| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| ZA ZA BAZAAR LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| ZA ZA BAZAAR LIMITED |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Independent Auditors' Report | 4 |
| Statement of Comprehensive Income | 8 |
| Statement of Financial Position | 9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11 |
| ZA ZA BAZAAR LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 55 Baker Street |
| London |
| W1U 7EU |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| The directors present their report with the financial statements of the Company for the year ended 31 March 2023. The Company being Za Za Bazaar Limited as single entity subsidiary of GDSK Limited. |
| PRINCIPAL ACTIVITY |
| The Company's principal activity is associated with the operation of restaurants. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
| GOING CONCERN |
| Based on our going concern assessment, Za Za Bazaar Limited have got adequate financial resources to continue operating as a going concern for a period of at least twelve (12) months from the date of approval of these financial statements. The Company has also received a letter of support from GDSK Limited indicating that it will receive the financial and other support necessary for the Company to trade and meet its liabilities as and when they fall due for the going concern assessment period. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
| The 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. |
| AUDITORS |
| The auditors, BDO LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| ZA ZA BAZAAR LIMITED |
| Opinion on the financial statements |
| 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 profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| We have audited the financial statements of ZA ZA BAZAAR LIMITED ("the Company") for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). |
| 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Independence |
| 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. |
| 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 Directors are responsible for the other information. The other information comprises the information included in the Report of the Directors and Financial Statements, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
| We have nothing to report in this regard. |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| ZA ZA BAZAAR LIMITED |
| Other Companies Act 2006 reporting |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Directors' report has been prepared in accordance with applicable legal requirements. |
| In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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; or |
| - | the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. |
| Responsibilities of Directors |
| As explained more fully in the Statement of Directors' Responsibilities, 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. |
| Extent to which the audit was capable of detecting irregularities, including fraud |
| 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: |
| Non-compliance with laws and regulations |
| Based on: |
| - | Our understanding of the Company and the industry in which it operates; |
| - | Discussion with management and those charged with governance; and |
| - | Obtaining an understanding of the Company's policies and procedures regarding compliance with laws and regulations. |
| We considered the significant laws and regulations to be the applicable accounting framework, Companies Act 2006 and UK tax legislation. |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| ZA ZA BAZAAR LIMITED |
| The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation and other employment related laws. |
| Our procedures in respect of the above included: |
| - | Review of financial statement disclosures and agreeing to supporting documentation; |
| - | Review of legal expenditure accounts to understand the nature of expenditure incurred. |
| - | Enquiry with management and those charged with governance as to whether the Company is compliant with laws and regulations that may have a material effect on the financial statements. |
| Fraud |
| We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: |
| - | Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; |
| - | Obtaining an understanding of the Company's policies and procedures relating to: |
| - | Detecting and responding to the risks of fraud; and |
| - | Internal controls established to mitigate risks related to fraud. |
| - | Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and |
| - | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
| Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue and management override of control. |
| Our procedures in respect of the above included: |
| - | Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and |
| - | Testing revenue recognition in total for the period using recalculations of royalties and the mark ups applied on the provision of services to stores. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it. |
| 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. |
| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
| ZA ZA BAZAAR LIMITED |
| 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. |
| for and on behalf of |
| London |
| BDO LLP is a limited liability partnership registered in England and Wales (with |
| registered number OC305127). |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 293,085 | 589,166 |
| Other operating income | 5 |
| OPERATING PROFIT | 7 |
| Interest receivable and similar income |
| 329,485 | 618,125 |
