The director presents the strategic report for the year ended 31 December 2024.
Chicken Shop continued to increase sales from its existing 6 restaurants with steady growth across the year. In 2024 we experienced relatively modest increases in core ingredient costs, however the impact of a significant increase in the minimum wage in April 2024 necessitated the implementation of modest price increases to offset this.
Group revenue increased by 26.1% to £9.40m (2023: £7.45m) reflecting the like-for-like growth in all sites. Operating losses increased marginally to £4.28m (2023: £4.18m). The group reported a loss after tax of £8.03m (2023: loss of £6.81m).
Employment
The group continues to pay in excess of the National Living Wage with a pay structure that enables team members to be paid the London Living Wage on successfully learning all of our key skills. In addition we operate a mystery shopper programme and expect to pay up to 1% of revenue to employees in incentives for excellent service and standards.
The group is committed to developing and promoting its employees and invests significant time and money upgrading the skill set of its people. The group trains its employees in technical job skills, as well as softer skills required to be excellent leaders.
The group strives for an inclusive and open culture. We hire diverse and talented individuals, and all can build a successful career at Chicken Shop.
Diversity, equality and inclusion
At Chicken Shop we are incredibly proud of our culture and people. Chicken Shop is committed to encouraging equality, diversity and inclusion within our teams, including the employment of disabled persons, and preventing unlawful discrimination. Family is one of our values and together we continue in making sure that our restaurants are a safe and happy place for all of our people to be themselves and to feel accepted. We actively promote diversity and inclusion across the company and strive to demonstrate diversity through our leadership. We carry out all recruitment, promotion and other types of selection procedures on the basis of merit, using non-discriminatory and as far as possible objective criteria.
The following are considered the group's principal risks and uncertainties:
Credit risk
The group's financial assets are cash and bank balances and trade and other receivables. The group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
Customer transactions are largely settled at the point of sale, with minimal trade receivables held apart from this. The limited number means that risk is concentrated in a small number of counterparties, meaning easier monitoring of the credit risk position.
Currency risk
The group has minor exposure to Euro exchange risk as a result of European supply. This is not significant enough to hedge.
Interest rate risk
The group borrows in Sterling with fixed rates of interest.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future development, the group has debt finance from its principal shareholder. The group had £29.06m (2023: £22.70m) of debt provided by its principal shareholder at year end.
Impairment risk
The directors understanding of the risks associated with the assets held by the entity relates to the potential impairment of those assets. To identify any potential impairment the group reviews the financial performance of its restaurants on a regular basis.
Climate change
The group is determined to reduce its carbon footprint. Packaging is optimised by enabling customers to chose Dine In or Takeaway at the point of ordering, with ancillary items such as napkins available on request. All straws are paper, all cutlery is wood.
All waste is either recycled or used to generate power, zero waste goes to landfill. All of our used kitchen oil is recycled. This is part of the company’s improved long-term sustainability plan.
Supply chain and inflationary risk.
The group has in recent years been subject to periods of high inflation, and we continue to operate with tight supply of chicken in the UK. We have built long standing partnerships with our key suppliers, allowing us to have full visibility of the supply chain and thus mitigate inflationary pressures as much as possible, along with ensuring continuity of supply.
Health and Safety
Ensuring our employees and customers are safe is of paramount importance to our business. We set the highest standards of health and safety and perform regular audits of our restaurants to ensure these are met.
Customers demand
In a high inflation environment there is a risk of reduced customer demand. We continue to focus on our core principles and believe that these will continue to give us a competitive advantage.
Increased competition
The American fried chicken chains are arriving in the UK, with Wingtop and Popeye’s now established, Dave’s Hot Chicken opened in December 2024 and Raising Canes and Chik-fil-a announcing imminent arrivals. As these brands arrive with their established brands and positioning, there will be more competition within the fried chicken sector that could impact on our performance.
We will continue to focus on our key differentiating factors to maintain our position in the market, and maintain our position within London culture.
Cyber security and data protection
The company understands the need to protect both our valuable business information and our customers sensitive data from potential cyber threats. We adopt a proactive approach in our cybersecurity strategy, updating our systems as required and the company has implemented data protection protocols that limit access to confidential information.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 9.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The auditor, Alliott Wingham Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Freston Chicken Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Material uncertainty relating to going concern
We draw attention to the group statement of comprehensive income, group balance sheet and company balance sheet in the financial statements, which indicates that the group made a net loss of £8.03m during the year ended 31 December 2024 and, as of that date, the group's total liabilities exceeded its total assets by £24.61m. At 31 December 2024, company liabilities exceeded total assets by £1.37m.
