Company registration number 09975503 (England and Wales)
EL PASTOR LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
EL PASTOR LIMITED
COMPANY INFORMATION
Directors
Mr S D Edgson
Mr H R Gabb
The Honourable WJ Cadogan
Mr J H Hart
Mr S K Hart
Mr C Somerville
Company number
09975503
Registered office
The Old Hall
Main Street
Market Overton
Rutland
LE15 7PL
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
7A Stoney Street
London
SE1 9AA
EL PASTOR LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 32
EL PASTOR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -

The directors present the strategic report for the year ended 31 July 2023.

Review of the business

The directors aim to present a balanced and comprehensive review of the performance of the group during the year and of its position at the year end. This review is consistent with the size and nature of the group and is written in the context of the risks and uncertainties that the group faces.

 

The principal activity of the company is that of a holding company and restaurant. The principal activity of the group continued to be that of restaurateurs.

 

The directors consider that the key financial performance indicators are those which communicate the financial performance and strength of the group as a whole, being turnover and gross profit margin. During the year, the group’s turnover increased by 1.36%. The loss before taxation was £1,714,819 with a gross profit margin of 75.28%, compared with a profit before taxation of £714,169 and 73.84% for the previous year.

 

In light of the current economic climate and competitive nature of the industry in which the group operates, the results for the year and the financial position of the group at the year end were considered satisfactory by the directors who believe that the group is well placed to react quickly to any changes in trading conditions and to take advantage of any business opportunities that may arise.

 

The directors continually monitor the principal risks and uncertainties of the business and seek to mitigate any such risks. The directors believe that the principal risk factors facing the businesses include: reputational issues, loss of key personnel, and cost increases beyond their control from wage legislation, business rates, energy costs and food cost changes. The group responds to the highly competitive nature of the restaurant industry by continually improving the standard of its products, both in terms of facilities and levels of service.

 

On 11 September 2024, Chris Newell (Quantuma Advisory Limited) was appointed Administrator of the group subsidiary company, Casa El Pastor Limited. The company remains in administration at the date of signing the financial statements.

On behalf of the board

Mr S D Edgson
Director
30 October 2024
EL PASTOR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of restaurateurs.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S D Edgson
Mr H R Gabb
The Honourable WJ Cadogan
Mr E G Hart
(Resigned 1 January 2023)
Mr J H Hart
Mr S K Hart
Mr C Somerville
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

EL PASTOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
On behalf of the board
Mr S D Edgson
Director
30 October 2024
EL PASTOR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EL PASTOR LIMITED
- 4 -
Opinion

We have audited the financial statements of El Pastor Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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.

Emphasis of matter - Basis of preparation

We draw attention to Note 1.1 to the financial statements which explains that the accounts for a subsidiary company have been prepared on a basis other than going concern. The directors have considered the impact of this at the group level and have concluded that it is appropriate to adopt the going concern basis of accounting in preparing the group financial statements. Our opinion is not modified in respect of this matter.

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.

 

We draw attention to note 1.3 of the financial statements concerning the group and parent company’s ability to continue as a going concern. The group had net current liabilities of £4,270,901 and the company had net current liabilities of £2,394,175 as at 31 July 2023. These conditions, along with other matters as set forth in note 1.3, indicate that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

EL PASTOR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EL PASTOR LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 their 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:

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

Extent to which the audit was considered capable of detecting irregularities

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the group and parent company.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

EL PASTOR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EL PASTOR LIMITED
- 6 -

 

Audit response to risks identified

Our procedures to respond to risks identified included the following:

