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Registered number: 09587927










KBEVERAGE LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
KBEVERAGE LTD
 

COMPANY INFORMATION


Directors
Mr Alok Yadav 
Mrs Kavita Yadav (resigned 19 December 2024)




Registered number
09587927



Registered office
Office Suite
Starbucks Ernest Gage Avenue

New Costessey

Norwich

NR5 0TX




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Anglia House, 6 Central Avenue

St Andrews Business Park

Thorpe St Andrew

Norwich

Norfolk

NR7 0HR





 
KBEVERAGE LTD
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 33


 
KBEVERAGE LTD
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
The director presents their strategic report for the period 1 December 2023 to 30 November 2024.
The principal activity of the Company during the period was the operation of franchised Starbucks stores.
The aim of the Company is to provide products to customers to the brand standards, whilst continuing to invest in development to open further outlets.

Business review
 
During the year ended 30 November 2024,  the Company opened six new stores, and acquired two stores, bringing the store count to 58. The sales for year amounted to £29,219,616 (18 month period to 30 November 2023: £31,694,932). The director is pleased with the performance, considering the economic pressures in the year.
Through the expansion of the Company, employment levels have increased. The Company takes the safety and wellbeing of its employees seriously, and various procedures are in place to ensure this. This includes the continued care and training for the Company’s disabled employees, and health and safety is paramount. All staff are made aware of the financial and economic factors affecting the performance of the Company.
With the opening of new stores, the Company continues to create employment opportunities for local communities and implement more environmentally-friendly procedures and equipment to help protect our planet.

Principal risks and uncertainties
 
The UK still remains in a cost of living crisis. Consumers may reduce their spending due to inflationary sales prices, but our coffee is generally considered an inelastic product, and consumer habits have been formed.
Competition from other coffee shops is a threat. However, the franchisor is confident of its loyalty scheme to maintain customers, which works well worldwide. Starbucks continues to grow its stores in the UK. 
Should the Bank of England increase interest rates dramatically in the future, this may create a cashflow issue for the Company. However, the general consensus amongst economists is interest rates have peaked for the foreseeable future and look to be reducing gradually in time, although inflationary pressures may slow the decline.

Financial key performance indicators
 
The director uses many key performance indicators (KPI's) throughout the running of the Company. 
Financial KPI's incude: 
                                                     2024                  2023
Total sales                                     £29,219,616       £31,694,932
Sales by store                                £503,786           £633,899 (Converted to a 12 month period: £422,599)
Cost of sales % to sales                 50%                  50%
Cost of labour % to sales                24%                  23%
These KPI's assist in understanding how each store is performing, and ensuring the largest controllable costs (labour and cost of sales) are within budget.
Number of sales transactions           4,416,433         5,331,146
Average value of transaction             £6.62               £5.95
These KPI's help to understand customer trends and allows the director to plan accordingly.

Page 1

 
KBEVERAGE LTD
 

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

Other key performance indicators
 
Other non-financial KPI's include: customer service ratings, health & safety compliance, store developments, and compliance with brand standards. 
The non-financial KPI's are used to ensure brand standards are being met.

Directors' statement of compliance with duty to promote the success of the Company
 
The director acts in a manner to promote the success of the Company for the benefit of its members as a whole, whilst maintaining a reputation of high standards of business conduct.  
Section 172(1) of the Companies Act 2006 requires the director to take into consideration the interests of the stakeholders in their decision making. The director continues to have regard to the interests of the Company's employees and other stakeholders, including the impact of its activities on the community, the environment, and the Company's reputation, when making decisions. By acting in good faith and fairly, the director considers what is most likely to promote the success of the Company in the long term.
The director is fully aware of his responsibilities to promote the success of the Company in accordance with Section 172 of the Companies Act 2006. To ensure the Company meets this, the director regularly reflects on how the Company engages with its stakeholders, and considers opportunities for enhancements to stakeholder engagement. Such stakeholders include employees, customers, suppliers, and the local community.


