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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The Directors present their Strategic Report and audited financial statements for the 53-week period ended 31 March 2024.
The Group operates a group of Thai restaurants under the trading names of ‘Rosa’s Thai’ and ‘Lao Café’.
The Group’s strategy is to open earnings enhancing sites and drive performance in existing sites across the UK, whilst looking to expand its currently limited international presence.
The trading results, balance sheet and other financial statements for the period are shown on pages 11 to 35. The Directors have not recommended a dividend for the year.
Despite ongoing inflationary pressures in the year the Group has continued to grow organically, opening a further seven new restaurants in the year. One restaurant has closed in the year (Nottingham). The Directors remain committed to providing clear career paths for our teams and have continued to invest heavily in this area with the aim of making Rosa’s an employer of choice in the hospitality sector. Our fantastic teams across the county remain very engaged as evidenced in the all-time high customer ratings consistently achieved during the year. A number of UK sites are legally committed, with Bristol opening imminently and fit out works in progress for sites in Norwich and Kingston at the time of signing these accounts, and continued openings in the coming year.
COVID-19 / future pandemics
Whilst the World Health Organisation has now declared that Covid-19 no longer represents a global health emergency and the risk of any imminent future breakout has significantly diminished, there remains a risk that it may return or a similar issue could interrupt trade. In the unlikely event anything of that magnitude were to happen again, it is reasonable to assume similar Government support measures would be implemented to help minimise the impact of such and the Company has established processes and procedures that could be easily reinstated. UK Economic Outlook Inflation has subsided significantly since the date of our last accounts however, interest rates still remain high, and both the economy and consumer disposable income are still feeling the impact of cost of living and other pressures. For most eating out remains discretionary spend so some short-term market contraction is expected, although any short term impact does not appear to have been material. The impact from the recent change in government is yet to be seen. Terrorism The business has terrorism insurance cover for all site and the Directors believe the geographical spread of sites across London and increasingly other parts of the UK would help lessen the impact of any event happening near any one of the current sites.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
Exchange Rates
The Group buys ingredients from the EU and Thailand and is therefore exposed to exchange rate risk. The management team have worked hard, with some considerable success, to minimise the impact by changing suppliers and renegotiating contracts, and there does appear to be greater stability in sterling than was seen in recent years. Operational Risk The business is multi-faceted in its operations and therefore inherently has many operational risk categories. Key risks in this area include our ability to retract and retain talent, both back and front of house, and an increased responsibility to protect our teams and customers. There remains considerable competition for employees, with a reduction in the available work pool due to migration movements and the Company continues to invest heavily in people, technology, and training to mitigate such risks. The business uses several external partners to assist us in monitoring and developing our practices in these areas, and we also hold a sponsorship visa to assist us in filling critical chef roles. Liquidity and Financing Risk There is little by way of day-to-day credit risk in the business as the vast majority of customers pay at the point of sale. As the business continues to expand stringent liquidity management for both capital spending and operations remain vital. The business currently has a modest level of debt and attempts to maintain healthy cash balances, which the Directors believe is a prudent approach to the current market conditions. Despite additional debt facilities agreed during the financial period year the business remains at a low leverage level, however the increasing interest rates mean debt is more expensive currently. The first interest rate cut in several years has been seen since the year end, with further widely expected to follow in the latter part of the year. Cost Pressures The Group is affected by cost inflationary pressures in common with the rest of the hospitality sector, especially on key lines such as labour, food, and utilities. Career development pathways and competitive remuneration packages support improved recruitment and retention levels, and supply chain management measures including consolidation and contracted price negotiations help to mitigate some of the pressures.
The Directors consider the following information to be key indicators of the group’s performance;
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
This statement, which forms part of the Strategic Report, is intended to show how the Directors have approached and met their responsibilities under Section 172(1) (a) to (f) of Companies Act 2006 (“Section 172(1)”) during the period under review, which is the first period the statement is required.
As required by Section 172(1), the Directors have a duty to promote the success of the Company for the benefit of its members as a whole, having regard to its stakeholders and the matters set out in Section 172(1) as follows:
∙The likely consequences of any decision in the long term;
∙The interests of the Company’s employees;
∙The need to foster the Company’s business relationships with suppliers, customers and others;
∙The impact of the Company’s operations on the community and the environment;
∙The desirability of the Company maintaining a reputation for high standards of business conduct; and
∙The need to act fairly between members of the Company.In accordance with section 172 of the Companies Act 2006 the directors have taken into consideration the interests of various stakeholders of the business whilst making decisions to promote the success of the business overall.
Employees
Our employees are key to our success and the Directors and other senior management seek to regularly update them on business matters through site visits and other forums. Staff turnover is monitored and reported monthly to the Board, alongside other key people metrics. Regular surveys are undertaken to seek feedback from employees, with results reported back to the Board and to employees themselves.
