Company registration number: 15336833
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 26 DECEMBER 2024
The Directors present their strategic review of Healthy Retail Group Limited (“the Group” or “Pure”) for the 55-week period ending 26 December 2024
Principal Activity
The Group trades as Pure. The Group is a multi-channel business with activities as a food-to-go retailer; caterer for meetings and conferences; and food-to-go wholesaler. Pure’s retail sites specialise in breakfast, lunch and coffee from prime locations in central London and transport hubs. Pure’s delivered-in catering business provides food for meetings, events and conferences. And Pure’s wholesale business specialises in locations where customers are on-the-go or at work.
2024 and 2025 have seen the transformation of Pure from a multi-site to a multi-channel business. Pure ends 2025 with retail, catering and wholesale business streams, all in growth and all with lots more opportunities in 2026. Not since the end of 2019 has Pure entered a new year with such strong momentum.
2024 was the first year of the transformation to a multi channel business, which included the formal launch of Pure ‘food for business’ services. After four years of Covid-related impact, the decision was taken in September 2023 to diversify the business. This meant finding new investors, closing unprofitable shops and launching new business streams. This allowed the business to go from several years of significant losses to Adjusted EBITDA breakeven in 2024. This strong performance has continued into 2025, which will be the best EBITDA performance since 2019. And although Pure ended 2024 with three less retail sites than at the end of 2023, this did not stop group sales growing 6% to £23,552,820.
The turn around in 2024 was even more impressive as it was still impacted by tube and rail strikes, as well as significant inflation. But the remarkable efforts of the Pure team to grow sales, find efficiencies and push ahead with the diversification of the business meant that 2024 was a very successful year.
The most impressive growth came from Pure’s delivered-in catering business. This grew to over £5,000,000 in 2024. Pure’s market-leading menu, the strength of the brand and the unrivalled customer service in this business channel, remains a core strength.
By the end of 2024, the business had also taken its first steps into wholesale, producing longer-life products which can then be sold by other companies. This included the huge team effort to get a SALSA license for Pure’s Central Kitchen in Q4 2024. This business channel has flourished in 2025 with new branding and a new range of products.
The shops continue to be the backbone of the business. It is the part of the brand that is most well known. Nothing is more emblematic of this recognition than Pure’s on-going success in major transport hubs, including Waterloo Station and Gatwick Airport. Pure’s core mission to create moments of joy when people areon the move is most significant in these locations.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2024
For the first time in five years, the risks and uncertainties that the Group faces are starting to diminish. Whilst the trading environment remains challenging, there is far more stability and certainty and measures to mitigate risks are as follows:
Government policy & tax changes
Changes to Employers National Insurance contributions in April 2025 was a significant cost increase for Pure (and every other hospitality business). But the Group does not expect any further significant changes to tax policy over the next 12 months.
Inflation and interest rates
Rapid inflation and the subsequent increase in interest rates has reduced disposable income for consumers over the last few years. But inflation is now gradually coming down, along with interestrates. The Group anticipates this trend continuing with some prices, such as electricity, coming down in 2026.
Working From Home
The one very significant change in consumer behaviour since the impact of Covid-19 is where people work. This has not changed significantly over the last 12 months but there is a gradual movement back to the office, particularly for larger companies, and the Group expects to see more people returning to offices over the next 12 months.
Travel strikes
Travel strikes
Tube and train strikes impacted Pure in 2024. Other than a tube strike in September 2025, this has also largely stopped in 2025. The Group is hopeful that the worst is now behind us.
Credit & liquidity
As set out within note 2.3, on 22/12/2023, all shares of Healthy Retail Limited (HRL) were purchased by Healthy Retail Group Limited (HRGL). As part of the new investment structure, £1.5m wasloaned to HRL on 22/12/2023, £1.5m was provided on 05/12/2024 and £0.5m on 22/12/25.
