Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-302024-05-022024-05-022024-05-022025-03-30falsefalsetruetruetrue2024-03-31falseoperation of restaurants.725661 08920708 2024-03-30 08920708 2024-03-31 2025-03-30 08920708 2023-04-01 2024-03-31 08920708 2025-03-30 08920708 2024-03-31 08920708 2023-04-01 08920708 1 2024-03-31 2025-03-30 08920708 1 2023-04-01 2024-03-31 08920708 4 2024-03-31 2025-03-30 08920708 4 2023-04-01 2024-03-31 08920708 d:Exceptional 2024-03-31 2025-03-30 08920708 d:Exceptional 2023-04-01 2024-03-31 08920708 e:Director1 2024-03-31 2025-03-30 08920708 e:Director8 2024-03-31 2025-03-30 08920708 e:Director8 2025-03-30 08920708 e:Director10 2024-03-31 2025-03-30 08920708 e:Director10 2025-03-30 08920708 e:RegisteredOffice 2024-03-31 2025-03-30 08920708 d:Buildings d:LongLeaseholdAssets 2024-03-31 2025-03-30 08920708 d:Buildings d:LongLeaseholdAssets 2025-03-30 08920708 d:Buildings d:LongLeaseholdAssets 2024-03-31 08920708 d:FurnitureFittings 2024-03-31 2025-03-30 08920708 d:FurnitureFittings 2025-03-30 08920708 d:FurnitureFittings 2024-03-31 08920708 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-03-31 2025-03-30 08920708 d:ComputerEquipment 2024-03-31 2025-03-30 08920708 d:ComputerEquipment 2025-03-30 08920708 d:ComputerEquipment 2024-03-31 08920708 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-03-31 2025-03-30 08920708 d:OtherPropertyPlantEquipment 2024-03-31 2025-03-30 08920708 d:OtherPropertyPlantEquipment 2025-03-30 08920708 d:OtherPropertyPlantEquipment 2024-03-31 08920708 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-03-31 2025-03-30 08920708 d:OwnedOrFreeholdAssets 2024-03-31 2025-03-30 08920708 d:CurrentFinancialInstruments 2025-03-30 08920708 d:CurrentFinancialInstruments 2024-03-31 08920708 d:Non-currentFinancialInstruments 2025-03-30 08920708 d:Non-currentFinancialInstruments 2024-03-31 08920708 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-30 08920708 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08920708 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-30 08920708 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08920708 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-03-30 08920708 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08920708 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-03-30 08920708 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08920708 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2025-03-30 08920708 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 08920708 d:UKTax 2024-03-31 2025-03-30 08920708 d:UKTax 2023-04-01 2024-03-31 08920708 d:ShareCapital 2025-03-30 08920708 d:ShareCapital 2024-03-31 08920708 d:ShareCapital 2023-04-01 08920708 d:CapitalRedemptionReserve 2024-03-31 2025-03-30 08920708 d:CapitalRedemptionReserve 2025-03-30 08920708 d:CapitalRedemptionReserve 2024-03-31 08920708 d:CapitalRedemptionReserve 2023-04-01 08920708 d:RetainedEarningsAccumulatedLosses 2024-03-31 2025-03-30 08920708 d:RetainedEarningsAccumulatedLosses 2025-03-30 08920708 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08920708 d:RetainedEarningsAccumulatedLosses 2024-03-31 08920708 d:RetainedEarningsAccumulatedLosses 2023-04-01 08920708 d:AcceleratedTaxDepreciationDeferredTax 2025-03-30 08920708 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08920708 d:TaxLossesCarry-forwardsDeferredTax 2025-03-30 08920708 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 08920708 d:RetirementBenefitObligationsDeferredTax 2025-03-30 08920708 d:RetirementBenefitObligationsDeferredTax 2024-03-31 08920708 e:OrdinaryShareClass1 2024-03-31 2025-03-30 08920708 e:OrdinaryShareClass1 2025-03-30 08920708 e:OrdinaryShareClass1 2024-03-31 08920708 e:FRS102 2024-03-31 2025-03-30 08920708 e:Audited 2024-03-31 2025-03-30 08920708 e:FullAccounts 2024-03-31 2025-03-30 08920708 e:PrivateLimitedCompanyLtd 2024-03-31 2025-03-30 08920708 d:WithinOneYear 2025-03-30 08920708 d:WithinOneYear 2024-03-31 08920708 d:BetweenOneFiveYears 2025-03-30 08920708 d:BetweenOneFiveYears 2024-03-31 08920708 d:MoreThanFiveYears 2025-03-30 08920708 d:MoreThanFiveYears 2024-03-31 08920708 4 2024-03-31 2025-03-30 08920708 f:PoundSterling 2024-03-31 2025-03-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08920708










