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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE WOLSELEY RESTAURANT LIMITED
COMPANY INFORMATION
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THE WOLSELEY RESTAURANT LIMITED
CONTENTS
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THE WOLSELEY RESTAURANT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2024.
The principal activity of The Wolseley Restaurant Limited (the ''Company'' also referred to as ''The Wolseley'') continued to be that of the operation and management of The Wolseley, which is a café-restaurant in the grand European tradition located at 157-160 Piccadilly, London, W1J 9EB.
The year ending 31 December 2024 saw strong financial performance with a continued focus on providing a high quality food and beverage offering alongside exceptional service.
The Wolseley revenue increased by 1% from £14.775m to £14.876m and was driven by higher average spend per head. The Company made a profit at an adjusted EBITDA level of £2.128m (2023: £2.693m). This is a result of the business focusing on sales growth, a competitive pricing strategy and a concerted effort to improve profitability. The Company is part of a wider group and benefits from sharing a number of core central services including areas such as personnel, finance, procurement, and marketing. The adjusted EBITDA for the year is shown in the table below. The directors are grateful for the support of loyal guests and are proud of hard-working colleagues in what has been a positive trading year despite the backdrop of external challenges the business has faced from the cost of living crisis impacting discretionary consumer spend, inflation on the supply side, geopolitical uncertainty and increased national minimum wage impacting labour margins. Dec 24 Dec 23 £000 £000 Turnover 14,876 14,775 Cost of sales (7,728) (7,579) ________ ________ Gross profit 7,148 7,196 Administrative expenses (5,020) (4,503) Exceptional administrative expenses (2,331) (2,582) ________ ________ Profit/(loss) before tax (203) 111 Add: Exceptional administrative expenses 2,331 2,582 ________ ________ Adjusted EBITDA 2,128 2,693 ________ ________
The executive management team reviews detailed weekly and monthly information covering a range of financial and non-financial performance indicators at a location level as well as on a group basis. Details of these KPIs can be found in the Financial Statements for The Wolseley Hospitality Group Holdings Limited.
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THE WOLSELEY RESTAURANT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The assessment of risks faced by the Company and the development of strategies for dealing with these risks is carried out on an ongoing basis. The risk management process seeks to enable the early identification, evaluation and effective management of the key risks facing the business at an operational level and to operate internal controls, which adequately mitigate these risks. The Company regularly assesses its risk management activities to ensure good practice in all areas. The Directors have identified the following principal risks and uncertainties that could have the most significant impact on the Company's value generation:
People Within the sector we continue to face the challenge of recruitment and retention of staff, particularly with the impact of Brexit and other structural changes to the labour market. The Company is dependent on continuing to attract, retain, develop and motivate the best people with the right capabilities at all levels in the organisation. Continual investment is undertaken to recruit and retain the best people and to ensure that training programmes are utilised to develop employees' skills to support the ongoing and future needs of the business. Competitive environment and customer risk There is strong competition in the central London restaurants sector in which the Company operates. The monitoring of key performance indicators at a customer level such as service levels and customer complaints is part of the risk management process associated with this specific risk. Excellent customer service coupled with a quality menu enables the Company's restaurants to satisfy customer needs and remain strong in the competitive environment in which they operate. Food safety Food safety systems are reviewed regularly to ensure they remain effective, including continuing compliance with all regulatory requirements for food hygiene and safety. All food is prepared to the highest standards and food safety is always prioritised over economic considerations. Raw materials Increases in the price of raw materials can adversely affect the core profitability of the Company's business. The Company maintains a high level of expertise in its procurement and chef team, enabling it to cultivate strong relationships with major suppliers to ensure continuity of supply at competitive prices. Liquidity The Group has debt facilities with its parent company, The Wolseley Hospitality Group Holdings Limited. The facilities are considered sufficient for the Group's long-term capital and funding obligations. Inability to open for business Management have put arrangements in place to manage the operational impact and mitigate any financial consequence, through insurance programmes, should the restaurants have to close for a period, for example, because of fire, loss of power or failure to gain access in respect of a security alert.
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THE WOLSELEY RESTAURANT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's financial risk management policy seeks to ensure that adequate financial resources are retained to enable it to meet its day to day obligations as they fall due whilst managing its liquidity and credit risks.
Credit risk: The Company receives the majority of its turnover in the form of cash or credit card payments and considers this risk to be effectively mitigated. Cash flow risk: The Company monitors cash flow as part of its day to day activities allowing for the effective management of the Company's cash flows. The Company has healthy cash reserves, is in a net cash position, and with the improved trading conditions, the directors believe that these will allow the company to remain a going concern for the foreseeable future.
The Company continues to strive to deliver hospitality from the heart, creating places where people feel they belong. In an uncertain economic climate, we will focus on the things we can influence, namely the experience we create for our customers and the culture we foster for our staff.
This report was approved by the board and signed on its behalf.
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THE WOLSELEY RESTAURANT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
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 year, after taxation, amounted to £202,776 (2023: profit £110,432).
