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Registered number: 05846304









SBR ENTERPRISES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
SBR ENTERPRISES LIMITED
 
 
COMPANY INFORMATION


Directors
Daniel Babar Zaman (appointed 1 December 2023)
Skandar Zaman (appointed 1 December 2023)
Haider Zaman (resigned 1 January 2024)




Company secretary
Naseem Zaman



Registered number
05846304



Registered office
1E Finsbury Park Road

Finsbury Pak

London

N4 2LA




Independent auditors
Hurkan Sayman & Co
Chartered Accountants & Statutory Auditor

291 Green Lanes

Palmers Green

London

N13 4XS





 
SBR ENTERPRISES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 32


 
SBR ENTERPRISES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Directors aim 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.

Business review
 
During the year the company continued to operate as a Costa franchisee.
It is with profound sadness that we report the passing of Mr. Haider Zaman, a valued Director, on 1 January 2024. The Board extends its deepest condolences and acknowledges Mr. Zaman’s invaluable contributions to the company’s success. His legacy will continue to guide our strategic vision.
The company recorded a slight increase in turnover, rising from £8,817,923 in 2023 to £8,820,162 in 2024. Key financial highlights include:
Gross Profit: Increased to £5,761,487 (2023: £5,603,518), reflecting improved gross profit margins driven by cost stabilisation and operational efficiencies.
EBITDA: Rose significantly to £714,573 (2023: £509,836), demonstrating effective cost management and the positive impact of prior strategic decisions.
Net Profit: The company achieved a net profit, contributing to an increase in net assets to £13,890,475 as at the balance sheet date (2023: £13,640,705).
The improvement in gross profit percentage (GP%) and EBITDA was primarily due to a reduction in inflationary pressures, stabilisation of utility costs following a period of volatility and benefits from closing underperforming stores in the prior year.
Looking forward, the company remains dedicated to its role as a Costa franchisee, with a focus on operational excellence and cost discipline. The Board will closely monitor economic conditions, prioritising strategies that enhance profitability and long-term sustainability. Investments in staff training, customer experience, and selective store optimisation will remain central to our growth strategy.
The company expresses its gratitude to its employees, customers, and stakeholders for their unwavering support during a challenging yet resilient year.

Principal risks and uncertainties
 
The company operates in a dynamic market and faces several risks and uncertainties that could impact its performance. These risks are regularly monitored, and mitigation strategies are implemented in collaboration with Costa, our franchisor, to ensure resilience and sustainable growth.
Evolving Consumer Preferences
Changes in consumer spending habits, driven by shifting preferences for healthier, sustainable, or value-driven offerings, pose a risk to revenue. The company mitigates this by continuously evolving its product mix, introducing innovative menu items, and aligning with Costa’s brand strategy to meet customer expectations.
Inflation and Cost Pressures
The UK’s ongoing high inflation environment significantly impacts key operating costs, including food, labour, and utilities. The company actively collaborates with Costa and utility agents to negotiate cost-effective contracts, optimise operational efficiencies, and incorporate projected cost increases into financial models to safeguard cash flow and profitability.

Page 1

 
SBR ENTERPRISES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
Financial Key Performance Indicators for the stores are the level of turnover, gross profit and EBITDA.
Turnover: £8,820,162 (2023: £8,817,923)
Gross profit: £5,761,487 (2023: £5,603,518)
EBITDA: £714,573 (2023: £509,836) 

Other key performance indicators
 
The principle non-financial key performance indicator is the performance against inspections by Costa and food hygiene ratings, and the company continued to achieve strong performance scores throughout the year.


This report was approved by the board on 9 May 2025 and signed on its behalf.



................................................
Skandar Zaman
Director

Page 2

 
SBR ENTERPRISES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £269,770 (2023 - £161,129).

The Director recommend and paid a dividend of £20,000 respect of the current financial period.

Directors

The directors who served during the year were:

Daniel Babar Zaman (appointed 1 December 2023)
Skandar Zaman (appointed 1 December 2023)
Haider Zaman (resigned 1 January 2024)

Future developments

The company continues to invest in the refurbishment of stores and training of staff to maintain sales and profit growth.

