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Registered number: 13740620 JOY BRANDS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
JOY BRANDS LIMITED REGISTERED NUMBER: 13740620 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 20,706 |  | 23,562
Tangible assets | 5 |  | 3,144,745 |  | 3,044,825
|  |  | 3,165,451 |  | 3,068,387
Current assets |  |  |  |  |
Stocks |  | 45,466 |  | 52,034 |
Debtors: Amounts falling due within one year | 6 | 346,156 |  | 497,623 |
Cash at bank and in hand |  | 78,246 |  | 82,471 |
|  | 469,868 |  | 632,128 |
Creditors: Amounts falling due within one year | 7 | (5,054,923) |  | (2,798,476) |
Net current liabilities |  |  | (4,585,055) |  | (2,166,348)
Total assets less current liabilities |  |  | (1,419,604) |  | 902,039
Creditors: Amounts falling due after more than one year | 8 |  | (41,798) |  | (1,609,494)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (339,634) |  | (211,478) |
Net liabilities |  |  | (1,801,036) |  | (918,933)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | (1,801,037) |  | (918,934)
|  |  | (1,801,036) |  | (918,933)
Page 1
JOY BRANDS LIMITED REGISTERED NUMBER: 13740620 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ J S Lipscombe
Director
Date: 12 November 2025
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JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Joy Brands Limited is a private company, limited by share capital, registered in England and Wales (registration number: 13740620). The registered office is: Unit 14 Chesterford House Start Hill Great Hallinbury Bishop's Stortford Hertfordshire CM22 7DG. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis as the directors envisage that the Company shall continue to trade as a going concern for the period of at least 12 months from the accounts sign off date. It is currently trading with the support of the Group to which it belongs, however the directors are currently in the process of negotiating a sale of the Company and its business. Given the proposed investment of the buyer in acquiring the Company, the directors consider it reasonable to conclude that the new owners will continue to trade the Company and provide it with the necessary support to enable it to remain a going concern. However the directors acknowledge that they cannot be certain as to the buyer’s intention for the Company, or the level of and the buyer’s ability to provide any additional financial support it may require. As such they have identified a material uncertainty in respect of going concern.
| 2.3 | Revenue
Revenue consists of sales of food and beverages which is recognised at the point of sale and measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 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. Page 3
JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | 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 reporting 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 reporting 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 reporting date. Page 4
JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | in accordance with the lease term
|  |  |  | Fixtures and fittings | - | 15% on reducing balance
|  |  |  | Computer equipment | - | Straight line over 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.
| 2.11 | 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 reporting 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.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.13 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 5
JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 105 (2023 - 93).
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2024 | 25,000
| At 31 December 2024 | 25,000
| Amortisation |
| At 1 January 2024 | 1,438
| Charge for the year | 2,856
| At 31 December 2024 | 4,294
| Net book value |
| At 31 December 2024 | 20,706
| At 31 December 2023 | 23,562
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JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Short-term leasehold property | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 1,645,311 | 2,008,584 | 89,817 | 3,743,712
| Additions | 355,933 | 204,166 | 7,704 | 567,803
| At 31 December 2024 | 2,001,244 | 2,212,750 | 97,521 | 4,311,515
| Depreciation |  |  |  |
| At 1 January 2024 | 332,561 | 352,626 | 13,700 | 698,887
| Charge for the year | 183,579 | 265,714 | 18,590 | 467,883
| At 31 December 2024 | 516,140 | 618,340 | 32,290 | 1,166,770
| Net book value |  |  |  |
| At 31 December 2024 | 1,485,104 | 1,594,410 | 65,231 | 3,144,745
| At 31 December 2023 | 1,312,750 | 1,655,958 | 76,117 | 3,044,825
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 37,378 | 88,943
| Other debtors | 67,961 | 78,438
| Prepayments and accrued income | 240,817 | 330,242
|  | 346,156 | 497,623
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JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 38,549 | 486,438
| Trade creditors | 229,225 | 506,540
| Amounts owed to group undertakings | 3,972,195 | 1,078,310
| Other taxation and social security | 206,790 | 211,466
| Other creditors | 10,286 | 7,124
| Accruals and deferred income | 597,878 | 508,598
|  | 5,054,923 | 2,798,476
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 41,798 | 1,609,494
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 38,549 | 486,438
| Amounts falling due 1-2 years |  |
| Bank loans | 38,549 | 1,609,494
| Amounts falling due 2-5 years |  |
| Bank loans | 3,249 | -
|  | 80,347 | 2,095,932
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JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Secured debts
HSBC Bank Plc has a debenture, including a fixed charge over all present freehold and leasehold property and a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and a floating charge over all assets and undertaking both present and future. The Company has entered into a Composite Accounting Agreement with an Unlimited Multilateral Guarantee to HSBC Bank Pie. The participating companies in the guarantee are: Eastgate Foods Limited, The Chesterford Group Limited, Fish'n Chick'n Limited and Joy Brands Limited. There is a debenture dated 28 August 2012 securing all monies and liabilities, now or in the future, due to HSBC, against all the assets of the Company. 11.Other financial commitments At the year end, the Company was contracted under a franchise agreement for its 7 (2023: 6) stores with Pret A Manger (Europe) Limited. The agreement is for a period of 10 years commencing 16 June 2022. Under this contractual arrangement, the Company is required to pay a royalty which is based on gross turnover per annum.
12. | Prior year reclassification
During the preparation of these financial statements the classifications of expenses between cost of sales and administrative expenses has been reviewed. On the back of this review it has been determined that whereas historically staff costs and royalty fees had been included in cost of sales, it would more accurately reflect the nature of the business's operations for these to be treated as administrative expenses. Therefore the prior year comparative for 2023 has been restated to reflect the revised classifications of expenditure, resulting in a reduction in cost of sales of £3,199,341 and an increase in administrative expenses of £3,199,341 compared with the amounts previously reported of £5,952,975 and £2,595,095 respectively. This prior year reclassification has no overall impact on the loss for 2023 as previously reported or net assets.
13. | Controlling party
The Company's immediate and ultimate parent company is The Chesterford Group Limited, which is registered in England and Wales at Chesterford House, 14 Stansted Distribution Centre, Start Hill, Bishop's Stortford, Hertfordshire, CM22 7DG. The Chesterford Group Limited produces consolidated financial statements that are available from Companies House. The ultimate controlling party of The Chesterford Group Limited is considered to be the Lipscombe family. Page 9
JOY BRANDS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
| In their report, the auditors highlighted the following material uncertainty related to going concern: We draw attention to note 2.2 in the financial statements, which indicates that the Company's ability to continue as a going concern is based on future uncertain financial support from its shareholders. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, 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.
The audit report was signed on 12 November 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.
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