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Company registration number: 08024998







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
21 APRIL 2024


DAISY GREEN FOOD LIMITED






































img7dc5.png                        

 


DAISY GREEN FOOD LIMITED
 


 
COMPANY INFORMATION


Directors
P E Freeman 
T D Onions 




Registered number
08024998



Registered office
4a New Quebec Street

London

United Kingdom

W1H 7RF




Independent auditors
Menzies LLP

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


DAISY GREEN FOOD LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 26


 


DAISY GREEN FOOD LIMITED
 


 
STRATEGIC REPORT
FOR THE PERIOD ENDED 21 APRIL 2024

Introduction
 
The Directors present their Strategic Report and audited financial statements for the 52 week period ended 21 April 2024. 

Business review
 
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.

Principal risks and uncertainties
 
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. 

Future developments
 
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).

Page 1

 


DAISY GREEN FOOD LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 21 APRIL 2024

Financial key performance indicators

21 April
23 April
2024
2023
        £
        £
Sales

22,691,906

17,862,986
 
Adjusted EBITDA

2,406,148

2,075,317
 

The Company raised £0.6m of equity capital during the period (B Investment Shares).
Adjusted EBITDA reported is £2.4m with one-off costs associated with new site openings and relocations, one off R&D and one off surged utility costs in the second half of 2023, totalling £660k. These figures include kitchen scaling-up expenses of £86k which relate to investment into the central kitchen to facilitate the landmark new openings in their ramp up phases during and post the period end. 
The Company worked to control well documented supplier price inflation by buying more products locally and seasonally and by reviewing the menu range. It is the Company’s strategy to remain price competitive whilst not compromising on quality or value.
New build sites were impacted by both inflated and delayed build costs as well as significantly higher initial utility costs. Post year end the Company has seen energy prices start to return to more steady levels. 
The Directors are satisfied with the turnover and the adjusted EBITDA achieved during the period and are excited by the outlook for the Company.
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the ongoing concern basis of accounting in preparing the annual financial statements. Please see note 2.3 for detail.


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



................................................
P E Freeman
Director

Date: 31 January 2025

Page 2

 


DAISY GREEN FOOD LIMITED
 


 
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.

Directors

The directors who served during the period were:

P E Freeman 
T D Onions 

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Principal activity

The Company's principal activity during the period under review continued to be the operation of restaurants.

Results and dividends

The loss for the period, after taxation, amounted to £373,955 (2023 - loss £1,195,238).

Matters covered in the strategic report

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.

Engagement with employees

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.

Page 3

 


DAISY GREEN FOOD LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 21 APRIL 2024

Disabled employees

The Company does not discriminate against disabled workers for those vacancies they are able to fill. All necessary assistance with initial training courses is given. Arrangements are made, wherever possible, for retaining employees who become disabled to enable them to perform work identified as appropriate to their aptitudes and abilities.

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditors

Under section 487(2) of the Companies Act 2006Menzies 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.
 





................................................
P E Freeman
Director

Date: 31 January 2025

Page 4

 


DAISY GREEN FOOD LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD LIMITED

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 21 April 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The 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 ReportOur 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.


Page 5

 


DAISY GREEN FOOD LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial 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.


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 


DAISY GREEN FOOD LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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


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

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.
Page 7

 


DAISY GREEN FOOD LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAISY GREEN FOOD LIMITED (CONTINUED)

Use of our report
 

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





Tom Woods FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
1st Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

31 January 2025
Page 8

 


DAISY GREEN FOOD LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 21 APRIL 2024

2024
Restated
2023
Note
£
£

  

Turnover
 4 
22,691,906
17,862,986

Cost of sales
  
(7,123,288)
(5,581,288)

Gross profit
  
15,568,618
12,281,698

Administrative expenses
  
(18,550,267)
(15,743,218)

Other operating income
 5 
3,156,179
2,686,315

Operating profit/(loss)
 6 
174,530
(775,205)

Interest payable and similar expenses
 10 
(548,485)
(420,033)

Loss before tax
  
(373,955)
(1,195,238)

Loss after tax
  
(373,955)
(1,195,238)

Retained earnings
  

-  as previously stated
  
(4,074,678)
(2,449,479)

-  correction of a prior period error
  
1,169,007
739,046

At the beginning of the period as restated
  
(2,905,671)
(1,710,433)

  

Loss for the period
  
(373,955)
(1,195,238)

Retained earnings at the end of the period
  
(3,279,626)
(2,905,671)
The notes on pages 14 to 26 form part of these financial statements.

