REGISTERED NUMBER: 12554615 (England and Wales) |
ACCA GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 12554615 (England and Wales) |
ACCA GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Profit and Loss Account | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
ACCA GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors, Chartered Tax Advisers |
and Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The consolidated income statement on page 10 reflects the results of the Group shows turnover of £16.53m (2023: £15.41m) and costs of sales of £8.86m, generating a gross margin of 46.38% compared with 45.01% for last year. |
The Group balance sheet shows fixed assets of £16.00m, consisting of tangible fixed assets of £5.60m, investments of £0.55m, investment properties of £10.57m and intangible a negative £0.73m. |
Current assets were £6.06m (including cash of £1.30m) but with current liabilities of £5.11m, net current assets were £0.94m. Long term liabilities and provisions were £9.10m, leaving group net assets of £7.84m. |
The Directors believe that the outlook for the Group is strong. The losses sustained in the year, and the net current liabilities at the end of the year, are in line with expectations at this point and the Shareholders are fully supportive of the Directors plan to grow the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competition |
The company operates in a highly competitive markets particular around service, price and quality of products. To mitigate this risk, the Directors constantly monitor competition, customer service and food quality to maintain the strong reputation. |
Inflation and rises in energy prices |
Inflation in the cost of employment continues to run at high levels due to increases in the national minimum wage and increases in employer's national insurance contribution from April 2025. Energy costs continue to rise at rates significantly more than the general rate of inflation. Inflation affecting other goods and services supplied to the Group has reduced from recent highs, however it continues, together with the increasing cost of employment and energy costs, to put significant upward pressure on costs. |
Credit risk |
The company has no credit risk as the name of the business results in a large customer base and minimum credit sales. |
Future Developments |
The company will carry on investing into the business by purchasing new assets and opening new stores and developing new franchise opportunities. |
TRADING RISKS |
The trading performance of the company may be affected by a number of factors outside its control, including: |
- The economic conditions prevailing in the UK including the rise in the cost of living, rise in inflation and an increase in interest rates. |
- General uncertainties caused by other world events. |
- Increased labour costs. |
- Increased property costs. |
- Actions taken by its franchise partners and other competitive brands. |
- Government legislation. |
The management team will continue to react to these risks in a decisive and proactive manner. |
Income and expenditure is constantly reviewed and monitored. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL RISKS |
The company's principal financial instruments are cash at bank, bank loans, hire purchase finance and credit allowed by trade creditors. The main purpose of these instruments is to provide working capital for the company's trading activities and to fund the acquisition and opening of new retail outlets. |
The financial risks are managed by; |
Ensuring new acquisitions are financed by way of a sensible balance of funds internally generated from operations and new monies introduced by way of bank loan and hire purchase finance. The effect of this policy can be seen from the relatively healthy gearing ratio as at the balance sheet date of 34.51% (2023: 28.75%). |
Careful cash flow management to ensure cash resources are available to meet all short term liabilities, including trade creditors, as and when they fall due. Again, management's success in this area is evident from the liquidity ratio as at the balance sheet date of 118.43% (2023: 135.12%). |
FINANCIAL INSTRUMENTS |
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities, which are only in sterling. The company does not enter in any hedging transactions. |
GOING CONCERN |
The company continues to assess the going concern basis and maintains a healthy financial position and performances, even in light of a domestic and global volatile economic climate. |
KEY PERFORMANCE INDICATORS |
The Directors considers total sales, gross profit margin and net profit to be the key performance indicators of the company. |
ON BEHALF OF THE BOARD: |
Director |
3 December 2024 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of a holding company. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £260,000. |
