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REGISTERED NUMBER: 07160663 (England and Wales)


























Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31 March 2024

for

Alderforce North Limited

Alderforce North Limited (Registered number: 07160663)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Alderforce North Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R J Adil





SECRETARY: M Adil





REGISTERED OFFICE: 34-36 London Road
Wembley
Middlesex
HA9 7EX





REGISTERED NUMBER: 07160663 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Alderforce North Limited (Registered number: 07160663)

Strategic Report
for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

The Director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end by reflection of the size and non-complex nature of the business.

REVIEW OF BUSINESS
During the year, the company continued to operate as a KFC franchisee.

The Director is pleased to report an increase in turnover from £35,475,613 to £37,446,291.

The gross profit of the company has increased from 7,852,814 to 9,210,263 along with the gross profit percentages increasing from 22.1% to 24.6%.

An increase in profit before taxation has been reported, increasing to £1,128,333 (2023: £564,251).

The company recorded a net cash inflow from operating activities of £1,779,159 (2023: net inflow of £1,132,396). Net assets at the balance sheet date amounted to £9,471,389 (2023: £8,571,075).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks of the company are changes in consumer spending habits, the entry of new competitors within geographical areas in which the company operates and changes in government controls and policies towards the fast food industry. The company continues to monitor this and KFC has continued to evolve its menu and set appropriate recommended prices.

Other Risks

The Director continues to assess risks arising from food and wage inflation by budgeting and reducing wastage and targeting sales growth to counter act reducing margins.

SECTION 172(1) STATEMENT
The board of directors of Alderforce North Limited consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below.

The company's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests. Information of matters of concern to employees is given through the information bulletins and reports which seeks to achieve a common awareness on the part of all employees of the financial economic factors affecting the company's performance.

The company engages with suppliers on terms appropriate to its size and pays supplier invoices promptly.

The company relies on strong customer satisfaction and scorings. Customer service and engagement is key for the company's long term success and we measure customer satisfaction on their feedback to us both in store and online. The Director's give regular feedback to KFC to provide suggestions which it feels will assist in meeting customer needs.

Community engagement by staff is encouraged and a number of staff are actively engaged with projects within their own communities. The company seeks to engage with its local community and regularly donates to UK charities.

The company is responsible for compiling and rolling out key regional policies that are applicable for our colleagues and suppliers, and include key risk coverage. Our major policies include: Code of Conduct, Anti-Bribery and Corruption Policy, Health and Safety Policy and Data Protection Policy.

Beyond this, our Environmental Policy outlines our commitment to compliance and to improving performance across key areas such as energy and carbon, waste and packaging and water usage.

FINANCIAL KEY PERFORMANCE AREAS
Financial Key Performance Indicators for the the company are the level of turnover, gross profit and EBITDA.

Turnover: £37,446,291 (2023: £35,475,613)
Gross profit: £9,210,263 (2023: £7,852,814).
EBITDA: £1,942,854 (2023: £1,346,980)


Alderforce North Limited (Registered number: 07160663)

Strategic Report
for the Year Ended 31 March 2024

OVERALL KEY PERFORMANCE INDICATORS
The principal non-financial key performance indicator is the performance against inspections by Kentucky Fried Chicken, and the company continues to achieve satisfactory performance throughout the year.

ON BEHALF OF THE BOARD:





R J Adil - Director


24 March 2025

Alderforce North Limited (Registered number: 07160663)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The company's principal activity is that of operating as a KFC franchisee.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

The profit for the year, after taxation, amounted to £900,314 (2023: £441,073).

FUTURE DEVELOPMENTS
Stores will continue to be refurbished in order to meet KFC guidelines and remain at a high standard.

DIRECTOR
R J Adil held office during the whole of the period from 1 April 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The company uses a variety of financial instruments, including cash, inter-company debt and trade creditors that arise from its operations. The main purpose of these financial instruments are to provide working capital for the company's operations.