detail of a sample of revenue transactions; and

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

John Griffin FCCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
30 October 2024
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
EL PASTOR LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
12,965,018
12,790,820
Cost of sales
(3,205,015)
(3,346,204)
Gross profit
9,760,003
9,444,616
Administrative expenses
(10,738,894)
(8,474,835)
Other operating income
39,486
84,280
Exceptional item
4
(395,283)
(25,000)
Operating (loss)/profit
5
(1,334,688)
1,029,061
Interest receivable and similar income
8
-
0
72
Interest payable and similar expenses
9
(380,131)
(314,963)
Amounts written off investments
-
(1)
(Loss)/profit before taxation
(1,714,819)
714,169
Taxation
10
45,680
130,208
(Loss)/profit for the financial year
25
(1,669,139)
844,377
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EL PASTOR LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
2,647
3,352
Tangible assets
12
1,449,603
2,895,019
1,452,250
2,898,371
Current assets
Stocks
15
119,952
118,864
Debtors
16
2,027,886
1,771,312
Cash at bank and in hand
2,078,735
1,736,372
4,226,573
3,626,548
Creditors: amounts falling due within one year
17
(8,497,474)
(7,537,915)
Net current liabilities
(4,270,901)
(3,911,367)
Total assets less current liabilities
(2,818,651)
(1,012,996)
Creditors: amounts falling due after more than one year
18
(164,967)
(265,481)
Provisions for liabilities
Provisions
21
-
0
25,000
Deferred tax liability
22
-
0
11,002
-
0
(36,002)
Net liabilities
(2,983,618)
(1,314,479)
Capital and reserves
Called up share capital
24
2,043
2,043
Share premium account
25
2,556,298
2,556,298
Profit and loss reserves
25
(5,541,959)
(3,872,820)
Total equity
(2,983,618)
(1,314,479)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
Mr S D Edgson
Director
Company registration number 09975503 (England and Wales)
EL PASTOR LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,807
2,232
Tangible assets
12
1,335,257
2,806,661
Investments
13
203
102
1,337,267
2,808,995
Current assets
Stocks
15
80,892
81,385
Debtors
16
2,674,657
1,264,949
Cash at bank and in hand
521,087
694,236
3,276,636
2,040,570
Creditors: amounts falling due within one year
17
(5,670,811)
(5,751,837)
Net current liabilities
(2,394,175)
(3,711,267)
Total assets less current liabilities
(1,056,908)
(902,272)
Creditors: amounts falling due after more than one year
18
(164,967)
(265,481)
Net liabilities
(1,221,875)
(1,167,753)
Capital and reserves
Called up share capital
24
2,043
2,043
Share premium account
25
2,556,298
2,556,298
Profit and loss reserves
25
(3,780,216)
(3,726,094)
Total equity
(1,221,875)
(1,167,753)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £54,122 (2022 - £264,742 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
Mr S D Edgson
Director
Company registration number 09975503 (England and Wales)
EL PASTOR LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2021
2,043
2,556,298
(4,906,708)
(2,348,367)
Year ended 31 July 2022:
Profit and total comprehensive income
-
-
844,377
844,377
Disposal of subsidiary
-
-
189,511
189,511
Balance at 31 July 2022
2,043
2,556,298
(3,872,820)
(1,314,479)
Year ended 31 July 2023:
Loss and total comprehensive income
-
-
(1,669,139)
(1,669,139)
Balance at 31 July 2023
2,043
2,556,298
(5,541,959)
(2,983,618)
EL PASTOR LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2021
2,043
2,556,298
(3,990,836)
(1,432,495)
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
-
264,742
264,742
Balance at 31 July 2022
2,043
2,556,298
(3,726,094)
(1,167,753)
Year ended 31 July 2023:
Loss and total comprehensive income for the year
-
-
(54,122)
(54,122)
Balance at 31 July 2023
2,043
2,556,298
(3,780,216)
(1,221,875)
EL PASTOR LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
907,057
(390,125)
Interest paid
(58,153)
(90,218)
Income taxes refunded
89,758
62,563
Net cash inflow/(outflow) from operating activities
938,662
(417,780)
Investing activities
Cash on acquisition of business
113,479
-
0
Proceeds from disposal of business
-
0
(50,253)
Purchase of tangible fixed assets
(478,860)
(51,513)
Interest received
-
0
72
Net cash used in investing activities
(365,381)
(101,694)
Financing activities
Repayment of borrowings
(75,700)
(209,606)
Repayment of bank loans
(97,707)
(87,598)
Payment of finance leases obligations
(57,511)
(70,063)
Net cash used in financing activities
(230,918)
(367,267)
Net increase/(decrease) in cash and cash equivalents
342,363
(886,741)
Cash and cash equivalents at beginning of year
1,736,372
2,623,113
Cash and cash equivalents at end of year
2,078,735
1,736,372
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
1
Accounting policies
Company information

El Pastor Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Old Hall, Main Street, Market Overton, Rutland, LE15 7PL.

 

The group consists of El Pastor Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirement for parent company information presented within the consolidated financial statements:true

 

The individual financial statements of the subsidiary company, Casa El Pastor Limited, for the year ended 31 July 2023, have been prepared on a basis other than going concern, due to the subsidiary company entering administration on 11 September 2024.

 

The directors are of the opinion that the differences arising from the alternative basis of preparation for the subsidiary company do not materially impact the truth and fairness of the group financial statements.

