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Registered number:
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
COMPANY INFORMATION
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
CONTENTS
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 27 OCTOBER 2024
The principal activities of the company during the year continued to be the operation of restaurants, wholesale and retail bakeries and the wholesale sale of wine.
During the year, the company continued to focus on delivering excellent customer service, maintaining consistent food quality, and improving operational efficiency.
Revenue for the year was £12.9m an increase of £1m on the prior year. 2024 2023
Gross Profit Margin 52.8% 48.8%
Adjusted EBITDA Margin* 5.6% 7.6% Profit Before Tax Margin 3.3% 4.9% Profitability in this period was affected by the kitchen refurbishments carried out at our Smithfield and Bread and Wine restaurants, due to ongoing costs incurred during those closure periods. Operating margins continue to be affected by increasing labour costs and food inflation, but management continues to monitor costs closely and implement measures to improve profitability. The company remains committed to sustainable sourcing and minimizing food waste, aligning with industry best practices and customer expectations. *Adjusted EBITDA is earnings before interest, tax, depreciation and exceptional items.
The company faces typical risks associated with the hospitality sector, including:
∙Economic conditions: Changes in consumer spending may impact revenues.
∙Cost inflation: Increases in food, energy, and labour costs.
∙Regulatory compliance: Food safety, health and safety, and licensing regulations.
∙Competition: The restaurant sector remains highly competitive.
The Directors actively monitor these risks and maintain appropriate controls and contingency plans. For example, to manage regulatory compliance, a 3rd party company is employed to advise on best practice and carry out spot checks throughout the year at the restaurant and bakery sites.
Our restaurants are able to manage food price inflation by changing the menu twice daily. The market price of food can be reflected in menu pricing. Food cost inflation is more difficult to manage in the bakery, but to date, cost pressures have been reduced by bulk buying and through improving terms with our suppliers, many of whom we enjoy long standing excellent relationships with.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
The company’s operations expose it to a variety of financial risks, including credit, liquidity, interest rates and inflation.
The company’s policy is to maintain adequate cash reserves and banking facilities to ensure liquidity. Cash is managed as part of its day-to-day control procedures
Credit risk is managed by requiring payment at the point of sale, and the company has limited exposure to bad debts, so credit risk is deemed to be low.
The Board of Directors regularly monitor current market prices for food and beverages and react to increases in market prices by adjusting sales price to reflect a fixed pre-determined margin on each item sold in the restaurants
The risk of increases in market prices is therefore passed on to the customer and not suffered by the Group.
Non-financial KPI’s are monitored on a regular basis and include food and drink quality, customer feedback, staff turnover and staff engagement levels. These are regularly reviewed by management and appropriate action is taken if required. A staff committee has been established to enable staff and management to engage directly with each other to improve communication and engagement throughout the organisation. The management is satisfied with the performance of these KPI’s during the period.
This report was approved by the board on 30 October 2025 and signed on its behalf.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 OCTOBER 2024
The directors present their report and the financial statements for the period ended 27 October 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the period were:
This period we undertook refurbishment of the kitchens at both our Smithfield and Bread and Wine restaurants, so the Directors expect that next period will be one of consolidation, with limited capital expenditure and currently no plans to open additional sites. However, if a suitable site becomes available, the directors feel that the business is in a strong position to seize such opportunities. As usual, investment will continue in staff training, technology and site maintenance to enhance the customer experience and operational resilience.
The success of the business is due to its people. The directors seek to ensure that employees are informed about the company’s performance, objectives, and significant matters affecting them through regular team meetings, management briefings, and internal communications. The company is committed to providing equal opportunities for all employees and supports their ongoing learning and development through appropriate training and professional development opportunities.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
There have been no significant events affecting the Group since the year end.
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 on
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
We have audited the financial statements of St. John Group Limited (previously St. John Newco Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 27 October 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group 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 Group's or the parent 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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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO 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 Group 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 noncompliance with laws and regulations related to regulatory requirements for the business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, sales tax, payroll tax and income 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 posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙inquiries held with management at planning, fieldwork, and completion of the audit for any known or suspected instance of non-compliance with laws and regulations and fraud;
∙evaluating management’s controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted on unusual dates, postings by unusual users or with unusual descriptions; and
∙challenging assumptions and judgements made by management in their critical accounting estimates, especially in regards to tangible fixed assets.
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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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO 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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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
REGISTERED NUMBER: 14048192
CONSOLIDATED BALANCE SHEET
AS AT 27 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 30 form part of these financial statements.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
REGISTERED NUMBER: 14048192
COMPANY BALANCE SHEET
AS AT 27 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 30 form part of these financial statements.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
St. John Group Limited (Previously St. John Newco Limited) is a private company (registered number: 14048192), limited by share capital. It is incorproated in the United Kingdom and domiciled in England and Wales. The registered office and principal place of business is 26 St John Street, London, EC1M 4AY.
Subsidiary registered offices are the same as the group, and trading addresses can be found on applicable financial statements.
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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional dislosure is required to show a true and fair view.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 14 April 2024.
Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Food and beverage sales are recognised at the point in time when control of the goods has transferred to the customer. Control passes to the customer at the point at which food and beverages are provided and the Group has a present right for payment. Merchandise sales are recognised at the point in time when control of the goods has transferred to the customer. Control passes to the customer at the point at which food and beverages are provided and the Group has a present right for payment. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
2.Accounting policies (continued)
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
2.Accounting policies (continued)
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
9.Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period was £1,370,976 (2023 - £2,759).
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
19.Loans (continued)
Merger Reserve
Profit and loss account
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ST. JOHN GROUP LIMITED (PREVIOUSLY ST. JOHN NEWCO LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
The ultimate controlling party is Trevor Gulliver.
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