ACCOUNTS - Final Accounts preparation

Operating (loss)/profit

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

Registered number: 09392110

STREETSHARP LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

STREETSHARP LTD

COMPANY INFORMATION

Director	M Street


Registered number	09392110


Registered office	Chancery House
	30 St.Johns Road
	Woking
	Surrey
	GU21 7SA


Independent auditors	Xeinadin Audit Limited
	Statutory Auditors
	100 Barbirolli Square
	Manchester
	M2 3BD

STREETSHARP LTD

CONTENTS

	Page
Strategic Report	1 - 3
Director's Report	4 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Financial Statements	14 - 29

STREETSHARP LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Director presents his strategic report for the year ended 31 December 2024.

Business review

The Director reports further improvements in turnover levels, primarily driven by price increases. Price increases being a necessity to maintain a reasonable stability of margin levels to bear the increased direct costs being incurred by the Company and to ensure sufficient coverage of overhead costs, following the prior years result.
The company's key performance indicators are as follows:
Turnover was maintained at £18.4m.
Gross profit increased 2.5% from £11.8m to £12.1m.
Gross profit percentage recovered and increased on prior year 64.3% to 65.7%.
Operating result is impacted by inflationary pressures and reported a loss of £35k compared to the prior year operating profit of £413k.
Net assets of the company are 2024 £0.57m 2023 £0.88m.
The Director reflects upon the the solid position of the company from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the company can continue to grow and prosper.
The company has invested in the acquisition of four additional stores during the 2025 financial year.

Page 1

STREETSHARP LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

The management of the business and the nature of the company's strategy are subject to a number of risks. The Director has set out below the principal risks facing the business. The Director is of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.
Economic downturn
The success of the business is reliant on consumer spending.
In response to this continuous risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies will be modified to reflect the new market conditions.
Inflation and the cost of living crisis
Global inflationary pressures that have arisen following the outbreak of the war in Ukraine continue to represent the largest risk to the business. These pressures are seen most clearly in relation to:
Food cost inflation
The Company is continually assessing all risks that food cost inflation may bring with the aim to mitigate future threats this may have on the business.
Wage cost inflation
The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies, as well as providing employees with fulfilling career opportunities.
Utilities costs
Increasing volatility, uncertainty, cost pressures and general environmental awareness in the UK market has resulted in increased pressure on the company in recent times. To manage and help mitigate the risk associated with these pressures, the company is party to a number of Power Purchase Agreements (PPAs) for the provision of cost-effective clean energy from environmentally friendly energy sources.
Competition
The market in which the Company operates is highly competitive. As a result, the Company is subject to a high level of price sensitivities in its consumer-led market. Policies of constantly assessing our pricing strategy and ongoing market research are in place to mitigate such risks.
Liquidity risk
As a result of the positive cash flows from operating activities achieved in the year and expected in future periods, the Director does not consider liquidity or cashflow risk to be an issue. The Company makes use of bank facilities in order to finance long term capital and refurbishment expenditure. The Director also continually monitors cash flow forecasts in order to further manage liquidity risk.
Interest rate risk
Considering the debt profile of the Company, increases in interest rates presents a risk. The continued policy of regular rate monitoring and ongoing dialogue with our lenders are in place to help mitigate this risk.
Brexit
The areas where Brexit has impacted our business include the access and cost of both labour and food and we continue to work with our business partners to mitigate this.
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control; hence, we are constantly assessing our plans in line with the current environment.

Page 2

STREETSHARP LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.

M Street

Director

Date: 30 September 2025

Page 3

STREETSHARP LTD

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Principal activity

The principal activity of the company in the year under review was that of operating quick service restaurants.

Results and dividends

The loss for the year, after taxation, amounted to £8,873 (2023 - profit £258,710).

The director does not recommend payment of a final dividend, interim dividends paid are disclosed within the financial statements.