This report was approved by the board on 8 May 2025 and signed on its behalf.



Mr Alok Yadav
Director

Page 2

 
KBEVERAGE LTD
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The director presents his report and the financial statements for the year ended 30 November 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report 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 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 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Results and dividends

The profit for the year, after taxation, amounted to £192,372 (2023 - £1,096,169).

Dividends of £82,000 were declared during the year (2023 - £381,432).

Directors

The directors who served during the year were:

Mr Alok Yadav 
Mrs Kavita Yadav (resigned 19 December 2024)

Future developments

The Company plans to continue to open additional stores. It is aimed to open six new stores in the next 12 months. These will be funded partly by profits generated and additional finance.

Engagement with employees

Employees are a fundamental part of the performance of the Company, and communication is key to success.
This takes place by regular formal or informal meetings, where suggestions are encouraged to improve the day to day running of the business, with all views respected. Staff are supplied with all necessary training.

Page 3

 
KBEVERAGE LTD
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Engagement with suppliers, customers and others

The director and senior management, with the help of the franchisor, commits resources to understanding the needs of customers, ensuring the high standards of the brand are met. 
External suppliers are carefully reviewed to ensure the appropriate quality can be provided, whilst ensuring payment terms are adhered to.

Greenhouse gas emissions, energy consumption and energy efficiency action

Carbon emissions using locations based emissions factors
                                                                  Units                      2024                             2023
Turnover                                                           £                               29,219,616                    31,694,932 
Statement of Financial Position                              £                               3,994,192                    3,960,869 
Number of Employees                                       N                               623                             551 
   
Energy Inputs   
Total Electricity Purchases                           kWh                     3,321,768                   3,603,169 
Total Purchases Gas                                            kWh                             -                               - 
Total Energy Use                                                                       3,321,768                   3,603,169 
   
Emissions   
Scope 1 - Combustion of Gas                        kgCO2e                     -                              -   
Total Scope 1 Emissions                                  kgCO2e                     -                              -   
   
Scope 2 - Purchased Electricity                         kgCO2e                   687,772                  746,123 
Total Scope 2 Emissions                                  kgCO2e                   687,772                  746,123 
   
Total Emissions                                           kgCO2e                   687,772                  746,123 
Total Emissions                                                 tCO2e                   688                            746 
   
Carbon Intensity                                   tCO2e per £m Turnover         23.54                             23.54

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used 2023 UK Government's Conversion Factors for Company Reporting.

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million turnover.

Measures taken to improve energy efficiency
We are committed to sustainable practices and have made significant strides in improving energy efficiency across our operations. We have achieved the Greener Store Certification for 50 of our 58 stores. To obtain this certification in the UK, a store must meet 25 required standards across eight environmental impact areas, including:
Energy Efficiency
Water Stewardship
Waste Diversion
Responsible Materials
Renewable Energy
Engagement
Communities, Health, and Wellbeing Sites
 
Page 4

 
KBEVERAGE LTD
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

The process involves implementing sustainable practices, such as energy-efficient appliances and renewable energy installations, and undergoing third-party verification from organizations like SCS Global Services. Once verified, stores are awarded the Greener Store certification. Alongside these efforts, we have also installed solar panels in six of our stores, further reinforcing our commitment to reducing our environmental impact.

Disclosure of information to auditors

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

he 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.

Post balance sheet events

Details of the Company's post balance sheet events are disclosed in note 33.

Auditors

The auditorsPrice Bailey LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 May 2025 and signed on its behalf.
 





Mr Alok Yadav
Director

Page 5

 
KBEVERAGE LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBEVERAGE LTD
 

Opinion


We have audited the financial statements of KBeverage Ltd (the 'Company') for the year ended 30 November 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 November 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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.


Page 6

 
KBEVERAGE LTD
 

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


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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 3, 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 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 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.