Page 9

 


DAISY GREEN FOOD LIMITED
REGISTERED NUMBER:08024998



STATEMENT OF FINANCIAL POSITION
AS AT 21 APRIL 2024

Restated
21 April
2024
23 April 
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
12,281,461
11,052,291

Investments
 13 
69,389
69,389

  
12,350,850
11,121,680

Current assets
  

Stocks
  
240,967
222,507

Debtors: amounts falling due after more than one year
 14 
430,127
430,127

Debtors: amounts falling due within one year
 14 
967,432
707,943

Cash at bank and in hand
  
868,015
1,569,922

  
2,506,541
2,930,499

Creditors: amounts falling due within one year
 15 
(6,305,055)
(5,358,482)

Net current liabilities
  
 
 
(3,798,514)
 
 
(2,427,983)

Total assets less current liabilities
  
8,552,336
8,693,697

Creditors: amounts falling due after more than one year
 16 
(5,164,573)
(5,566,897)

Provisions for liabilities
  

Other provisions
 18 
(332,354)
(332,354)

  
 
 
(332,354)
 
 
(332,354)

Net assets
  
3,055,409
2,794,446


Capital and reserves
  

Called up share capital 
 19 
2
2

Share premium account
 20 
6,335,033
5,700,115

Profit and loss account
 20 
(3,279,626)
(2,905,671)

  
3,055,409
2,794,446


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
P E Freeman
Director

Date: 31 January 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 


DAISY GREEN FOOD LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 21 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 25 April 2022
2
4,369,201
(2,449,479)
1,919,724

Prior year adjustment - correction of error (Note 22)
-
-
739,046
739,046


At 1 April 2022 (as restated)
2
4,369,201
(1,710,433)
2,658,770



Loss for the period
-
-
(1,195,238)
(1,195,238)

Shares issued during the period
-
1,330,914
-
1,330,914



At 23 April 2023
2
5,700,115
(4,074,678)
1,625,439

Prior year adjustment - correction of error (Note 22)
-
-
1,169,007
1,169,007


At 23 April 2023 (as restated)
2
5,700,115
(2,905,671)
2,794,446



Loss for the period
-
-
(373,955)
(373,955)

Shares issued during the period
-
634,918
-
634,918


At 21 April 2024
2
6,335,033
(3,279,626)
3,055,409


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 


DAISY GREEN FOOD LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 21 APRIL 2024

Restated
21 April
2024
23 April
2023
£
£

Cash flows from operating activities

Loss for the financial period
(373,955)
(1,195,238)

Adjustments for:

Depreciation of tangible assets
1,571,139
1,305,550

Interest paid
548,485
420,033

(Increase) in stocks
(18,460)
(85,914)

(Increase)/decrease in debtors
(259,489)
511,433

Increase in creditors
544,249
1,644,849

Net cash generated from operating activities

2,011,969
2,600,713


Cash flows from investing activities

Purchase of tangible fixed assets
(2,800,309)
(5,811,475)

Purchase of unlisted and other investments
-
(8,775)

Net cash from investing activities

(2,800,309)
(5,820,250)

Cash flows from financing activities

Issue of non-equity shares
634,918
1,330,914

Other new loans
-
474,699

Interest paid
(548,485)
(420,033)

Net cash used in financing activities
86,433
1,385,580

Net (decrease) in cash and cash equivalents
(701,907)
(1,833,957)

Cash and cash equivalents at beginning of period
1,569,922
3,403,879

Cash and cash equivalents at the end of period
868,015
1,569,922


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
868,015
1,569,922

868,015
1,569,922


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 


DAISY GREEN FOOD LIMITED
 



ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 21 APRIL 2024




At 24 April 2023
Cash flows
At 21 April 2024
£

£

£

Cash at bank and in hand

1,569,922

(701,907)

868,015

Debt due after 1 year

(3,191,648)

106,689

(3,084,959)

Debt due within 1 year

(843,510)

257,103

(586,407)


(2,465,236)
(338,115)
(2,803,351)

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

  
2.2

Preparation of consolidated financial statements

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.

 
2.3

Going concern

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

 
2.4

Turnover

Revenue represents net invoiced food and drink sales from a number of restaurants in the UK.
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.

  
2.5

Other operating income

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.

Page 14

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

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

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:

Long-term leasehold property
-
over 10 to 25 years straight line
Plant and machinery
-
20% to 25% straight line (see note 3 in respect of artwork)
Motor vehicles
-
25% straight line
Fixtures and fittings
-
over 10 to 15 years straight line
Computer equipment
-
20% straight line

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

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

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. 

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.9

Stocks

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.

  
2.10

Leased assets

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.