Page 3

 
SBR ENTERPRISES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial instruments

The company utilises a range of financial instruments, including cash, bank loans, and trade creditors, arising directly from its operations. These instruments are primarily employed to secure working capital, supporting the company’s operational and strategic objectives.The company utilises a range of financial instruments, including cash, bank loans, and trade creditors, arising directly from its operations. These instruments are primarily employed to secure working capital, supporting the company’s operational and strategic objectives.
Risk Management
The directors identify interest rate risk and liquidity risk as the primary risks associated with the company’s financial instruments. To mitigate these, the Board establishes and regularly reviews risk management policies, which have remained consistent with the prior year.
I
nterest rate risk
The company funds its operations through a combination of bank loans and operational cash flows. The directors have opted for a floating interest rate structure, deeming it optimal for the company’s financial strategy, with ongoing monitoring to ensure alignment with market conditions.
Liquidity risk
The company manages liquidity risk by maintaining sufficient cash reserves to meet foreseeable operational needs and investing surplus funds securely. Cash flow is monitored weekly, and significant acquisitions are supported by pre-secured funding to ensure financial stability.
The company maintains adequate levels of cash and cash equivalents to fulfil its operational requirements effectively.
Other Risks
The directors proactively assess risks stemming from utility, food, and wage inflation. To mitigate these, the company invests in staff training to enhance operational efficiencies and reduce food and energy wastage, ensuring cost-effective practices across its operations.

Disclosure of information to auditors

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

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

Auditors

The auditorsHurkan Sayman & Cowill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 May 2025 and signed on its behalf.
 





................................................
Skandar Zaman
Director

Page 4

 
SBR ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED
 

Opinion


We have audited the financial statements of SBR ENTERPRISES LIMITED (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

 
SBR ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

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


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


Page 6

 
SBR ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

We obtained an understanding of the legal and regulatory framework applicable to the company, through discussions with the Directors and from our general commercial experience. We determined which laws and regulations were of most significance in the context of the company being compliant with Costa franchisee obligations, food hygiene regulations and those laws which are directly relevant to specific assertions in the financial statements, being United Kingdom Accounting Standard (Financial Reporting Standards 102), and applicable law (the Companies Act 2006 and tax legislations).
We understood how the company is complying with those legal and regulatory frameworks, by making enquiries of the Directors of known or suspected instances of non-compliance with laws and regulations. We corroborated our enquiries through our review of legal expenses incurred during the year and online searches. We reviewed the financial statement disclosures to assess compliance with the relevant laws and regulations discussed above. We remained alert to any indications of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussing with the Directors to understand where it is considered there was a susceptibility of fraud.
We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements, and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

 
SBR ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED (CONTINUED)



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.





Hasan Hurer BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
Hurkan Sayman & Co
 
Chartered Accountants
Statutory Auditor
  
291 Green Lanes
Palmers Green
London
N13 4XS

9 May 2025
Page 8

 
SBR ENTERPRISES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,820,162
8,817,923

Cost of sales
  
(3,058,487)
(3,214,405)

Gross profit
  
5,761,675
5,603,518

Administrative expenses
  
(5,464,201)
(5,503,150)

Other operating income
 5 
283,277
213,795

Fair value movements
  
-
29,802

Other operating charges
  
(10,803)
(6,459)

Operating profit
 6 
569,948
337,506

Interest receivable and similar income
 10 
7,660
7,255

Interest payable and similar expenses
 11 
(212,853)
(171,927)

Profit before tax
  
364,755
172,834

Tax on profit
 12 
(94,985)
(11,705)

Profit for the financial year
  
269,770
161,129

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 32 form part of these financial statements.

