Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE PERIOD ENDED 21 APRIL 2024
The Directors present their Strategic Report and audited financial statements for the 52 week period ended 21 April 2024.
The Company operates a group of seventeen award winning cafes, bars and restaurants in London. There were two new sites opened during the period including a landmark operation in the newly refurbished National Portrait Gallery and an upgraded corner location on Heddon Street. Despite inflationary pressures, the business has achieved robust financial performance and acclaim.
Post year end the Company has opened two further locations, in the centre of Holland Park and on Exhibition Road in South Kensington, which are trading ahead of expectations. The Company continues to be recognised for both its food and design credentials, awarded Bar of the Year 2023 (Secret London) and Interior Design of the Year- Eating Space (LIV Hospitality). The Company continues to be recognised as a category leader in brunch following it being crowned World’s Best Brunch spot by Tripadvisor at the end of 2021. During the period, the Company generated Turnover of £22.7m (a 27% increase year on year) and adjusted EBITDA of £2.4m (£2.1m in the prior period), which the Directors believe is in line with best-in-class comparable operators in the UK and demonstrate the strength of both the mature portfolio and the new sites openings.
The business and the hospitality sector as a whole are susceptible to consumer confidence and expenditure. As the economic outlook continues to be uncertain due to the 2024 budget, global unrest, the cost of living crisis, inflation, industrial action and strikes, and eating out for most people is discretionary, there may be further pressure on confidence and demand.
A key operational risk for the business is its ability to attract and retain talent, both back and front of house. The Company invests heavily in people, technology and training to mitigate these risks. There is limited credit risk as the vast majority of customers pay by card at the point of sale. There is limited exchange rate risk as the majority of purchases are made within the UK. Stringent liquidity management is critical to the business and the Directors believe that maintaining a healthy cash balance is a prudent approach for the current market conditions. The Company monitors the risk of rising interest rates and performs sensitivity analysis to ensure ongoing covenant and regulatory compliance. There is risk that energy costs experience spike price increases at times when new sites are being opened or fixed contracts are being renewed. An active procurement and look forward process has been put in place to limit such risks alongside a commitment to reduce overall energy consumption while supporting our sustainability initiatives.
The Company's strategy is to continue to invest in new sites in the UK and internationally whilst investing in the required teams, infrastructure and processes to support this growth. Additionally the Company seeks to maintain, improve and grow 'like for like' performances in existing sites as well as grow its direct to consumer businesses (coffee, lamingtons, lifestyle).
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 21 APRIL 2024
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 21 APRIL 2024
The directors present their report and the financial statements for the period ended 21 April 2024.
The directors who served during the period were:
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 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 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 £373,955 (2023 - loss £1,195,238).
In accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report includes information that would formerly have been included in the business review and the principal risk and uncertanties section of the Directors' Report.
The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the Company. This is achieved through regular contact by management with employees both over electronic communications and formal and informal communications.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 21 APRIL 2024
There have been no significant events affecting the Company since the period end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD LIMITED
We have audited the financial statements of Daisy Green Food Limited (the 'Company') for the period ended 21 April 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD LIMITED (CONTINUED)
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD 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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations are the most significant including:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙General Data Protection Regulations;
∙UK employment legislation;
∙UK health and safety regulations;
∙UK tax legislation; and
∙Food Safety Act 1990
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.
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 Company’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.
∙Completeness of revenue through the incorrect recognition point and inconsistency of the application of the revenue recognition policy.
∙The use of management override of controls to manipulate results.
∙Capitalisation of tangible fixed assets which do not meet the capitalisation criteria.
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD 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
1st Floor
Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 21 APRIL 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 21 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 26 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 21 APRIL 2024
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STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 21 APRIL 2024
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ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
Daisy Green Food Limited 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 registered office and principal place of business can be found on the company information page. The Company's principal activity is disclosed in the directors' report.
