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Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
COMPANY INFORMATION
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SBR ENTERPRISES LIMITED
CONTENTS
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SBR ENTERPRISES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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.
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SBR ENTERPRISES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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)
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The directors who served during the year were:
The company continues to invest in the refurbishment of stores and training of staff to maintain sales and profit growth.
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SBR ENTERPRISES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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. Interest 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.
The auditors, Hurkan Sayman & Co, will 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.
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SBR ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED
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 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).
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.
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.
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SBR ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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SBR ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SBR ENTERPRISES LIMITED (CONTINUED)
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.
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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.
for and on behalf of
Chartered Accountants
Statutory Auditor
291 Green Lanes
Palmers Green
N13 4XS
9 May 2025
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SBR ENTERPRISES LIMITED
STATEMENT OF COMPREHENSIVE INCOME INCLUDING THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
REGISTERED NUMBER: 05846304
BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.
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SBR ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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.
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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:
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.
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (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:
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.
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.
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (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
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (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.
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. 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. 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.
The whole of the turnover is attributable to the company's principal activity.
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
15.Tangible fixed assets (continued)
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The 2024 valuations were made by the Directors, on a fair value basis
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 29
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 30
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SBR ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
23.Share capital (continued)
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.
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
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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