Company registration number 11825450 (England and Wales)
FLOUR POWER GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FLOUR POWER GROUP LIMITED
COMPANY INFORMATION
DIRECTORS
Mr M R Scaife
Mr C S Reid
Mr V K Patel
Ms M S Musselwhite
(Appointed 11 April 2023)
COMPANY NUMBER
11825450
REGISTERED OFFICE
146-156 Sarehole Road
Birmingham
B28 8DT
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
FLOUR POWER GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 11
Profit and loss account
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 43
FLOUR POWER GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The business operates a vertically integrated bakery, producing handmade cakes and patisserie items which are distributed across three primary channels under the Patisserie Valerie brand:

 

The financial year ended 31 March 2024 was one of stabilization and move towards growth. Building on the previous year’s foundation, the company has taken significant steps to simplify operations, improve efficiency, and reposition the brand for long-term, sustainable growth.

FUTURE OUTLOOK
The group continues to focus on developing new opportunities for more people to enjoy Patisserie Valerie handmade cakes and pastries. This will be done by creating new, convenient ways for customers to buy across all three channels and by introducing new handmade products for different occasions.
The directors are focussed on several priorities in order to drive value creation within the group:
- Ecommerce growth: building on the success of the established D2C channel by broadening the range of products and digital channels to attract new customers, increase frequency of purchase and average order value.
- Franchise expansion: working with experienced franchise partners to open patisseries in new locations relevant for our brand.
- Wholesale diversification: expanding supply of our lovingly handmade products to hospitality and retail accounts on a branded and own label basis.
- Investment in people, processes and innovation: continuing to support our exceptional teams to support the growth of the business.
- Cost discipline: ensuring our business grows sustainably and scales profitably across all channels.
- ESG and responsible sourcing: Embedding environmental, social, and governance considerations into business decision-making, with a focus on reducing waste, sourcing ethically, and supporting sustainable growth.

 

FLOUR POWER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
PRINCIPAL RISKS AND UNCERTAINTIES

The group’s risk register is regularly reviewed by the Board. Key risks include:

FINANCIAL KEY PERFORMANCE INDICATORS

The primary financial performance indicators are Revenue and EBITDA. The directors measure the performance of individual stores using these key metrics. A summary of the financial key performance indicators is:

KPI
2024
2023
Turnover
£20,349,578
£25,286,614
Average number of employees
167
131
EBITDA pre exceptionals - continuing operations
£154,691
(£969,775)
Net current liabilities
(£1,786,936)
(£1,606,770)
ESG AND SUSTAINABILITY

ESG and sustainability are core priorities for the group. The business is committed to reducing its environmental impact, upholding strong social responsibility, and maintaining appropriate standards of governance.

 

During the period, the group made meaningful progress, including:

 

•    Advancing work on packaging recyclability and food waste reduction through product innovation

•    Reviewing energy consumption at production and store level with renewable suppliers

•    Maintaining the group’s net zero status

 

The group continues to engage external consultants to support its ESG strategy. This collaboration will assist the group in the development of a long-term ESG roadmap and has supported the business in retaining its net zero status.

FLOUR POWER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
HEALTH AND SAFETY

The group promotes the health and safety of all its employees as well as suppliers, customers or visitors

whilst on our premises. We are committed as a group to prevent injury and ill health and strive towards

continual improvement in all our operations. We consult with our employees, who have an active participation in all our activities that have a safety related context to eliminate hazards and reduce risks.

MODERN SLAVERY ACT 2015

The group has defined policies on legislation, child labour, conditions of employment, wages and benefits,

health and safety and the environment. These policies include our policy of antislavery and zero tolerance of human trafficking.

 

The group undertakes all reasonable and practical steps to ensure that standards are being implemented

throughout the group's own operational and administrative business, along with that of our suppliers, in

addition to local legislation and regulations being complied with. Any instances of non-compliance will be assessed on a case by case basis with appropriate remedial action when required.

 

The group will only trade with those who fully comply with this policy or are taking verifiable steps towards full compliance. This statement is approved and will be reviewed on a timely basis by the full Board of Directors pursuant to section 54(1) of the Modern Slavery Act 2015.