Director

The director who served during the year was:

M Street

Future developments

The company continues to substantially invest in its restaurants as part of programme to upgrade the looks and feel of its restaurants with new and enhanced equipment and thereby improve its customers' and employees' experience.
This forms part of its strategy to grow market share and profitability.

Engagement with employees

Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach the to pay and benefits our employees receive. The health, safety and wellbeing of our employees is one of our primary considerations in the way we do business.

Page 4

STREETSHARP LTD

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ 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.

Auditors

The auditor Bennett Whitehouse Limited was acquired by Xeinadin Audit Limited on 21 July 2025. Bennett Whitehouse Limited has resigned as auditor and Xeinadin Audit Limited has been appointed in its place.
The auditors, Xeinadin Audit Limited, are deemed re-appointed under Section 487(2) of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

M Street

Director

Date: 30 September 2025

Page 5

STREETSHARP LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREETSHARP LTD

Opinion

We have audited the financial statements of Streetsharp Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.

Page 6

STREETSHARP LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREETSHARP LTD (CONTINUED)

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 7

STREETSHARP LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREETSHARP 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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry
in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and
regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, health
& safety legislation and FRS102.
We designed audit procedures to respond to the risks of material misstatement in the financial statements.
We focused on laws and regulations that could give rise to a material misstatement in the Company financial
statements. Our tests included, but were not limited to:
• agreement of the financial statement disclosures to underlying supporting documentation;
• enquires of management; and
• obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance
with laws and regulations is from the events and transactions reflected in the financial statements, the less likely
we would become aware of it. We also addressed the risk of management override of internal controls, including
testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of
material misstatement due to fraud.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 8

STREETSHARP LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STREETSHARP 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 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.

Gavin Whitehouse BSocSc FCA (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Statutory Auditors

100 Barbirolli Square

Manchester

M2 3BD

30 September 2025

Page 9

STREETSHARP LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover		18,396,235	18,416,885
Cost of sales		(6,310,053)	(6,582,568)
Gross profit		12,086,182	11,834,317
Administrative expenses		(12,121,573)	(11,421,281)
Operating (loss)/profit	3	(35,391)	413,036
Interest receivable and similar income	6	-	481
Interest payable and similar expenses	7	(11,310)	(22,813)
(Loss)/profit before tax		(46,701)	390,704
Tax on (loss)/profit	8	37,828	(131,994)
(Loss)/profit for the financial year		(8,873)	258,710

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 29 form part of these financial statements.

Page 10

STREETSHARP LTD

REGISTERED NUMBER: 09392110

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	10		751,984		806,966
Tangible assets	11		851,977		1,017,259
Investments	12		3,750		3,750
			1,607,711		1,827,975
Current assets
Stocks	13	76,741		82,623
Debtors: amounts falling due within one year	14	200,896		180,438
Cash at bank and in hand	15	481,080		838,225
		758,717		1,101,286
Creditors: amounts falling due within one year	16	(1,578,910)		(1,744,996)
Net current liabilities			(820,193)		(643,710)
Total assets less current liabilities			787,518		1,184,265
Creditors: amounts falling due after more than one year	17		(13,297)		(115,727)
Provisions for liabilities
Deferred tax	19	(204,000)		(189,444)
			(204,000)		(189,444)
Net assets			570,221		879,094

Capital and reserves
Called up share capital	20	100	100
Profit and loss account	21	570,121	878,994
		570,221	879,094

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M Street

Director

Date: 30 September 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 11

STREETSHARP LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	1,080,284	1,080,384

Profit for the year	-	258,710	258,710
Dividends: Equity capital	-	(460,000)	(460,000)

At 1 January 2024	100	878,994	879,094

Loss for the year	-	(8,873)	(8,873)
Dividends: Equity capital	-	(300,000)	(300,000)
At 31 December 2024	100	570,121	570,221

The notes on pages 14 to 29 form part of these financial statements.

