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Registered number: 14264912









WRP HOLDCO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
WRP HOLDCO LTD
 
 
COMPANY INFORMATION


Directors
C J Miller 
H J Goss 




Registered number
14264912



Registered office
12-14 Denman Street

London

W1D 7HJ




Independent auditors
Harris & Trotter LLP
Chartered Accountants

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
WRP HOLDCO LTD
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Consolidated Statement of Comprehensive Income
10 - 11
Consolidated Statement of Financial Position
12 - 13
Company Statement of Financial Position
14
Consolidated Statement of Changes in Equity
15
Company Statement of Changes in Equity
16
Consolidated Statement of Cash Flows
17 - 18
Notes to the Financial Statements
19 - 42


 
WRP HOLDCO LTD
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

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

Business review
 
The principal activity of the Company is that of a holding company. The Group operates a number of businesses in the hospitality sector.
The Group's objective is to continue to grow profitably, generating positive cash flows through its trading operations and maintaining the brands’ position at the forefront of the hospitality industry. This is achieved through the Group's continued focus on providing excellent quality food and drink to customers combined with best in class design and service in premium locations.

Principal risks and uncertainties
 
Economic Risk
Whilst the Group has experienced growth in all of the principal sectors of its business, there is always a risk of potential reduced revenue due to outside influences and general economic trends. The Group has been focusing on further performance enhancement measures in order to guard against any downside impact from these risks. The Group's strong market position, financial strength, above average profitability, rigorous processes and controls make it well-positioned to ride out these potential challenges. 
Liquidity Risk
The Group manages its cash and borrowing requirements in order to meet the needs of the business, maximise interest income and minimise interest expense; whilst ensuring the Group has sufficient liquid assets to underwrite its operating and growth plans.
Interest Rate Risk
The Group is exposed to interest rate risk on loans. The Directors monitor this risk regularly and consider likely
interest rates when deciding large expenditure outgoings.
Credit Risk
Given the nature of the industry business on credit is relatively low, and the Directors review any exposure on a
regular basis.
The process of risk acceptance and risk management is addressed through a process whereby proposals and
matters of interest are subject to Board discussion and approval

Results and performance
The cost of living crisis as well as elevated energy prices have adversely effected the business's operations during the period to 31 December 2023. 

Page 1

 
WRP HOLDCO LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The Group monitors its progress through close comparison of the performance of each individual site, measured through a number of KPls:
• Profitability of each outlet against both the budgeted profitability and the prior period's profitability.
• Staff recruitment and retention.
• Cashflow management of each outlet and the Group as a whole against budgeted cashflow, taking particular account of capital expenditure.
Senior management constantly review processes and procedures with a view to improving controls and working practices.

Future developments
In the coming year, the Group's objectives remain consistent, with particular emphasis on profitability and continuing to grow the prominence of the brands as amongst the world’s best hospitality businesses.


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



C J Miller
Director

Date: 31 January 2025

Page 2

 
WRP HOLDCO LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the period ended 31 December 2023.

Directors

The directors who served during the period were:

C J Miller 
H J Goss 

Directors' responsibilities statement

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.
 
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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

In June 2024, the Island Poke branch of the group was restructured. IP Topco Ltd was incorporated and took over the trade and assets of the group. 

Page 3

 
WRP HOLDCO LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





C J Miller
Director

Date: 31 January 2025

Page 4

 
WRP HOLDCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD
 

Opinion


We have audited the financial statements of WRP Holdco Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, 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 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 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.


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 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.


Page 5

 
WRP HOLDCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (CONTINUED)


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.


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 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

 
WRP HOLDCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (CONTINUED)


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 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 objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.Owing to the inherent imitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In dentifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: 
• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. 
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management. 
• We challenged assumptions and judgments made by management in its significant accounting estimates; 
We did not identify any key audit matters relating to irregularities, including fraud.