FUTURE DEVELOPMENTS |
Future developments of the business have been set out in the Strategic Report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
Financial assets such as trade debtors and trade creditors arise directly from the groups operating activities and expose the Company to credit and cash flow risk. The Company has in place appropriate measures to mitigate and manage this risk. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year the company has made donations amounting to £1,252 (2023: £2,500). |
INDEMNITY PROVISION FOR DIRECTORS |
No qualifying third party indemnity provision for the benefit of one or more directors was in force at any time during the financial period or to the date of approval of this report. |
EMPLOYEES |
Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes of the applicant concerned. In the event of team members becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible be identical with that of their employees. |
EMPLOYEE ENGAGEMENT |
We consider that out employees act with the utmost integrity and professional expertise in providing out customers with premium products. |
In doing so, the Directors consider that employees are both rewarded fairly and incentivised to deliver the Company's strategy. The Director is kept informed on employee related matters from the Company's Human Resources personnel. |
Consultation with employees happens when their views need to be considered in decisions the Company needs to make that will likely affect their interests. All employees are kept abreast of Company news in regular updates. There is also ongoing communication through the Company's notices boards and team briefings. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
Pursuant to Section 487(2) of the Companies Act 2006, the auditor will be deemed to be reappointed and Keelings Limited will therefore continue in office. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
Opinion |
We have audited the financial statements of ACCA Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year 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 UK, including the FRC'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 and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and the detection of fraud. |
However, it is the primary responsibility of management with the oversight of those charged with governance to ensure that the entity operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team; |
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the entity operates in and how the entity is complying with the legal and regulatory framework; |
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are UK Generally Accepted Accounting Principles, the Companies Act 2006, tax compliance and employment regulations. |
In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity's ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context included Health and Safety Act. |
We identified potential for fraud in the following areas: |
- management override of controls |
- improper revenue recognition |
Our procedures to respond to risk identified included the following: |
- reviewing financial statement disclosures. |
- enquiring of management, the directors and external legal advisors concerning actual and potential litigation and claims. |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate material misstatement due to fraud. |
- testing the appropriateness of journal entries and assessing the assumption reflected in accounting estimates for indication of potential bias. |
- addressing the risk of fraud in revenue recognition by performing substantive testing between on the revenue. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as the fraud may involve deliberate concealment. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors, Chartered Tax Advisers |
and Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Hertfordshire |
AL9 5BG |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
CONSOLIDATED PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 16,527,295 | 15,414,197 |
Cost of sales | 8,861,470 | 8,475,916 |
GROSS PROFIT | 7,665,825 | 6,938,281 |
Administrative expenses | 6,507,059 | 6,385,356 |
1,158,766 | 552,925 |
Other operating income | 598,109 | 1,093,564 |
OPERATING PROFIT | 5 | 1,756,875 | 1,646,489 |
Loan release | 6 | (4,139 | ) | 196,548 |
1,752,736 | 1,843,037 |
Interest receivable and similar income | 135 | - |
1,752,871 | 1,843,037 |
Interest payable and similar expenses | 7 | 332,639 | 158,765 |
PROFIT BEFORE TAXATION | 1,420,232 | 1,684,272 |
Tax on profit | 8 | 83,204 | 353,210 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,337,028 | 1,331,062 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,337,028 | 1,331,062 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,337,028 |
1,331,062 |