CHELSEA FINE FOOD LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 MARCH 2025

 
CHELSEA FINE FOOD LTD
 
 
COMPANY INFORMATION


Directors
G Clements 
B Lambert (appointed 2 May 2024)




Registered number
08920708



Registered office
55-57 The Pavement

London

England

SW4 0JQ




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
CHELSEA FINE FOOD LTD
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 28


 
CHELSEA FINE FOOD LTD
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 MARCH 2025

Introduction
 
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.

Business review
 
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.

Page 1

 
CHELSEA FINE FOOD LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025


2025
2024
        £
        £
Operating profit/(loss)

(780,094)

3,016,892
 
Add back: depreciation

1,721,154

1,445,353
 
Add back/(less): exceptional costs

1,602,013

(704,152)
 
Add back: licence fee

823,095

686,667
 
Add back: loss on disposal of fixed assets

478,572

139,621
 
Adjusted EBITDA

3,844,740

4,584,381
 

Adjusted EBITDA is a non-GAAP measure that reflects earnings before interest, taxes, depreciation, and amortisation, further adjusted for non-recurring, non-operational, or non-cash items to provide a clearer view of underlying operating performance.
An adjusted EBITDA margin of 12% was generated in the period ended 30 March 2025 (2024: 15%).

Page 2

 
CHELSEA FINE FOOD LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Page 3

 
CHELSEA FINE FOOD LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025

Other key performance indicators
 
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.



................................................
G Clements
Director

Date: 23 July 2025

Page 4

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the period were:

G Clements 
E Grenville (resigned 2 May 2024)
B Lambert (appointed 2 May 2024)

Future developments

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.

Engagement with employees

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. 

Page 5

 
CHELSEA FINE FOOD LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Company continues and that the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHaysMac LLPwill 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.
 



................................................
G Clements
Director

Date: 23 July 2025

Page 6

 
CHELSEA FINE FOOD LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD
 

Opinion


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 policiesThe 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 March 2025 and of its loss for the period 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.


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 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.


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.


Page 7

 
CHELSEA FINE FOOD LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.


Page 8

 
CHELSEA FINE FOOD LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD (CONTINUED)


Auditors' 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 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.


Page 9

 
CHELSEA FINE FOOD LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHELSEA FINE FOOD LTD (CONTINUED)


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 2006Our 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.



Isabelle Shepherd (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

23 July 2025
Page 10

 
CHELSEA FINE FOOD LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 MARCH 2025

2025
2024
Note
£
£

Turnover
 4 
33,412,886
29,599,540

Cost of sales
  
(21,793,951)
(19,508,854)

Gross profit
  
11,618,935
10,090,686

Administrative expenses
  
(11,653,239)
(9,764,272)

Exceptional administrative expenses
 12 
(1,602,013)
704,152

Other operating income
 5 
856,223
1,986,326

Operating (loss)/profit
 6 
(780,094)
3,016,892

Interest payable and similar expenses
 10 
(265,182)
(302,856)

(Loss)/profit before tax
  
(1,045,276)
2,714,036

Tax on (loss)/profit
 11 
(7,200)
(688,761)

(Loss)/profit for the financial period/year
  
(1,052,476)
2,025,275

There was no other comprehensive income for the period ended 30 March 2025 (2024: £nil).

