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Registration number: 11566526

Eat The Bird Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Eat The Bird Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Eat The Bird Ltd

(Registration number: 11566526)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

103,973

103,922

Current assets

 

Stocks

5

32,625

21,960

Debtors

6

191,467

104,428

Cash at bank and in hand

 

21,839

54,510

 

245,931

180,898

Creditors: Amounts falling due within one year

7

(734,222)

(354,311)

Net current liabilities

 

(488,291)

(173,413)

Total assets less current liabilities

 

(384,318)

(69,491)

Creditors: Amounts falling due after more than one year

7

(16,524)

(26,852)

Net liabilities

 

(400,842)

(96,343)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(400,843)

(96,344)

Shareholders' deficit

 

(400,842)

(96,343)

 

Eat The Bird Ltd

(Registration number: 11566526)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

Mr P M Hughes
Director

   
     
 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1
Coal Orchard
Taunton
Somerset
TA1 1AE

These financial statements were authorised for issue by the Board on 15 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Going concern

The directors have considered the company’s position carefully in terms of future viability, and remain confident of the company’s position.

The pretax loss of £280,000 in the year under review was adversely impacted by the following factors:

1. Upward pressure on food and utility costs following the pandemic
2. Exceptional costs of just under £100,000
3. Carrying of management costs incurred ready for the company’s planned roll out across Southern England

Adjustment of the trading loss for these factors would reduce the loss to circa £120,000, which would have been significantly better than the loss forecast for the year under review.

The directors are pleased to confirm the following:

1. £150,000 of new equity was invested during 2024, further reducing the balance sheet deficit.
2. The company returned to profit in 2024, with a profit of circa £300,000 forecast in 2025, based on current trading performance. In addition to continued growth in revenue, this has been underpinned by an increase of over 6% in gross margin, arising from tight management controls.
3. The company is now attracting significant interest from equity and debt providers to support its planned roll out programme, based on brand strength and identified, quality locations for new sites.

Recognising the challenging trading climate of the last two years, the directors are confident of the company’s future position based on the above factors, and now look forward to consistent, profitable growth.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

10% Straight Line

Fixtures & Fittings

20% Straight Line

Computer Equipment

25% Straight Line

Leasehold Improvements

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 55 (2022 - 37).

 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Leasehold improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Computer Equipment
£

Cost or valuation

At 1 January 2023

22,382

37,160

51,790

6,132

Additions

-

2,844

13,010

1,490

At 31 December 2023

22,382

40,004

64,800

7,622

Depreciation

At 1 January 2023

790

5,421

6,451

880

Charge for the year

2,238

7,802

5,574

1,679

At 31 December 2023

3,028

13,223

12,025

2,559

Carrying amount

At 31 December 2023

19,354

26,781

52,775

5,063

At 31 December 2022

21,592

31,739

45,339

5,252

Total
£

Cost or valuation

At 1 January 2023

117,464

Additions

17,344

At 31 December 2023

134,808

Depreciation

At 1 January 2023

13,542

Charge for the year

17,293

At 31 December 2023

30,835

Carrying amount

At 31 December 2023

103,973

At 31 December 2022

103,922

5

Stocks

2023
£

2022
£

Other inventories

32,625

21,960

 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

24,922

-

Prepayments

19,856

1,097

Other debtors

146,689

103,331

191,467

104,428

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

160,030

9,609

Trade creditors

 

90,671

82,504

Social security and other taxes

 

427,750

196,891

Other creditors

 

22,999

20,297

Accruals

 

16,185

43,981

Corporation tax liability

16,587

1,029

 

734,222

354,311

Due after one year

 

Loans and borrowings

8

16,524

26,852

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,524

26,852

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,040

9,609

Other borrowings

149,990

-

160,030

9,609

 

Eat The Bird Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £317,917 (2022 - £362,292).

10

Related party transactions

Summary of transactions with key management

Interest is being charged on the loan balance at the approved HMRC rate.
 

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr D J Aldridge

-

-

-

-

Director's Loan Account

13,765

55,751

(19,461)

50,055

13,765

55,751

(19,461)

50,055

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr D J Aldridge

Director's Loan Account

(3)

47,157

(33,389)

13,765

(3)

47,157

(33,389)

13,765