CULTURE AND VALUES

The group recognised the importance of having the right corporate culture. Our long term success depends

on achieving our strategic goals the right fair way, so we look after the best interest of our shareholders,

customers, people, suppliers and other stakeholders

On behalf of the board

Mr M Scaife
Director
2 June 2025
FLOUR POWER GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and the audited financial statements of Flour Power Group Limited (trading as Patisserie Valerie) for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES

The business operates a vertically integrated bakery, producing handmade cakes and patisserie items which are distributed across three primary channels under the Patisserie Valerie brand:

•    E-commerce via the group’s owned website and selected online platforms

•    Retail through a mix of group-operated stores and third-party franchisees

•    Wholesale to strategic B2B partners, including foodservice and retail clients

 

The financial year ended 31 March 2024 was one of stabilization and move towards growth. Building on the previous year’s foundation, the company has taken significant steps to simplify operations, improve efficiency, and reposition the brand for long-term, sustainable growth.

RESULTS AND DIVIDENDS

The consolidated profit after taxation for the financial year was £3.7m (2023: loss of £3.6m). The group’s EBITDA (pre-exceptionals) for the year was £(1.1)m (2023: £(1.8)m).

 

No dividend has been declared or paid during the financial year (2023: £nil), and the directors do not recommend a dividend in respect of the year ended 31 March 2024.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M R Scaife
Mr C S Reid
Mr J A Fleming
(Resigned 29 October 2024)
Ms J L Hughes-Ward
(Resigned 24 January 2024)
Mr V K Patel
Ms M S Musselwhite
(Appointed 11 April 2023)
FLOUR POWER GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
GOING CONCERN

The directors have assessed the ability of the company and group to continue as a going concern. Group forecasts for the 12-month period to 31 March 2026 show an EBITDA of £0.5m and a net loss of £2.1m, with the group relying on refinancing of its senior debt facility (balance of £1m due in August 2025).

The Group has had positive engagement with lenders and working capital funding providers. At the time of writing this report, the business has secured substantial working capital funding to support the continued growth of its online business. In addition, meaningful progress has been made on the Group's business interruption insurance claim related to COVID-19. Combined, these developments are expected to provide the business with sufficient capacity to repay its incumbent lender within the facility timeframe. The Group continues to explore additional funding options in addition to the above.

In addition, the group’s primary shareholder, Causeway Capital Partners I LP, has confirmed that it does not intend to call its shareholder loan within 12 months of the date of these financial statements.

Hence the directors continue to adopt the going concern basis in the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STRATEGIC REPORT

The group has chosen in accordance with s414C(11) Companies Act 2006 to set out in the Strategic report information required by Schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulation 2008 to be contained on the Directors’ report. It has done so in respect of discussion of future developments.true

FLOUR POWER GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M R Scaife
Director
2 June 2025
FLOUR POWER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLOUR POWER GROUP LIMITED
- 7 -
Disclaimer of opinion

We were engaged to audit the financial statements of Flour Power Group Limited (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of cash flows, the group statement of changes in equity, the company statement of changes in equity and the notes to the financial statements, which include significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the group. Because of the significance of the matters described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

We were unable to obtain sufficient appropriate audit evidence regarding the financial information for Patisserie Valerie Stores Limited or Patisserie Valerie Retail Limited which is significant to the consolidated financial statements. Patisserie Valerie Retail Limited entered liquidation in October 2022 with Patisserie Valerie Stores Limited following in January 2024. Due to the liquidation, we were unable to access the accounting records, supporting documentation or management representations for these subsidiaries, in the current and prior year. We were unable to perform alternative audit procedures to satisfy ourselves as to the accuracy and completeness of the financial information of these entities.

Emphasis of matter

We draw attention to Note 12, which provides details on the valuation of the freehold property held by the group. The directors have assessed the property's value based on their internal estimates and judgments, taking into account key factors such as the local market, the property's condition, and its location. Consequently, there is inherent uncertainty regarding the accuracy and reliability of this valuation. However, our opinion remains unmodified in respect of this matter.

FLOUR POWER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLOUR POWER GROUP LIMITED
- 8 -

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

 

 

Opinions on other matters prescribed by the Companies Act 2006

Based on the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Notwithstanding our disclaimer of opinion on the financial statements, in the light of the knowledge and understanding of the group and it's environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors' report.

 

Arising from the limitation of our work referred to above:

 

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:

 

FLOUR POWER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLOUR POWER GROUP LIMITED
- 9 -
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 parent 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 parent 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 responsibility is to conduct an audit of the group's financial statements in accordance with International Standards of Auditing (UK) and to issue an auditor's report. However because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

 

Detecting irregularities
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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
FLOUR POWER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLOUR POWER GROUP LIMITED
- 10 -
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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FLOUR POWER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLOUR POWER GROUP LIMITED
- 11 -

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.

