Registered number:
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
COMPANY INFORMATION
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ETM GROUP LIMITED
CONTENTS
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ETM GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 FEBRUARY 2024
The Directors present the strategic report and financial statements for the period ended 25 February 2024.
The comparative period is from 28 February 2022 to 26 February 2023. The principal activity of the Company is the operation of a single bar in London in addition to the provision of operating management services to the other operating subsidiaries of its parent, ETM Group Holdings Limited.
For the period ended 25 February 2024 the Company reported strong year on year growth with turnover of £4.8m (vs £4.5m in 2022/23, +6.3%). Gross profit margin on sales was also ahead of the previous financial period at 93.7% compared with 92.7% in 2022/23.
As a result, the business reported EBITDA of £1.1m (vs £0.4m in 2022/23). Despite the above, net liabilities have increased to £9.5m (vs £8.8m in 2022/23) as a result of the loss for the year of £0.7m (vs £1.1m in 2022/23) after interest, tax, depreciation, amortisation and exceptional expenses.
The Company recognises the potential market, operational and financial risks that it faces in the current economic environment. The Board regularly considers the key risks facing the Company in turn, to ensure that they are mitigated as far as possible. As part of this process, the Company undertakes a regular and robust review of its business plan and will adjust it if deemed necessary.
The continual focus on innovation, both in technology and menus, along with the customer satisfaction surveys and reviews, helps diminish business risks. The Directors remain committed to delivering a relevant and unique customer experience which combines a very high-quality product and a distinctive experience with a competitive price point. The key risks facing the Company in the opinion of the Board are: Macro-economic pressures including:
∙Rising inflationary driven cost base;
∙Falling consumer confidence in light of cost of living and interest rate increases; and
∙Further transport strikes.
In order to retain margins and attract customers, the business continues to innovate, re-align pricing, simplify menus, and optimise processes and procedures.
Changes in working patterns: The move to more working from home reduces footfall in the City that in turn impacts revenue. The Company has successfully pivoted in its business to optimise weekends and increase spend per head. Staff recruitment and retention: In order to recruit and retain staff, pay rates and benefits are continually reviewed and adjusted to be industry leading, alongside the implementation of key development, cultural and training initiatives. Changes in customer tastes: The Company regularly conducts research, monitors UK and global trends and reviews customer satisfaction surveys to ensure we stay relevant and contemporary and can predict customer tastes.
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ETM GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
Liquidity risk:
The Company’s commitment to repay loans and comply with its borrowing covenants is carefully monitored to ensure sufficient operational cash flows will be available to both meet the existing liabilities and provide funds for future growth. The Directors consider that the Company is well placed to manage both of these. Expansion risk: The Directors are aware of the risks associated with expansion and the opening of new bars and restaurants. Any new venture is thoroughly considered to reduce any associated risks. Financial risk management: The Company’s activities expose it to financial risk that include liquidity and cash flow risk. The Directors monitor these on a regular basis through cash flow modelling and forecasting.
The Directors have a wide range of management information to monitor the performance of each site, and regularly review the output to ensure the Company is in a good financial position. They consider the principal KPIs to be:
- Sales: £4.8m in 2023/24 vs £4.5m in 2022/23 - Gross profit margin: 93.7% in 2023/24 vs 92.7% in 2022/23 - EBITDA: £1.1m in 2023/24 vs £0.4m in 2022/23
This report was approved by the board and signed on its behalf.
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ETM GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 FEBRUARY 2024
The directors present their report and the financial statements for the period ended 25 February 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's 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 2006. They 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.
The loss for the period, after taxation, amounted to £704k (2023: loss £1,067k).
No ordinary dividends were declared or paid in the period.
The directors who served during the period were:
The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's Strategic Report information relating to future development and financial risk management.
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ETM GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.
On 19 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ETM GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM GROUP LIMITED
We have audited the financial statements of ETM Group Limited (the 'Company') for the period ended 25 February 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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ETM GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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 period 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.
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.
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ETM GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM GROUP LIMITED (CONTINUED)
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations, particularly in respect of minimum wage legislation and alcohol licencing regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙Inspecting correspondence with regulators and tax authorities;
∙Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Evaluating management's controls designed to prevent and detect irregularities;
∙Identifying and testing journals, in particular journal entries posted with keywords, unusual or round sum values and backdated; and
∙Challenging assumptions and judgements made by management in their critical accounting estimates, in particular in relation to debtor recoverability and valuation of tangible fixed assets.
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 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.
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ETM GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM GROUP LIMITED (CONTINUED)
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 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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ETM GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
REGISTERED NUMBER: 05908632
STATEMENT OF FINANCIAL POSITION
AS AT 25 FEBRUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 28 form part of these financial statements.
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ETM GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
The ETM Group Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 05908632 and registered office address is 10 Queen Street Place, London, United Kingdom, EC4R 1AG.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of ETM Group Holdings Limited as at 25 February 2024 and these financial statements may be obtained from Companies House.
Notwithstanding net liabilities of £9,545,000 at 25 February 2024, the financial statements have been prepared on a going concern basis.
The directors have prepared detailed forecasts and cash flow analysis models for a period of 12 months from the date of approval of the financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period. Management also undergo a continuous improvement program across all areas of the business and are therefore able to ensure on-going operating efficiency.
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
2.Accounting policies (continued)
Revenue primarily consists of sales of food and beverages which is recognised at the point of sale to the customer. Other revenue is recognised over the period to which the related service is provided. Turnover recognised in the period relates to the sale of food and beverage.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Software costs are being amortised over a period of five years.
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.
Depreciation is provided on the following basis:
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.
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
2.Accounting policies (continued)
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
At each reporting date, an assessment is made for impairment.
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
2.Accounting policies (continued)
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
Useful lives of tangible fixed assets: The estimated useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of property, plant and equipment investment to the Company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required. Tangible fixed asset impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See notes 13 and 14, the intangible and tangible fixed asset notes, for the carrying amounts of the intangible and tangible assets. Recoverability of amounts owed by group undertakings and associated undertakings: The Company incurs costs and makes payments on behalf of group and associated undertakings, which give rise to debtor balances owed by these companies. At each reporting date, the Company evaluates the recoverability of amounts owed by group undertakings and amounts owed by associated undertakings based on their current financial position, forecast future financial performance and other factors. The actual level of debtors collected in future periods may differ from the estimated levels of recovery based on the Company's judgement, which could impact operating results positively or negatively. At 25 February 2024, the Company was owed £1,658k from The Botanist Sloane Square Limited, a company under common control. In assessing the recoverability of the debtor, the directors note the sites lease expires within 2 years from the date of the audit report signing. The directors have made a judgement that the lease for the site will be renewed for at least another 10 years and therefore, when considering forecast future cash generation, consider the debtor to be recoverable in full.
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
19.Creditors: amounts falling due within one year (continued)
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
Share premium account
Profit and loss account
The Company operates a defined contribution 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 £48k (2023: £33k). Contributions totalling £33k (2023: £25k) were payable at the reporting date.
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
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ETM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
The immediate and ultimate parent undertaking is ETM Group Holdings Limited.
The parent of the smallest and largest group preparing consolidated accounts is ETM Group Holdings Limited. Its registered office is 10 Queen Street Place, London, EC4R 1AG. There is no ultimate controlling party.
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