The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
CHELSEA FINE FOOD LTD
REGISTERED NUMBER: 08920708

STATEMENT OF FINANCIAL POSITION
AS AT 30 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 13 
9,602,118
9,891,803

Current assets
  

Stocks
 14 
199,346
206,598

Debtors
 15 
1,736,623
1,526,974

Cash at bank and in hand
 16 
712,864
673,803

  
2,648,833
2,407,375

Creditors: amounts falling due within one year
 17 
(6,361,875)
(5,890,681)

Net current liabilities
  
 
 
(3,713,042)
 
 
(3,483,306)

Total assets less current liabilities
  
5,889,076
6,408,497

Creditors: amounts falling due after more than one year
 18 
(4,269,961)
(3,459,106)

Provisions for liabilities
  

Deferred tax
 20 
(957,203)
(950,003)

  
 
 
(957,203)
 
 
(950,003)

Net assets
  
661,912
1,999,388


Capital and reserves
  

Called up share capital 
 21 
90
90

Capital redemption reserve
 22 
(1,050,000)
(1,050,000)

Profit and loss account
 22 
1,711,822
3,049,298

  
661,912
1,999,388


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025.




................................................
G Clements
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
CHELSEA FINE FOOD LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2025


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2023
90
(1,050,000)
1,024,023
(25,887)



Loss for the year
-
-
2,025,275
2,025,275



At 31 March 2024
90
(1,050,000)
3,049,298
1,999,388



Loss for the period
-
-
(1,052,476)
(1,052,476)

Dividends
-
-
(285,000)
(285,000)


At 30 March 2025
90
(1,050,000)
1,711,822
661,912


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

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 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.

 
2.3

Going concern

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. 

Page 14

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable for the sale of food and beverage at restaurants sites, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised at the point of sale. 

 
2.5

Other operating income

Other operating income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the income can be reliably measured. Other operating income in relation to service charge is recognised in the period in which it was collected from customers.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

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

 
2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

Exceptional administrative expenses

Exceptional administrative expenses are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.

Page 16

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)


2.11
Tangible fixed assets (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:

Long-term leasehold property
-
over the life of the lease
Fixtures and fittings
-
20%
Computer equipment
-
33%

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.

 
2.12

Impairment of fixed assets

Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.15

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 17

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price.

  
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates.

In carrying out the impairment review of fixed assets, it has been necessary to make estimates and judgements. Individual sites are viewed as separate cash generating units. The recoverable amount of each cash generating unit has been identified as the higher of the fair value less cost to sell, or the value in use.
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.


4.


Turnover

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.

Page 18

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

5.


Other operating income

2025
2024
£
£

Other operating income
18,542
-

Rental Income
213,048
143,000

Service charge
624,633
1,843,326

856,223
1,986,326


Rental income relates to income generated from the sub-letting of two sites, Parsons Green and Kings Road.


6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2025
2024
£
£

Depreciation on tangible fixed assets
1,721,154
1,445,353

Other operating lease costs
2,179,656
2,030,127


7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
67,000
62,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
12,445,966
11,215,782

Social security costs
883,768
725,739

Cost of defined contribution scheme
173,538
147,520

13,503,272
12,089,041


The average monthly number of employees, including the directors, during the period was as follows:


        2025
        2024
            No.
            No.







Operational
706
643



Administration
19
18

725
661


9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
210,965
240,000

210,965
240,000


The highest paid director received remuneration of £100,000 (2024 - £130,000).

During the period contributions to defined benefit pension schemes for directors totalled £2,752 (2024: £2,642).


10.


Interest payable and similar expenses

2025
2024
£
£


Bank loans interest payable
265,182
302,856

Page 20

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

11.