As stated in Note 1.4, the group is reliant upon the majority shareholder providing ongoing financial support. Should that support be withdrawn, together with the financial position outlined above, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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 that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed at Company and significant component levels to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involved deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, enquiries of external legal advisors and review of correspondence with external legal advisors.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance 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 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 management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in their significant accounting estimates.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 auditor's 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £391,224 (2023 - £356,132 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Freston Chicken Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 146 Freston Road, London, W10 6TR.
The group consists of Freston Chicken Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Freston Chicken Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the group will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the group's ability to continue as a going concern.
The group has incurred significant losses since Chicken Shop commenced trading and it has been heavily reliant upon the majority shareholder to provide financial support. Although turnover has improved during the year, it failed to materialise into improved overall profitability. The directors, having reviewed the budget for 2025 and beyond believe that the group can continue to improve its financial performance. The opening of two additional restaurants will contribute to this.
In the meantime, the majority shareholder has confirmed his willingness to provide ongoing financial support to the group. He will also not seek repayment of interest or capital on the loans provided to the group until such time that the group has significant cash reserves available.
Turnover is recognised at the fair value of the consideration received or receivable for food and drink provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on at the point of sale), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
FRS 102 Section 27 requires an assessment at each reporting date of whether there is any indication that an asset within its scope may be impaired.
In 2022 the subsidiary acquired the brand "Chicken Shop", which has been included in intangible fixed assets. Management has performed an impairment review of the brand by preparing detailed forecasts, which take into account the subsidiaries' cost of debt funding, and provide a basis for valuing the expected future cashflows from the brand.
This is an area of significant judgment, as any change in the assumptions, including the anticipated performance, could materially impact the impairment evaluation. Based on this review management have recognised an impairment expense of £943,109 (2023: £Nil).
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
Assets under construction relate to a new location which has opened after the year end.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Other borrowing include a loan received from a majority shareholder of the parent company. The loan is secured by a fixed and floating charge and negative pledge which has been registered by the shareholder of the parent company over all property and undertakings of the group.
Compound interest is accrued on the subsidiary's loan draw downs and has been included in the other borrowings balance. Total accrued interest at the reporting date is £6,968,352 (2023: £3,597,254).
Additional funds drawn down on the loan have been disclosed in the related parties note.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the group drew down a further £2,579,886 (2023: £3,750,840) of an existing facility from the main shareholder.
At 31 December 2024, the principal balance outstanding was £20,746,053 (2023: £18,166,167).
Interest accrued during the year, calculated at 15% on loans to the subsidiary and 10% on loans to the parent is £3,770,705 (2023: £2,621,780).
The total accrued interest to date is £8,309,181 (2023: £4,538,476).
At the reporting date £16,491 (2023: £14,880) of interest is yet to be capitalised against the loan.
All amounts are included in Creditors: amounts falling due after more than one year.
The £3,775,591 is interest which has been capitalised on the loans to the group in the year. £389,613 of this amount relates to the parent company loans.
Balance sheet
The non-controlling interest element had not previously been split out from profit and loss reserves within the capital and reserves section of the group balance sheet. An adjustment has been made to the comparative information in these financial statements to rectify this.
Profit and loss reserves as previously reported at 31 December 2023 (£16,574,203)
Less: Non-controlling interest at 31 December 2023 (£ 5,010,466)
Profit and loss reserves restated balance at 31 December 2023 (£11,563,737)
Statement of changes in equity
Likewise, the statement of changes in equity also did not reflect the non-controlling interest. Following the adjustment made in these financial statements
At 1 January 2023
Non-controlling interest previously reported £Nil
Adjustment (£3,197,083)
Revised non-controlling interest at 1 January 2023 (£3,197,083)
Profit and loss reserves as previously reported at 1 January 2023 (£9,764,827)
Less: Non-controlling interest adjustment (£3,197,083)
Revised profit and loss reserves at 1 January 2023 (£6,567,744)
At 31 December 2023
Non-controlling interest previously reported £Nil
Adjustment at 1 January 2023 (£3,197,083)
Loss and total comprehensive income attributable to non-controlling interest for the year (£1,813,383)
Revised non-controlling interest at 31 December 2023 (£5,010,466)
Revised Profit and loss reserves at 1 January 2023 (£ 6,567,744)
Loss and total comprehensive income attributable to parent for the year (£ 4,995,993)
Revised profit and loss reserves at 31 December 2023 (£11,563,737)