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

 
WRP HOLDCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (CONTINUED)


Other matters 
 

The Group incurred a significant loss during the current financial period, marking consecutive periods of substantial losses. This has materially impacted the Group’s net asset value, which, while remaining positive as at period-end, may move into a negative position if significant losses persist in future periods. Despite this, we do not have concerns regarding the Group’s ability to continue as a going concern, given the financing being received from its investor, which will support the continued running of the group. Additionally, the Group has undertaken considerable expansion activities over recent financial periods, including the opening of multiple new stores. These expansions required significant capital investments to bring the stores to operational readiness. As these stores ramp up to full capacity, we anticipate a notable improvement in the Group’s performance in the upcoming periods.


Page 8

 
WRP HOLDCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WRP HOLDCO LTD (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.





Daniel Walters (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

31 January 2025
Page 9

 
WRP HOLDCO LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023



Period ended
31 December
Period ended
1 January
2023
2023
£
£

  

Turnover
 3 
30,356,413
24,873,614

Cost of sales
  
(9,429,204)
(7,892,218)

Gross profit
  
20,927,209
16,981,396

Administrative expenses
  
(23,386,163)
(19,626,993)

Exceptional administrative expenses
  
(651,216)
(2,077,475)

Other operating income
  
38,123
6,000

Other operating charges
  
(2,199)
(1,587)

Operating loss
  
(3,074,246)
(4,718,659)

Interest payable and similar expenses
  
(276,945)
(195,685)

Loss before tax
  
(3,351,191)
(4,914,344)

Tax on loss
  
(224,962)
-

Loss for the financial period
  
(3,576,153)
(4,914,344)

Adjusted EBITDA
  

Adjusted EBITDA*
  
655,538
(44,513)

Loss of White Rabbit Opco Limited
  
(815,132)
(458,053)

Depreciation and amortisation
  
(1,900,485)
(1,720,406)

Pre-opening costs
  
(355,744)
(418,212)

Interest
  
(276,945)
(195,685)

Exceptional items
  
(651,216)
(2,077,475)

Deferred Taxation
  
(208,962)
-

FX Movements
  
(7,207)
-

Taxation
  
(16,000)
-

Non- controlling interest
  
1,135,283
1,418,650

Loss for the financial period
  
(2,440,870)
(3,495,694)

Loss for the year attributable to:
  

Non-controlling interest
  
(1,135,283)
(1,418,650)

Owners of the parent company
  
(2,440,870)
(3,495,694)

  
(3,576,153)
(4,914,344)
Page 10

 
WRP HOLDCO LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023


*Adjusted EBITDA comprises of earnings before interest, tax, depreciation and amortisation. Pre-opening costs, exceptional items and the loss from White Rabbit Opco Limited have also been taken out of Adjusted EBITDA.  

Page 11

 
WRP HOLDCO LTD
REGISTERED NUMBER: 14264912

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
1 January
2023
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,268,374
1,103,430

Tangible assets
 14 
6,348,767
5,214,366

  
7,617,141
6,317,796

Current assets
  

Stocks
 16 
447,170
305,642

Debtors
 17 
4,308,121
3,089,874

Cash at bank and in hand
 18 
1,115,268
4,072,301

  
5,870,559
7,467,817

Creditors: amounts falling due within one year
 19 
(10,234,054)
(8,246,514)

Net current liabilities
  
 
 
(4,363,495)
 
 
(778,697)

Total assets less current liabilities
  
3,253,646
5,539,099

Creditors: amounts falling due after more than one year
 20 
(2,508,665)
(2,548,261)

Provisions for liabilities
  

Deferred taxation
 23 
(208,962)
-

  
 
 
(208,962)
 
 
-

Net assets
  
536,019
2,990,838


Capital and reserves
  

Called up share capital 
  
5,278
5,278

Share premium account
  
11,922,589
11,922,589

Profit and loss account
  
(11,028,796)
(7,621,607)

Equity attributable to owners of the parent Company
  
899,071
4,306,260

Non-controlling interests
  
(363,052)
(1,315,422)

  
536,019
2,990,838


Page 12

 
WRP HOLDCO LTD
REGISTERED NUMBER: 14264912
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




C J Miller
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 13

 
WRP HOLDCO LTD
REGISTERED NUMBER: 14264912

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
1 January
2023
2023
Note
£
£

Fixed assets
  

Investments
 15 
9,268,285
6,771,856

  
9,268,285
6,771,856

Current assets
  

Debtors
 17 
2,866,035
1,899,004

Cash at bank and in hand
 18 
812
3,277,027

  
2,866,847
5,176,031

Creditors: amounts falling due within one year
 19 
(207,265)
(20,020)

Net current assets
  
 
 
2,659,582
 
 
5,156,011

Total assets less current liabilities
  
11,927,867
11,927,867

  

  

Net assets
  
11,927,867
11,927,867


Capital and reserves
  

Called up share capital 
  
5,278
5,278

Share premium account
  
11,922,589
11,922,589

  
11,927,867
11,927,867


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.