Jonathan Harrhy
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
3 June 2025
FLOUR POWER GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Continuing
Discontinued
31 March
Continuing
Discontinued
2 April
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
TURNOVER
3
11,319,756
9,029,822
20,349,578
22,953,308
2,333,306
25,286,614
Cost of sales
(6,339,924)
(2,891,990)
(9,231,914)
(10,622,380)
(1,093,630)
(11,716,010)
GROSS PROFIT
4,979,832
6,137,832
11,117,664
12,330,928
1,239,676
13,570,604
Administrative expenses
(4,940,301)
(7,517,538)
(12,457,839)
(13,553,439)
(2,086,943)
(15,640,382)
Other operating income
-
-
-
-
12,881
12,881
Exceptional item
4
7,167,904
156,344
7,324,248
(385,230)
118,978
(266,252)
OPERATING PROFIT/(LOSS)
5
7,207,435
(1,223,362)
5,984,073
(1,607,741)
(715,408)
(2,323,149)
Interest payable and similar expenses
8
(2,724,505)
-
(2,724,505)
(2,565,313)
-
(2,565,313)
Gain/(Loss) on disposal of subsidiary
-
436,531
436,531
-
1,293,768
1,293,768
PROFIT/(LOSS) BEFORE TAXATION
4,482,930
(786,831)
3,696,099
(4,173,054)
578,360
(3,594,694)
Tax on profit/(loss)
9
-
-
-
-
-
-
PROFIT/(LOSS) FOR THE FINANCIAL YEAR
24
4,482,930
(786,831)
3,696,099
(4,173,054)
578,360
(3,594,694)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
FLOUR POWER GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 13 -
31 March 2024
2 April 2023
Notes
£
£
FIXED ASSETS
Tangible assets
12
1,518,914
1,970,120
CURRENT ASSETS
Stocks
15
978,639
1,273,649
Debtors
16
1,310,649
3,420,430
Cash at bank and in hand
405,712
821,798
2,695,000
5,515,877
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
17
(4,481,936)
(7,122,647)
NET CURRENT LIABILITIES
(1,786,936)
(1,606,770)
TOTAL ASSETS LESS CURRENT LIABILITIES
(268,022)
363,350
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
18
(16,764,423)
(21,083,884)
PROVISIONS FOR LIABILITIES
Deferred tax liability
20
(93,750)
(105,482)
NET LIABILITIES
(17,126,195)
(20,826,016)
CAPITAL AND RESERVES
Called up share capital
23
13,720
10,000
Revaluation reserve
24
281,250
281,250
Profit and loss reserves
24
(17,421,165)
(21,117,266)
TOTAL EQUITY
(17,126,195)
(20,826,016)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

FLOUR POWER GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
Mr M R Scaife
Director
Company registration number 11825450 (England and Wales)
FLOUR POWER GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 15 -
31 March 2024
2 April 2023
Notes
£
£
FIXED ASSETS
Investments
13
2,000
2,000
CURRENT ASSETS
Debtors
16
-
0
10,000
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
17
(1,999,939)
(404,000)
NET CURRENT LIABILITIES
(1,999,939)
(394,000)
TOTAL ASSETS LESS CURRENT LIABILITIES
(1,997,939)
(392,000)
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
18
-
(1,609,659)
NET LIABILITIES
(1,997,939)
(2,001,659)
CAPITAL AND RESERVES
Called up share capital
23
13,720
10,000
Profit and loss reserves
24
(2,011,659)
(2,011,659)
TOTAL EQUITY
(1,997,939)
(2,001,659)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £2,011,659 loss).

