Company registration number 08128700 (England and Wales)
THAI LEISURE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2025
THAI LEISURE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr M G Stead
Miss A Kaewkraikhot
Mr J I Leigh
Company number
08128700
Registered office
Blake House
18 Blake Street
York
North Yorkshire
YO1 8QG
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
THAI LEISURE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
THAI LEISURE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JANUARY 2025
- 1 -
The directors present the strategic report for the year ended 30 January 2025.
Principal activities
Thai Leisure Group Limited (TLG) acts as the trading company for its Chaophraya and Thaikhun restaurant brands. Chaophraya is a premium Thai dining brand with six establishments in the portfolio. Thaikhun is a ‘fast casual’ Thai dining brand with ten units in the portfolio. All sites are in either England or Scotland.
Review of the business
The company’s principal strategic focus over the past year was the development, enhancement and further strengthening of both its brands in the UK market place, whilst refinancing the business to a more favourable banking and loan structure arrangement. The combination of these factors will aid the robustness of the business and position it for future growth.
Milestones within the financial year included:
Finalisation of brand consolidation into two core brands.
Simplification of supply chain, laying foundations for improved supplier terms.
Expansion of ‘site-owned’ P&L metrics alongside establishment of finance business partnering between finance team and site management.
Introduction of new waste metrics and waste reduction programmes to improve efficiency.
Renewal of a number of key restaurant leases.
High profile 20 year anniversary event with major PR exposure.
Exit from loan agreement for improved balance sheet.
The company experienced a challenging trading environment with sales marginally down (3.9%) on the previous year’s position. The continuation of a challenging economic climate in which consumer trends were impacted by a deepening ‘cost of living’ crisis is considered the preeminent factor.
The company’s central team worked together to deliver maximum advantage to each of our sites with rapid menu changes, new dish development, strengthened digital and conventional marketing, improved team training, development of an in-house maintenance team and faster and more direct performance reporting at site.
Our management philosophy remains one of empowerment and site-level responsibility with strong, reliable and continuous communication between on-site managers and the central team.
As pressure for sales revenue has increased, so the company has increased its focus on the efficacy of its labour management techniques and also its supply and stock management techniques. Maintaining restaurant level EBITDA performance is our priority to ensure that sales reliably convert into cash, in order that the impact of slower sales periods can be mitigated and that the opportunity for delivering improvements in stronger periods can be maximised.
All but one of our sixteen restaurants recorded a profit despite the pressures of the economic climate.
THAI LEISURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 2 -
Principal risks and uncertainties
The principle risks faced by the business, both internal and external, are constantly monitored by the directors and senior management team. As a business, we constantly seek and implement new processes to help us monitor, identify and manage risks as they emerge and to take action accordingly in a timely and efficient manner. The following are considered by the directors to be the key risks to the business.
Market and Competition - the sector in which the business operates is highly competitive. The senior management team continually monitor the surrounding competition in respect of offering, product and service quality along with price point. The directors consider both of the company’s brands to be in a strong position relative to their respective competitors. New entrants and new locations from existing competitors remain a continual threat, which is mitigated by a fast and flexible central support team dynamic where our marketing and operations functions work extremely closely.
Site performance – a lean, joined-up management structure and a system of daily, weekly and monthly KPIs ensures that senior management are able to identify and react quickly and decisively to fluctuations in performance.
Employees - the quality and retention of restaurant and support staff is a key driver for success. The company continues to invest in training and support programmes to develop, motivate and retain key employees.
Supply chain – continuity of supply within specification and according to schedule is paramount. The business regularly tenders its food and beverage contracts to ensure cost effective and high-quality supply performance from its partners. The business continues to invest in its supply chain infrastructure to support its business requirements.
Input price risk - food price fluctuations remain a risk to the business. The company has arrangements with its suppliers which are managed through ordering processes which are constantly monitored and reviewed, with contingency arrangements in place where necessary.
Brand risk - reputation, forged by consistency in quality of product and service is paramount. Senior management continually review standards of customer service and food quality. Regular site visits along with daily review of customer feedback ensures standards are maintained. This is supplemented with a mystery dining programme. Training for all staff on food safety is provided along with regular Health and Food Safety audits using external independent providers. Brand position and appeal are managed through menu innovation, marketing campaigns and brand-building awareness and loyalty programmes.
