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Registered number: 12635690
SAVOUR GROUP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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SAVOUR GROUP LIMITED
REGISTERED NUMBER: 12635690
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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SAVOUR GROUP LIMITED
REGISTERED NUMBER: 12635690
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2025.
The notes on pages 3 to 9 form part of these financial statements.
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Savour Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 1-3 Portland Place, London, W1B 1PN.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
The directors have made enquiries into the adequacy of the Company's financial resources through a review of the Company's budget and financial projections, including capital expenditure plans and cash flow forecasts. The Company is a holding company and dependent on the performance of the subsidiaries and fixed asset investments to support their ability to continue as a going concern. The directors are satisfied that the Company has sufficient liquidity to be able to pay the creditors as they fall due.
Material uncertainty, which may cast significant doubt over the Company's ability to trade as a going concern, has resulted from a net loss and net liability position in the current year and prior year. There is a material uncertainty as to whether the subsidiary entities and other fixed asset investments will continue as a going concern. The directors have, however, given continuing efforts to increase trading and profitability and will seek additional funding as appropriate.
Although a material uncertainty exists, the directors have satisfied themselves that the Company will continue in operational existence for the foreseeable future. For this reason, the Company continues to adopt the going-concern basis in preparing its financial statements.
The company has loans of £1,978k with related parties at 31 December 2023 (2022: £1,978k) and net liabilities at that date of £710k (2022: £774k).
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Foreign currency translation
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Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are restranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
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.
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 balance sheet date in the countries where the company operates and generates income.
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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:
Recoverability of intercompany receivables
Intercompany receivables are assessed for impairment by taking into account the liquidity of the intercompany counterparty, as well as historical experience. An impairment is recognised if the cash flows that are expected to be received, discounted at the original effective interest rate where applicable, are lower than the cash flows that are due to the company.
Dilapidations and contingencies
Provisions are made for asset retirement obligations, dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rate used to establish net present value of the obligations require management's judgements.
Carrying value of investments
Where there is an indication that investments are impaired, they are tested for impairment by calculating the actual future expected discounted cash flows to be received. Where this is lower than carrying value, an impairment is recognised.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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The average monthly number of employees, including directors, during the year was 0 (2022 - 0).
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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Investment in joint ventures
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The following was a subsidiary undertaking of the company:
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East House, Brunton Lane, Newcastle Upon Tyne, England, NE13 9NT
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On 26 June 2024, the company disposed of the entire share capital of VAP North 1 Limited, which was transferred to UK VAP Limited.
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The following was a joint venture of the company:
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4th Floor, 1-3 Portland Place, London, England, W1B 1PN
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Amounts owed by group undertakings
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Related party transactions
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As at the year ended 31 December 2023, there were loans due to shareholders of the company of £1,978,910 (2022: £1,703,910) included in other creditors.
As at the year ended 31 December 2023, there was an amount owed from UK VAP Limited of £1,348,702 (2022: £1,259,572) included in amounts owed by group undertakings in which the company has a participating interest.
As at the year ended 31 December 2023, there was an amount owed to Minhoco 62 Limited of £Nil (2022: £275,000) included in other creditors.
The company has taken advantage of the exemption available in FRS 102 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any other wholly owned subsidiary undertakings of the group.
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Post balance sheet events
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On 26 June 2024, the company disposed of the entire share capital of VAP North 1 Limited, a restaurant based in Manchester and previously a joint venture with Love & Food Restaurant Holdings S.R.O. Consideration of £1,181,741 was satisfied by the allotment and issue of 51 ordinary shares to Love & Food Holdings S.R.O and 49 ordinary shares to Savour Group Limited. All of the 100 ordinary shares disposed of had a nominal value of £0.01 each.
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SAVOUR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There is no ultmate controlling entity within Savour Group Limited.
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