The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
02 June 2025
Mr M R Scaife
Director
Company registration number 11825450 (England and Wales)
FLOUR POWER GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
BALANCE AT 28 MARCH 2022
10,000
375,000
(17,522,572)
(17,137,572)
YEAR ENDED 2 APRIL 2023:
Loss for the year
-
-
(3,594,694)
(3,594,694)
Other comprehensive income:
Tax relating to other comprehensive income
-
(93,750)
-
0
(93,750)
Total comprehensive income
-
(93,750)
(3,594,694)
(3,688,444)
BALANCE AT 2 APRIL 2023
10,000
281,250
(21,117,266)
(20,826,016)
YEAR ENDED 31 MARCH 2024:
Profit and total comprehensive income
-
-
3,696,099
3,696,099
Issue of share capital
23
3,720
-
-
3,720
BALANCE AT 31 MARCH 2024
13,720
281,250
(17,421,165)
(17,126,195)
FLOUR POWER GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 28 MARCH 2022
10,000
-
0
10,000
YEAR ENDED 2 APRIL 2023:
Loss and total comprehensive income for the year
-
(2,011,659)
(2,011,659)
BALANCE AT 2 APRIL 2023
10,000
(2,011,659)
(2,001,659)
YEAR ENDED 31 MARCH 2024:
Profit and total comprehensive income
-
-
-
0
Issue of share capital
23
3,720
-
3,720
BALANCE AT 31 MARCH 2024
13,720
(2,011,659)
(1,997,939)
FLOUR POWER GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2024
2023
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) for the year after tax
3,696,099
(3,594,694)
Adjustments for:
Finance costs
2,724,505
2,348,481
Waived shareholder interest
(7,900,773)
-
0
Loss on disposal of tangible fixed assets
4,422
-
Gain on disposal of subsidiaries
(436,531)
(1,292,768)
Amortisation and impairment of intangible assets
-
132,959
Depreciation and impairment of tangible fixed assets
242,259
121,653
Movements in working capital:
Decrease in stocks
295,010
411,011
Decrease/(increase) in debtors
1,845,239
(2,358,830)
(Decrease)/increase in creditors
(2,267,053)
2,091,718
Increase in deferred income
79,183
-
Cash absorbed by operations
(1,717,640)
(2,140,470)
Interest paid
(187,478)
(274,276)
Net cash inflow from operating activities
(1,905,118)
(2,414,746)
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(834,234)
(585,995)
Net cash generated from investing activities
(834,234)
(585,995)
FINANCING ACTIVITIES
Proceeds from issue of shares
3,720
-
Proceeds from borrowings
2,592,664
3,121,135
Repayment of bank loans
(273,118)
(363,499)
Net cash generated from financing activities
2,323,266
2,757,636
NET INCREASE IN CASH AND CASH EQUIVALENTS
(416,086)
(243,105)
Cash and cash equivalents at beginning of year
821,798
1,064,903
CASH AND CASH EQUIVALENTS AT END OF YEAR
405,712
821,798
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
1
ACCOUNTING POLICIES
Company information

Flour Power Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 146-156 Sarehole Road, Birmingham, B28 8DT.

 

The group consists of Flour Power Group Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements are for a period of 52 weeks ended 31 March 2024 (2023: 52 week period ended 2 April 2023).

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 20 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Flour Power Group Limited together with all entities controlled by the parent company and subsidiaries.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage

has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

- No cash flow statement has been prepared by the parent company;

- Disclosures in respect of financial instruments have not been presented, and;

- No disclosure has been given for the aggregate remuneration of key management personnel of the parent company as their remuneration is included in the totals of the group as a whole.

1.5
Going concern

The directors have assessed the ability of the company and group to continue as a going concern. Group forecasts for the 12-month period to 31 March 2026 show an EBITDA of £0.5m and a net loss of £2.1m, with the group relying on refinancing of its senior debt facility (balance of £1m due in August 2025).

The Group has had positive engagement with lenders and working capital funding providers. At the time of writing this report, the business has secured substantial working capital funding to support the continued growth of its online business. In addition, meaningful progress has been made on the Group's business interruption insurance claim related to COVID-19. Combined, these developments are expected to provide the business with sufficient capacity to repay its incumbent lender within the facility timeframe. The Group continues to explore additional funding options in addition to the above.

In addition, the group’s primary shareholder, Causeway Capital Partners I LP, has confirmed that it does not intend to call its shareholder loan within 12 months of the date of these financial statements.

Hence the directors continue to adopt the going concern basis in the financial statements.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 21 -
1.6
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is a 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:

 

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

 

1.7
Intangible fixed 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 the group’s share 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 consolidated statement of comprehensive income over it’s useful economic life of ten years.

1.8
Intangible fixed assets other than goodwill

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

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

Amortisation is charged so as to allocate the cost of the assets less their residual value over their useful lives, using the straight line method.

 

Amortisation is provided on the following basis:

Brand
- over 5 years
Trademark
- over 5 years
Computer software
- over 5 years
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 22 -
1.9
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.

Freehold property is stated at fair value which is determined annually by the directors and derived from the current market rates and property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specified asset.