 

See note 1.3 for further details regarding going concern.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company El Pastor Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 July 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

These financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the group and parent company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cast doubt on the group and parent company's ability to continue as a going concern.

 

The group and parent company meet their day to day working capital requirements via funding from related parties. The related parties have given assurances that they will continue to support the group and parent company by such means and that they will not call on these loans until the group and parent company has sufficient financial resources to pay them. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of support by the related parties.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, is shown net of VAT and comprises the sale of food and beverages, which is recognised at the point of sale.

1.5
Research and development expenditure

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Trademarks
Straight line over the life of the trademark
1.8
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
20% per annum on cost / 25% per annum on net book value
Fixtures and fittings
10-20% per annum on cost / 8% per annum on net book value
Computers
33% per annum on cost
1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 15 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.12
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Loans are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

1.15
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -
1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Carrying value and useful economic lives of tangible and intangible fixed assets.

The group considers whether tangible and intangible fixed assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the fixed assets. The useful economic lives and residual values of tangible and intangible fixed assets are estimated based on economic utilisation and physical condition of the assets and are amended when necessary resulting in changes to the annual depreciation and amortisation charge.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.

3
Turnover and other revenue

All turnover originates in the United Kingdom from the group's principal activity.

2023
2022
£
£
Other revenue
Interest income
-
0
72
Grants received
-
80,108
4
Exceptional item
2023
2022
£
£
Expenditure
Provision for litigation
395,283
25,000

The company classifies certain one off charges or credits that have a material impact on the company's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

 

Post year end, the company has received oral judgement on 11 December 2023 concerning an employee constructive dismissal case for a claim amounting to £420,283. An initial provision of £25,000 was included in 2022, which was the best estimate at the balance sheet date and this provision has been increased following the judgement.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 18 -
5
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Research and development costs
8,372
9,206
Government grants
-
(80,108)
Depreciation of owned tangible fixed assets
387,285
415,133
Depreciation of tangible fixed assets held under finance leases
29,889
48,407
Impairment of owned tangible fixed assets
1,592,331
-
0
Amortisation of intangible assets
(25,561)
705
Operating lease charges
1,149,412
999,675
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
52,500
27,500
For other services
All other non-audit services
20,000
9,500
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
4
4
3
4
Restaurant
190
173
114
100
Total
194
177
117
104

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,093,134
3,761,200
2,211,604
2,216,693
Social security costs
384,842
332,766
243,493
203,406
Pension costs
61,386
54,101
39,688
33,904
4,539,362
4,148,067
2,494,785
2,454,003
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 19 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
0
72
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
6,153
1,561
Other interest on financial liabilities
352,694
293,343
Interest on finance leases and hire purchase contracts
21,284
20,059
Total finance costs
380,131
314,963
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(34,678)
(117,643)
Deferred tax
Origination and reversal of timing differences
(11,002)
(12,565)
Total tax credit
(45,680)
(130,208)

From 1 April 2023, the UK corporation tax rate increased from 19% to 25%. The current year rate is pro-rated accordingly.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
10
Taxation
(Continued)
- 20 -