Fraud – the risk of theft of stock and cash is mitigated with close monitoring of a comprehensive set of daily, weekly and monthly KPIs through various financial and operational controls including EPOS and stock management software.
Economic climate – consumer confidence remains an issue for the wider UK hospitality sector. Senior management regularly reviews the brands’ product offerings and customer feedback to ensure value-for-money whilst continuing to offer exceptional levels of service and quality.
THAI LEISURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 3 -
Key performance indicators
Financial performance of the company is measured through the use of key performance indicators for: sales turnover (retail, delivery and other), gross profit margin (post cost of sales and post labour), variable costs and EBITDA.
Directors of the business receive a wide range of management information to monitor the performance of the business on a daily, weekly and monthly basis. They also have access to real-time restaurant performance which includes daily and weekly sales revenue, food and beverage costs and labour costs, this providing real-time gross profit performance for each site along with theoretical margins tracking against actual and budget. Other financial performance indicators are monitored such as previous year sales, day and evening sales recording the number of covers and average spend per customer by restaurant. A suite of measures (financial, management, team, customer service and food safety based) is maintained, monitored and distributed on a weekly basis with review meetings and escalation processes in support.
KPI's
2025
2024
Turnover (£)
31,287,610
32,548,763
Gross profit (£)
13,228,857
13,836,000
Gross profit %
42.28%
42.51%
Future developments
TLG is well positioned with two core brands. Both brands have a clear strategy in terms of position, target markets, values and operations. Our restaurant teams and central support team are aligned across these dimensions.
In the next 12 months the company seeks to further build on its strengths with a range of business development activities.
A range of brand elevation points will be introduced to the Chaophraya brand. New technology will be introduced across both brands to enhance customer experience and improve the efficiency of restaurant operations. The company will also be implementing high-impact strategies for building customer loyalty alongside a programme of support for charitable organisations and good causes that will bring together customer and employee engagement.
TLG is also dedicated to minimizing our environmental footprint. Our ongoing initiatives in this area focus on reducing energy consumption in our restaurants through efficient equipment use and responsible working practices. We remain proactive with our key suppliers in terms of minimising waste in all areas of the business.
The Board remains committed to growth, with short and medium term operational and strategic decision making aligned to a longer-term ambition to acquire investment from a suitable partner to take the business to the next level and beyond.
Given the company’s latest results, recent developments, continued progress and present position, the directors look to the future with confidence.
Mr M G Stead
Director
7 June 2025
THAI LEISURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JANUARY 2025
- 4 -
The directors present their annual report and financial statements for the year ended 30 January 2025.
Principal activities
Thai Leisure Group Limited acts as the UK trading company for all of its brands, namely Chaophraya and Thaikhun, operating both premium and casual dining Thai restaurants.
The principal strategic objective is to maximise the value of the TLG brands, which in the short term will be focussed on maintaining TLG’s highly differentiated offering and its profitability of its core estate.
Results and dividends
The results for the year are set out on page 10.
It is proposed that the profit of £3,415,470 (2024 - £801,901) be added to reserves excluding the below dividend.
Dividends paid during the year were £50,000 (2024 - £nil).
Directors
The directors who held office during the year and unless otherwise indicated, up to the date of signature of the financial statements were as follows:
Mr M G Stead
Miss A Kaewkraikhot
Mr J I Leigh
Disabled persons
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
Employee involvement
The company's policy is to consult and discuss with employees, matters likely to affect employees' interests.
Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the companies Act 2006.
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 company’s auditor 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 company’s auditor is aware of that information.
THAI LEISURE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 5 -
Modern Slavery Act
This statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 and constitutes our slavery and human trafficking statement.
Integrity is one of TLG’s core company values and this means that we will conduct our business lawfully and ethically. In accordance with this commitment we will respect human rights in our business operations and business relationships.
TLG will not knowingly support or deal with any business which is involved in slavery or human trafficking.