Total comprehensive income attributable to: |
Owners of the parent | 1,337,028 | 1,331,062 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | (724,703 | ) | (869,488 | ) |
Tangible assets | 12 | 5,599,874 | 5,554,045 |
Investments | 13 | 553,006 | 553,006 |
Investment property | 14 | 10,573,054 | 6,605,240 |
16,001,231 | 11,842,803 |
CURRENT ASSETS |
Stocks | 15 | 135,010 | 127,544 |
Debtors | 16 | 4,622,761 | 3,615,095 |
Cash at bank and in hand | 1,298,352 | 2,379,271 |
6,056,123 | 6,121,910 |
CREDITORS |
Amounts falling due within one year | 17 | 5,113,660 | 4,530,821 |
NET CURRENT ASSETS | 942,463 | 1,591,089 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
16,943,694 |
13,433,892 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(8,091,517 |
) |
(5,527,065 |
) |
PROVISIONS FOR LIABILITIES | 22 | (1,009,442 | ) | (1,141,120 | ) |
NET ASSETS | 7,842,735 | 6,765,707 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 750 | 750 |
Share premium | 24 | 5,300,001 | 5,300,001 |
Fair value reserve | 24 | (1,324,117 | ) | (1,324,117 | ) |
Retained earnings | 24 | 3,866,101 | 2,789,073 |
SHAREHOLDERS' FUNDS | 7,842,735 | 6,765,707 |
The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by: |
J S Sohal - Director |
L S Sohal - Director |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 510,138 | 1,084,493 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Fair |
share | Retained | Share | value | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 600 | 1,626,700 | 4,750,000 | (1,152,806 | ) | 5,224,494 |
Changes in equity |
Issue of share capital | 150 | - | 550,001 | - | 550,151 |
Dividends | - | (340,000 | ) | - | - | (340,000 | ) |
Total comprehensive income | - | 1,502,373 | - | (171,311 | ) | 1,331,062 |
Balance at 31 March 2023 | 750 | 2,789,073 | 5,300,001 | (1,324,117 | ) | 6,765,707 |
Changes in equity |
Dividends | - | (260,000 | ) | - | - | (260,000 | ) |
Total comprehensive income | - | 1,337,028 | - | - | 1,337,028 |
Balance at 31 March 2024 | 750 | 3,866,101 | 5,300,001 | (1,324,117 | ) | 7,842,735 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,209,171 | 1,090,358 |
Interest paid | (331,474 | ) | (155,332 | ) |
Interest element of hire purchase payments paid |
(1,165 |
) |
(3,370 |
) |
Other items | - | 8,107 |
Tax paid | (18,440 | ) | (134,464 | ) |
Net cash from operating activities | 1,858,092 | 805,299 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (80,000 | ) | (20,000 | ) |
Purchase of tangible fixed assets | (1,078,347 | ) | (945,250 | ) |
Purchase of fixed asset investments | - | (553,056 | ) |
Purchase of investment property | (3,967,814 | ) | (965,240 | ) |
Sale of tangible fixed assets | 7,670 | 25,000 |
Sale of investment property | - | 160,000 |
Interest received | 135 | - |
Net cash from investing activities | (5,118,356 | ) | (2,298,546 | ) |
Cash flows from financing activities |
New loans in year | 4,664,430 | 2,280,001 |
Loan repayments in year | (2,221,599 | ) | (400,757 | ) |
Capital repayments in year | (55,807 | ) | (47,044 | ) |
Amount introduced by directors | 52,321 | 53,439 |
Amount withdrawn by directors | - | (56,607 | ) |
Share issue | - | 549,740 |
Equity dividends paid | (260,000 | ) | (340,000 | ) |
Net cash from financing activities | 2,179,345 | 2,038,772 |
(Decrease)/increase in cash and cash equivalents | (1,080,919 | ) | 545,525 |
Cash and cash equivalents at beginning of year |
2 |
2,379,271 |
1,833,746 |
Cash and cash equivalents at end of year | 2 | 1,298,352 | 2,379,271 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,420,232 | 1,684,272 |
Depreciation charges | 669,699 | 761,576 |
Loss on disposal of fixed assets | 239,363 | 84,185 |
Finance costs | 332,639 | 158,765 |
Finance income | (135 | ) | - |
2,661,798 | 2,688,798 |
Increase in stocks | (7,466 | ) | (113 | ) |
Increase in trade and other debtors | (2,465,483 | ) | (1,968,998 | ) |
Increase in trade and other creditors | 2,020,322 | 370,671 |
Cash generated from operations | 2,209,171 | 1,090,358 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,298,352 | 2,379,271 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,379,271 | 1,833,746 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,379,271 | (1,080,919 | ) | 1,298,352 |
2,379,271 | (1,080,919 | ) | 1,298,352 |
Debt |
Finance leases | (64,640 | ) | (6,194 | ) | (70,834 | ) |
Debts falling due within 1 year | (258,413 | ) | (71,459 | ) | (329,872 | ) |
Debts falling due after 1 year | (4,840,978 | ) | (2,371,372 | ) | (7,212,350 | ) |
(5,164,031 | ) | (2,449,025 | ) | (7,613,056 | ) |
Total | (2,784,760 | ) | (3,529,944 | ) | (6,314,704 | ) |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
ACCA Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertakings. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting power of an entity but controls the entity by virtue of an agreement with other investors which gave it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. |