Customers
Customer satisfaction is equally important to the business’ ongoing success. All customers whether dining in site or away from the premises via takeaway or delivery are offered the opportunity to provide feedback on their experience. Customer ratings are a primary KPI for our restaurants, with trends by channel being reviewed by Exec members regularly in order to identify any potential training requirements or product or service changes. We also engage with customers through our various social media platforms.
Suppliers
The Company has well-established relationships with key suppliers including restaurant supplies, property consultants and maintenance and building contractors. Relationships are managed by relevant senior management members to ensure good practice is maintained and promote the success of both partners. We also have long-standing partnerships in place with our Thai suppliers from whom we directly import products and we have seen these businesses grow and prosper as our demand levels increase.
Community
Through continued openings in the UK the Group is creating ongoing work opportunities in many communities. We aim to operate a localised approach to marketing with teams encouraged to engage in their local community.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors present their report and the financial statements for the period ended 31 March 2024.
The directors who served during the period were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group 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 the Group 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 £5,733,609 (2023 - loss £4,561,690).
The directors do not propose payment of a dividend.
The Group expects to continue growing it's presence across the UK through new restaurant openings.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
The average number of employees and their remuneration is set out in Note 9 of the financial statements.
The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately filled by a disabled person. Where existing employees become disabled, it is the Company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. During the period the policy of providing employees with information about the Company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the Company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas as well as regular employee surveys being completed giving an opportunity for employees to feedback to the Directors.
As a company we are committed to improving our operational energy efficiency year on year.
Current ongoing measures taken to improve energy efficiencies as follows:
∙The latest and most energy-efficient kits are implemented for all new sites. This approach ensures that each new location has state-of-the-art technology designed to minimise energy consumption and maximise performance. These new openings achieve significant long-term savings and environmental benefits by prioritising energy efficiency. This commitment to using the latest advancements in energy-efficient technology underscores the dedication to sustainability and operational excellence.
∙The AMR (Automated Meter Reading) roll-out across the group is set to significantly improve the visibility of actual energy consumption at each site. This enhanced monitoring capability will enable more accurate benchmarking, allowing for a detailed comparison of energy usage across different locations. With this comprehensive data, it will be easier to identify areas or sites that require closer observation and targeted improvement.
∙For any older sites undergoing refurbishment, some existing equipment will be replaced with new, more energy-efficient kits. This upgrade aims to modernise the infrastructure, reduce energy consumption and improve overall operational efficiency. By integrating the latest energy-saving technologies into these refurbishments, the organisation is committed to enhancing the sustainability and performance of its older estates
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
In accordance with Section 414C(ii) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013
the Strategic Report preceding the Directors' Report includes information that would have formerly been included in the business review and the principal risk and uncertainties sections of the Directors' Report.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 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 and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPICE HOLDING LTD
We have audited the financial statements of Spice Holding Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPICE HOLDING LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPICE HOLDING LTD (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 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 Group 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:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙The Companies Act 2006;
∙Food Safety Act 1990;
∙UK Health and Safety Legislation;
∙UK Employment Legislation; and
∙General Data Protection Regulations.
We assessed the extent of compliance with this and other relevant laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management, and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount; and
∙Timing of revenue recognition.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPICE HOLDING LTD (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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
1st Floor
Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Spice Holding Ltd is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office is disclosed on the Company information page. The Company does not have a principal place of business.
The principal activities of the Group are set out in the strategic report.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
After assessing the Group’s forecasts and principal risks these accounts have been prepared under the Going Concern basis.
Forecasts have been reviewed on both a base and downside case scenario and the business is expected to continue trading profitably. The Group also continues to have support from the wider TriSpan Rs Rt Group. As a result, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements with no material uncertainty. The turnover and operating profit for the year was derived from the group's principal continuing activity which was wholly carried out in the UK.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. a) Impairment of fixed assets At each reporting period end date, the Group reviews the carrying amounts of its tangible 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 is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the forecasted cash flows per site. b) Onerous leases At each reporting date the Group considers whether any leases are considered to be onerous. Leases considered to be onerous would be recognised as a liability within the Statement of Financial Position. Future cash generation in excess of the committed lease expenditure is considered when management review whether leases are onerous. Estimates: a) Dilapidation provision The Company includes a provision for dilapidations within the Statement of Financial Position. Dilapidation provisions are based on an estimate of the future expected cost of returning restaurant sites to their previous states, as required by the leases to which they relate. The estimated costs are discounted to their present value and unwound over the length of the respective leases. Amortisation of the tangible fixed asset component is released to the Statement of Income and Retained Earnings over the same period. We have used 2% inflation in the dilapidation’s calculation.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
13.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Rosa's London Limited has provided security to its lenders by way of a fixed and floating charge over all of its property and undertakings in respect of debt totaling £7,269,280 (2023: £3,233,219) at the balance sheet date.
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FOR THE PERIOD ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Share premium account
Preference Shares The Preference Shares account records the irredeemable shares issued.
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
At the balance sheet date the ultimate and immediate parent entity was Trispan RS RT GP LLP, registered in Guernsey, by virtue of its majority shareholding in the Company’s issued ordinary share capital.
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