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Registered number:
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
COMPANY INFORMATION
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CHELSEA FINE FOOD LTD
CONTENTS
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CHELSEA FINE FOOD LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 MARCH 2025
The directors present their Strategic Report for the period ended 30 March 2025.
Chelsea Fine Food Ltd is the trading entity of the Neighbourhood Places Limited group. At the end of the financial year, Chelsea Fine Food Ltd operated 21 restaurants across London and the South East. During the year, the Company successfully opened three new locations: Twickenham, Weybridge, and Farnham. These openings reflect the Company’s continued strategy of expanding in high-quality suburban and commuter locations where the neighbourhood-focused hospitality model remains highly relevant.
The financial highlights below continue to demonstrate strong rates of revenue growth, both in terms of like for like sales from the mature estate and from new site openings. Despite inflationary pressures, the business has achieved a robust adjusted EBITDA margin percentage, showcasing strong performance against a challenging backdrop.
Revenue increased by 12.88% to £33.4m (2024: £29.6m), driven by the addition of these new sites alongside 2% like-for-like sales growth from the existing estate. Adjusted EBITDA reduced to £3.8m (2024: £4.6m), with the EBITDA margin decreasing to 12% from 15% in the prior year. This reduction reflects the impact of significant cost pressures in both labour and food, which were particularly acute during the period. Alongside these inflationary pressures, the Company made a conscious decision to protect its value-for-money proposition for guests by absorbing some of the cost increases rather than fully passing them on through pricing. As part of this strategy, the Company did not implement any significant increases to menu prices during the year. Maintaining accessibility and strong perceived value is a core part of the Company’s neighbourhood strategy and is critical to ensuring long-term guest loyalty and sustained repeat trade. The Company recorded a statutory loss of £1.05m (2024: profit of £2.0m). This includes £1.6m of exceptional costs, comprising pre-opening expenditure for the new sites, professional fees incurred in relation to a potential investment round, and impairment charges. Within this, £489.1k relates to one specific site which the Company is actively seeking to exit. These impairments reflect a prudent reassessment of the recoverable value of these assets based on current and forecast trading performance. The Company also exited its lease at Clapham Common during the year following the removal of planning permission by the local council, which rendered the site unable to be traded under the Megan’s concept. This exit was aligned with the Company's estate optimisation strategy and focus on maintaining a high-performing, sustainable estate. Net assets reduced to £0.66m (2024: £2.0m), reflecting the reported statutory loss and investment into the estate during the year. The Company maintains appropriate financing facilities to support future growth.
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CHELSEA FINE FOOD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
Economic and market risks
. Whilst uncertainty remains around the broader economic outlook for the UK, particularly in relation to consumer confidence and discretionary spending, the Company believes that through delivery of an excellent and consistent guest experience, a compelling value-for-money proposition, and effective operational controls, it is well-positioned to withstand market pressures. Labour and food cost inflation The Company continues to face significant inflationary pressures, particularly in relation to labour and food costs. These pressures have been carefully managed through operational efficiencies, menu engineering, and procurement strategies. The Company is committed to maintaining a sustainable cost base whilst protecting its guest proposition. Energy costs Higher energy costs have contributed to increased overheads across the business. The Company has secured fixed energy contracts to mitigate the impact of short-term market volatility and continues to focus on energy reduction initiatives as part of its broader sustainability objectives. Health and safety The health and safety of both guests and team members remains a priority. The Company works closely with local authorities and health and safety experts to maintain high standards across all sites. Regular external audits are conducted to ensure compliance and best practice. Liquidity risk The Company maintains robust cash flow management and monitors liquidity on a daily basis to ensure appropriate headroom is available. Cash flow is regularly stress-tested to assess resilience against potential future shocks. Interest rate risk The Company actively monitors the impact of interest rates on financial performance, performing sensitivity analyses to ensure ongoing compliance with debt covenants and alignment with its strategic objectives. Future Developments The Company remains committed to its strategy of disciplined, selective expansion, targeting locations aligned to its proven neighbourhood model. A pipeline of further openings is under consideration for the next 12 to 24 months. Operational priorities will focus on embedding and optimising the performance of the recently opened sites, maintaining tight cost control, and driving profitability while ensuring that the guest experience and value proposition remain at the heart of the Company’s offer.