C J Miller
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 14
 

 
WRP HOLDCO LTD


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 July 2022
-
-
(4,125,913)
(4,125,913)
103,228
(4,022,685)





Loss for the period
-
-
(3,495,694)
(3,495,694)
(1,418,650)
(4,914,344)

Total comprehensive income for the period
-
-
(3,495,694)
(3,495,694)
(1,418,650)
(4,914,344)



Contributions by and distributions to owners


Shares issued during the period
5,278
11,922,589
-
11,927,867
-
11,927,867





At 2 January 2023
5,278
11,922,589
(7,621,607)
4,306,260
(1,315,422)
2,990,838





Loss for the period
-
-
(2,440,870)
(2,440,870)
(1,135,283)
(3,576,153)

Total comprehensive income for the period
-
-
(2,440,870)
(2,440,870)
(1,135,283)
(3,576,153)


Other movement
-
-
(966,319)
(966,319)
2,087,654
1,121,335



At 31 December 2023
5,278
11,922,589
(11,028,796)
899,071
(363,051)
536,020



The notes on pages 19 to 42 form part of these financial statements.

Page 15
 
WRP HOLDCO LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Total equity

£
£
£


Contributions by and distributions to owners

Shares issued during the period
5,278
11,922,589
11,927,867



At 2 January 2023
5,278
11,922,589
11,927,867
Total comprehensive income for the period
-
-
-


At 31 December 2023
5,278
11,922,589
11,927,867


The notes on pages 19 to 42 form part of these financial statements.

Page 16

 
WRP HOLDCO LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
Period ended
1 January
2023
2023
£
£

Cash flows from operating activities

Loss for the financial period
(3,576,153)
(4,914,344)

Adjustments for:

Amortisation of intangible assets
18,142
47,986

Depreciation of tangible assets
1,906,104
1,666,487

Loss on disposal of tangible assets
-
(56)

Interest paid
276,945
195,685

Taxation charge
224,962
-

(Increase) in stocks
(141,527)
(84,147)

(Increase) in debtors
(1,173,791)
(1,574,706)

Decrease in amounts owed by groups
-
288,679

Increase in creditors
3,695,549
4,072,247

Increase in amounts owed to groups
-
126,904

Net cash generated from operating activities

1,230,231
(175,265)


Cash flows from investing activities

Purchase of intangible fixed assets
(230,447)
(98,932)

Purchase of tangible fixed assets
(3,336,707)
(2,351,707)

Net cash from investing activities

(3,567,154)
(2,450,639)

Cash flows from financing activities

Issue of ordinary shares
-
5,498,702

New secured loans
-
727,970

Repayment of loans
(290,510)
-

Purchase of debenture loans
-
3,651

Repayment of debenture loans
(3,651)
-

Other new loans
-
145,756

Repayment of other loans
(60,756)
-

Interest paid
(276,945)
(195,685)

Net cash used in financing activities
(631,862)
6,180,394

Net (decrease)/increase in cash and cash equivalents
(2,968,785)
3,554,490

Cash and cash equivalents at beginning of period
4,052,875
498,385
Page 17

 
WRP HOLDCO LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
Period ended
1 January

2023
2023

£
£


Cash and cash equivalents at the end of period
1,084,090
4,052,875


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,115,268
4,072,301

Bank overdrafts
(31,178)
(19,426)

1,084,090
4,052,875


The notes on pages 19 to 42 form part of these financial statements.

Page 18

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

WRP Holdco Limited is a private company, limited by shares, incorporated in England and Wales (registration number: 14264912). The company's registered office address is 12-14 Denman Street, London, W1D 7HJ.
The financial statements are presented in Sterling, which is the functional currency of the company.
The Group’s principal activity is the management, design and implementation of restaurants and other hospitality services.