Dividends of £nil were declared during the year (2023: £nil).
The directors who served during the year were:
The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's Strategic Report information relating to future development and financial risk management.
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THE WOLSELEY RESTAURANT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 18 November 2024, the Company's auditors changed their name from Haysmacintyre LLP to HaysMac LLP.
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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THE WOLSELEY RESTAURANT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLSELEY RESTAURANT LIMITED
We have audited the financial statements of The Wolseley Restaurant Limited (the ''Company'') for the year ended 31 December 2024, 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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THE WOLSELEY RESTAURANT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLSELEY RESTAURANT LIMITED (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 year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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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THE WOLSELEY RESTAURANT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLSELEY RESTAURANT LIMITED (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 irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to food hygiene and health and safety requirements and compliance with national minimum living wage legislation. 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, income tax, payroll tax, and sales tax. 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 the posting of incorrect or inappropriate journal entries, and bias in accounting estimates. Procedures performed by the engagement team included:
∙evaluating the adequacy of systems and controls, including those designed to prevent and detect irregularities;
∙use of data analytics to identify and investigate irregular or unexplained journal postings;
∙challenging assumptions and judgements made by management in their critical accounting estimates;
∙assessment of staff salaries and review of hourly pay against minimum wage legislation;
∙reviewing hygiene and safety standards inspection reports, alcohol licences; and
∙review of correspondence with HMRC and regulators.
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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THE WOLSELEY RESTAURANT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WOLSELEY RESTAURANT LIMITED (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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THE WOLSELEY RESTAURANT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE WOLSELEY RESTAURANT LIMITED
REGISTERED NUMBER: 06102984
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 19 form part of these financial statements.
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THE WOLSELEY RESTAURANT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Wolseley Restaurant Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 06102984 and registered office address is 157-160 Piccadilly, London, United Kingdom, W1J 9EB.
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 presentation currency of these financial statements is Pound Sterling (GBP). All amounts in the financial statements have been rounded to the nearest £1.
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 The Wolseley Hospitality Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Notwithstanding net liabilities of £3,432,341 (2023: £3,229,565), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate.
The Company is a subsidiary of The Wolseley Hospitality Group Holdings Limited. The Wolseley Hospitality Group Holdings and its subsidiaries (the ''Group'') meet its day to day working capital requirements through cash generated by its operations. Subsequent to the year end, the Group has successfully refinanced the term loan with the Bank of Bangkok, extending the facility through to 2029 alongside improved borrowing costs and repayment terms. The directors have prepared cash flow forecasts for the Group for a period of 12 months from the date of approval of these financial statements which indicate that, taking into account market conditions as well as sensitivity analysis, the Group will have sufficient funds to meet its liabilities as they fall due for that period. Sensitivities incorporate a reduction in forecast sales alongside adverse variances to expenditure and the directors consider that any reasonable change in assumptions would not give rise to liquidity issues due to continual review of demand levels alongside cost base, both at a restaurant and corporate level, thereby ensuring profitability is protected across the existing estate. Capital expenditure is also continually assessed and those items which are discretionary in nature can be reduced if required. It is also worth highlighting that as part of the banking facility, an overdraft arrangement is in place and can be entered into should it be required. The directors are optimistic for the future of the Group and look to build on the success of the existing estate. Turnover excludes staff discretionary service charges which are independently collected and distributed by a Tronc committee.
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Onerous lease Provisions for onerous leases include estimates such as the length of the time a property may be empty for and the value of any make good costs at the end of the lease. Provisions are discounted to present value which requires the use of a discount rate. Provisions are reviewed regularly and adjusted as appropriate. Recoverability of intercompany debtors Management evaluate intercompany debtors for impairment whenever circumstances indicate, in management’s judgement, that the carrying value may not be recoverable. An impairment review requires management to make subjective judgements concerning the future trading prospects and cash flows of the group companies under review. Where actual cash flows in subsequent years differs to those forecast as part of the management’s impairment review this may result in additional impairments or conversely reversals of existing impairments recognised in future years.
The whole of the turnover is attributable to the principal activity. All turnover arose within the United Kingdom.
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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THE WOLSELEY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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 £84,570 (2023: £78,947). Contributions totalling £nil (2023: £85,425) were payable to the fund at the Statement of Financial Position date and are included in creditors.
The Company's immediate parent undertaking is The Wolseley Hospitality Group Limited.
The smallest group in which they are consolidated is that headed by The Wolseley Hospitality Group Holdings Limited, a company incorporated in England and Wales. Its registered office address is 157-160 Piccadilly, London, United Kingdom, W1J 9EB. Consolidated accounts can be obtained from Companies House. The largest group in which the results of the Company and its Group are consolidated is that headed by Minor International PCL, a public company registered on the Stock Exchange of Thailand. Its registered office address is 12th Floor, 88 The Parq Building, Ratchadaphisek Road, Bangkok, Thailand. The ultimate controlling party is Minor International PCL.
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