Taxation


2025
2024
£
£


Current tax on (loss)/profit for the period
-
-

Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
6,616
697,816

Adjustment in respect of prior periods
584
(9,055)

Total deferred tax
7,200
688,761


7,200
688,761

Factors affecting tax charge for the period

The tax assessed for the period is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:

2025
2024
£
£


(Loss)/profit on ordinary activities before tax
(1,045,276)
2,714,037


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
(262,750)
678,509

Effects of:


Expenses not deductible for tax purposes, other than impairment
59,879
1,644

Fixed asset differences, including impairment and capital allowances
196,728
16,059

Adjustments to tax charge in respect of prior periods - deferred tax
584
(9,055)

Other permanent differences
12,759
1,604

Total tax charge for the period
7,200
688,761


Factors that may affect future tax charges

There are no factors that are considered to affect future tax charges.

Page 21

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

12.


Exceptional items

2025
2024
£
£


Exceptional costs
586,828
187,062

Pre-opening costs
459,362
355,835

Impairment (release)/charge
555,823
(1,247,049)

1,602,013
(704,152)


13.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Assets in the course of construction
Total

£
£
£
£
£



Cost


At 31 March 2024
9,042,297
4,995,232
794,041
670,421
15,501,991


Additions
260,702
218,169
112,228
1,874,764
2,465,863


Disposals
(955,105)
(425,576)
(98,121)
(24,975)
(1,503,777)


Transfers between classes
1,513,671
866,187
93,174
(2,473,032)
-



At 30 March 2025

9,861,565
5,654,012
901,322
47,178
16,464,077



Depreciation


At 31 March 2024
2,185,661
2,906,971
517,555
-
5,610,187


Charge for the period
617,476
897,730
205,948
-
1,721,154


Disposals
(633,989)
(308,067)
(83,149)
-
(1,025,205)


Impairment charge
462,235
89,543
4,045
-
555,823



At 30 March 2025

2,631,383
3,586,177
644,399
-
6,861,959



Net book value



At 30 March 2025
7,230,182
2,067,835
256,923
47,178
9,602,118



At 30 March 2024
6,856,636
2,088,261
276,485
670,421
9,891,803

Page 22

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

           13.Tangible fixed assets (continued)

A charge is held over the following sites for a portion of the loans held by Barclays:
55-57 The Pavement Clapham Old, London, United Kingdom, SW4 0JQ. 
86 High Street Wimbledon, London, United Kingdom, SW19 5EG.
25 Dulwich Village, Dulwich, United Kingdom, SE21 7BN.
27 Circus West Villa, Battersea, London, United Kingdom, SW11 8NN. 
6 Esther Anne Place, Islington, London, United Kingdom, N1 1WF.


14.


Stocks

2025
2024
£
£

Raw materials and consumables
199,346
206,598



15.


Debtors

2025
2024
£
£

Trade debtors
60,606
89,039

Other debtors
1,118,138
982,508

Prepayments
557,879
455,427

1,736,623
1,526,974


Page 23

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

16.


Cash

2025
2024
£
£

Cash at bank and in hand
712,864
673,803



17.


Creditors: amounts falling due within one year

2025
2024
£
£

Bank loans
504,009
776,744

Other loans
-
800,000

Trade creditors
1,938,331
1,202,336

Amounts owed to group undertakings
78,831
78,831

Other taxation and social security
1,593,440
1,010,441

Other creditors
365,616
319,931

Accruals
1,881,648
1,702,398

6,361,875
5,890,681



18.