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 Group management to exercise judgment in applying the Group's accounting policies.

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 Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 29 July 2022.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis.
Given that both the Company and the Group is in a net surplus position the directors consider that both can operate viably and meet its obligations as they fall due for a period of 12 months from the date of this report. We therefore consider it appropriate to prepare the financial statements on the going concern basis.

Page 19

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 21

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 22

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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:

Property improvements
-
20%
Rate varies per asset type in class up to 20%
Plant and machinery
-
33%
Rate varies per asset type in class up to 33%
Fixtures and fittings
-
15%
Office equipment
-
20%
Computer equipment
-
20%

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 23

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group
Page 24

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 25

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Turnover

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


Period ended
31 December
Period ended
1 January
2023
2023
£
£

Domestic sales
28,342,788
23,889,860

Franchise income and management fees
1,296,749
802,966

Wholesale revenue
716,877
180,788

30,356,414
24,873,614


Analysis of turnover by country of destination:

Period ended
31 December
Period ended
1 January
2023
2023
£
£

United Kingdom
30,180,815
24,873,614

Rest of World
175,598
-

30,356,413
24,873,614



4.


Other operating income

Period ended
31 December
Period ended
1 January
2023
2023
£
£

Other operating income
38,123
6,000

38,123
6,000


Page 26

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Operating loss

The operating loss is stated after charging:

Period ended
31 December
Period ended
1 January
2023
2023
£
£

Research & development charged as an expense
3,283
1,861

Exchange differences
11,541
9,307

Other operating lease rentals
2,115,721
1,967,175


6.


Auditors' remuneration

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


Period ended
31 December
2023
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
70,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 27

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Employees

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


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
     Period ended
     31 December
     Period ended
       1 January
     Period ended
     31 December
     Period ended
       1 January
        2023
        2023
        2023
        2023
            No.
            No.
            No.
            No.









Employees
460
448
-
-



Directors
2
2
2
2

462
450
2
2


8.


Directors' remuneration

Period ended
31 December
Period ended
1 January
2023
2023
£
£

Directors' emoluments
192,500
-

Group contributions to defined contribution pension schemes
1,321
-

193,821
-



9.


Interest payable and similar expenses

Period ended
31 December
Period ended
1 January
2023
2023
£
£


Bank interest payable
406
-

Other loan interest payable
256,769
195,685

Other interest payable
19,770
-

276,945
195,685

Page 28

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Taxation


Period ended
31 December
Period ended
1 January
2023
2023
£
£

Corporation tax


Current tax on profits for the year
16,000
-


16,000
-


Total current tax
16,000
-

Deferred tax


Accelerated capital allowances
247,228
-

Tax losses carried forward
(38,266)
-

Total deferred tax
208,962
-


Tax on loss
224,962
-
Page 29

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

Period ended
31 December
Period ended
1 January
2023
2023
£
£


Loss on ordinary activities before tax
(3,351,191)
(4,914,344)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(837,798)
(933,725)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
46,222
249

Capital allowances for period in excess of depreciation
193,565
(95,476)

Other timing differences leading to an increase (decrease) in taxation
208,962
-

Tax payable on loans to participators
16,000
-

Unrelieved tax losses carried forward
945,020
1,042,638

Other differences leading to an increase (decrease) in the tax charge
48,373
15,414

Group relief
(395,382)
(29,100)

Total tax charge for the period
224,962
-


Factors that may affect future tax charges

At 1 April 2023, the corporation tax rate increased to 25% for profits exceeding £250,000.

Page 30

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Exceptional items

Period ended
31 December
Period ended
1 January
2023
2023
£
£


Exceptional items
651,216
2,077,475

651,216
2,077,475


12.


Parent company profit for the year

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 Comprehensive Income in these financial statements. The profit after tax of the parent Company for the period was £ (2023 - £NIL).