The company is financed with appropriate short-term finance to match the need of the business and enable the company to utilise is working capital in the most effective way.

ENGAGEMENT WITH EMPLOYEES
The company's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through the information bulletins and reports which seeks to achieve a common awareness on the part of all employees of the financial economic factors affecting the company's performance.

Disabled employees

The company's policy to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

STREAMLINED ENERGY AND CARBON REPORTING
The reporting period is the most recent financial year 01/04/2023 to 31/03/2024. This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement.

The carbon figures have been calculated using the DESNZ 2023 carbon conversion factors for all fuels, other than the market based electricity which has been taken from EDF as the UK supplier.


The Company's greenhouse gas emissions and energy consumption are as follows:

Scope Description Emissions Source tCO2e
2023/24 2022/23
Scope 1 Combustion of fuel on On Site: Natural Gas Location based 151 176
site and transportation Market based 151 176
Scope 2 Purchased energy Electricity, EV Location based 1,393 1,290
Market based 55 -
Scope 3 Indirect emissions Employee Business Location based - -
Mileage Market based - -
Total Location based 1,544 1,466
Market based 206 176
Intensity tCO2e / £m Turnover Location based 41.2 41.3
Ratio Market based 5.5 5.0
Energy Total kWh consumed Electricity, Natural Gas, Diesel, EV 7,550,477 7,621,982
Ratio Renewable % Electricity 96%

Alderforce North Limited (Registered number: 07160663)

Report of the Director
for the Year Ended 31 March 2024


Year on Year Emissions Changes
- Alderforce North Ltd's location based emissions increased from 1466 tCO2e in 2022/23 to 1544 tCO2e in 2023/24, this is an emissions increase of 5.3%.
- Scope 1 emissions decreased from 176 tCO2e in 2022/23 to 151 tCO2e in 2023/24, this is an emissions reduction of 14.2%. This is due to a reduction in both natural gas consumption and transport emissions. Natural gas consumption decreased from 916,757 kWh to 823,714 kWh, this resulted in an emissions decrease of 16 tCO2e associated with natural gas consumption.
- Scope 1 transport emissions were reduced from 9 tCO2e to 0 tCO2e this is due to moving to electric vehicles during the reporting period.
- Scope 2 electricity consumption increased from 6,669,657 kWh in 2022/23 to 6,726,763 kWh in 2023/24, this is a 0.9% increase in consumption. Scope 2 location based emissions increased from 1290 tCO2e in 2022/23 to 1393 tCO2e in 2023/24. Market based emissions also increase from 0 tCO2e to 55 tCO2e.
- Alderforce North Ltd report their intensity ratio on a turnover basis. Emissions per £m turnover decreased from 41.3 tCO2e/£m turnover in 2022/23 to 41.2 tCO2e/£m turnover in 2023/24.

Energy Efficiency Actions taken
- Implementation of strict opening and closing procedures to reduce wastage and further work is ongoing to delivery efficiencies each year.

DISCLOSURE IN THE STRATEGIC REPORT
Information previously included in the directors' report in respect of the business review, key performance indicators and principal risks and uncertainties can now be found in the strategic report in accordance with S414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R J Adil - Director


24 March 2025

Report of the Independent Auditors to the Members of
Alderforce North Limited

Opinion
We have audited the financial statements of Alderforce North Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its 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 company 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

Report of the Independent Auditors to the Members of
Alderforce North Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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 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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations 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 identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the
entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its
legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end
journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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.

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.