Most of our supplies are sourced from the UK, Europe and Thailand in sectors which we believe to be low risk, but we are looking pragmatically at our supply chain processes to give us added confidence that they help us address the requirements of the Modern Slavery Act. We have adopted a risk based approach to this exercise and are not currently undertaking any specific training in relation to these matters.
We acknowledge that due to the diverse nature of our supply chain it is not possible to effectively mitigate all external risk. As such, we will work with our suppliers both in the UK and internationally to ensure that they commit to our standards and review schedule. We will continue to review and manage risk, both internal and external, as part of our annual review schedule or as and when circumstances arise.
TLG’s recruitment processes are transparent and reviewed regularly. We have robust procedures for vetting new employees, ensuring that we are able to confirm their identities and rights to work in the UK. We monitor our temporary work agencies to ensure legislative compliance and suppliers employing or providing non-UK nationals undergo appropriate investigation to understand their recruitment methods and their management of permits and working visas.
If we discovered, or were made aware, that we had been associated with human rights violations, including any acts of modern day slavery and human trafficking in the supply chain, we would take steps to rectify the situation, taking account of the interests of those whose rights are being violated.
This statement has been approved by the company directors and will be reviewed annually, unless circumstances dictate it should be reviewed and/or renewed more frequently.
On behalf of the board
Mr M G Stead
Director
7 June 2025
THAI LEISURE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JANUARY 2025
- 6 -
The directors are responsible for preparing the 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 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The 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.
THAI LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THAI LEISURE GROUP LIMITED
- 7 -
Opinion
We have audited the financial statements of Thai Leisure Group Limited (the 'company') for the year ended 30 January 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 January 2025 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information included in the report, 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THAI LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THAI LEISURE GROUP LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
THAI LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THAI LEISURE GROUP LIMITED
- 9 -
Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 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.
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.
Chris Woodroffe
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
9 June 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
THAI LEISURE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JANUARY 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
31,287,610
32,548,763
Cost of sales
(18,058,753)
(18,712,763)
Gross profit
13,228,857
13,836,000
Administrative expenses
(12,490,974)
(12,556,124)
Exceptional expenses
4
(204,826)
(168,267)
Operating profit
5
533,057
1,111,609
Interest payable and similar expenses
9
(230,461)
(309,708)
Amounts written off loans
10
3,303,374
-
Profit before taxation
3,605,970
801,901
Tax on profit
11
(190,500)
Profit for the financial year
3,415,470
801,901
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
THAI LEISURE GROUP LIMITED
BALANCE SHEET
AS AT 30 JANUARY 2025
30 January 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
52,204
59,303
Tangible assets
14
6,289,211
6,875,236
6,341,415
6,934,539
Current assets
Stocks
15
206,548
203,289
Debtors
16
1,630,385
1,133,858
Cash at bank and in hand
1,772,029
3,936,428
3,608,962
5,273,575
Creditors: amounts falling due within one year
19
(4,875,207)
(11,040,562)
Net current liabilities
(1,266,245)
(5,766,987)
Total assets less current liabilities
5,075,170
1,167,552
Creditors: amounts falling due after more than one year
20
(839,720)
(679,572)
Provisions for liabilities
Provisions
21
312,000
312,000
Deferred tax liability
22
382,000
(694,000)
(312,000)
Net assets
3,541,450
175,980
Capital and reserves
Called up share capital
24
510
510
Share premium account
4,398
4,398
Profit and loss reserves
3,536,542
171,072
Total equity
3,541,450
175,980
The financial statements were approved by the board of directors and authorised for issue on 7 June 2025 and are signed on its behalf by:
Mr M G Stead
Director
Company Registration No. 08128700
THAI LEISURE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JANUARY 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 January 2023
510
4,398
(630,829)
(625,921)
Year ended 30 January 2024:
Profit and total comprehensive income for the year
-
-
801,901
801,901
Balance at 30 January 2024