Page 31

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Intangible assets

Group and Company







Patents
Development expenditure
Trademarks
Total

£
£
£
£



Cost


At 2 January 2023
194,664
1,042,006
630
1,237,300


Additions
26,912
203,535
-
230,447


Disposals
-
(18,278)
-
(18,278)



At 31 December 2023

221,576
1,227,263
630
1,449,469



Amortisation


At 2 January 2023
3,883
129,944
42
133,869


Charge for the period on owned assets
4,058
48,373
126
52,557


On disposals
-
(5,331)
-
(5,331)



At 31 December 2023

7,941
172,986
168
181,095



Net book value



At 31 December 2023
213,635
1,054,277
462
1,268,374



At 1 January 2023
190,780
912,062
588
1,103,430



Page 32
 


 
WRP HOLDCO LTD


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


14.


Tangible fixed assets


Group










Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Catering assets
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 2 January 2023
2,219,519
420,662
3,246
7,309,446
6,459
202,902
302,550
10,464,784


Additions
1,643,774
192,043
-
1,382,926
-
93,575
24,389
3,336,707


Transfers intra group
-
(23,938)
-
(400,491)
-
(5,153)
-
(429,582)


Disposals
-
-
-
(4,053)
(423)
(1,033)
-
(5,509)



At 31 December 2023

3,863,293
588,767
3,246
8,287,828
6,036
290,291
326,939
13,366,400



Depreciation


At 2 January 2023
878,402
262,671
3,246
3,867,947
2,443
102,449
133,260
5,250,418


Charge for the period on owned assets
456,646
75,179
-
1,225,018
1,541
39,023
57,944
1,855,351


Transfers intra group
-
(8,733)
-
(75,290)
-
(2,021)
-
(86,044)


Disposals
-
-
-
(1,476)
(423)
(193)
-
(2,092)



At 31 December 2023

1,335,048
329,117
3,246
5,016,199
3,561
139,258
191,204
7,017,633



Net book value
Page 33

 


 
WRP HOLDCO LTD


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)




At 31 December 2023
2,528,245
259,650
-
3,271,629
2,475
151,033
135,735
6,348,767



At 1 January 2023
1,341,117
157,991
-
3,441,498
4,016
100,454
169,290
5,214,366




The net book value of land and buildings may be further analysed as follows:


31 December
1 January
2023
2023
£
£

Long leasehold
2,528,245
1,341,117

2,528,245
1,341,117


Page 34
 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 2 January 2023
6,771,856


Additions
2,496,429



At 31 December 2023
9,268,285





16.


Stocks

Group
31 December
Group
1 January
2023
2023
£
£

Raw materials and consumables
7,110
-

Finished goods and goods for resale
440,060
305,642

447,170
305,642


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 35

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

17.


Debtors

Group
31 December
Group
1 January
Company

31 December
Company
1 January
2023
2023
2023
2023
£
£
£
£

Due after more than one year

Other debtors
319,627
226,644
-
-

319,627
226,644
-
-

Due within one year

Trade debtors
560,036
311,429
-
-

Amounts owed by group undertakings
317,743
317,743
2,866,035
1,899,004

Other debtors
2,318,737
1,506,041
-
-

Prepayments and accrued income
747,514
728,017
-
-

Tax recoverable
44,464
-
-
-

4,308,121
3,089,874
2,866,035
1,899,004



18.


Cash and cash equivalents

Group
31 December
Group
1 January
Company
31 December
Company
1 January
2023
2023
2023
2023
£
£
£
£

Cash at bank and in hand
1,115,268
4,072,301
812
3,277,027

Less: bank overdrafts
(31,179)
(19,426)
-
-

1,084,089
4,052,875
812
3,277,027


Page 36

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
31 December
Group
1 January
Company
31 December
Company
1 January
2023
2023
2023
2023
£
£
£
£

Debenture loans
-
3,651
-
-

Bank overdrafts
31,179
19,426
-
-

Bank loans
556,171
824,915
-
-

Other loans
85,000
77,394
-
-

Trade creditors
3,598,512
2,734,605
-
-

Amounts owed to group undertakings
20,020
20,020
207,265
20,020

Corporation tax
16,000
-
-
-

Other taxation and social security
2,268,655
1,667,001
-
-

Other creditors
1,611,726
1,126,710
-
-

Accruals and deferred income
2,046,791
1,772,792
-
-

10,234,054
8,246,514
207,265
20,020



20.