Any revaluation surplus is recognised in other comprehensive income and credited to the revaluation surplus in equity. To the extent that any revaluation decrease or impairment loss has been recognised in the statement of comprehensive income, a revaluation increase is credited to the statement of comprehensive income with the remaining part of the increase recognised in other comprehensive income.

Any revaluation surplus remaining in equity on disposal is transferred to the profit and loss reserve in equity.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

No depreciation is charged on freehold property because the estimated residual values of the assets are not materially different from the carrying amount of the assets. The properties are fully maintained and repaired with all related costs expensed to the statement of comprehensive income.

 

Depreciation is provided on the following basis:

Freehold land and Buildings
- over 50 years
Leasehold Improvements
- over 5 years
Plant and equipment
- over 5 years
Fixtures and fittings
- over 5 years
Computer equipment
- over 3 years

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 23 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 24 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
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 and first out basis. Finished goods include labour and overheads.

 

At each reporting 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 the statement of comprehensive income.

1.13
Cash and cash equivalents

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

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 25 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 26 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Pensions

The group operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

 

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the group in independently administered funds.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 27 -
1.17
Operating Leases

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

 

Benefits received or 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.

 

Where an operating lease in which the group is a lessee becomes onerous, the unrealised portion of lease incentives is recognised in the statement of comprehensive income and retained earnings at the date when the lease is deemed onerous.

 

The unavoidable costs payable under such a contract is recognised immediately in the statement of comprehensive income.

1.18
Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised within "other income" within the statement of comprehensive income in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ("Furlough"), Retail, Hospitality and Leisure Grants Fund ("RHLGF"), the Coronavirus Business Interruption Loan Scheme ("CBILS") and other retail, hospitality, and leisure grants and support awards issued by the Government.

1.19

Exceptional costs

 

Exceptional items are those that the group considered to be non-recurring and significant in size or nature.

1.20

Finance costs

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

1.21

Foreign currency translation

The company’s functional and presentational currency is GBP rounded to the nearest £.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and assumptions are used in the preparation of financial information. The estimates are based on the use of available information and the application of judgements. There were no areas of significant judgements which are applied to the preparation of the financial statements.

DEPRECIATION OF TANGIBLE ASSETS

Management estimate the useful economic life of tangible fixed assets. This estimate forms the basis of the depreciation charged to the statement of comprehensive income. Management estimates the useful life of assets with reference to past experience with similar assets and in particular with regards to leasehold improvements, the term of the related lease agreement.

OPERATING LEASES

Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis.

STOCK

Determine whether there are indicators of impairment of the group's stock held as at the period end. Factors taken into consideration in reaching such a decision include the assessment of the shelf life of the stock items held.

IMPAIRMENT

Determine whether there are indicators of impairment of the company's assets or cash generating units (CGUs). Impairment exists when the carrying value exceeds its recoverable amount, which is the higher of it’s fair value less cost of disposal and its value in use. The key assumption used to determine the recoverable amount from the different CGUs is store contribution.

TAXATION

The directors are required to determine the amount of deferred tax assets or liabilities that can be recognised, based upon likely timing and level of future taxable profits. Management judgement is required to estimate the availability and allocation of tax losses within the group, based upon the level of taxable profits across the group.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
3
TURNOVER AND OTHER REVENUE
The whole of turnover is attributable to the principal activity of the group. All of the turnover originated and is delivered within the United Kingdom.
Analysis of turnover by class of business as follows:
2024
2023
Turnover analysed by class of business
Retail sales
11,115,047
15,886,397
Online sales
5,334,870
5,325,038
Wholesale sales
3,899,661
4,075,179
20,349,578
25,286,614
2024
2023
£
£
Operating income
COVID-19 Government grants
-
12,881
4
EXCEPTIONAL ITEMS
2024
2023
£
£
Income
Business Interruption proceeds
-
118,978
Waived shareholder interest
7,900,773
-
Other
531,643
8,432,416
118,978
During the period ended 31 March 2024, the interest accrued on shareholder loans was waived in full up to 27 July 2023. As a result of the waiver, the outstanding accrued interest was removed from the loan balance. The reduction in the loan balance, attributable to the waived interest, has been recognized as a gain through the profit and loss account for the period.
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
EXCEPTIONAL ITEMS
(Continued)
- 30 -
Exceptional expenditure
The company incurred the following costs during the period which were deemed exceptional in nature:
2024
2023
£
£
Restructure costs
243,587
66,889
Store closures
864,581
103,267
COVID employer costs
-
66,099
Financing costs
-
139,197
Charitable donations
-
9,778
Total
1,108,168
385,230
Net exceptional income/(expense) recognised
7,324,248
(266,252)
5
OPERATING PROFIT/(LOSS)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
20,000
8,000
Depreciation of owned tangible fixed assets
242,259
121,653
Amortisation of intangible assets
-
27,204
Impairment of intangible assets
-
0
105,755
(Profit)/loss on disposal of intangible assets
-
3,199
Defined contribution pension costs
93,676
94,693
Operating lease rentals
1,391,722
2,045,380
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Retail
48
-
-
-
Production
89
108
-
-
Management
30
31
-
-
Total
167
139
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,869,784
8,269,862
-
0
-
0
Social security costs
484,207
428,307
-
-
Pension costs
93,676
94,693
-
0
-
0
7,447,667
8,792,862
-
0
-
0
7
DIRECTORS' REMUNERATION
2024
2023
£
£
Wages and salaries
141,052
338,950
Social security costs
14,831
46,999
Cost of defined contribution scheme
1,101
2,422
156,984
388,371
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
DIRECTORS' REMUNERATION
(Continued)
- 32 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Wages and social security costs
155,883
159,019
Cost of defined contribution scheme
1,101
1,321