The Financial Statements have been prepared for a 52 week period from 24 April 2023 to 21 April 2024.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The only active company within the Group is Daisy Green Food Limited. The only other subsidiary (Daisy Green Marble Arch Limited) was dormant in the current period and previous period. As a result the directors have chosen not to prepare consolidated financial statements.
Despite significant levels of operational uncertainty across the hospitality industry, the Company has demonstrated that its offering remains resilient and in demand. While future business interruption continues to threaten due to global unrest, inflation and cost of living increases the Company has taken appropriate measures to reasonably expect that it will have adequate resources to continue to trade for the next 12 months, including the raising of significant equity capital during the period.
The Directors are confident that the Company will trade profitably and in a cash generating manner post year end, which will generate sufficient funds to cover the remaining net current liabilities as they fall due. Therefore it is appropriate to prepare the financial statements on a going concern Revenue is recognised once the food and drink has been delivered to the customers and a sales transaction with the customer has been recognised using a tilling system. Revenue from delivery and direct to consumer sales is recognised on delivery. Revenue from take away sales is recognised on collection.
Other operating income consists of 12.5% service charges on food and drink, which are collected and recognised upon point of sale. Subsequent payments are processed through payroll and are included within administrative expenses.
Also included in other operating income are capital contribution lease incentives, which are released to the Statement of Income and Retained Earnings over the length of the lease to which they relate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
2.Accounting policies (continued)
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.
Included within leasehold improvements are pre-opening costs which are directly attributable to bring the restaurant in to use. Depreciation commences when the restaurant is opened.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to
complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Income and Retained Earnings on a straight line basis over the
lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Judgements: a) Impairment of fixed assets The Company carries artwork within fixtures and fittings in tangible fixed assets at cost, and does not apply depreciation as the residual value is judged to not fall below historic cost. b) Onerous leases At each reporting date the Company 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. Sales, gross profitability and EBITDA are reviewed when management consider whether leases are onerous. c) Capitalisation of time The company capitalises time incurred by employees and directors with regard to getting tangible fixed assets into the state in which they can be used. This includes time incurred by directors which would otherwise have been incurred by third parties with respect to legal and architect's fees. The directors record the time incurred in respect of these activities and consider that they are best reflected within tangible fixed assets, with the respective cost being depreciated over the time in which the costs will generate a benefit to the company. Remaining costs incurred relating to wages and salaries for directors and other staff in relation to opening new stores and the general running of the business are expensed. d) Deferred tax The deferred tax asset (note 11) has been recognised to the extent that the deferred tax liabiltiy is £nil in the balance sheet. This is because part of the losses are created by excess capital allowances and therefore as the fixed asset differences on the deferred tax liability unwind, the losses will be utilised to keep taxable profits at £nil. Estimates: a) Dilapidations 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. Depreciation of the tangible fixed asset component is released to the Statement of Income and Retained Earnings over the same period. b) Share option valuation Consideration has been made regarding the valuation of share options issued in Daisy Green Food Limited that have been issued historically and during the year. The Directors consider that as the conditions to exercise the options are currently unlikely, no associated expense has been recognised within these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
There were no factors that may affect future tax charges.
The Company has £3,417,505 (2023: £8,123,091) of unutilised tax losses where no deferred tax asset has been recognised.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
Share premium account
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
The deferred tax asset has been recognised to the extent that the deferred tax liability is £nil in the balance sheet, as explained in note 3. The result of this in the prior year is the deferred tax liability reducing by £1,169,007 to £nil and the tax charge in the profit and loss reducing by £429,961. This resulted in a cumulative increase in the retained earnings brought forward of £1,169,007, of which £739,046 is attributable to the previous year end of 24 April 2022.
A defined contribution scheme is operated for all qualifying employees. 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 amount to £193,153 (2023 - £155,708). Contributions totalling £37,234 (2023 - £34,463) were payable to the fund at the reporting date and are included within creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024
P E Freeman and T D Onions were deemed to be the controlling parties by virtue of their shareholding.
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