Page 7

 
KBEVERAGE LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KBEVERAGE LTD (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 reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out reviews of journal entries and other adjustments for appropriateness, and evaluated the business rationale of significant or unusual transactions;
•We critically assessed significant estimates inherent in the financial statements. This involved considering estimates in light of our expectations which are formed on the basis of past experience and our knowledge of the company and its industry;
•We held discussions with those charged with governance, to enquire whether they are aware of any instances of non-compliance with laws and regulations;
•We reviewed legal expenses to identify any instances of non-compliance with laws and regulations;
•We reviewed correspondence with relevant regulators, to understand if any instances of non-compliance with key laws and regulations have occurred;
•We reviewed a sample of food hygiene ratings achieved across the stores to identify any non-compliance with relevant legislation;
•We undertook testing to confirm the existence of a sample of employees to ensure that no fictitious employees are paid, and also checked that said employees were being paid in accordance with their contracts of employment;
•We reviewed bank details of employees included on payroll, to ensure no duplicate accounts were being paid into;
•We reviewed a sample of expenditure and ensured appropriate authorisation had taken place in line with the Company’s policy;
•We obtained confirmation directly from the Company's bank, to confirm the accounts and balances held in their name at the balance sheet date;
We performed the procedures set out above after gaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and after considering the risk of acts by the Company contrary to applicable laws and regulations. We obtained this understanding from discussions with those charged with governance, who did not make the engagement team aware of any non-compliance with laws and regulations throughout the year or since the year end.
We also enquired with those charged with governance as to how they ensure the Company complies with the applicable legal & regulatory framework. The Company is subject to annual audits carried out by Starbucks ©, the findings of which are reported to key management. Furthermore the Company employs an internal auditor to perform regular checks across its range of stores to identify instances of non-compliance. Copies of Starbucks’ working practices are kept permanently at each store, and form part of the training programme undertaken by all employees. The Company also obtained advice from overseas employment specialists to ensure their employees are compliant with Right to Work legislation.
In performing the above procedures we focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Food Safety Act 1990, Health & Safety at Work Act 1974, The Town and Country Planning (Use Classes) Order 1987, Employment Rights Act 1996, Companies Act 2006 and UK tax legislation. As a franchisee, the Company is also governed by franchisor's regulations.

 
Page 8

 
KBEVERAGE LTD
 

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



Following detailed team briefings, the Responsible Individual has assessed that the audit engagement team collectively has the appropriate competence and capability to identify or recognise non-compliance with applicable laws and regulation. Nonetheless, 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.


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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Aaron Widdows ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norwich
Norfolk
NR7 0HR

8 May 2025
Page 9

 
KBEVERAGE LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

30 November
18-Month Period to 30 November
2024
2023
Note
£
£

  

Turnover
 4 
29,219,616
31,694,932

Cost of sales
  
(14,650,351)
(15,766,286)

Gross profit
  
14,569,265
15,928,646

Administrative expenses
  
(13,140,797)
(13,938,649)

Exceptional administrative expenses
 12 
347,578
-

Other operating income
 5 
39,605
136,757

Operating profit
 6 
1,815,651
2,126,754

Interest receivable and similar income
  
33,739
10,916

Interest payable and similar expenses
 10 
(841,241)
(801,893)

Profit before taxation
  
1,008,149
1,335,777

Tax on profit
 11 
(815,777)
(239,608)

Profit for the financial year
  
192,372
1,096,169

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
KBEVERAGE LTD
REGISTERED NUMBER: 09587927

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
7,174,255
7,726,862

Tangible assets
 14 
10,843,881
9,336,852

Investments
 15 
-
60,486

  
18,018,136
17,124,200

Current assets
  

Stocks
 16 
349,517
275,506

Debtors: amounts falling due within one year
 17 
4,314,118
4,306,170

Cash at bank and in hand
  
1,227,264
982,951

  
5,890,899
5,564,627

Creditors: amounts falling due within one year
 18 
(7,510,535)
(6,949,271)

Net current liabilities
  
 
 
(1,619,636)
 
 
(1,384,644)

Total assets less current liabilities
  
16,398,500
15,739,556

Creditors: amounts falling due after more than one year
 19 
(9,394,890)
(9,705,523)

Provisions for liabilities
  

Deferred taxation
 23 
(1,373,619)
(708,914)

Other provisions
 24 
(1,558,750)
(1,364,250)

  
 
 
(2,932,369)
 
 
(2,073,164)

Net assets
  
4,071,241
3,960,869


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account
 26 
4,071,141
3,960,769

  
4,071,241
3,960,869


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.