During the period retirement benefits were accruing for 1 director in respect of defined benefit contribution schemes.

 

The directors of the group are all considered to be part of key management personnel. All individuals who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key personnel.

8
INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
114,835
216,832
Interest on invoice finance arrangements
72,643
57,444
Other interest on financial liabilities
2,537,027
2,074,205
2,724,505
2,348,481
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
9
TAXATION

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
3,696,099
(3,594,694)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
924,025
(682,992)
Tax effect of expenses that are not deductible in determining taxable profit
(1,940,193)
338,540
Permanent capital allowances in excess of depreciation
1,149
(1,321)
Under/(over) provided in prior years
-
0
(3,546)
Deferred tax asset not recognised
1,015,019
106,900
Marginal relief/rate difference
-
0
227,612
Fixed asset difference
-
0
14,807
Taxation charge
-
-

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
93,750
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
10
DISCONTINUED OPERATIONS
The decision to wind down the operations of Patiserrie Valerie Stores Limited formed part of a wider strategic restructing plan undertaken by the Group to streamline operations, reduce costs and focus on core business segments with stronger long-term growth potential.
During the period presented, the discontinued operation engaged in substantial intercompany trading, purchasing goods from other group entities. These transactions were eliminated on consolidation in accordance with standard accounting treatment. However, this has resulted in the reported performance of the discontinued operation appearing disproportionately profitable, as the related cost of sales have been excluded while revenue from external sales remains.

To provide users of the financial statements with a more meaningful view of the discontinued operation's performance, the Profit & Loss account has been presented on a standalone basis, treating intercompany purchases as if they were transactions with third parties.
11
INTANGIBLE FIXED ASSETS
Group
Goodwill
Brand
Total
£
£
£
Cost
At 3 April 2023 and 31 March 2024
198,291
20,003
218,294
Amortisation and impairment
At 3 April 2023 and 31 March 2024
198,291
20,003
218,294
Carrying amount
At 31 March 2024
-
0
-
0
-
0
At 2 April 2023
-
0
-
0
-
0
The company had no intangible fixed assets at 31 March 2024 or 2 April 2023.
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
INTANGIBLE FIXED ASSETS
(Continued)
- 35 -

During the prior year, the group recognized an impairment loss of £105,755 relating to Goodwill.

 

The impairment losses were recognized due to changes in market conditions and revised expectations regarding future cash flows. The recoverable amounts of these assets were determined based on value in use. The carrying amount of intangible assets after impairment were £nil for Goodwill.

 

The group assessed the recoverable amount of the cash-generating unit to which the goodwill is allocated, and recognized an impairment loss of £105,755 during the prior year.