Creditors: Amounts falling due after more than one year

Group
31 December
Group
1 January
2023
2023
£
£

Bank loans
2,046,896
2,068,661

Other loans
-
68,362

Other creditors
461,769
411,238

2,508,665
2,548,261




Page 37

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
31 December
Group
1 January
2023
2023
£
£

Amounts falling due within one year

Bank loans
556,171
824,915

Other loans
85,000
77,394

Debenture loans
-
3,651


641,171
905,960

Amounts falling due 1-2 years

Bank loans
2,046,896
1,959,165

Other loans
-
68,362


2,046,896
2,027,527

Amounts falling due 2-5 years

Bank loans
-
109,496


-
109,496


2,688,067
3,042,983



22.


Financial instruments

Group
31 December
Group
1 January
2023
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,115,268
4,082,301




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand. 

Page 38

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

23.


Deferred taxation


Group



2023


£






Charged to profit or loss
(208,962)



At end of year
(208,962)

Group
31 December
2023
£

Accelerated capital allowances
(247,228)

Tax losses carried forward
38,266

(208,962)


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted £171,845 (2022 - £130,318). Contributions totalling £80,903 (2022 - £76,647) were payable to the fund at the reporting date and are included in creditors.


25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
31 December
Group
1 January
2023
2023
£
£

Not later than 1 year
2,034,262
1,676,818

Later than 1 year and not later than 5 years
6,890,329
4,087,547

Later than 5 years
5,942,386
5,925,402

14,866,977
11,689,767
Page 39

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

26.


Controlling party

The Ultimate Controlling party is C Miller. 


27.



Subsidiary undertakings



Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Holding

Kricket Limited
12-14 Denman Street, London, W1D 7HJ
50%
Island Poke Limited*
C/O BEGBIES TRAYNOR (CENTRAL) LLP, 31st Floor 40 Bank Street, London, E14 5NR
56.25%
Lina Stores WR Limited
12-14 Denman Street, London, W1D 7HJ
61.58%
White Rabbit Hospitality Limited
12-14 Denman Street, London, W1D 7HJ
100%
White Rabbit Opco Limited
12-14 Denman Street, London, W1D 7HJ
100%

*Island Poke Limited is no longer part of the group after the balance sheet date. 

Page 40

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

27.Subsidiary undertakings (continued)


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Holding

Kricket Soho Limited
12-14 Denman Street, London, W1D 7HJ
50%
Kricket Brixton Limited
12-14 Denman Street, London, W1D 7HJ
50%
Kricket TVC Limited
12-14 Denman Street, London, W1D 7HJ
50%
Kricket Delivery Limited
12-14 Denman Street, London, W1D 7HJ
50%
Kricket HQ Ltd
12-14 Denman Street, London, W1D 7HJ
50%
Soma Soho Limited
12-14 Denman Street, London, W1D 7HJ
50%
Island Poke France and Benelux Limited
12-14 Denman Street, London, W1D 7HJ
56.25%
Island Poke Franchise Ltd
12-14 Denman Street, London, W1D 7HJ
56.25%
Lina Stores KX Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores BA Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores ML Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores CC Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores 1944 Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores Online Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Cucina Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Centro Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores WRI Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores SH Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores CR Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Lina Stores ER Ltd
12-14 Denman Street, London, W1D 7HJ
61.58%
Kricket Canary Wharf Limited
12-14 Denman Street, London, W1D 7HJ
50%
WRH CA Ltd
12-14 Denman Street, London, W1D 7HJ
100%
WRH OX Ltd
12-14 Denman Street, London, W1D 7HJ
100%
Page 41

 
WRP HOLDCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

27.Subsidiary undertakings (continued)

Indirect subsidiary undertakings (continued)


Name

Registered office

Holding

WRH SA Ltd
12-14 Denman Street, London, W1D 7HJ
100%
WRH NB Ltd
12-14 Denman Street, London, W1D 7HJ
100%
WRH AJ Ltd
12-14 Denman Street, London, W1D 7HJ
100%
WRH LK Ltd
12-14 Denman Street, London, W1D 7HJ
100%
LK KN Ltd
12-14 Denman Street, London, W1D 7HJ
100%



Page 42