Page 12

STREETSHARP LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(8,873)	258,710
Adjustments for:
Amortisation of intangible assets	54,982	54,982
Depreciation of tangible assets	339,929	368,766
Interest paid	11,310	22,814
Interest received	-	(481)
Taxation charge	(37,828)	131,994
Decrease/(increase) in stocks	5,882	(13,395)
(Increase)/decrease in debtors	(20,458)	175,531
(Decrease) in creditors	(73,006)	(56,448)
Corporation tax (paid)	(47,145)	(157,207)
Net cash generated from operating activities	224,793	785,266

Cash flows from investing activities
Purchase of tangible fixed assets	(174,645)	(71,866)
Interest received	-	481
Net cash from investing activities	(174,645)	(71,385)
Cash flows from financing activities
Repayment of loans	(95,983)	(86,343)
Dividends paid	(300,000)	(460,000)
Interest paid	(11,310)	(22,814)
Net cash used in financing activities	(407,293)	(569,157)
Net (decrease)/increase in cash and cash equivalents	(357,145)	144,724
Cash and cash equivalents at beginning of year	838,225	693,501
Cash and cash equivalents at the end of year	481,080	838,225

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	481,080	838,225
	481,080	838,225

Page 13

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Streetsharp Ltd is a private limited liability company incorporated and domiciled in England.
The address of its registered office is:
Chancery House
30 St.Johns Road
Woking
Surrey
GU21 7SA
The financial statements are prepared in sterling (£), which is the functional currency of the company. The financial statements are for a period of 52 weeks ended 31 December 2024 (2023: 52 weeks ended 31 December 2023).

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed the financial position and future cash requirements of the business for a period exceeding twelve months from the date of approval of the financial statements and consider that the company has sufficient resources to manage its business risk successfully.

Page 14

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

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.

2.4

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.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 16

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

				Franchise fees	-	%	Over the period of the franchise agreement
				Franchise rights	-	%	Over the period of the franchise agreement

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.

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 basis:

Plant and machinery	-	7-10 years
Motor vehicles	-	3 years
Office equipment	-	4-5 years

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.

Page 17

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Valuation of investments

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.

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 18

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 19

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.20

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.

Depreciation - Owned Assets	339,927	368,765
Amortisation	54,982	54,982
Other operating lease rentals	3,161,454	2,768,741
Auditors remuneration	7,500	7,500

Page 20

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	5,051,429	4,742,751
Social security costs	204,543	176,163
Cost of defined contribution scheme	68,611	61,453
	5,324,583	4,980,367

The average monthly number of employees, including the director, during the year was as follows:

	2024	2023
	No.	No.

Restaurant Team	445	490
Management	13	13

	458	503

5.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	6,925	2,634
	6,925	2,634

6.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	-	481
		-	481

Page 21

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	11,310	15,570
Other loan interest payable	-	7,243
	11,310	22,813

Corporation tax
Current tax on profits for the year	60,000	162,352
Adjustments in respect of previous periods	(112,384)	22,234
	(52,384)	184,586

Total current tax	(52,384)	184,586

Deferred tax
Origination and reversal of timing differences	14,556	(52,592)
Total deferred tax	14,556	(52,592)


		(37,828)	131,994

Page 22

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(46,701)

390,704

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	(11,675)	91,894
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	5,000	413
Depreciation charges in excess of capital allowances	65,298	70,045
Adjustments to tax charge in respect of prior periods	(112,384)	22,234
Provisioning	1,377	-
Deferred tax	14,556	(52,592)
Total tax charge for the year	(37,828)	131,994

Factors that may affect future tax charges

The main rate of corporation tax is 25% in respect of taxable profits above £250,000. In addition to the main rate there will remain a small profit rate of 19% for taxable profits below £50,000. Marginal relief will provide a gradual increase in the corporation tax rate between the small profits rate and the main rate.
Deferred tax balances must be recognised at the future rate applicable when the balance is expected to unwind. As such, deferred tax balances are recognised using the rate of 25%.