Mr Alok Yadav
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
KBEVERAGE LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2022
100
3,246,032
3,246,132


Comprehensive income for the period

Profit for the period
-
1,096,169
1,096,169


Contributions by and distributions to owners

Dividends: Equity capital
-
(381,432)
(381,432)



At 1 December 2023
100
3,960,769
3,960,869


Comprehensive income for the year

Profit for the year
-
192,372
192,372


Contributions by and distributions to owners

Dividends: Equity capital
-
(82,000)
(82,000)


At 30 November 2024
100
4,071,141
4,071,241


The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
KBEVERAGE LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,815,651
2,126,754

Adjustments for:

Amortisation of intangible assets
874,607
341,111

Depreciation of tangible assets
2,936,558
3,144,026

Disposal of fixed asset investments
60,486
-

Loss on disposal of fixed assets
-
16,067

(Increase) in stocks
(74,011)
(132,580)

(Increase) in debtors
(107,504)
(1,813,687)

Increase in creditors
566,461
2,530,469

(Decrease)/increase in amounts owed to group undertakings
(469,513)
365,745

Increase in provisions
-
654,750

Corporation tax received/(paid)
-
(500,172)

Net cash generated from operating activities

5,602,735
6,732,483


Cash flows from investing activities

Purchase of tangible and intangible fixed assets
(4,160,725)
(6,913,238)

Purchase of unlisted and other investments
-
(7,572,914)

Interest received
33,739
10,915

Net cash from investing activities

(4,126,986)
(14,475,237)

Cash flows from financing activities

New secured loans
-
8,800,000

Repayment of loans
(1,949,993)
(900,450)

Other new loans
-
1,088,622

Repayment of/new finance leases
1,559,798
(995,978)

Dividends paid
-
(381,432)

Interest paid
(841,241)
(801,893)

Net cash used in financing activities
(1,231,436)
6,808,869

Net increase/(decrease) in cash and cash equivalents
244,313
(933,885)

Cash and cash equivalents at beginning of year
982,951
1,916,836

Cash and cash equivalents at the end of year
1,227,264
982,951


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,227,264
982,951

1,227,264
982,951

Page 13

 
KBEVERAGE LTD
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024





At 1 December 2023
Cash flows
New hire purchase and finance leases
At 30 November 2024
£

£

£

£

Cash at bank and in hand

982,951

244,313

-

1,227,264

Debt due after 1 year

(8,172,396)

1,704,709

-

(6,467,687)

Debt due within 1 year

(6,806,722)

63,486

-

(6,743,236)

Finance leases

(2,241,438)

(4,246,164)

2,686,366

(3,801,236)


(16,237,605)
(2,233,656)
2,686,366
(15,784,895)

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

KBeverage Ltd is a private company limited by shares and incorporated in England & Wales, the registered number is: 09587927. The address of the registered office is Office Suite, Sarbucks Ernest Gage Avenue, New Costessey, Norwich, NR5 0TX. The company has no single place of business due to the nature of its principle activity.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £1.
The prior year financial statements cover the period from 1 June 2022 to 30 November 2023. The current year covers 365 days and hence the comparatives figures are not entirely comparable.

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 director believes the financial statements should be prepared on the going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the Company's needs. The director also considers such future plans to be feasible.
Projections, including cash flow forecasts, have been prepared using historical data and based on market expectations. The director believe the Company will be able to operate in the foreseeable future and continue its strategic business plan.
The director has considered a period of 12 months from the date of approval of the financial statements. The director believesthat no further disclosures relating to the Company's ability to continue as a going concern are required in the financial statements.