Page 15

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues  and expenses during the reporting period. Actual results may differ from these estimates. The key estimates and assumptions used in these accounts are set out below.
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.

The details of  the provision are disclosed in note 18.
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.

The details of the scheme are disclosed in note 21.
Page 16

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of food and drink
22,691,906
17,862,986

22,691,906
17,862,986


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
3,156,179
2,686,315

3,156,179
2,686,315


Included within other operating income are service charges of £3,073,105 (2023: £2,523,201).


6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Other operating lease rentals
1,822,101
1,466,250

Depreciation on tangible fixed assets
1,571,139
1,305,550

Page 17

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£



Wages and salaries
10,768,318
8,777,294

Social security costs
626,755
478,027

Cost of defined contribution scheme
193,153
155,708

11,588,226
9,411,029

The above includes capitalised amounts totalling £261,945 (2023: £689,150). These are included within tangible fixed asset additions (note 12).
The average number of employees, including part time employees and directors, during the period was as follows:




21 April
23 April
2024
2023



Administration
19
21

Restaurants
394
357

Finance
4
3

417
381


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
500,004
451,392

500,004
451,392


The directors emoluments above include capitalised amounts totalling £183,170 (2023: £323,366). These are included within tangible fixed asset additions (note 12).
The highest paid director received a salary of £200,000 (2023: £150,000) as well as a bonus of £50,000 (2023: £50,000).
The highest paid director received company contributions to defined contribution pension schemes of £1,321 (2023: £1,321).

Page 18

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

9.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
43,500
35,000


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
530,122
410,779

Other loan interest payable
18,363
9,254

548,485
420,033


11.


Taxation


2024
Restated
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on loss
-
-

Factors affecting tax charge for the period

There were no factors that affected the tax charge for the period which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19.38%).



Factors that may affect future tax charges

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.

Page 19

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

12.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£



Cost or valuation


At 24 April 2023
3,875,450
2,576,696
56,475
8,283,256
173,144
166,667
15,131,688


Additions
293,763
955,171
10,663
1,529,315
11,397
-
2,800,309


Transfers between classes
-
-
-
166,667
-
(166,667)
-



At 21 April 2024

4,169,213
3,531,867
67,138
9,979,238
184,541
-
17,931,997



Depreciation


At 24 April 2023
1,137,171
858,767
55,046
1,899,614
128,799
-
4,079,397


Charge for the period on owned assets
327,507
400,393
1,768
824,638
16,833
-
1,571,139



At 21 April 2024

1,464,678
1,259,160
56,814
2,724,252
145,632
-
5,650,536



Net book value



At 21 April 2024
2,704,535
2,272,707
10,324
7,254,986
38,909
-
12,281,461



At 23 April 2023
2,738,279
1,717,929
1,429
6,383,642
44,345
166,667
11,052,291

Artwork with a net book value of £857,531 (2023: £648,976) is included within fixtures and fittings, as per the accounting policy no depreciation has been charged in relation to these assets. 
Total capitalised wages and salaries amounting to £261,945 (2023: £689,150) are included within leasehold property additions.
Total capitalised rental payments amounting to £4,000 (2023: £143,147) are included within leasehold property additions.

Page 20

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

13.


Fixed asset investments








Unlisted investments

£



Cost or valuation


At 24 April 2023
69,389



At 21 April 2024
69,389




The company's investments at the balance sheet date are in the share capital of the following companies:
Daisy Green Food Marble Arch Limited - 100% holding of the company. The registered office address is 1 Manchester Square, London, United Kingdom, W1U 3AB. Historically this investment was impaired to £nil.
Liberty Brewing Limited - 0.4% holding of the company. The registered office address is Freedom Brewery, Bagots Park, Abbots Bromley, Rugeley, Staffordshire, England, WS15 3ER. 
Storekit Limited - 0.15% holding of the company. The registered office address is Pill Box 115 Coventry Road, Pill Box 301, London, E2 6GG
Zone Capital Limited - 0.45% holding of the company. The registered office address is 1st Floor Gallery Court, 28 Arcadia Avenue, London, United Kingdom, N3 2FG.
Also included within the above is a £505 investment in the crowdfunding platform Crowdcube. The registered office address is Zetland House, Clifton Street, London, EC2A 4LD. 

Page 21

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

14.


Debtors

21 April
23 April
2024
2023
£
£

Due after more than one year

Other debtors
430,127
430,127


21 April
23 April
2024
2023
£
£

Due within one year

Trade debtors
288,483
305,653

Other debtors
257,524
77,433

Prepayments and accrued income
421,425
324,857

967,432
707,943



15.