| Interest payable and similar expenses | 8 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 9 |
| PROFIT FOR THE FINANCIAL YEAR |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank | 14 |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings | 20 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2022 | ( |
) |
| Changes in equity |
| Profit for the year | - | 542,464 | 542,464 |
| Total comprehensive income | - |
| Balance at 31 March 2023 | ( |
) |
| Changes in equity |
| Profit for the year | - | 253,824 | 253,824 |
| Total comprehensive income | - |
| Balance at 31 March 2024 | ( |
) |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| Za Za Bazaar Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered address can be found on the Company Information page. |
| The functional and presentation currency of the financial statements is the Pound Sterling (£). |
| Amounts in these financial statements are rounded to the nearest Pound Sterling (£). |
| The financial statements contain information about Za Za Bazaar Limited as an individual Company. Za Za Bazaar Limited is a subsidiary of GDSK Limited, a Company registered in England and Wales. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic or Ireland": |
| - | the requirements of Section 7 Statement of Cash Flows; |
| - | the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
| Going concern |
| The directors have considered the cashflow requirements of the Company for a period of at least twelve (12) months from the date of approval of these financial statements and are satisfied that sufficient financial resources will continue to be made available and that the Company will be able to meet its debts and fund its growth as they fall due. |
| Historically, the Company has been highly cash generative. Current trading gives no indication to future performance being materially different from the past. In addition the Company has also received a letter of support from GDSK Limited indicating that it will receive the financial and other support necessary for the Company to trade and meet its liabilities as and when they fall due for the going concern assessment period. |
| The Company has a healthy and growing cash balance and therefore these financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the Company. |
| Summary of significant accounting policies |
| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumption are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimate and assumptions, the actual results and outcomes may differ. |
| Tangible fixed assets |
| The directors have made key assumptions regarding the expected useful life of tangible fixed assets, these being depreciated at the rates documented in the accounting policies. The expected useful life for each asset class has been determined by the director's expectation for the store operating life and their experience of the industry. |
| Impairment review |
| At each reporting date, the Company's tangible and intangible assets are reviewed for any indications or factors of impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets. |
| For the Company to assess if the carrying amount exceeds the recoverable amount, an impairment review to calculate the value in use has been performed. The value in use review has been undertaken by calculating the present value of the future cash flows expected to be derived from the assets. The calculations of the returns expected alongside any known capital investment and working capital requirements for the Company has been prepared using forecasted revenue data from the management team. Due to the inherent sensitivity involved in making these calculations, the actual results may differ. |
| The directors have also made key assumptions to determine whether there are any indicators of impairment of the amounts due from related parties. Factors taken into consideration in reaching such a decision include a review of the net assets and cash position of each Company and also making appropriate enquiry of the directors of that entity. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met. |
| Turnover represents amounts receivable for the provision of the Company's principal activity wholly undertaken in the United Kingdom. |
| Sale of services |
| Revenue arising for restaurant services provided to the restaurant operator are recognised over the period the service relates to. |
| Royalties |
| Royalty income is based on store sales made by the service operator, these are recognised as the income is earned. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Goodwill |
| Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business in 2014. |
| Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life of 10 years. |
| Goodwill amortisation is included in administrative expenses in the Statement of Comprehensive Income. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended. |
| Tangible fixed asset depreciation is included in administrative expenses in the Statement of Comprehensive Income. |
| Depreciation is provided at the following annual rates in order to write of the cost less estimated residual value of each asset over its estimated useful life. |
| Land and buildings | - | 10% on cost |
| Plant and machinery | - | 20% on reducing balance |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The Company operates a defined contribution pension scheme. Company contributions payable to the Company's pension scheme are charged to the statement of comprehensive income in the period to which they relate. |
| Impairment of non-financial assets |
| At each reporting date non-financial assets not carried at fair value, like intangible assets and plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
| Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the Company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| The turnover and profit before taxation are attributable to the principal activity wholly undertaken in the United Kingdom. |
| 5. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Sundry receipts | - | 28,400 |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 6. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Operational | 156 | 153 |
| Administration | 1 | 1 |
| Directors | 2 | 2 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| The directors are remunerated through other Group Companies. |
| 7. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Goodwill amortisation |
| Operating lease rentals - land & buildings |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Loan interest |
| 9. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 9. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) | ( |
) |
| Timing of accruals tax treatment | 18,915 | 6,557 |
| Total tax charge | - | - |
| The Company has approximately £0.23m (2023: £0.58m) of taxable losses carried forward. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Due to uncertainty concerning the recoverability of the tax losses carried forward, no deferred tax asset has been recognised. |
| 10. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the Company's auditors for the audit of the company's financial statements |
9,900 |
8,850 |
| 11. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2023 |
| and 31 March 2024 |
| AMORTISATION |
| At 1 April 2023 |
| Amortisation for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| Goodwill relates to the acquisition of the trade and assets of the restaurants. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 12. | TANGIBLE FIXED ASSETS |
| Land and | Plant and |
| buildings | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2023 |
| Additions |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| 13. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Amounts owed by related parties | 3,409,863 | 3,044,804 |
| Other debtors |
| Accrued income |
| Prepayments |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 14. | CASH AT BANK |
| 2024 | 2023 |
| £ | £ |
| Bank account | 1,856,241 | 1,470,232 |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 17) |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to related parties | 227,161 | - |
| Social security and other taxes |
| VAT | 168,291 | 160,056 |
| Other creditors |
| Accrued expenses |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 17) |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | - |
| Other loans bear interest at 8% above the bank of England base rate, and are repayable in full, 10 years from the date of the advance. The repayment date being September 2024. Amounts due as other loans are payable to related parties as detailed within note 22. |
| Other loans are unsecured. |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 4,701,000 | 4,701,000 |
| Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends and each share is entitled to participate in a distribution arising from a wind up of the Company. |
| 20. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2023 | ( |
) |
| Profit for the year |
| At 31 March 2024 | ( |
) |
| Called up share capital - represents the nominal value of shares that have been issued. |
| Retained earnings - includes all current retained profits and losses. |
| 21. | PENSION COMMITMENTS |
| The Company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions payable to the fund at the year end by the Company and included in other creditors are £7,764 (2023: £477). |
| 2024 | 2023 |
| £ | £ |
| Contributions payable by the Company for the year | 39,344 | 30,145 |
| 22. | RELATED PARTY DISCLOSURES |
| Companies with common directors |
| 2024 | 2023 |
| £ | £ |
| Sales to a related party |
| Administrative costs from a related party | 82,500 | - |
| Amounts owed by related parties |
| Amounts owed to related parties | (99,840 | ) | - |
| The amounts shown above concern transactions with other companies in which Mr S Kandola and Mr G Dhaliwal are directors with a controlling interest. |
| ZA ZA BAZAAR LIMITED (REGISTERED NUMBER: 08966449) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| RELATED PARTY DISCLOSURES - continued |
| Spinnaker Investment Management Limited |
| 2024 | 2023 |
| £ | £ |
| Loan interest from a related party | 62,601 | 62,601 |
| Loans owed to related party | (963,090 | ) | (963,090 | ) |
| Amounts owed to related party | (125,202 | ) | (62,601 | ) |
| Total amount due to related party | (1,088,292 | ) | (1,025,691 | ) |
| The company incurs interest payable under a loan finance arrangement. Spinnaker Investment Management Limited is a company in which S Kandola is a director. |
| Wentworth Investment Management Limited |
| 2024 | 2023 |
| £ | £ |
| Loan interest from a related party | 1,060 | 1,060 |
| Loans owed to related party | (8,836 | ) | (8,836 | ) |
| Amounts owed to related party | (2,120 | ) | (1,060 | ) |
| Total amount due to related party | (10,956 | ) | (9,896 | ) |
| The company incurs interest payable under a loan finance arrangement. Wentworth Investment Management Limited is a company in which G Dhaliwal is a director. |
| 23. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| ULTIMATE PARENT COMPANY |
| A Company registered in England and Wales. The registered office is Beckwith Barn, Warren Estate, Lordship Road, Writtle, Essex, CM1 3WT. |
| A copy of the consolidated financial statements is available from Companies House. |