510
4,398
171,072
175,980
Year ended 30 January 2025:
Profit and total comprehensive income for the year
-
-
3,415,470
3,415,470
Dividends
12
-
-
(50,000)
(50,000)
Balance at 30 January 2025
510
4,398
3,536,542
3,541,450
THAI LEISURE GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JANUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
371,859
1,764,235
Interest paid
(230,461)
(309,708)
Net cash inflow from operating activities
141,398
1,454,527
Investing activities
Proceeds from disposal of intangibles
4,463
Purchase of tangible fixed assets
(670,759)
(504,863)
Proceeds from disposal of tangible fixed assets
7,750
Net cash used in investing activities
(666,296)
(497,113)
Financing activities
Proceeds from borrowings
934,986
Repayment of bank loans
(2,500,000)
(1,000,000)
Payment of finance leases obligations
(24,487)
(22,440)
Dividends paid
(50,000)
Net cash used in financing activities
(1,639,501)
(1,022,440)
Net decrease in cash and cash equivalents
(2,164,399)
(65,026)
Cash and cash equivalents at beginning of year
3,936,428
4,001,454
Cash and cash equivalents at end of year
1,772,029
3,936,428
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2025
- 14 -
1
Accounting policies
Company information
Thai Leisure Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blake House, 18 Blake Street, York, North Yorkshire, YO1 8QG.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In arriving at their going concern assumption, the directors have prepared and considered detailed trading forecasts and cash flow projections, for at least 12 months from the date of approval of the financial statements. These forecasts indicate that the company should be profitable at an operating level and cash generative during the period under review.true
The company has continued to be in a net asset position at the year end, due to the actions taken by the directors during the CVA and Covid periods. The business has generated cash and shown underlying profitability resulting in a healthy year end bank balance and an overall increased net asset position due to the loan repayments made during the year and subsequently the loan write off.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
Trademarks
Straight line over trademark length
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the length of the lease
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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 company 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.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
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 company after deducting all of its liabilities.
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 company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, where material.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company contributes to personal pension plans for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
1.16
The company has issued share options to a director. These must be measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in equity. The fair value of the options was estimated at the date of grant using the Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £1,256,784 (2024 - £1,191,206) and amortisation charged was £2,636 (2024 - £12,104) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the year.
Dilapidations provision
A provision for dilapidations has been included within the financial statements to spread the cost of putting leased restaurant sites back into their original condition at the date of exiting the property. This provision has been calculated based upon an average price per square foot of restoring a similar typical restaurant, with adjustments made to recognise the estimated impact of inflation. The provision has also been discounted to account for the estimated time value of money. The provision is being built up over the expected term of the property leases.
3
Turnover
Turnover is wholly attributable to the principal activity of the company.
All turnover arose within the United Kingdom.
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional expenses
204,826
168,267
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
4
Exceptional item
(Continued)
- 20 -
During the current year, the exceptional costs of £204,826 relate to the refinancing and loan write off as well as the tax advisory services provided during this time.
In recent years, the directors have made the decision to abort the opening of certain restaurants and to close underperforming sites. Any capitalised costs which had been incurred in relation to these sites (i.e. planning and legal fees) have been written off as no future economic benefit is expected to be received from them. Property leases had also been signed for some of these restaurants, and therefore penalty charges for the early termination of these leases have also been recognised.
During the prior year exceptional expenses in relation to redundancies, legal and other expenses, were incurred of £168,267.