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. |
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at fair value of the consideration received or receivable from sale of goods, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when all the following conditions are satisfied: |
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the Company 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 economic benefits associated with the transaction will flow to the Company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
Rental income is measured at fair value net of discounts, value added taxes and other sales taxes ,over the period of the rental lease. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Franchise, being the amount paid in connection with the acquisition of each business, is being amortised evenly over its estimated useful life of 10 years. |
The economic life is the same as that of the franchise agreements held in intangables. |
Goodwill, being the amount paid in connection with the acquisition of a businesses, is being amortised over its estimated economic life of 10 years. |
Negative goodwill will be expensed to the profit and loss account as the non-monetary assets are recovered. |
An impairment review is conducted each year over every intangible assets the company owns. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets are initially measured at transaction price, including transaction costs, and subsequently at amortised cost. |
Financial liabilities and equity |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
An equity instrument is a contract which evidences a residual interest in an asset after deducting all liabilities. Equity comprises the following: |
- share capital, which represents the nominal value of equity shares; |
- profit and loss reserves, which represent retained profits; and |
- the revaluation reserve, which represents the cumulative gains and losses arising on the revaluation of fixed assets. |
Loans and receivables |
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost less any impairment. Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. |
Cash and cash equivalent |
Cash and cash equivalents comprise cash on hand and demand deposits and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of fixed assets |
At the end of each reporting period, the directors review the carrying amounts of the company's tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs. |
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in the Profit and Loss Account. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of: |
a. the revised estimate of its recoverable amount; and |
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. |
A reversal of an impairment loss is recognised immediately in the Profit and Loss Account. |
Refurbishment provisions |
The company has an obligation under its franchise agreements to ensure that the store premises are kept in a respectable manner, therefore a provision has been set up for the refurbishment and modernisation of the retail outlets, which are to be carried out every five to ten years. The provision is disclosed under note 22 to the accounts, provisions for liabilities. |
Going concern |
It is the expectation of the directors that the company will be able to meet liabilities as they fall due over a period of at least 12 months. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Retail take away outlets | 5,706,089 | 5,765,639 |
Retail coffee outlets | 9,762,655 | 8,725,071 |
Rental income | 344,276 | 189,333 |
Service office income | 714,275 | 654,154 |
Management charges | - | 80,000 |
16,527,295 | 15,414,197 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,350,080 | 4,089,832 |
Social security costs | 249,745 | 234,489 |
Other pension costs | 54,895 | 49,343 |
4,654,720 | 4,373,664 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Operations manager | 2 | 2 |
Finance manager | 1 | 1 |
Administration | 2 | 2 |
Store employees | 314 | 305 |
The average number of employees by undertakings that were proportionately consolidated during the year was 314 (2023 - 62 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 37,710 | 35,690 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 3,083 | 3,320 |
Depreciation - owned assets | 725,317 | 712,008 |
Depreciation - assets on hire purchase contracts | 9,167 | 14,910 |
Loss on disposal of fixed assets | 239,363 | 84,185 |
Franchise amortisation | 35,407 | 33,157 |
Goodwill amortisation | 1,500 | 1,500 |
Goodwill on acquisition amortisation | (101,692 | ) | - |
Auditors' remuneration | 18,250 | 16,250 |
Auditors' remuneration for non audit work | 9,808 | 8,444 |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Loan release | (4,139 | ) | 196,548 |