The business uses a range of financial and non-financial measures to assess performance, including like for like (“LFL”) sales, adjusted EBITDA %. Adjusted EBITDA %, represents EBITDA % including the removal of various one-time, irregular, and non-recurring items from EBITDA.
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CHELSEA FINE FOOD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
Management continues to monitor non-financial KPIs on an on-going basis. Non-financial KPIs include food safety standards, staff turnover and engagement, customer feedback and consistency of operational standards.
This report was approved by the board and signed on its behalf.
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CHELSEA FINE FOOD LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 MARCH 2025
The directors present their report and the financial statements for the period ended 30 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The loss for the period, after taxation, amounted to £1,052,476 (2024: profit £2,025,275).
Dividends of £285,000 were paid in the period (2024: £nil).
The directors who served during the period were:
The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out the information relating to future development and financial risk management in the Company's Strategic Report.
The Company’s policy is to consult its teams on all matters likely to affect employees' interests. Information about matters of concern to employees is given through information updates and reports which seek to achieve common awareness on the part of all employees of the financial and economic factors affecting the Company’s performance.
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CHELSEA FINE FOOD LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
There have been no significant events affecting the Company since the year end.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CHELSEA FINE FOOD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD
We have audited the financial statements of Chelsea Fine Food Ltd (the 'Company') for the period ended 30 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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CHELSEA FINE FOOD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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CHELSEA FINE FOOD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD (CONTINUED)
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularaties, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations are food safety and hygiene laws, licensing and minimum wage regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to overstate revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙enquiries with management over any correspondence with regulators and tax authorities and review of documentation where appropriate;
∙consideration of known or suspected instances of non-compliance with laws and regulations through discussion with management and review of the FSA hygiene ratings;
∙evaluating management's controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular postings with high value transactions or rounded entries, as well as unexpected journal entries to revenue ;and
∙challenging assumptions and judgements made by management in their critical accounting estimates.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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CHELSEA FINE FOOD LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD (CONTINUED)
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 Auditors' 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
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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CHELSEA FINE FOOD LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
REGISTERED NUMBER: 08920708
STATEMENT OF FINANCIAL POSITION
AS AT 30 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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CHELSEA FINE FOOD LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
Chelsea Fine Food Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 08920708 and registered office address is 55-57 The Pavement, London, England, SW4 0JQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Neighbourhood Places Limited as at 30 March 2025 and these financial statements may be obtained from Companies House.
The Company closely monitors and manages its financing position throughout the period to ensure it has sufficient liquidity to fund operations. Forecasts are produced regularly and these, along with related sensitivity analyses, allow management to proactively manage liquidity compliance risks in a timely manner.
In preparing the financial statements management has prepared detailed cashflow forecasts and stressed these forecasts to understand the impact on the business. These stressed forecasts show that the Company has sufficient liquidity to meet its obligations as they fall due for a period of twelve months from the date of approval of the financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
2.Accounting policies (continued)
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under the course of construction are not depreciated as they are sites that are in the process of being fitted out and are therefore not in use.
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Management have prepared value in use calculations for each site which estimate future performance and cashflows generated, discounted to present value. Management have used their judgment to identify an appropriate discount rate for these cashflows. As a result of these estimates and judgements, the actual recoverable amount may differ from the estimated recoverable amount. The value of fixed assets and the value of the impairment release in the year, mean that this could be material.
The whole of the turnover is attributable to the principal business activity being the sale of food and beverages; which all arose within the United Kingdom.
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
There are no factors that are considered to affect future tax charges.
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
13.Tangible fixed assets (continued)
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
Capital redemption reserve
Profit and loss account
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £173,538 (2024: £147,520). Contributions totaling £26,161 (2024: £35,573) were payable to the fund at the reporting date and are included in Other creditors.
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CHELSEA FINE FOOD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
At the year end the ultimate controlling party was B McKevitt.
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