Page 23

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Dividends
		2024	2023
		£	£

	Ordinary £1 shares	300,000	460,000
		300,000	460,000

10.	Intangible assets

	Franchise fees	Franchise rights	Total
	£	£	£
Cost
At 1 January 2024	90,000	1,009,633	1,099,633
At 31 December 2024	90,000	1,009,633	1,099,633
Amortisation
At 1 January 2024	28,125	264,542	292,667
Charge for the year on owned assets	4,500	50,482	54,982
At 31 December 2024	32,625	315,024	347,649
Net book value
At 31 December 2024	57,375	694,609	751,984
At 31 December 2023	61,875	745,091	806,966

Page 24

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	2,460,834	195,536	49,794	2,706,164
Additions	140,769	33,876	-	174,645
At 31 December 2024	2,601,603	229,412	49,794	2,880,809
Depreciation
At 1 January 2024	1,619,248	36,173	33,484	1,688,905
Charge for the year on owned assets	264,244	71,668	4,015	339,927
At 31 December 2024	1,883,492	107,841	37,499	2,028,832
Net book value
At 31 December 2024	718,111	121,571	12,295	851,977
At 31 December 2023	841,586	159,363	16,310	1,017,259

12.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2024	3,750
	At 31 December 2024	3,750

Fixed asset investments consists of 3,750 ordinary shares of £1 each in Fries Holding Company Limited, a company registered in Guernsey. The investments are included in the accounts at cost.

Page 25

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Stocks
		2024	2023
		£	£

Stocks	76,741	82,623
	76,741	82,623

14.

Debtors

					2024	2023
					£	£


Trade debtors	101,222	66,384
Prepayments and accrued income	99,674	114,054
	200,896	180,438

Balances owed at the year end from third party delivery partners have been classified as trade debtors.

15.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	481,080	838,225
	481,080	838,225

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	106,682	100,234
Trade creditors	539,587	512,482
Corporation tax	99,530	199,059
Other taxation and social security	449,874	653,681
Other creditors	157,052	168,429
Accruals and deferred income	226,185	111,111
	1,578,910	1,744,996

Page 26

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	13,297	115,727
	13,297	115,727

Amounts falling due within one year
Amount falling due within 1 year	106,682	100,234
Amount falling due within 1 - 2 years	13,297	106,682
Amount falling due within 2 - 5 years	-	9,045
	119,979	215,961

The bank loans are unsecured and are repayable over a total period of 7 years from inception at a floating rate of 1.8-2.0% above Bank of England Base Rate.

19.	Deferred taxation

		2024
		£

	At beginning of year	(189,444)
	Charged to profit or loss	(14,556)
	At end of year	(204,000)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	(204,000)	(189,444)
		(204,000)	(189,444)

Page 27

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares shares of £1.00 each	100	100

21.

Reserves

Profit and loss account

The profit and loss account reserve represents accumulated realised profits less dividends paid.

22.	Analysis of net debt

		At 1 January 2024	Cash flows	Other non-cash changes	At 31 December 2024
		£	£	£	£

Cash at bank and in hand	904,379	(423,299)	-	481,080
Debt due within 1 year	(100,234)	-	(6,448)	(106,682)
Debt due after 1 year	(115,727)	95,982	6,448	(13,297)
	688,418	(327,317)	-	361,101

23.	Pension commitments

The company operates a defined contribution pension schemes for the benefit of the employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge for the period represents contributions payable by the company to the schemes and amounted to £68,611 (2023: £61,453). Amounts due to the funds at the year end were £8,614 (2023: £10,724).

Page 28

STREETSHARP LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	547,692	547,692
Later than 1 year and not later than 5 years	2,190,768	2,190,768
Later than 5 years	3,964,495	4,513,687
	6,702,955	7,252,147

Operating lease commitments are calculated using base rent and payment commitments. Additional variable rental charges are also levied by way of sales targets together with potential discounts and rebates granted by the franchisor.

25.	Related party transactions
	During the year, total dividends of £300,000 (2023: £460,000) were paid to the director.

26.	Controlling party

The controlling party is M Street.

Page 29