Paul Colcomb FCCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

24 March 2025

Alderforce North Limited (Registered number: 07160663)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 37,446,291 35,475,613

Cost of sales 28,236,028 27,622,799
GROSS PROFIT 9,210,263 7,852,814

Administrative expenses 8,071,907 7,496,792
1,138,356 356,022

Other operating income 4 138,096 330,511
OPERATING PROFIT 6 1,276,452 686,533

Interest receivable and similar income 78,031 55,907
1,354,483 742,440

Interest payable and similar expenses 7 226,150 178,189
PROFIT BEFORE TAXATION 1,128,333 564,251

Tax on profit 8 228,019 123,178
PROFIT FOR THE FINANCIAL YEAR 900,314 441,073

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

900,314

441,073

Alderforce North Limited (Registered number: 07160663)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 294,301 154,688
Tangible assets 10 2,641,336 2,589,360
2,935,637 2,744,048

CURRENT ASSETS
Stocks 11 94,520 161,988
Debtors 12 15,953,332 15,323,790
Cash at bank and in hand 3,922,667 3,629,749
19,970,519 19,115,527
CREDITORS
Amounts falling due within one year 13 10,470,231 9,854,439
NET CURRENT ASSETS 9,500,288 9,261,088
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,435,925

12,005,136

CREDITORS
Amounts falling due after more than one
year

14

(2,389,633

)

(2,859,158

)

PROVISIONS FOR LIABILITIES 17 (574,903 ) (574,903 )
NET ASSETS 9,471,389 8,571,075

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 9,471,289 8,570,975
SHAREHOLDERS' FUNDS 9,471,389 8,571,075

The financial statements were approved by the director and authorised for issue on 24 March 2025 and were signed by:





R J Adil - Director


Alderforce North Limited (Registered number: 07160663)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 8,129,902 8,130,002

Changes in equity
Total comprehensive income - 441,073 441,073
Balance at 31 March 2023 100 8,570,975 8,571,075

Changes in equity
Total comprehensive income - 900,314 900,314
Balance at 31 March 2024 100 9,471,289 9,471,389

Alderforce North Limited (Registered number: 07160663)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,967,379 1,632,397
Interest paid - (2,384 )
Tax paid (188,220 ) (497,617 )
Net cash from operating activities 1,779,159 1,132,396

Cash flows from investing activities
Purchase of intangible fixed assets (199,794 ) (46,176 )
Purchase of tangible fixed assets (658,740 ) (461,096 )
Sale of tangible fixed assets 543 1,000
Interest received 78,031 55,907
Net cash from investing activities (779,960 ) (450,365 )

Cash flows from financing activities
Loan repayments in year (480,131 ) (535,603 )
Interest paid (226,150 ) (175,805 )
Net cash from financing activities (706,281 ) (711,408 )

Increase/(decrease) in cash and cash equivalents 292,918 (29,377 )
Cash and cash equivalents at beginning
of year

2

3,629,749

3,659,126

Cash and cash equivalents at end of year 2 3,922,667 3,629,749

Alderforce North Limited (Registered number: 07160663)

Notes to the 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 1,128,333 564,251
Depreciation charges 664,822 659,885
Loss on disposal of fixed assets 1,580 562
Finance costs 226,150 178,189
Finance income (78,031 ) (55,907 )
1,942,854 1,346,980
Decrease/(increase) in stocks 67,468 (50,587 )
(Increase)/decrease in trade and other debtors (629,542 ) 1,266,457
Increase/(decrease) in trade and other creditors 586,599 (930,453 )
Cash generated from operations 1,967,379 1,632,397

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 3,922,667 3,629,749
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 3,629,749 3,659,126


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 3,629,749 292,918 3,922,667
3,629,749 292,918 3,922,667
Debt
Debts falling due within 1 year (607,025 ) 10,606 (596,419 )
Debts falling due after 1 year (2,859,158 ) 469,525 (2,389,633 )
(3,466,183 ) 480,131 (2,986,052 )
Total 163,566 773,049 936,615

Alderforce North Limited (Registered number: 07160663)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Alderforce North Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods
Turnover from the sale of food, beverages and merchandise is recognised at the point of sale.

Operating leases: the Company 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.

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

The estimated useful lives range as follows:

Franchise fees - 10 years

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 and reducing balance basis.