Page 9

 
SBR ENTERPRISES LIMITED
REGISTERED NUMBER: 05846304

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
9,208
17,979

Tangible assets
 15 
573,035
728,822

Investment property
 16 
4,770,000
4,770,000

  
5,352,243
5,516,801

Current assets
  

Stocks
 17 
34,551
33,635

Debtors: amounts falling due within one year
 18 
12,921,802
12,448,530

Bank and cash balances
  
561,121
1,107,358

  
13,517,474
13,589,523

Creditors: amounts falling due within one year
 19 
(2,425,340)
(2,337,876)

Net current assets
  
 
 
11,092,134
 
 
11,251,647

Total assets less current liabilities
  
16,444,377
16,768,448

Creditors: amounts falling due after more than one year
 20 
(2,060,185)
(2,631,762)

Provisions for liabilities
  

Deferred tax
 22 
(493,717)
(495,981)

  
 
 
(493,717)
 
 
(495,981)

Net assets
  
13,890,475
13,640,705


Capital and reserves
  

Called up share capital 
 23 
1
1

Investment property reserve
  
1,971,509
1,971,509

Profit and loss account
  
11,918,965
11,669,195

  
13,890,475
13,640,705


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.

................................................
Daniel Babar Zaman
Director

Page 10

 
SBR ENTERPRISES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
1
1,940,181
11,664,394
13,604,576


Comprehensive income and profit for the year

Profit for the year
-
-
161,129
161,129

Transfer to investment property revaluation reserve
-
-
(31,328)
(31,328)
Total profit for the year
-
-
129,801
129,801


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(125,000)
(125,000)

Transfer from profit and loss account
-
31,328
-
31,328



At 1 July 2023
1
1,971,509
11,669,195
13,640,705


Comprehensive income and profit for the year

Profit for the year
-
-
269,770
269,770
Total profit for the year
-
-
269,770
269,770


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(20,000)
(20,000)


At 30 June 2024
1
1,971,509
11,918,965
13,890,475


Page 11

 
SBR ENTERPRISES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
269,770
161,129

Adjustments for:

Amortisation of intangible assets
10,771
12,863

Depreciation of tangible assets
120,245
166,645

Loss on disposal of tangible assets
13,610
22,623

Interest paid
212,853
171,927

Interest received
(7,660)
(7,255)

Taxation charge
94,986
11,705

(Increase)/decrease in stocks
(917)
725

(Increase)/decrease in debtors
(473,272)
73,890

(Decrease)/increase in creditors
(39,807)
520,991

Net fair value losses/(gains) recognised in P&L
-
(29,802)

Corporation tax received/(paid)
956
(188,022)

Net cash generated from operating activities

201,535
917,419


Cash flows from investing activities

Purchase of intangible fixed assets
(2,000)
-

Purchase of tangible fixed assets
(21,849)
(68,819)

Sale of tangible fixed assets
43,781
5,055

Interest received
7,660
7,255

Net cash from investing activities

27,592
(56,509)

Cash flows from financing activities

Repayment of loans
(542,511)
(530,947)

Dividends paid
(20,000)
(125,000)

Interest paid
(212,853)
(171,927)

Net cash used in financing activities
(775,364)
(827,874)

Net (decrease)/increase in cash and cash equivalents
(546,237)
33,036

Cash and cash equivalents at beginning of year
1,107,358
1,074,322

Cash and cash equivalents at the end of year
561,121
1,107,358


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
561,121
1,107,358
Page 12

 
SBR ENTERPRISES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£


561,121
1,107,358


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 
SBR ENTERPRISES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

1,107,358

(546,237)

561,121

Debt due after 1 year

(2,631,762)

571,577

(2,060,185)

Debt due within 1 year

(532,949)

(28,963)

(561,912)


(2,057,353)
(3,623)
(2,060,976)

The notes on pages 15 to 32 form part of these financial statements.

Page 14

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

SBR Enterprises Limited is a private company limited by share capital, incorporated in England and Wales, registration number 0546304. The address of the registered office is 1E Finsbury Park Road, London, N4 2LA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have assessed the Going Concern basis of the company for a period of at least twelve months following the approval of these financial statements. Based on this assessment, the Directors are confident that the company will continue to operate as a going concern. This confidence is supported by the company's sustained profitability, continued growth in its net asset position, and robust financial position. Furthermore, post-year-end, the company successfully restructured its bank loans, extending borrowing terms and securing improved loan conditions, which further strengthens its financial stability and liquidity.