Page 15

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

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

The above conditions are met at the point of when goods are sold.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

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.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Borrowing costs

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

Page 16

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
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.

 
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 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

Exceptional items

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

Page 17

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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:

Goodwill
-
10
years
Franchise fees
-
10
years

 
2.12

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 18

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line.
Fixtures and fittings
-
15%
straight line.
Computer equipment
-
15%
straight line.
Dilapidation costs
-
over the lease term.

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

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

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.

 
2.16

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.

 
2.17

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.

Page 19

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.18

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 capitalised as they meet the criteria to be recognised as property, plant and equipment under Section 17 of FRS 102.

  
2.19

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.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.20

Dividends

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

Page 20

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. No judgments (apart from those involving estimates) have been made when preparing the financial statements. 
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Depreciation & amortisation
Management have estimated the useful economic life (UEL) of fixed assets and have in turn calculated a depreciation & amortisation charge based on the UEL. Depreciation charged in the year amounted to £2,936,558 (2023: £3,144,026). Amortisation charged in the year amounted to £874,607 (2023: £341,111).
Dilapidation provisions
The Company leases a number of properties, and the director assesses the likelihood and expected future liability for restoring the property to its original condition at each balance sheet date. The director uses specialists to assist in making this estimate. The carrying value of capitalised dilapidation provisions is  £1,148,505 (2023: £1,090,430). The carrying value of the provision itself is £1,558,750 (2023: £1,364,250).
Impairment of debtors
Management makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors; the director considers factors including credit worthiness and financial conditions of the stakeholder concerned.


4.


Turnover

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


2024
2023
£
£

Sales of goods
29,219,616
31,694,932

29,219,616
31,694,932


All turnover arose within the United Kingdom.

Page 21

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Other operating income

2024
2023
£
£

Net rents receivable
-
75,964

Insurance claims receivable
39,605
20,793

Sundry income
-
40,000

39,605
136,757



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Tangible fixed assets - depreciation
2,936,558
3,144,026

Intangible fixed assets - amortisation
874,607
341,111

Loss on disposal of tangible fixed assets
-
16,066

Operating lease rentals
2,819,997
3,203,802

Cost of defined contribution pension scheme
68,213
78,519


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
28,900
27,950

Assistance with preparation of the consolidated financial statements
2,300
2,250

Assistance with preparation of the corporation tax return
1,800
1,750

Other services
-
15,194
Page 22

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

8.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,663,896
6,771,041

Social security costs
343,996
344,228

Cost of defined contribution pension scheme
68,213
78,519

7,076,105
7,193,788


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


        2024
        2023
            No.
            No.







Directors
2
2



Admin & Management
8
9



Development
1
1



Store Staff
612
539

623
551


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
12,959
59,047

Company contributions to defined contribution pension schemes
87
378

13,046
59,425


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The director is considered to be the only key management personnel of the Company.

Page 23

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
3,197

Bank loan interest payable
641,774
655,428

Finance leases and hire purchase interest payable
199,467
143,268

841,241
801,893


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
151,072
-

Adjustments in respect of previous periods
-
(99,818)


151,072
(99,818)


Total current tax
151,072
(99,818)

Deferred tax


Origination and reversal of timing differences
664,705
339,426

Total deferred tax
664,705
339,426


815,777
239,608
Page 24

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

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

2024
2023
£
£


Profit on ordinary activities before tax
1,008,149
1,335,777


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
252,037
333,944

Effects of:


Expenses not deductible for tax purposes
14,245
-

Depreciation of ineligible tangible fixed assets
43,896
-

Amortisation of intangible fixed assets
186,299
-

Disposal of fixed asset investments
(86,895)
-

Adjustments to tax charge in respect of prior periods
-
(99,818)

Changes in the corporation tax rate
403,080
-

Other differences leading to an increase (decrease) in the tax charge
3,115
5,482

