 1 year

(162,500)

162,500

-

Debt due within 1 year

(650,000)

650,000

-


(115,327)
5,721,763
5,606,436


23.


Pension commitments

The company contributed to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £189,114 (2022 - £116,455). At the Statement of Financial Position date the company owed £229,801 (2022 - £24,099) to the pension fund.


24.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,800,833
1,335,491

Later than 1 year and not later than 5 years
7,780,417
7,601,250

Later than 5 years
17,338,328
19,318,328

26,919,578
28,255,069

Page 24

 
BIG MAMMA HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Related party transactions

During the year the immediate parent undertaking charged management fees to the company of £1,431,778  (2022 - £1,031,528).
During the year the company paid interest of £821,206 (2022 - £207,908) on loans from group undertakings.
During the year the company recharged staff costs to group undertakings of £465,969 (2022 - £813,730).
During the year the company was recharged staff costs of £531,163 (2022 - £1,813,056) by group undertakings.
At the year end the company was owed £4,927,545 (2022 - £4,960,690) by group undertakings.
At the year end the company owed £31,462,743 (2022 - £26,163,697) to group undertakings.
During the year, the company paid remuneration totalling £Nil (2022 - £179,849) to key management personnel.


26.


Post balance sheet events

The company will continue with their expansion plans to grow the business in the UK, have signed the leases to open 2 new locations in 2024.


27.


Controlling party

The company's immediate parent undertaking is Big Mamma Food S.A.S., a company registered in France with registered office address 35 Rue du Sentier, 75002, Paris, France.
The company's ultimate parent undertaking is Metropolitan Properties International s.r.o., a company registered in Czechia with registered office address Ke Kaplance 60, zip code160, Prague, Czech Republic.
 
Page 25