 
2.3

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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of food, beverages and merchandise is recognised at the point of sale.
Rental income
Rental income from investment properties is recognised on a straight-line basis over the term of the lease. The aggregate cost of incentives provided to lessees is recognised as a reduction of rental income over the lease term on a straight-line basis. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.

Page 15

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
2.7

Borrowing costs

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

 
2.8

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.

Page 16

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.


 
2.10

Intangible assets

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

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

 The estimated useful lives range as follows:

Franchise fees
-
10
years being the term of the franchise agreement

 
2.11

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.

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.

Page 17

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Short-term leasehold property
-
Straight line over the period of the lease (10-25 years)
Fixtures, fittings and equipment
-
25% reducing balance basis
Motor vehicles
-
25% reducing balance basis
Computer equipment
-
20% straight line basis

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

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

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.14

Stocks

Stocks are stated at the lower of cost and the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Financial instruments

Page 18

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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

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

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Page 19

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Debtors

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

 
2.17

Cash and cash equivalents

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

In the 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.

 
2.18

Creditors

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

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 20

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
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 the Profit and Loss Account 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.
Dilapidation provisions are added to the book value of the assets at the point of fitting out a store and is depreciated through the Profit and Loss Account over the term of the lease. During the year, the company has reversed the full amount of dilapidation provisions due to estimates based on past events and future expectations.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgments, estimates and assumptions. The items in the financial statements where these judgments and estimates have been made include:
    a. Basis of depreciation rates (note 2.11)
    b. Valuation of investment properties (note 2.13)
    
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 


4.


Turnover

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

All turnover arose within the United Kingdom.

Page 21

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Other operating income

2024
2023
£
£

Other operating income
20,000
-

Net rents receivable
263,277
209,875

Insurance claims receivable
-
3,920

283,277
213,795





6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
871,034
814,080


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,000
8,000

8.


Employees

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


Remuneration paid to key management personnel in the year was £150,963 (2023: £145,559).

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


        2024
        2023
            No.
            No.







Retail staff
192
215



Head office and administrative staff
5
5

197
220


Page 22

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Wages and salaries
3,000,251
2,867,491

Social security costs
193,870
165,733

Pension costs
38,866
35,942

3,232,987
3,069,166


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
45,769
-

45,769
-



10.


Interest receivable

2024
2023
£
£


Other interest receivable
7,660
7,255

7,660
7,255


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
211,860
171,833

Other interest payable
993
94

212,853
171,927

Page 23

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
97,250
46,448

Adjustments in respect of previous periods
-
(10,156)


97,250
36,292


Total current tax
97,250
36,292

Deferred tax


Origination and reversal of timing differences
(2,265)
(24,587)

Total deferred tax
(2,265)
(24,587)


94,985
11,705

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
364,755
172,834


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
91,189
35,424

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,575
11,664

Capital allowances for year in excess of depreciation
486
5,469

Adjustments to tax charge in respect of prior periods
-
(10,156)

Non-taxable income
-
(6,109)

Deferred tax movement
(2,265)
(24,587)

Total tax charge for the year
94,985
11,705

Page 24

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends on Ordinary Shares
20,000
125,000

20,000
125,000


14.


Intangible assets




Franchise fees

£



Cost


At 1 July 2023
128,631


Additions
2,000



At 30 June 2024

130,631



Amortisation


At 1 July 2023
110,652


Charge for the year on owned assets
10,771



At 30 June 2024

121,423



Net book value



At 30 June 2024
9,208



At 30 June 2023
17,979



Page 25

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets





Freehold property
Short-term leasehold property
Fixtures, fittings and equipment
Motor vehicles
Computer equipment