The estimated useful lives range as follows:

Short-term leasehold property - Over the period of the lease being 10 - 20 years
Motor vehicles - 25% reducing balance
Fixtures and fittings - 20% reducing balance; over the period of the lease being 10 - 20 years
Office equipment - 20% straight line

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

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

Alderforce North Limited (Registered number: 07160663)

Notes to the 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
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Current and deferred taxation
The tax expense for the year 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.

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

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

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.

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 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 Company's cash management.

Alderforce North Limited (Registered number: 07160663)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Judgments in applying accounting policies and key sources of estimation uncertainty
In the process of applying its accounting policies, the company is required to make certain estimates, judgments and assumptions that it believes are reasonable based on the information available. These judgments, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.

On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

Management has made judgment over the following accounting policies:
- The estimated useful economic lives of fixtures, fittings and equipment; and
- Dilapidation provisions which are calculated by management based on their expectations of costs in reference to store type and size.

3. TURNOVER

The whole of the turnover is attributable to the company's principal activity.

All turnover arose within the United Kingdom.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 34,529 51,888
Government grants 103,567 278,623
138,096 330,511

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 9,113,178 8,458,251
Social security costs 437,704 366,001
Other pension costs 101,247 136,070
9,652,129 8,960,322

The average number of employees during the year was as follows:
2024 2023

Management and office staff 7 7
Restaurant staff 697 740
704 747

Alderforce North Limited (Registered number: 07160663)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. EMPLOYEES AND DIRECTORS - continued

Key management compensation paid in the year was £nil (2023: £nil).

2024 2023
£    £   
Director's remuneration 377,674 -

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
2024
£   
Emoluments etc 377,674

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 604,641 619,196
Loss on disposal of fixed assets 1,580 562
Franchise fees amortisation 60,181 40,689
Auditors' remuneration 40,020 37,000
Auditors' remuneration for non audit work 2,080 7,093

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 223,947 155,245
Other loan interest payable 2,203 20,560
Other interest on overdue tax - 2,384
226,150 178,189

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 227,835 71,759
Prior year under provision 184 -
Total current tax 228,019 71,759

Deferred tax - 51,419
Tax on profit 228,019 123,178

UK corporation tax has been charged at 25% (2023 - 19%).

Alderforce North Limited (Registered number: 07160663)

Notes to the 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 1,128,333 564,251
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

282,083

107,208

Effects of:
Expenses not deductible for tax purposes 3,042 6,630
Capital allowances in excess of depreciation (57,501 ) (42,186 )
Change in deferred tax provision - 51,419
Loss on disposal 395 107
Total tax charge 228,019 123,178

The Corporation Tax main rate for 1 April 2022 is set at 19% and it is at this rate until 31 March 2023. From 1 April 2023, the Corporation Tax main rate for non-ring fenced profits will be increased to 25% applying to profits over £250,000. This will effect the company's corporation tax charges accordingly.

9. INTANGIBLE FIXED ASSETS
Franchise
fees
£   
COST
At 1 April 2023 418,435
Additions 199,794
At 31 March 2024 618,229
AMORTISATION
At 1 April 2023 263,747
Amortisation for year 60,181
At 31 March 2024 323,928
NET BOOK VALUE
At 31 March 2024 294,301
At 31 March 2023 154,688

Alderforce North Limited (Registered number: 07160663)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 277,354 9,543,892 23,400 24,045 9,868,691
Additions 10,382 648,358 - - 658,740
Disposals - - (10,998 ) - (10,998 )
At 31 March 2024 287,736 10,192,250 12,402 24,045 10,516,433
DEPRECIATION
At 1 April 2023 149,326 7,101,612 18,576 9,817 7,279,331
Charge for year 12,334 586,348 1,149 4,810 604,641
Eliminated on disposal - - (8,875 ) - (8,875 )
At 31 March 2024 161,660 7,687,960 10,850 14,627 7,875,097
NET BOOK VALUE
At 31 March 2024 126,076 2,504,290 1,552 9,418 2,641,336
At 31 March 2023 128,028 2,442,280 4,824 14,228 2,589,360