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(1,714,819)
714,169
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 21.01% (2022: 19.00%)
(360,206)
135,692
Tax effect of expenses that are not deductible in determining taxable profit
228
207
Unutilised tax losses carried forward
-
0
28,657
Change in unrecognised deferred tax assets
389,017
(291,447)
Adjustments in respect of prior years
(34,678)
(117,643)
Depreciation on assets not qualifying for tax allowances
46,080
49,430
Amortisation on assets not qualifying for tax allowances
(5,517)
-
0
Effect of change in deferred tax rate
(63,916)
66,932
Super deduction
(16,688)
(2,036)
Taxation credit
(45,680)
(130,208)
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 21 -
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Trademarks
Total
£
£
£
£
Cost
At 1 August 2022
102,991
-
0
7,050
110,041
Additions
-
0
(26,266)
-
0
(26,266)
At 31 July 2023
102,991
(26,266)
7,050
83,775
Amortisation and impairment
At 1 August 2022
102,991
-
0
3,698
106,689
Amortisation charged for the year
-
0
(26,266)
705
(25,561)
At 31 July 2023
102,991
(26,266)
4,403
81,128
Carrying amount
At 31 July 2023
-
0
-
0
2,647
2,647
At 31 July 2022
-
0
-
0
3,352
3,352
Company
Trademarks
£
Cost
At 1 August 2022 and 31 July 2023
4,250
Amortisation and impairment
At 1 August 2022
2,018
Amortisation charged for the year
425
At 31 July 2023
2,443
Carrying amount
At 31 July 2023
1,807
At 31 July 2022
2,232
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 22 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2022
404,205
187,331
4,073,816
62,632
4,727,984
Additions
-
0
1,668
562,421
-
0
564,089
At 31 July 2023
404,205
188,999
4,636,237
62,632
5,292,073
Depreciation and impairment
At 1 August 2022
117,584
79,985
1,582,405
52,991
1,832,965
Depreciation charged in the year
26,960
18,374
367,483
4,357
417,174
Impairment losses
-
0
5,340
1,583,063
3,928
1,592,331
At 31 July 2023
144,544
103,699
3,532,951
61,276
3,842,470
Carrying amount
At 31 July 2023
259,661
85,300
1,103,286
1,356
1,449,603
At 31 July 2022
286,621
107,346
2,491,411
9,641
2,895,019
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2022
404,205
164,827
3,942,166
55,799
4,566,997
Additions
-
0
1,668
16,466
-
0
18,134
Disposals
-
0
-
0
(2,080,541)
-
0
(2,080,541)
At 31 July 2023
404,205
166,495
1,878,091
55,799
2,504,590
Depreciation and impairment
At 1 August 2022
117,584
64,601
1,526,068
52,083
1,760,336
Depreciation charged in the year
26,960
16,594
172,601
2,360
218,515
Eliminated in respect of disposals
-
0
-
0
(809,518)
-
0
(809,518)
At 31 July 2023
144,544
81,195
889,151
54,443
1,169,333
Carrying amount
At 31 July 2023
259,661
85,300
988,940
1,356
1,335,257
At 31 July 2022
286,621
100,226
2,416,098
3,716
2,806,661
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
12
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Fixtures and fittings
238,331
198,393
174,132
198,393
Computers
-
0
443
-
0
443
238,331
198,836
174,132
198,836
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
203
102
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022
102
Additions
101
At 31 July 2023
203
Carrying amount
At 31 July 2023
203
At 31 July 2022
102
14
Subsidiaries

Details of the company's subsidiaries at 31 July 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Casa El Pastor Limited
United Kingdom
Restaurateurs
Ordinary
100.00
El Pastor CDY Ltd
United Kingdom
Wine bar
Ordinary
100.00
El Pastor Trademark Ltd
United Kingdom
Trademark holding
Ordinary
100.00
Tacoparty Ltd
United Kingdom
Take away
Ordinary
100.00
El Pastor Battersea Ltd
United Kingdom
Restaurateurs
Ordinary
100.00
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
14
Subsidiaries
(Continued)
- 24 -

The registered office address of El Pastor Trademark Ltd and Tacoparty Ltd is 6 Wing Lane, Pilton, Oakham, Rutland, United Kingdom, LE15 9NR.

 

The registered office address of all other subsidiaries is the same as the company's registered office address as given in the company information page of these financial statements.

15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
119,952
118,864
80,892
81,385
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
135,105
343,158
64,341
208,532
Corporation tax recoverable
-
0
36,695
-
0
18,385
Amounts owed by group undertakings
-
-
1,482,056
2,800
Other debtors
1,628,807
1,162,746
922,790
835,446
Prepayments and accrued income
263,974
228,713
205,470
199,786
2,027,886
1,771,312
2,674,657
1,264,949
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
179,555
217,262
91,764
101,757
Obligations under finance leases
20
127,279
59,047
43,723
59,047
Other borrowings
19
3,469,181
3,222,903
3,469,181
3,222,903
Trade creditors
436,289
554,317
265,823
398,470
Amounts owed to group undertakings
-
0
-
0
-
0
174,030
Corporation tax payable
-
0
(18,385)
-
0
-
0
Other taxation and social security
463,027
785,428
296,596
391,231
Other creditors
2,572,707
1,486,712
1,020,518
897,579
Accruals and deferred income
1,249,436
1,230,631
483,206
506,820
8,497,474
7,537,915
5,670,811
5,751,837
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 25 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
100,000
160,000
100,000
160,000
Obligations under finance leases
20
64,967
105,481
64,967
105,481
164,967
265,481
164,967
265,481
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
279,555
377,262
191,764
261,757
Other loans
3,469,181
3,222,903
3,469,181
3,222,903
3,748,736
3,600,165
3,660,945
3,484,660
Payable within one year
3,648,736
3,440,165
3,560,945
3,324,660
Payable after one year
100,000
160,000
100,000
160,000
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
19
Loans and overdrafts
(Continued)
- 26 -

Group

In addition to the company bank loans detailed below, the following bank loans were held within the group:

Bank loans include a CBILS loan of £100,000 which is repayable by 66 monthly instalments up to October 2026 following an interest and repayment free period of 6 months. The loan carries a floating interest rate of a minimum of 3.19% per annum.