£
£
£
£
£



Cost


At 1 July 2023
291,103
73,117
3,837,017
50,583
10,672


Additions
-
-
21,849
-
-


Disposals
-
-
(376,167)
(50,583)
-



At 30 June 2024

291,103
73,117
3,482,699
-
10,672



Depreciation


At 1 July 2023
52,936
63,264
3,402,812
10,117
4,542


Charge for the year on owned assets
5,822
4,559
107,729
-
2,134


Disposals
-
-
(359,242)
(10,117)
-



At 30 June 2024

58,758
67,823
3,151,299
-
6,676



Net book value



At 30 June 2024
232,345
5,294
331,400
-
3,996



At 30 June 2023
238,167
9,853
434,205
40,467
6,130
Page 26

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           15.Tangible fixed assets (continued)


Total

£



Cost


At 1 July 2023
4,262,492


Additions
21,849


Disposals
(426,750)



At 30 June 2024

3,857,591



Depreciation


At 1 July 2023
3,533,671


Charge for the year on owned assets
120,244


Disposals
(369,359)



At 30 June 2024

3,284,556



Net book value



At 30 June 2024
573,035



At 30 June 2023
728,822

included within freehold property costs is land not depreciated of £80,000 (2023: £80,000).

Page 27

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
4,770,000



At 30 June 2024
4,770,000

The 2024 valuations were made by the Directors, on a fair value basis





17.


Stocks

2024
2023
£
£

Food, beverages and packaging
34,551
33,635

34,551
33,635


Page 28

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Debtors

2024
2023
£
£


Trade debtors
14,353
16,718

Other debtors
12,535,402
12,069,930

Prepayments and accrued income
372,047
361,882

12,921,802
12,448,530



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
561,912
532,846

Trade creditors
678,548
733,004

Corporation tax
144,654
46,448

Other taxation and social security
265,486
241,895

Other creditors
365,070
255,223

Accruals and deferred income
409,670
528,460

2,425,340
2,337,876



20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,060,185
2,631,762

2,060,185
2,631,762


Page 29

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
561,912
532,846

Amounts falling due 1-2 years

Bank loans
1,980,185
560,699

Amounts falling due 2-5 years

Bank loans
80,000
2,071,062


2,622,097
3,164,607


Bank loans are secured by way of a fixed charge over the freehold and investment properties of the company.


22.


Deferred taxation




2024


£






At beginning of year
(495,981)


Charged to profit or loss
2,264



At end of year
(493,717)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
48,582
46,318

Fair value movements on investment properties
(542,299)
(542,299)

(493,717)
(495,981)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Page 30

 
SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.Share capital (continued)

1 (2023 - 1) Ordinary share of £1.00
1
1



24.


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 £38,866 (2023: £35,942). Contributions totalling £5,245 (2023: £8,883) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
723,000
576,000

Later than 1 year and not later than 5 years
1,554,000
1,752,000

Later than 5 years
1,117,000
847,000

3,394,000
3,175,000


26.


Transactions with directors

                                                                                  2024                      2023
                                                                                     £                             £
Amounts owing to the director bf:                              (103)                      (921)
Dividends payable:                                                         -                 (123,000)
Rent charged to the company:                              (20,000)                 (40,000)
Payments to and on behalf of the director:             20,103                 163,058
Interest charged on overdue loan amounts:                    -                        760
Amounts owing to the director cf:                                   -                      (103)

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SBR ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


Related party transactions

During the year the company was charged rent charges of £86,000 (2023: £86,000) from a company with common shareholders and Directors.
During the year the company incurred rent charges of £20,000 (2023: £Nil) from the shareholders of the company.
Included within Other Debtors at the year end are loan amounts of £12,500,647 (2023: £12,036,929) due to companies which are under the control of the Directors and their immediate family. The loans are unsecured, free of interest and repayable on demand.
Included within Other Creditors due in less than one year is a loan amount of £306,684 (2023: £206,684) due to a company under common control. The loans is unsecured, free of interest and repayable on demand. 


28.


Controlling party

Throughout the current and previous year the company was under the control of its Director, Mr Haider Zaman.
On 1 January 2024 Mr Haider Zaman passed away and the company is currently under the control of Daniel Zaman.

 
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