Total tax charge for the year/period
815,777
239,608


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

2024
2023
£
£


Intercompany loan write off
(408,064)
-

Disposal of fixed asset investments
60,486
-

(347,578)
-

Page 25

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Intangible assets




Franchise fees
Goodwill
Total

£
£
£



Cost


At 1 December 2023
1,251,529
7,451,942
8,703,471


Additions
272,000
50,000
322,000



At 30 November 2024

1,523,529
7,501,942
9,025,471



Amortisation


At 1 December 2023
697,161
279,448
976,609


Charge for the year
129,413
745,194
874,607



At 30 November 2024

826,574
1,024,642
1,851,216



Net book value



At 30 November 2024
696,955
6,477,300
7,174,255



At 30 November 2023
554,368
7,172,494
7,726,862



Page 26
 


 
KBEVERAGE LTD


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


14.


Tangible fixed assets






Assets under construction
Motor vehicles
Fixtures and fittings
Computer equipment
Dilapidation costs
Total

£
£
£
£
£
£



Cost or valuation


At 1 December 2023
326,429
66,855
14,460,702
4,991
1,364,250
16,223,227


Additions
123,498
21,385
4,000,436
-
194,500
4,339,819


Transfers intra group
-
-
122,113
-
-
122,113


Transfers between classes
(326,429)
-
326,429
-
-
-



At 30 November 2024

123,498
88,240
18,909,680
4,991
1,558,750
20,685,159



Depreciation


At 1 December 2023
-
27,647
6,583,341
1,567
273,820
6,886,375


Charge for the year
-
16,714
2,782,670
749
136,425
2,936,558


Transfers intra group
-
-
18,345
-
-
18,345



At 30 November 2024

-
44,361
9,384,356
2,316
410,245
9,841,278



Net book value



At 30 November 2024
123,498
43,879
9,525,324
2,675
1,148,505
10,843,881



At 30 November 2023
326,429
39,208
7,877,361
3,424
1,090,430
9,336,852

Included within fixtures and fittings, are fixed assets held under finance leases and hire purchase contracts, the net book value of such fixed assets at the year end were £5,332,438 (2023: £3,391,325). The depreciation charge for the year for lease fixed assets was £745,253 (2023: £678,159).

Page 27
 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

15.


Fixed asset investments





Investments in subsidiary companies

£





At 1 December 2023
60,486


Disposals
(60,486)



At 30 November 2024
-




Investments in subsidary companies, relates to the entire shareholding in GK Coffee Group Limited, which was dissolved on 24 September 2024.


16.


Stocks

2024
2023
£
£

Finished goods and goods for resale
349,517
275,506

349,517
275,506


The difference between purchase price or production cost of stocks and their replacement cost is not material.
There were no impairment losses recognised in the profit and loss (2023: £Nil). 

Page 28

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

17.


Debtors

2024
2023
£
£


Amounts owed by related parties
3,069,508
3,559,148

Other debtors
445,671
422,653

Prepayments and accrued income
798,939
324,369

4,314,118
4,306,170



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,280,373
1,525,657

Trade creditors
2,305,554
2,552,235

Amounts owed to group undertakings
-
365,745

Corporation tax
51,516
-

Other taxation and social security
442,280
156,376

Obligations under finance lease and hire purchase contracts
874,033
708,311

Other creditors
342,848
10,000

Accruals and deferred income
2,213,931
1,630,947

7,510,535
6,949,271



19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,467,687
8,172,396

Obligations under finance leases and hire purchase contracts
2,927,203
1,533,127

9,394,890
9,705,523


Hire purchase contracts are secured against the relevant assets. Repayments are made on a monthly basis. Interest is charged over the life of the loan, using the sum of digits method.
Bank and other loans are secured via debenture, including: fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 6 January 2016. 
Repayments are made on a monthly basis. Interest is charged monthly at rates between 2.25% and 2.98%, in excess of the Bank of England base rate.