Bank loans include a BBLS loan of £50,000 which is repayable by 60 monthly instalments up to October 2026 following an interest and repayment free period of 12 months. Interest for the first 12 months is to be paid by the Government. The loan carries a fixed interest rate of 2.50% per annum.

Bank loans include a BBLS loan of £50,000 which is repayable by 60 monthly instalments up to November 2026 following an interest and repayment free period of 12 months. Interest for the first 12 months is to be paid by the Government. The loan carries a fixed interest rate of 2.50% per annum.

Company

Bank loans include a loan of £150,000 which is repayable by 60 monthly instalments up to March 2026. The loan carries a fixed interest rate of 7.5% per annum and is secured on the assets to which it relates.

Bank loans include a loan of £150,000 which is repayable by 60 monthly instalments up to March 2026. The loan carries a fixed interest rate of 7.5% per annum and is secured on the assets to which it relates.

Bank loans include a BBLS loan of £50,000 which is repayable by 60 monthly instalments up to August 2026 following an interest and repayment free period of 12 months. Interest for the first 12 months is to be paid by the Government. The loan carries a fixed interest rate of 2.50% per annum.

Other loans include a loan of £200,000 which is repayable on demand and which carries interest of 9.5% above bank base rate. A debenture has been given as security for this loan.

Other loans include a loan of £750,000 which is repayable on demand and which carries interest of 9.5% above bank base rate. A debenture has been given as security for this loan.

Other loans include a loan of £500,000 which is repayable on demand and which carries interest of 9.5% above bank base rate. A debenture has been given as security for this loan.

Other loans include a loan of £500,000 which is repayable on demand and which carries interest of 9.5% above bank base rate. A debenture has been given as security for this loan.

Other loans include a loan of £500,000 which is repayable on demand and which carries interest of 9.5% above bank base rate. A debenture has been given as security for this loan.

 

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
55,451
59,046
43,723
59,046
In two to five years
136,795
105,482
64,967
105,482
192,246
164,528
108,690
164,528
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
20
Finance lease obligations
(Continued)
- 27 -

Finance lease payments represent rentals payable by the company or group for certain items of fixtures, fittings and equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance leases are secured on the assets to which they relate.

21
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Other provisions
420,283
25,000
-
0
-
0
Movements on provisions:
Other provisions
Group
£
At 1 August 2022
(25,000)
Other provisions
(395,283)
(420,283)

Other provisions relate to an employee constructive dismissal case for a claim amounting to £420,283 (2022: £25,000). The provision has been reclassified to creditors due within one year as at 31 July 2023.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
-
0
17,748
Other timing differences
-
0
(6,746)
-
0
11,002
The company has no deferred tax assets or liabilities.
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
22
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 August 2022
11,002
-
0
Credit to profit or loss
(11,002)
-
0
Asset at 31 July 2023
-
0
-
0
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,386
54,101

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 10p each
7,622
7,622
762
762
A Ordinary Shares of 10p each
10,638
10,638
1,064
1,064
B Ordinary Shares of 10p each
2,100
2,100
210
210
D Ordinary Shares of £1 each
1
1
1
1
C Ordinary Shares of 0.1p each
384
384
1
1
E Ordinary Shares of 0.1p each
636
636
1
1
F Ordinary Shares of 0.1p each
1,629
1,629
2
2
G Ordinary Shares of 0.1p each
1,812
1,812
2
2
24,822
24,822
2,043
2,043

On 23 March 2022, 153 C Ordinary shares of 0.1p each were redeemed.

 

The Ordinary, A Ordinary and B Ordinary shares carry the right to attend, speak and vote at all general meetings of the company and to participate in any dividends. The C Ordinary, D Ordinary, E Ordinary, F Ordinary and G Ordinary shares carry a right to participate in any dividends. On a return of capital, the surplus assets will be distributed on the basis of the relevant priority arrangement as set out in article 12 in the Articles of Association for the company.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 29 -
25
Reserves
Profit and loss reserves

The profit and loss reserve comprises retained profits and losses for the current and prior periods.

 

The share premium reserve represents the premium on shares issued at a value that exceeds their nominal value.

