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COMPANY REGISTRATION NUMBER: 09747302
Patty & Bun Holdings Ltd
Financial Statements
31 March 2024
Patty & Bun Holdings Ltd
Financial Statements
Period from 28 November 2022 to 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Patty & Bun Holdings Ltd
Officers and Professional Advisers
The board of directors
Mr N J Berger
Mr S. M. Garbutta
Mr J. L. Grossmann
Mr G. P. Loughran
Registered office
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Auditor
Brindley Goldstein Limited
Chartered accountants & statutory auditor
103 High Street
Waltham Cross
Herts
EN8 7AN
Patty & Bun Holdings Ltd
Strategic Report
Period from 28 November 2022 to 31 March 2024
The directors present their strategic report on Patty & Bun Holdings Ltd for the year ended 31 March 2024. Business review The company is a holding company for a group of companies operating in the hospitality sector. The company owns 100% of the issued share capital of Patty & Bun Ltd and Yogistic Limited. The results for the year ended 31 March 2024 are set out in the statement of Income and retained earnings on page 9. The company made a loss of £3,400 in the financial year (2022: £200,608 loss) and has net assets of £7,227,595 (2022: £7,230,995 net assets). At the year end, the company had £21,757 cash at bank (2022: £476,055). Key Performance Indicators The performance of the company is measured through the use of many statistical values, the two key being sales growth versus last year and profitability versus last year.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
Mr J. L. Grossmann
Director
Registered office:
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Patty & Bun Holdings Ltd
Directors' Report
Period from 28 November 2022 to 31 March 2024
The directors present their report and the financial statements of the company for the period ended 31 March 2024 .
Directors
The directors who served the company during the period were as follows:
Mr N J Berger
Mr S. M. Garbutta
Mr J. L. Grossmann
Mr G. P. Loughran
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
Mr J. L. Grossmann
Director
Registered office:
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Patty & Bun Holdings Ltd
Independent Auditor's Report to the Members of Patty & Bun Holdings Ltd
Period from 28 November 2022 to 31 March 2024
Opinion
We have audited the financial statements of Patty & Bun Holdings Ltd (the 'company') for the period ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: Identifying and testing journal entries and the overall accounting records, particularly those that were significant and unusual. Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. Assessing the extent of compliance, or lack of, with relevant laws and regulations. Testing key revenue lines, for evidence of management bias. Verification of key assets. Obtaining third-party confirmation of material balances. Documenting and verifying all significant related party balances and transactions. Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Mr Charles Goldstein
(Senior Statutory Auditor)
For and on behalf of
Brindley Goldstein Limited
Chartered accountants & statutory auditor
103 High Street
Waltham Cross
Herts
EN8 7AN
15 May 2025
Patty & Bun Holdings Ltd
Statement of Income and Retained Earnings
Period from 28 November 2022 to 31 March 2024
Period from
Period from
28 Nov 22 to
29 Nov 21 to
31 Mar 24
27 Nov 22
Note
£
£
Administrative expenses
35,978
91,868
Other operating income
4
32,578
--------
--------
Operating loss
( 3,400)
( 91,868)
Interest payable and similar expenses
6
108,740
--------
---------
Loss before taxation
( 3,400)
( 200,608)
Tax on loss
-------
---------
Loss for the financial period and total comprehensive income
( 3,400)
( 200,608)
-------
---------
Retained losses at the start of the period
( 519,140)
( 318,532)
---------
---------
Retained losses at the end of the period
( 522,540)
( 519,140)
---------
---------
All the activities of the company are from continuing operations.
Patty & Bun Holdings Ltd
Statement of Financial Position
31 March 2024
31 Mar 24
27 Nov 22
Note
£
£
Fixed assets
Investments
7
7,653,166
7,653,166
Current assets
Debtors
8
1,744,979
1,073,719
Cash at bank and in hand
21,757
476,055
------------
------------
1,766,736
1,549,774
Creditors: amounts falling due within one year
9
284,807
64,445
------------
------------
Net current assets
1,481,929
1,485,329
------------
------------
Total assets less current liabilities
9,135,095
9,138,495
Creditors: amounts falling due after more than one year
10
1,907,500
1,907,500
------------
------------
Net assets
7,227,595
7,230,995
------------
------------
Capital and reserves
Called up share capital
11
19,804
19,804
Share premium account
12
7,677,166
7,677,166
Other reserves, including the fair value reserve
12
53,165
53,165
Profit and loss account
12
( 522,540)
( 519,140)
------------
------------
Shareholders funds
7,227,595
7,230,995
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mr J. L. Grossmann
Director
Company registration number: 09747302
Patty & Bun Holdings Ltd
Statement of Cash Flows
Period from 28 November 2022 to 31 March 2024
31 Mar 24
27 Nov 22
£
£
Cash flows from operating activities
Loss for the financial period
( 3,400)
( 200,608)
Adjustments for:
Interest payable and similar expenses
108,740
Changes in:
Trade and other debtors
( 671,260)
( 1,073,719)
Trade and other creditors
21,744
979,694
---------
------------
Cash generated from operations
( 652,916)
( 185,893)
Interest paid
( 108,740)
---------
---------
Net cash used in operating activities
( 652,916)
( 294,633)
---------
---------
Cash flows from financing activities
Proceeds from loans from group undertakings
198,618
( 178,492)
---------
---------
Net cash from/(used in) financing activities
198,618
( 178,492)
---------
---------
Net decrease in cash and cash equivalents
( 454,298)
( 473,125)
Cash and cash equivalents at beginning of period
476,055
949,180
---------
---------
Cash and cash equivalents at end of period
21,757
476,055
---------
---------
Patty & Bun Holdings Ltd
Notes to the Financial Statements
Period from 28 November 2022 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have prepared detailed cashflow forecasts to 27 November 2024 which show that the group will be able to meet its liabilities as they fall due. Patty and Bun Ltd, a subsidiary, entered into a Company Voluntary Arrangement with its creditors.
Judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, the estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The key areas where estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities are as follows. Impairment of goodwill Determining whether goodwill is impaired requires an estimate of the value in use of the CGUs to which the goodwill has been allocated. The value in use calculation involves an estimate of the future cash flows of the CGUs and also the selection of an appropriate discount rate to calculate present values. Future cashflows are based on restaurant performance with margin based on past performance. Carrying value of tangible fixed assets Determining the carrying value of tangible fixed assets requires an estimate of the useful economic lives, residual values and depreciation methods of the individual class of assets and an assessment of any indication in a given year that may indicate an impairment at the reporting date. The director reviews the useful economic lives, residual values and depreciation methods on a regular basis and adjust if considered necessary. The directors also review the carrying value if there is any indication of a significant change from the previous reporting date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Other operating income
Period from
Period from
28 Nov 22 to
29 Nov 21 to
31 Mar 24
27 Nov 22
£
£
Other operating income
32,578
--------
----
5. Auditor's remuneration
Period from
Period from
28 Nov 22 to
29 Nov 21 to
31 Mar 24
27 Nov 22
£
£
Fees payable for the audit of the financial statements
8,531
----
-------
6. Interest payable and similar expenses
Period from
Period from
28 Nov 22 to
29 Nov 21 to
31 Mar 24
27 Nov 22
£
£
Other interest payable and similar charges
108,740
----
---------
7. Investments
Shares in group undertakings
£
Cost
At 28 November 2022 and 31 March 2024
7,653,166
------------
Impairment
At 28 November 2022 and 31 March 2024
------------
Carrying amount
At 31 March 2024
7,653,166
------------
At 27 November 2022
7,653,166
------------
Subsidiaries
Details of the company's subsidiaries at 28 November 2022 are as follows. All of the subsidiaries are incorporated in England and Wales and the company holds a 100% shareholding in the Ordinary share capital. The registered office of each subsidiary is 101 New Cavendish Street, 1st Floor South, London W1W 6XH
Name of undertaking Nature of business
Patty & Bun Ltd Trading
Yogistic Limited Trading
The company's subsidiary Yogistic Limited is exempt from audit by virtue of S479A of the Companies Act 2006.
8. Debtors
31 Mar 24
27 Nov 22
£
£
Amounts owed by group undertakings
1,534,979
1,073,719
Other debtors
210,000
------------
------------
1,744,979
1,073,719
------------
------------
9. Creditors: amounts falling due within one year
31 Mar 24
27 Nov 22
£
£
Amounts owed to group undertakings
198,618
Accruals and deferred income
47,250
47,250
Social security and other taxes
27,538
5,194
Other creditors
11,401
12,001
---------
--------
284,807
64,445
---------
--------
10. Creditors: amounts falling due after more than one year
31 Mar 24
27 Nov 22
£
£
Other creditors
1,907,500
1,907,500
------------
------------
11. Called up share capital
Issued, called up and fully paid
31 Mar 24
27 Nov 22
No.
£
No.
£
Ordinary A Shares of 1p each shares of £ 0.01 each
937,525
9,375
937,525
9,375
Ordinary B Shares of 1p each shares of £ 0.01 each
1,042,875
10,429
1,042,875
10,429
------------
--------
------------
--------
1,980,400
19,804
1,980,400
19,804
------------
--------
------------
--------
12. Reserves
Share option The company's parent undertaking operates an EMI Share option scheme for the key management employees of its subsidiary. The maximum term of current arrangements under the EMI scheme ends on 28 November 2027. Upon vesting, each option allows the holder to purchase one ordinary share at the pre-agreed option price.
13. Analysis of changes in net debt
At 28 Nov 2022
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
476,055
(454,298)
21,757
Debt due within one year
(198,618)
(198,618)
---------
---------
---------
476,055
( 652,916)
( 176,861)
---------
---------
---------