 

12
TANGIBLE FIXED ASSETS
Group
Freehold land and Buildings
Leasehold Improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
£
Cost
At 3 April 2023
1,250,000
70,153
465,152
353,067
54,300
2,192,672
Additions
-
0
-
0
46,979
782,949
4,306
834,234
Disposals
-
0
(70,153)
(5,800)
(1,136,016)
-
0
(1,211,969)
At 31 March 2024
1,250,000
-
0
506,331
-
0
58,606
1,814,937
Depreciation and impairment
At 3 April 2023
-
0
11,973
162,309
28,337
19,933
222,552
Depreciation charged in the year
-
0
-
0
103,152
127,099
12,008
242,259
Eliminated in respect of disposals
-
0
(11,973)
(1,379)
(155,436)
-
0
(168,788)
At 31 March 2024
-
0
-
0
264,082
-
0
31,941
296,023
Carrying amount
At 31 March 2024
1,250,000
-
0
242,249
-
0
26,665
1,518,914
At 2 April 2023
1,250,000
58,180
302,843
324,730
34,367
1,970,120
The company had no tangible fixed assets at 31 March 2024 or 2 April 2023.
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
TANGIBLE FIXED ASSETS
(Continued)
- 36 -

The freehold property land and buildings were valued on 28 August 2020 at fair value, determined by an independent, professionally qualified RICs valuer. The valuation was undertaken in accordance with the Royal Institution of Chartered Surveyors' Appraisal and Valuation Manual. As at 31 March 2024, the directors have evaluated the freehold property's value, considering factors such as the local market, potential uses, location, and condition. Based on their assessment, they conclude that the property's valuation at year-end stands at £1,250,000.

 

If freehold property land and buildings had been accounted for under the historic cost and accounting rules, the property would have been measured as £875,000.

 

The surplus on revaluation of freehold land and buildings arising of £375,000 (company - £nil) has been credited to the revaluation reserve. All other tangible assets are restated as historical cost less depreciation and impairments.

 

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
1,250,000
1,250,000
-
0
-
0
13
FIXED ASSET INVESTMENTS
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,000
2,000
MOVEMENTS IN FIXED ASSET INVESTMENTS
Company
Shares in subsidiaries
£
Cost or valuation
At 3 April 2023 and 31 March 2024
2,000
Carrying amount
At 31 March 2024
2,000
At 2 April 2023
2,000
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
14
SUBSIDIARIES

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Flour Power Holdco Limited
146-156 Sarehole Road, Birmingham, B28 8DT
Holding company
Ordinary
100.00
Flour Power Holdco 2 Limited
146-156 Sarehole Road, Birmingham, B28 8DT
Property company
Ordinary
100.00
Flour Power Marketing Limited*
146-156 Sarehole Road, Birmingham, B28 8DT
Marketing services
Ordinary
100.00
Patisserie Valerie Production Limited*
146-156 Sarehole Road, Birmingham, B28 8DT
Bakery
Ordinary
100.00
Cakeco 11652 Limited
146-156 Sarehole Road, Birmingham, B28 8DT
Café & Patisserie
Ordinary
100.00

*Indirectly owned

On 5 January 2024, a voluntary liquidator was appointed to Patisserie Valerie Stores Limited, which was previously a wholly owned subsidiary of Flour Power Holdco Limited, and a wholly owned subsidiary of Flour Power Group Limited.

15
STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
708,079
918,895
-
-
Finished goods and goods for resale
270,560
354,754
-
0
-
0
978,639
1,273,649
-
-
16
DEBTORS
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
644,788
734,493
-
0
-
0
Other debtors
324,858
1,480,534
-
0
10,000
Prepayments and accrued income
341,003
1,205,403
-
0
-
0
1,310,649
3,420,430
-
10,000
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
17
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
1,738,541
402,000
1,738,541
402,000
Trade creditors
874,514
3,147,971
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
261,398
2,000
Other taxation and social security
402,361
1,654,416
-
-
Deferred income
21
79,183
-
0
-
0
-
0
Other creditors
788,267
679,089
-
0
-
0
Accruals and deferred income
599,070
1,239,171
-
0
-
0
4,481,936
7,122,647
1,999,939
404,000
18
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
1,609,659
-
0
1,609,659
Other borrowings
19
16,764,423
19,474,225
-
0
-
0
16,764,423
21,083,884
-
1,609,659
19
LOANS AND OVERDRAFTS
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,738,541
2,011,659
1,738,541
2,011,659
Loans from group undertakings
16,764,423
19,474,225
-
0
-
0
18,502,964
21,485,884
1,738,541
2,011,659
Payable within one year
1,738,541
402,000
1,738,541
402,000
Payable after one year
16,764,423
21,083,884
-
0
1,609,659
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
LOANS AND OVERDRAFTS
(Continued)
- 39 -

Shareholder loans due to Causeway Capital are repayable on demand at the earliest of September 2022, however formal confirmation has been received that the loan will not be recalled for repayment for a period of at least twelve months from the date of signing the financial statements and the year end dated 31 March 2024. Shareholder loans attract an interest rate of 12% per annum.