Creditors: amounts falling due after more than one year

2025
2024
£
£

Bank loans
2,234,128
1,877,868

Other loans
450,000
-

Other creditors
-
370,060

Accruals
1,585,833
1,211,178

4,269,961
3,459,106


Page 24

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

19.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year

Bank loans
504,009
776,744

Other loans
-
800,000


504,009
1,576,744

Amounts falling due 1-2 years

Bank loans
462,579
395,655

Other loans
450,000
-

Amounts falling due 2-5 years

Bank loans
1,716,395
1,117,593

Amounts falling due after more than 5 years

Bank loans
55,154
364,620

3,188,137
3,454,612


Other loans
Other loans is a £450,000 (2024: £800,000) unsecured loan from a related party (see note 26) for more details. Interest is payable quarterly at 8% p.a. The loan was drawn down in January 2022. It was due for repayment in January 2025, however in November 2024, the repayment date for the remaining loan balance was extended to 31 January 2027.
On April 3, 2024, the company repaid £350,000 of the loan owed to the ultimate controlling party. This repayment was made due to excess cashflow held within the business. Following this repayment, the outstanding balance of the loan was reduced to £450,000.
Bank loans
Bank loans represent loans totaling £2,738,137 (2024: £2,654,612) from Barclays Bank Plc. £64,478 (2024: £558,401) of these loans are under the Coronavirus Business Interruption Loan Scheme (CBIL). The loans were drawn down between September 2018 and September 2024 and all have terms of 3 to 7 years from date of draw down and incur interest of base rate plus 3-4% p.a. Repayment is in installments over the term of the loans.

Page 25

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

20.


Deferred taxation




Period ended 30 March 2025
Year ended 31 March 2024


£

£



At beginning of year
(950,003)
(261,242)


Charged to profit or loss
(7,200)
(688,761)



At end of year
(957,203)
(950,003)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(1,112,495)
(1,126,067)

Short term timing differences
19,336
24,912

Losses and other deductions
135,956
151,152

(957,203)
(950,003)


21.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



9,000 (2024: 9,000) ordinary shares of £0.01 each
90
90



22.


Reserves

Capital redemption reserve

This reserve reflects the amount paid for the repurchase of shares by the Company.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.

Page 26

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

23.


Capital commitments


At 30 March 2025 the Company had capital commitments as follows:

2025
2024
£
£


Contracted for but not provided in these financial statements
51,616
615,394

As at the year end the Company had contracted but not provided for services and materials in relation to two sites, one existing site in Farnham and one new site in Windsor.


24.


Pension commitments

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.


25.


Commitments under operating leases

At 30 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
946,704
1,023,992

Later than 1 year and not later than 5 years
2,658,357
3,287,279

Later than 5 years
1,437,478
1,774,900

5,042,539
6,086,171

Page 27

 
CHELSEA FINE FOOD LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025

26.


Related party transactions

Included in Other debtors as at 30 March 2025 is £11,573 (2024: £76,677) due from an individual who is the ultimate controlling party. This amount is interest free. This debtor is driven from royalties earned of £823,094 (2024: £686,667), interest accrued on loaned amounts of £35,900 (2024: £64,000) and payments made.
Included within other loans is a £450,000 (2024: £800,000) loan from the same individual who is the ultimate controlling party. The loan was drawn down in January 2022 and was due for repayment after 36 months in January 2025. During the year, £350,000 was repaid and the repayment date was amended to 31 January 2027. Interest is payable quarterly at 8% p.a. 
Key management personnel are considered to be the directors and their remuneration is disclosed in note 9.
Personal guarantees have been made against debt where the total outstanding balance at 30 March 2025 is £nil (2024: £112,271) by a close family member of the ultimate controlling party.
Included within trade payables at year end were amounts owed to a close family member of the ultimate controlling party. These are in relation to expenses in the normal course of business. Transactions totalled £137,346 (2024: £91,259) and £37,298 (2024: £4,028) was owed as at 30 March 2025.
There is an agreement in place to recharge staff costs for three employees that are on Chelsea Fine Food Limited payroll but work for a company controlled by the close family of the ultimate controlling party. This Company provides design services to Chelsea Fine Food Limited. Payroll costs of £81,412 were recharged in the year to 30 March 2025 (2024: £139,077). A total of £86,400 was paid for design services to this company (2024: £140,400).
A dividend of £285,000 was paid out to company shareholders in November 2024.


27.


Controlling party

At the year end the ultimate controlling party was B McKevitt.

Page 28