26
Acquisition of a business

On 1 August 2022 the group acquired 100 percent of the issued capital of Tacoparty Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Trade and other receivables
(45,121)
-
(45,121)
Cash and cash equivalents
113,478
-
113,478
Trade and other payables
(25,978)
-
(25,978)
Provisions
(16,013)
-
(16,013)
Total identifiable net assets
26,366
-
26,366
Negative goodwill
(26,266)
Total consideration
100
The consideration was satisfied by:
£
Issue of shares
100
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
143,581
Profit after tax
60,247

On 1 July 2023 the group acquired 100 percent of the issued capital of El Pastor Battersea Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Cash and cash equivalents
1
-
1
Goodwill
-
0
Total consideration
1
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
26
Acquisition of a business
(Continued)
- 30 -
The consideration was satisfied by:
£
Issue of shares
1
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
0
Loss after tax
(240)
27
Financial commitments, guarantees and contingent liabilities

A company with common directors acts as guarantor for loans amounting to £2,500,000 within the parent company.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
748,865
681,033
448,865
381,033
Between two and five years
2,884,661
2,680,000
1,684,661
1,480,000
In over five years
4,667,023
5,175,000
3,167,023
3,375,000
8,300,549
8,536,033
5,300,549
5,236,033
29
Events after the reporting date

Since the year-end, one of the subsidiary undertakings entered into a contract with Battersea Power Station to build a restaurant and wine bar. Work started on site in December 2023 and the build took through to April 2024 with the restaurant opening in May 2024. Fit out costs are expected to be in the region of £2.8m.

 

On 11 September 2024, Chris Newell (Quantuma Advisory Limited) was appointed Administrator of the group subsidiary company, Casa El Pastor Limited. The company remains in administration at the date of signing the financial statements.

EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 31 -
30
Related party transactions

Group

During the year, the following transactions were made to companies which have common directors. Purchases and management charges of £1,699,173 (2022 - £1,669,173), rental charges of £475,490 (2022 - £475,490) and sales of £177,046 (2022 - £177,046). Amounts due from these companies at the year end totalled £1,301,560 (2022 - £1,080,944). Amounts due to these companies at the year end totalled £1,683,511 (2022 - £1,098,264).

 

Creditors include £3,469,181 (2022 - £3,222,903) owed to companies which have common directors. Interest of £294,766 (2022 - £244,502) was raised in relation to these balances.

 

During the year, sales totalling £Nil (2022 - £46,164) were made to a company which has a director in common. Debtors include £Nil (2022 - £79,610) owed from this company at the year end.

 

Company

During the year, the following transactions were made to companies which have common directors. Purchases and management charges of £790,275 (2022 - £790,275) and sales of £170,585 (2022 - £170,585). Amounts due from these companies at the year end totalled £845,366 (2022 - £755,837). Amounts due to these companies at the year end totalled £790,567 (2022 - £671,545).

 

Creditors include £3,469,181 (2022 - £3,222,903) owed to companies which have common directors. Interest of £Nil (2022 - £Nil) was raised in relation to these balances.

 

During the year, sales totalling £Nil (2022 - £46,164) were made to a company which has a director in common. Debtors include £Nil (2022 - £79,610) owed from this company at the year end.

31
Directors' transactions

Creditors includes an amount of £478 (2022 - £5,802) owed to the company directors.

32
Cash generated from/(absorbed by) group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,669,139)
844,377
Adjustments for:
Taxation credited
(45,680)
(130,208)
Finance costs
380,131
314,963
Investment income
-
0
(72)
Amortisation and impairment of intangible assets
(25,561)
705
Depreciation and impairment of tangible fixed assets
2,009,505
463,540
Other gains and losses
-
0
1
(Decrease)/increase in provisions
(41,013)
25,000
Movements in working capital:
(Increase)/decrease in stocks
(1,088)
10,793
Increase in debtors
(338,491)
(993,094)
Increase/(decrease) in creditors
638,393
(926,130)
Cash generated from/(absorbed by) operations
907,057
(390,125)
EL PASTOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 32 -
33
Analysis of changes in net debt - group
1 August 2022
Cash flows
New finance leases
31 July 2023
£
£
£
£
Cash at bank and in hand
1,736,372
342,363
-
2,078,735
Borrowings excluding overdrafts
(3,600,165)
(148,571)
-
(3,748,736)
Obligations under finance leases
(164,528)
57,511
(85,229)
(192,246)
(2,028,321)
251,303
(85,229)
(1,862,247)
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