11. STOCKS
2024 2023
£    £   
Food, drinks and consumables 94,520 161,988

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 728,801 199,387
Other debtors 14,277,685 14,214,125
Prepayments and accrued income 946,846 910,278
15,953,332 15,323,790

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 596,419 607,025
Trade creditors 3,444,985 4,202,434
Tax 227,835 188,036
Social security and other taxes 246,291 75,901
VAT 470,766 86,101
Other creditors 4,546,772 4,013,332
Accruals and deferred income 937,163 681,610
10,470,231 9,854,439

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 2,389,633 2,859,158

Alderforce North Limited (Registered number: 07160663)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 596,419 607,025

Amounts falling due between one and two years:
Bank loans - 1-2 years 617,437 620,059

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,500,507 1,722,327

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 271,689 516,772

The company has entered into various secured long-term loans that are repayable in monthly and quarterly instalments. Interest is charged at varying rates between 2% and 2.75% above the Bank of England Base Rate.

Bank loans are secured by a first legal charge over the leasehold assets of the company and a debenture comprising fixed and floating charges over all the assets and undertakings of the company, including all present and future leasehold property, book and other debts, chattels, and goodwill and uncalled capital, both present and future.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,300,282 1,319,407
Between one and five years 5,008,870 5,078,782
In more than five years 5,495,670 6,664,840
11,804,822 13,063,029

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 198,903 198,903
Other provisions 376,000 376,000
574,903 574,903

Deferred Other
tax provisions
£    £   
Balance at 1 April 2023 198,903 376,000
Charge in year
Balance at 31 March 2024 198,903 376,000

Provisions for dilapidation costs are recorded on the date in which leasehold properties are altered and the liability of repair is crystalized. Provisions are capitalised and depreciated over the period of the lease with one to eighteen years remaining on the leases.

Alderforce North Limited (Registered number: 07160663)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

19. RESERVES
Retained
earnings
£   

At 1 April 2023 8,570,975
Profit for the year 900,314
At 31 March 2024 9,471,289

20. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £101,247 (2023: £136,070). Contributions totalling £32,175 (2023: £20,005) were payable to the fund at the balance sheet date and are included in creditors.

21. CONTINGENT LIABILITIES

The company is part of a cross-guarantee for the bank debts of Erindale Ltd, a company under common control. The maximum amount payable under this guarantee at 31 March 2024 is £1,121,000 (2023: £1,121,000).

22. RELATED PARTY DISCLOSURES

Included within Other Debtors at the year end are loan amounts of £14,277,685 (2023: £14,578,993) due from companies under common control. The loans have arisen from inter company funding in the current and prior years. The loans are unsecured, repayable on demand and free of interest.

Included within Other Creditors at the year end are loan amounts of £133,472 (2023: £809,953) due to companies under common control. The loans have arisen from inter company funding in the current and prior years. The loans are unsecured, repayable on demand and free of interest.

Included within Other Debtors at the year end are loan amounts of £Nil (2023: £188,510) due from companies in which the controlling party and Director holds a minority shareholding and are under common control of his immediate family members. The loans have arisen from inter company funding in the current and prior years. The loans are unsecured, repayable on demand and free of interest.

Included within Other Creditors at the year end are loan amounts of £2,727,470 (2023: £2,872,154) due to companies in which the controlling party and Director holds a minority shareholding and are under common control of his immediate family members. The loans have arisen from inter company funding in the current and prior years. The loans are unsecured, repayable on demand and free of interest.

Related party transactions
Included within administrative expenses in the year are rental charges of £785,951 (2023: £939,950) charged by companies under common control. Included within trade creditors at the year end is a balance of £326,863 (2023: £923,445).

Included within trade debtors at the year end is a balance of £47,831 (2023: £72,701).

23. CONTROLLING PARTY

The controlling party is R J Adil.