5
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,241,984
1,176,406
Depreciation of tangible fixed assets held under finance leases
14,800
14,800
Amortisation of intangible assets
2,636
12,104
Operating lease charges
3,010,058
3,120,700
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,400
33,750
For other services
Taxation compliance services
3,500
3,350
All other non-audit services
3,000
2,900
6,500
6,250
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Directors
3
3
Administrative
24
20
Restaurant staff
588
604
Total
615
627
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
7
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
10,677,921
10,854,912
Social security costs
823,323
830,118
Pension costs
269,265
262,976
11,770,509
11,948,006
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
474,903
494,832
Company pension contributions to defined contribution schemes
4,401
6,604
479,304
501,436
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
179,461
184,871
Company pension contributions to defined contribution schemes
1,468
2,201
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
230,461
309,708
10
Amounts written off loans
The repayment of Facility A and Facility B loans in full, resulted in the write-off of the Facility C loan. This created a credit of £3,303,374 for the accounting period ending 30 January 2025 and has been recognised in the statement of comprehensive income.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 22 -
11
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
190,500
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
3,605,970
801,901
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.01%)
901,493
192,536
Tax effect of expenses that are not deductible in determining taxable profit
12,816
3,533
Tax effect of utilisation of tax losses not previously recognised
153,838
(261,975)
Depreciation on assets not qualifying for tax allowances
65,906
Other permanent differences
(38,080)
Capital items expenses
3,323
Loan relationship credits tax adjustment
(825,844)
Capitalised revenue expenditure allowable on accounts basis
(17,046)
Taxation charge for the year
190,500
-
12
Dividends
2025
2024
£
£
Interim paid
50,000
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 23 -
13
Intangible fixed assets
Software
Trademarks
Total
£
£
£
Cost
At 31 January 2024
118,198
43,761
161,959
Disposals
(4,463)
(4,463)
At 30 January 2025
113,735
43,761
157,496
Amortisation and impairment
At 31 January 2024
94,744
7,912
102,656
Amortisation charged for the year
1,596
1,040
2,636
At 30 January 2025
96,340
8,952
105,292
Carrying amount
At 30 January 2025
17,395
34,809
52,204
At 30 January 2024
23,454
35,849
59,303
14
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 January 2024
12,871,975
2,777,613
7,371,412
74,000
23,095,000
Additions
150,027
246,191
274,541
670,759
At 30 January 2025
13,022,002
3,023,804
7,645,953
74,000
23,765,759
Depreciation and impairment
At 31 January 2024
8,082,798
2,196,129
5,923,570
17,267
16,219,764
Depreciation charged in the year
710,622
193,730
337,632
14,800
1,256,784
At 30 January 2025
8,793,420
2,389,859
6,261,202
32,067
17,476,548
Carrying amount
At 30 January 2025
4,228,582
633,945
1,384,751
41,933
6,289,211
At 30 January 2024
4,789,177
581,484
1,447,842
56,733
6,875,236
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2025
2024
£
£
Motor vehicles
41,933
54,266
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 24 -
15
Stocks
2025
2024
£
£
Food and beverage
206,548
203,289
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
183,034
157,010
Prepayments and accrued income
1,001,979
708,811
1,185,013
865,821
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
100,000
100,000
Prepayments and accrued income
153,872
168,037
253,872
268,037
Deferred tax asset (note 22)
191,500
445,372
268,037
Total debtors
1,630,385
1,133,858
17
Loans and overdrafts
2025
2024
£
£
Bank loans
250,000
6,053,374
Other loans
934,986
1,184,986
6,053,374
Payable within one year
984,986
6,053,374
Payable after one year
200,000
Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company. At the balance sheet date all bank loans were repayable by December 2030 and interest was being charged at base rate +16.25%.
The other loan is secured by a fixed and floating charge over the assets and undertakings of the company. At the balance sheet date, the other loan was repayable by November 2025 and interest was being charged at 1.15%
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 25 -
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
25,301
24,487
In two to five years
25,301
25,301
49,788
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance lease borrowings are secured against the assets to which they relate.
19
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
50,000
6,053,374
Obligations under finance leases
18
25,301
24,487
Other borrowings
17
934,986
Trade creditors
1,120,906
1,148,706
Taxation and social security
947,944
1,311,627
Other creditors
139,378
91,920
Accruals and deferred income
1,656,692
2,410,448
4,875,207
11,040,562
Bank loans and other borrowings are secured as detailed in Note 17.
Obligations under finance leases are secured as detailed in Note 18.