Page 29

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,280,373
1,525,657

Amounts falling due 1-2 years

Bank loans
1,280,374
1,275,657

Amounts falling due 2-5 years

Bank loans
5,187,313
6,896,739

7,748,060
9,698,053



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
874,033
708,311

Between 1-5 years
2,820,992
584,435

Over 5 years
106,211
948,692

3,801,236
2,241,438


22.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,091,960
5,240,258


Financial liabilities


Financial liabilities measured at fair value through profit or loss
16,411,629
16,498,418


Financial assets measured at amortised cost comprise of cash at bank and in hand, trade and other debtors, and stock.
Financial liabilities measured at amortised cost comprise of bank and other loans, trade and other creditors, and obligations under hire purchase and finance leases.

Page 30

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.


Deferred taxation




2024
2023


£

£






At beginning of year
(708,914)
(369,488)


Charged to profit or loss
(664,705)
(339,426)



At end of year
(1,373,619)
(708,914)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,373,619)
(985,608)

Tax losses carried forward
-
276,694

(1,373,619)
(708,914)


24.


Provisions




Dilapidation provision

£





At 1 December 2023
1,364,250


Amounts capitalised during the period
194,500



At 30 November 2024
1,558,750


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

Ordinary shares have full voting, dividend, and capital distribution rights (including on winding up) associated. They do not confer any rights of redemption.



26.


Reserves

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid.

Page 31

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

27.


Contingent liabilities

There is an Unlimited Multilateral Guarantee dated 21 February 2023 given by the Company and a company related by virtue of common directorship. Due to the nature of the guarantee, it is impracticable to estimate the financial effect or uncertainties relating to the amount of timing of any possible outflow.


28.


Capital commitments


At 30 November 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
354,829
814,814


29.


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 £68,213 (2023: £78,519). Contributions totalling £31,705 (2023: £6,012) were payable to the fund at the balance sheet date and are included in creditors.


30.


Commitments under operating leases

At 30 November 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
3,308,820
2,691,913

Later than 1 year and not later than 5 years
11,896,778
9,591,104

Later than 5 years
18,875,625
12,433,999

34,081,223
24,717,016

At 30 November 2024 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:

2024
2023
£
£


Not later than 1 year
26,500
26,500

Later than 1 year and not later than 5 years
106,000
106,000

Later than 5 years
222,725
249,225

355,225
381,725

The Company receives rent on facilities for electric vehicle charging points. Rent is charged annually, and reflects the minimum amount due before any profit-share.

Page 32

 
KBEVERAGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

31.


Transactions with directors

During the year, amounts were advanced to the directors totalling £807 (2023: £418,463), and repayments were made totalling £333,654 (2023: £428,463). The balance due to the directors at the year end is £342,848 (2023: £10,000) and is included in other creditors.
No interest is charged on the directors' loan accounts.


32.


Related party transactions

Loans totalling £400,000 (2023: £2,134,001) were issued during the year, to companies related by virtue of common directorship. Repayments were made during the period totalling £904,011 (2023: £40,000). Expenses totalling £14,372 (2023: £12,360) were paid by the Company on behalf of the related companies. Amounts due at the year end totalled £3,069,508 (2023: £3,559,148) and are included in other debtors.
Loans totalling £Nil (2023: £270,000) were issued during the year, to a company related by virtue of a close family interest. Repayments were made during the year totalling £Nil (2023: £880,050). Amounts due at the year end totalled £Nil (2023: £Nil) and are included in other debtors.
Rent and insurance costs totalling £296,629 (2023: £292,068)  were charged to the Company during the year, by a company related by virtue of common directorship. 
Remuneration paid to close family members amounted to £8,584, which was deemed commercial and at an arm's length by the director.


33.


Post balance sheet events

Since the year end, the following subsequent events have occurred:
The Company has entered into additional finance lease and hire purchase agreements. The total finance received is £787,115 and will be repaid in instalments over 5 years.


34.


Controlling party

There is no ultimate controlling party.


Page 33