The loan release relates to the intercompany balance owed from Evovle Foods Limited of £4,139. Last year the loan release relates to the intercompany balances owed to Evolve Foods Limited of £53,463 and Larentia Limited of £145,585 and the intercompany balances due from SRK Group Limited of £2,500. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 331,474 | 155,153 |
Corporation tax interest | - | 242 |
Hire purchase | 1,165 | 3,370 |
332,639 | 158,765 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 214,882 | 18,440 |
Deferred tax | (131,678 | ) | 334,770 |
Tax on profit | 83,204 | 353,210 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,420,232 | 1,684,272 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
355,058 |
320,012 |
Effects of: |
Expenses not deductible for tax purposes | 303 | 235 |
Capital allowances in excess of depreciation | (32,199 | ) | (73,239 | ) |
Deferred tax | (131,678 | ) | 334,770 |
Loan release | 1,035 | (37,344 | ) |
Goodwill amortisation | (25,423 | ) | - |
Loss on disposal | 59,840 | 15,995 |
Loss utilised during the year | - | (13,799 | ) |
Dividends exempt | (130,000 | ) | (193,420 | ) |
Other items | (13,732 | ) | - |
Total tax charge | 83,204 | 353,210 |
9. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
Dividends of £260,000 were voted from ACCA Group Limited to the shareholders (2023: £340,000). |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
on |
Franchise | Goodwill | acquisition | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 391,571 | 15,000 | (1,016,915 | ) | (610,344 | ) |
Additions | 80,000 | - | - | 80,000 |
At 31 March 2024 | 471,571 | 15,000 | (1,016,915 | ) | (530,344 | ) |
AMORTISATION |
At 1 April 2023 | 245,644 | 13,500 | - | 259,144 |
Amortisation for year | 35,407 | 1,500 | (101,692 | ) | (64,785 | ) |
At 31 March 2024 | 281,051 | 15,000 | (101,692 | ) | 194,359 |
NET BOOK VALUE |
At 31 March 2024 | 190,520 | - | (915,223 | ) | (724,703 | ) |
At 31 March 2023 | 145,927 | 1,500 | (1,016,915 | ) | (869,488 | ) |
This negative goodwill has been accounted for on the share for share exchanges with ACCA Limited and ACCA Office Limited, details are in note 13. |
12. | TANGIBLE FIXED ASSETS |
Group |
Improveme |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST |
At 1 April 2023 | 2,232,194 | 402,968 | 1,120,688 |
Additions | - | 12,225 | 167,379 |
Disposals | - | (4,183 | ) | (36,514 | ) |
At 31 March 2024 | 2,232,194 | 411,010 | 1,251,553 |
DEPRECIATION |
At 1 April 2023 | 70,687 | 220,261 | 752,964 |
Charge for year | 44,644 | 30,249 | 73,923 |
Eliminated on disposal | - | (558 | ) | (4,705 | ) |
At 31 March 2024 | 115,331 | 249,952 | 822,182 |
NET BOOK VALUE |
At 31 March 2024 | 2,116,863 | 161,058 | 429,371 |
At 31 March 2023 | 2,161,507 | 182,707 | 367,724 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 6,497,933 | 311,368 | 332,298 | 10,897,449 |
Additions | 742,474 | 128,998 | 27,271 | 1,078,347 |
Disposals | (209,302 | ) | (101,968 | ) | (5,021 | ) | (356,988 | ) |
At 31 March 2024 | 7,031,105 | 338,398 | 354,548 | 11,618,808 |
DEPRECIATION |
At 1 April 2023 | 3,907,709 | 111,082 | 280,701 | 5,343,404 |
Charge for year | 496,099 | 51,006 | 38,563 | 734,484 |
Eliminated on disposal | (25,830 | ) | (25,630 | ) | (2,231 | ) | (58,954 | ) |
At 31 March 2024 | 4,377,978 | 136,458 | 317,033 | 6,018,934 |
NET BOOK VALUE |
At 31 March 2024 | 2,653,127 | 201,940 | 37,515 | 5,599,874 |
At 31 March 2023 | 2,590,224 | 200,286 | 51,597 | 5,554,045 |
Freehold properties are leased to group companies on a commercial basis. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 | 81,325 |
Additions | 110,000 |
Disposals | (81,325 | ) |
At 31 March 2024 | 110,000 |
DEPRECIATION |
At 1 April 2023 | 14,910 |
Charge for year | 9,167 |
Eliminated on disposal | (14,910 | ) |
At 31 March 2024 | 9,167 |
NET BOOK VALUE |
At 31 March 2024 | 100,833 |
At 31 March 2023 | 66,415 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 553,006 |
NET BOOK VALUE |
At 31 March 2024 | 553,006 |
At 31 March 2023 | 553,006 |
Company |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 5,315,580 |
Additions | 100 |
At 31 March 2024 | 5,315,680 |
NET BOOK VALUE |
At 31 March 2024 | 5,315,680 |
At 31 March 2023 | 5,315,580 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
ACCA Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Coffee franchise |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 4,965,648 | 4,439,712 |
Profit for the year | 525,936 | 251,994 |
On the 1 April 2021, 100% of the shares in ACCA Limited along with the two subsidiaries, AKS & JSS Limited and Misenum Limited were sold to ACCA Group Limited for a consideration of £2,375,000 and 98 shares in ACCA Group Limited. |
No cash was exchanged for the shares in ACCA Limited this was a share for share exchange, the consideration of £2,375,000 has been recognised as share premium on the balance sheet of ACCA Group Limited. |