20
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
200,000
Obligations under finance leases
18
25,301
Other creditors
639,720
654,271
839,720
679,572
Obligations under finance leases are secured as detailed in Note 18.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 26 -
21
Provisions for liabilities
2025
2024
£
£
Dilapidation provisions
312,000
312,000
Movements on provisions:
Dilapidation provisions
£
At 31 January 2024 and 30 January 2025
312,000
A provision for dilapidations has been included within the financial statements to spread the cost of putting leased restaurant sites back into their original condition at the date of exiting the property. This provision has been calculated based upon an average price per square foot of restoring a similar typical restaurant, with adjustments made to recognise the estimated impact of inflation. The provision has also been discounted to account for the estimated time value of money. The provision is being built up over the term of the property leases, which currently averages 19.9 years. Deferred tax has also been included against this balance.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
382,000
237,000
-
-
Tax losses
-
(149,000)
106,000
-
Provisions
-
(88,000)
85,500
-
382,000
-
191,500
-
2025
Movements in the year:
£
Liability at 31 January 2024
-
Charge to profit or loss
190,500
Liability at 30 January 2025
190,500
Tax losses in excess of accelerated capital allowances have not been provided for.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 27 -
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
269,265
262,976
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
508
508
508
508
"A" Ordinary shares of £1 each
1
2
1
2
"B" Ordinary shares of £1 each
1
0
1
510
510
510
510
Ordinary shares
Each Ordinary share entitles its holder to (a) participate in a distribution as regards dividends subject to the articles of association of the company (inlcuidng without limitation article 4.1.1) (b)participate in a return of capital subject to the articles of association (including without limitation article 4.1.2), (c) the right to vote, subject to the articles of association of the company (inlcuding without limitation article 4.1.3). The shares are not redeemable.
"A" Ordinary shares
Each A Ordinary share entitles its holder to (a) participate in a distribution as regards dividends subject to the articles of association of the company (inlcuidng without limitation article 4.2.1) (b)participate in a return of capital subject to the articles of association (including without limitation article 4.2.2), (c) the right to vote, subject to the articles of association of the company (inlcuding without limitation article 4.2.3). The shares are not redeemable.
"B" Ordinary shares
Each B Ordinary share entitles its holder to (a) participate in a distribution as regards dividends subject to the articles of association of the company (inlcuidng without limitation article 4.3.1) (b)participate in a return of capital subject to the articles of association (including without limitation article 4.3.2), (c) the right to vote, subject to the articles of association of the company (inlcuding without limitation article 4.3.3). The shares are not redeemable.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 28 -
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within one year
2,675,928
2,988,603
Between two and five years
9,798,920
9,713,712
In over five years
10,810,180
10,992,903
23,285,028
23,695,218
The operating lease commitments disclosed relate to long term property leases for the operation of restaurants.
26
Related party transactions
During the year, a total of key management personnel compensation of £454,428 (2024 - £490,164) was paid.
27
Ultimate controlling party
The directors are of the opinion that the company has no ultimate controlling party.
28
Share option plans
On 24 October 2024 1 "B" Ordinary share was allotted with a £1 nominal value. At the year end no "B" Ordinary shares were outstanding.
At the year end 41 (2024 - 41) share options were outstanding. On grounds of materiality and given uncertainty over the exact vesting period and vesting likelihood, the directors have not deemed it necessary to provide for this in the financial statements, and accordingly there is no impact on the reported profits arising from the grant of share options. The estimated fair value of each share option granted in the plan is £110.58, based on a value agreed with HMRC at the point of granting the options.
THAI LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2025
- 29 -
29
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
3,415,470
801,901
Adjustments for:
Taxation charged
190,500
Finance costs
230,461
309,708
Amortisation and impairment of intangible assets
2,636
12,104
Depreciation and impairment of tangible fixed assets
1,256,784
1,191,206
Other gains and losses
(3,303,374)
-
Movements in working capital:
(Increase)/decrease in stocks
(3,259)
47,620
Increase in debtors
(305,027)
(39,035)
Decrease in creditors
(1,112,332)
(559,269)
Cash generated from operations
371,859
1,764,235
30
Analysis of changes in net funds/(debt)
31 January 2024
Cash flows
Other non-cash changes
30 January 2025
£
£
£
£
Cash at bank and in hand
3,936,428
(2,164,399)
-
1,772,029
Borrowings excluding overdrafts
(6,053,374)
1,565,014
3,303,374
(1,184,986)
Obligations under finance leases
(49,788)
24,487
-
(25,301)
(2,166,734)
(574,898)
3,303,374
561,742
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