Creditors: Amounts falling due within one year

21 April
23 April
2024
2023
£
£

Bank loans
549,173
549,714

Trade creditors
2,011,018
1,846,238

Other taxation and social security
1,260,472
895,082

Other creditors
927,686
965,591

Accruals and deferred income
1,556,706
1,101,857

6,305,055
5,358,482


The bank loans shown above of £549,173 (2023: £549,714) are secured via a fixed and floating charge over the assets of the Company.

Page 22

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

16.


Creditors: Amounts falling due after more than one year

21 April
23 April
2024
2023
£
£

Bank loans
3,084,959
3,191,648

Other creditors
713,070
934,699

Accruals and deferred income
1,366,544
1,440,550

5,164,573
5,566,897


The bank loans shown above of £3,084,959 (2023: £3,191,648) are secured via a fixed and floating charge over the assets of the Company.


17.


Loans


Analysis of the maturity of loans is given below:


21 April
23 April
2024
2023
£
£

Amounts falling due within one year

Bank loans
549,173
549,714

Amounts falling due 1-2 years

Bank loans
968,746
974,912

Amounts falling due 2-5 years

Bank loans
2,116,213
2,216,736


3,634,132
3,741,362


The bank loans shown above are secured via a fixed and floating charge over the assets of the Company. (See notes 15 and 16).

Page 23

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

18.


Provisions






Dilapidation provision

£





At 24 April 2023
332,354



At 21 April 2024
332,354

The provision recognised for dilapidations is an estimate of the costs which would be incurred to bring leasehold property back to its original state. The final cost incurred could differ from that provided for, and the timing of the release of the provision may also differ from that expected depending on the final exit date from the leasehold premises.


19.


Share capital

21 April
23 April
2024
2023
£
£



18,000,000 (2023 -18,000,000) Ordinary A shares of £0.00000011 each
2
2

5,626,153 (2023 - 5,328,435) B Investment shares of £0.00000011 each
-
-

2
2

B Investment shares have full rights with respect to dividends and distributions.
Ordinary A shares have full rights with respect to voting, dividends, and distributions.
During the year the Company allotted 297,718 B Investment shares, with an aggregate nominal value of £0.03, at a premium of £634,918.


20.


Reserves

Share premium account

The share premium account records the amount received from the allotment of new shares in excess of the nominal value of the shares allotted, less any expenses directly related to such allotments.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 24

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

21.


Share-based payments

Equity-settled share based payments
The Company has a share option scheme in place for some key management personnel (not including directors). Options are exercisable at a price equal to the average market price of the Company’s shares on the date of the grant. The options may be exercised on the sale or floatation of the company, if within 10 years.
Options are forfeited if the employee leaves the Company before the options may be exercised.
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the year are as follows:

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.55

236,560

0.30
 
177,500
 
Granted during the year

0.55

228,000

0.55
 
59,150
 
Forfeited during the year

0.55

(10,000)

0
 
-
 
Exercised during the year

0.30

(16,000)

0
 
-
 
Outstanding at the end of the year

438,560

 
236,650
 

The fair value of the options granted in the year were determined using the execution price obtained during the last funds raised. The directors consider that the conditions to exercise the options are currently unlikely therefore a total expense of £nil (2023: £nil) related to share-based payment transactions has been recorded within these financial statements. 






22.


Prior year adjustment

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. 


23.


Pension commitments

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.

Page 25

 


DAISY GREEN FOOD LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 APRIL 2024

24.


Commitments under operating leases

At 21 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

21 April
2024
23 April
2023
£
£


Not later than 1 year
1,739,187
1,335,810

Later than 1 year and not later than 5 years
5,472,361
4,618,652

Later than 5 years
9,863,156
10,287,251

17,074,704
16,241,713


25.


Related party

During the year purchases of £5,770 (2023 £Nil) were made with a related company by virtue of it being under common control by both directors. At the year end the Daisy Green Food Limited was owed £78,587 (2023: £72,817) by the related party.
During the year the following transactions with a director took place:


Brought forward
Advance/ Credit
Repaid
Carried Forward
£
£
£
£

Thomas Onions
(39,425)
66,840
-
27,415
Prue Freeman
(39,717)
175,858
-
136,141
(79,142)
242,698
-
163,556

The above directors loan is held within the other debtor balance as per note 14.
No interest was charged on this loan during the year (2023: £Nil).
Both directors have provided a personal guarantee in relation to the loan balance of £3,634,132 (2023: £3,744,365) as at the year end. 

26.


Controlling party

P E Freeman and T D Onions were deemed to be the controlling parties by virtue of their shareholding.

 
Page 26