Goodwill |
The calculation of goodwill is as follows: |
2022 |
£ |
Total consideration | 2,375,098 |
Fair value of net assets at acquisition as at 1 April 2021 | (3,404,977 | ) |
Negative Goodwill | (1,029,879 | ) |
The goodwill will be amortized to the profit and loss account over the next 10 years. |
This company is included in the consolidated accounts. |
Misenum Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Coffee franchise |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 7,398 | (95,239 | ) |
Profit/(loss) for the year | 102,637 | (54,459 | ) |
This company is included in the consolidated accounts. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
AKS & JSS Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Coffee franchise |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (140,984 | ) | (187,113 | ) |
Profit/(loss) for the year | 46,129 | (57,734 | ) |
This company is included in the consolidated accounts. |
ACCA Land Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Operating rental properties |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 3,020,103 | 3,012,861 |
Profit/(loss) for the year | 7,242 | (25,590 | ) |
On the 1 September 2021, 100% of the shares in ACCA Land Limited were sold to ACCA Group Limited for a consideration of £2,375,000 and 400 shares in ACCA Group Limited. |
No cash was exchanged for the shares in ACCA Land Limited this was a share for share exchange, the consideration of £2,375,000 has been recognised as share premium on the balance sheet of ACCA Group Limited. |
Goodwill |
The calculation of goodwill is as follows: |
2022 |
£ |
Total consideration | 2,387,275 |
Fair value of net assets at acquisition as at 1 September 2021 | (2,342,683 | ) |
Goodwill | 44,592 |
The goodwill will be amortized to the profit and loss account over the next 10 years. |
This company is included in the consolidated accounts. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
ACCA Office Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Rental franchise |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 688,835 | 541,541 |
Profit for the year | 147,394 | 177,000 |
On the 1 September 2021, 100% of the shares in ACCA Office Limited were sold to ACCA Group Limited in exchange for 100 shares in ACCA Group Limited. |
Goodwill |
The calculation of goodwill is as follows: |
2022 |
£ |
Total consideration | 100 |
Fair value of net assets at acquisition as at 1 September 2021 | (31,728 | ) |
Negative Goodwill | (31,628 | ) |
The goodwill will be amortized to the profit and loss account over the next 10 years. |
This company is included in the consolidated accounts. |
Aprex Foods Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Food franchise |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
This company is included in the consolidated accounts. |
ACCA Foods Limited |
Registered office: 71 Knowl Piece, Wilbury Way, Hitchin, England, SG4 0TY |
Nature of business: Food franchise |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (59,395 | ) | 100 |
Loss for the year | (59,495 | ) | - |
This company is included in the consolidated accounts. |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 | 6,605,240 |
Additions | 3,967,814 |
At 31 March 2024 | 10,573,054 |
NET BOOK VALUE |
At 31 March 2024 | 10,573,054 |
At 31 March 2023 | 6,605,240 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2012 | 167,494 |
Valuation in 2013 | 126,921 |
Valuation in 2014 | (74,265 | ) |
Valuation in 2015 | 467,543 |
Valuation in 2017 | 339,828 |
Valuation in 2021 | 271,017 |
Valuation in 2022 | 711,264 |
Cost | 8,563,252 |
10,573,054 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 8,563,252 | 4,595,438 |
The investment properties were valued on open market basis on 31 March 2024 by the directors . |
15. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 135,010 | 127,544 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 195,391 | 339,116 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 1,905,327 | 1,058,803 |
Other debtors | 100,000 | - |
Directors' loan accounts | 36,190 | 88,551 | 36,190 | 88,551 |
Tax | 662 | - |
VAT | - | - |
Other debtors and prepayments | 2,285,191 | 2,028,625 |
4,522,761 | 3,515,095 |
Amounts falling due after more than one | year: |
Other debtors | 100,000 | 100,000 |
Aggregate amounts | 4,622,761 | 3,615,095 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 329,872 | 258,413 |
Hire purchase contracts (see note 20) | 24,167 | 11,053 |
Trade creditors | 674,613 | 610,905 |
Amounts owed to group undertakings | - | - |
Tax | 228,460 | 21,331 |
Social security and other taxes | 106,588 | 96,149 |
VAT | 399,390 | 395,579 | - | - |
Employee wages | 305,119 | 280,051 | - | - |
Pension contributions | 16,297 | 11,027 | - | - |
Other creditors and accruals | 3,029,154 | 2,846,313 |