 

Causeway Capital Partners 1 LP are a secured creditor by way of a charge over the Group's tangible fixed assets, current assets, investments and proceeds from any insurance policy claims and rank ahead of any unsecured creditors.

 

The bank loan represents a senior secured loan provided by ThinCats under the the Government backed Coronavirus Business Interruption Loan Scheme (CBILS).

 

£1,250,000 is repayable in in monthly instalments of £34,723 which commenced on November 2021. The remainder of the loan is due for repayment in August 2025.

 

Bank loans are secured by fixed and floating charges on property and IP held within the group.

20
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
-
11,732
Investment property
93,750
93,750
93,750
105,482
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 3 April 2023
105,482
-
Other
(11,732)
-
Liability at 31 March 2024
93,750
-
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
DEFERRED TAXATION
(Continued)
- 40 -

The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and investment properties.

21
DEFERRED INCOME
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
79,183
-
-
-
22
RETIREMENT BENEFIT SCHEMES
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,676
115,772

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
SHARE CAPITAL
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
13,720
10,000
13,720
10,000
24
RESERVES
Profit and loss account

Includes cumulative profit and loss, net of distributions to owners.

Revaluation reserve

Includes gains or losses on the revaluation of tangible fixed assets.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 41 -
25
DISPOSALS

On 5 January 2024 the group disposed of its 100% holding in Patisserie Valerie Stores Limited. Included in these financial statements are profits of £436,531 arising from the company's interests in Patisserie Valerie Stores Limited up to the date of its disposal.

 

Net assets disposed of
£
Property, plant and equipment
1,038,760
Trade and other receivables
264,542
Trade and other payables
(1,728,101)
Deferred tax
(11,732)
Gain on disposal
(436,531)
Total consideration
-
The consideration was satisfied by:
£
-
26
OPERATING LEASE COMMITMENTS
Lessee

Commitments under operating leases

At 31 March 2024 the group had future minimum lease payments under non-cancellable operating leases as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
1,410,040
-
-
Between two and five years
-
4,690,327
-
-
In over five years
-
2,101,265
-
-
-
8,201,632
-
-
FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
26
OPERATING LEASE COMMITMENTS
(Continued)
- 42 -

As a the balance sheet date, the Group had no operating lease commitments as disclosed above. Patisserie Valerie Stores Limited entered into liquidation in the year. As a result, the operating lease obligations were only partially settled before the cessation of operations.

27
CONTINGENT ASSET

At the year end the group was in the process of filing a business interruption claim with its insurers in relation to COVID-19. Post year end the group is in the process of agreeing to a settlement with its insurers and the directors are confident that the funds will be remitted to the group in the near future. The value of the claim has not been disclosed so not to prejudice the final stages of the agreement process.

 

The claim has not been recognised in these financial statements.

28
RELATED PARTY TRANSACTIONS
Transactions with related parties

In accordance with Financial reporting Standard 102, Related Party Disclosures, the group has taken advantage of the exemption available to the parent of the wholly owned subsidiaries not to disclose transactions with related parties within the group.

 

During the year the group entered into transactions in the ordinary course of business with a company related through a common shareholder. Transactions entered into and trading balances outstanding at 31 March 2024 were as follows:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Related common shareholder
84,473
-
262,519
260,335

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Related common shareholder
92,656
62,584
29
CONTROLLING PARTY

The immediate and ultimate parent undertaking is Causeway Capital Partners 1 LP a Limited Partnership Registered in the United Kingdom. In the opinion of the directors, there is no controlling party.

FLOUR POWER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 43 -
30
ANALYSIS OF CHANGES IN NET DEBT - GROUP
3 April 2023
Cash flows
Interest charged
31 March 2024
£
£
£
£
Cash at bank and in hand
821,798
(416,086)
-
405,712
Borrowings excluding overdrafts
(21,485,884)
(2,380,826)
5,363,746
(18,502,964)
(20,664,086)
(2,796,912)
5,363,746
(18,097,252)

The interest charged in the year, relates to the net movement of waived shareholder loan interest of £7,900,773 and shareholder interest accrued unpaid of £2,537,027.

31
ANALYSIS OF CHANGES IN NET DEBT - COMPANY
3 April 2023
Cash flows
31 March 2024
£
£
£
Borrowings excluding overdrafts
(2,011,659)
273,118
(1,738,541)
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