5,113,660 | 4,530,821 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 19) | 7,212,350 | 4,840,978 |
Hire purchase contracts (see note 20) | 46,667 | 53,587 |
Other creditors and accruals | 832,500 | 632,500 |
8,091,517 | 5,527,065 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 329,872 | 258,413 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 86,400 | 62,463 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 929,785 | 749,082 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 6,196,165 | 4,029,433 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 24,167 | 11,053 |
Between one and five years | 46,667 | 53,587 |
70,834 | 64,640 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 1,111,287 | 1,123,680 |
Between one and five years | 3,570,740 | 3,691,115 |
In more than five years | 4,148,583 | 4,352,865 |
8,830,610 | 9,167,660 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 7,542,222 | 5,099,391 |
Hire purchase | 70,834 | 64,640 |
7,613,056 | 5,164,031 |
22. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 1,009,442 | 1,141,120 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 1,141,120 |
Provided during year | (131,678 | ) |
Balance at 31 March 2024 | 1,009,442 |
Total provisions relating to store refurbishments provision amount to £2,232,500, split as follows - |
Amounts falling due within one year held in other creditors & accruals - £1,600,000. |
Amounts falling due after more than one year held in other creditors & accruals - £632,500. |
The amounts falling due within one year relate to outlets which are due to be refurbished during the financial year ending 31 March 2025. The remaining outlets fall due for refurbishment in more than one year but within the next 5 years. |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 750 | 750 |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
24. | RESERVES |
Group |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 2,789,073 | 5,300,001 | (1,324,117 | ) | 6,764,957 |
Profit for the year | 1,337,028 | 1,337,028 |
Dividends | (260,000 | ) | (260,000 | ) |
At 31 March 2024 | 3,866,101 | 5,300,001 | (1,324,117 | ) | 7,841,985 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | 6,056,275 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 6,306,413 |
25. | PENSION COMMITMENTS |
The company is operating an auto enrolment pension scheme. During the year the company contributed £54,895 (2023: £49,343). Pension contributions owed at the balance sheet date were £17,151 (2023: £11,027). |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
26. | RELATED PARTY DISCLOSURES |
Larentia Capital Limited |
A company in which ACCA Group Limited is a shareholder. |
Amount due from related party at the balance sheet date is £569,885 (2023: £469,885). |
Dividends were paid to ACCA Group Limited this year totalling £340,000 (2023: £700,000). |
Management fees were received from Larentia Capital Limited during the year of £54,786 (2023: £54,786). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
SRK Group Limited |
A company in which ACCA Group Limited is a shareholder. |
Amount due to related party at the balance sheet date is £204,655 (2023: £104,655). |
Management fees were received from SRK Group Limited during the year of £4,214 (2023: £4,214). |
Costs were recharged this year of £100,000 (2023: £100,000). |
The loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
AAA Commercial Limited |
A company in which ACCA Group Limited is an indirect shareholder. |
Amount due from related party at the balance sheet date is £33,000 (2023: £33,000). |
The loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
WFF (York) Limited |
A company in which ACCA Group Limited is an indirect shareholder. |
Amount due from related party at the balance sheet date is £250,000 (2023: £250,000). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
York Group Limited |
A company in which ACCA Group Limited is a shareholder. |
Amount due from related party at the balance sheet date is £120,000 (2023: £100,000). |
Dividends were paid to ACCA Group Limited this year totalling £180,000. |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
Hawkins Developments Projects Limited |
A company in which ACCA Group Limited is a shareholder. |
Amount due from related party at the balance sheet date is £2,464,950 (2023: £1,649,950). |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
Viva Property Group Limited |
A company in which ACCA Group Limited is a shareholder. |
Amount due from related party as the balance sheet date is £391,474 (2023: £359,950). |
ACCA GROUP LIMITED (REGISTERED NUMBER: 12554615) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
This loan is unsecured, there is no interest payable and there are no agreed repayment terms. |
27. | ULTIMATE CONTROLLING PARTY |
The company is jointly controlled by J S Sohal and L S Sohal. |