Supply chain
The Group is proud to serve the highest quality food and drink. If there were a fall in the standard of the goods supplied, or availability of products by the Group's supply chain partners, then there would be disruption and/or loss to the business. The Group continues to carefully select partners in this area that share its values to meet the high expectations set.
People
The Group’s employees are its key asset. The Group continues to review pay from Team Member to General Manager level and rewards staff with remuneration that benchmarks strongly when compared with the wider industry. The Group consults regularly with its employees via regular team meetings. It also holds an annual employee feedback survey and shares a weekly newsletter.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2024
The Group income statement for the 52 weeks ending 26 December 2024 is set out on page 11. Operating loss for the period is £1,506,505. They had a stable GP margin of 38.5% this demonstrates a positive business performance.
Loss for the financial period is £1,665,820. Cash at bank as of 26 December 2024 was £1,327,154.
The financial loss includes £0.45m of one-off costs or costs related to closed shops; £0.73m of depreciation and amortisation; and £0.16m in interest payments. The Adjusted EBITDA, excluding these costs, was (£0.33m).
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 26 DECEMBER 2024
The directors present their report and the financial statements for the period ended 26 December 2024.
The directors have prepared the financial statements to 26 December 2024 to fall in line with the group's management accounting function, which uses a four-four-five weekly reporting cycle.
The Company was incorporated on 8 December 2023.
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 group loss for the period, after taxation, amounted to £1,665,280.
The directors do not recommend the payment of a dividend.
The directors who served during the period were:
Following Covid-19 related disruption in 2020, 2021 and 2022 and the ongoing strike action in 2022, 2023 and 2024 Pure has taken the decision to pivot the business strategy and focus on its growing B2B business. Whilst it is imperative to maintain a strong retail presence with profitable stores, the Group will focus on growing the B2B sales as well as reviewing market opportunities to grow the store estate in 2024 and beyond.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2024
The Group finances its operations through a mixture of operating profits and, where necessary to fund expansion of capital expenditure programmes, bank and shareholder borrowings. Management's objectives are to:
∙retain sufficient liquid funds to enable it to meet its obligations as they fall due whilst maximising returns on sufficient funds, and
∙match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the Group's trading activities
The Group's surplus funds are held primarily in short term variable rate deposit accounts, which allows the Group to release cash resources at short notice if required. Deposits are with a reputable bank and the Directors believe their choice of bank minimises any credit risk.
The Group's Coronavirus Business Interruption Loan is linked to the Bank of England base rate, the carrying value at theat the balance sheet date was £2,091,549 (2023: £2,300,000). All other borrowings carry fixed interest charges.
Pure consults with employees via regular team meetings. An annual employee feedback survey is also held and a weekly newsletter is shared with teams across the Group.
The Group recognises its responsibilities towards disabled persons and gives full and fair consideration to applicants in positions suited to their own particular abilities where appropriate openings exist. Where employees become disabled in the course of their employment, every effort is made to provide them with continuing employment.
The Group maintains Directors' and officers' liability insurance which provides appropriate cover for legal action brought against its Directors.
Details of principal activities have been disclosed in the strategic report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 DECEMBER 2024
Post year end an additional loan of £0.5m has been provided to the Group on 22/12/2025 in order to support its working capital requirements.
Following the year end – and in-line with the Group’s strategy - three stores were closed. One of these was loss-making and the net book value of the fixed assets in this store was nil as it was fully impaired in a previous year. The other two stores had a NBV of £44,631 at the year end.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHY RETAIL GROUP LIMITED
We have audited the financial statements of Healthy Retail Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 26 December 2024, which comprise the Consolidated Income Statement, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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 draw attention to going concern disclosure note 2.3. As stated within these notes, the Group has net liabilities and there is significant doubt over its ability to continue as 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 evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included discussion with management their plans for the future and working capital requirements. We reviewed management's forecasts and resources in place to continue to trade as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHY RETAIL GROUP LIMITED (CONTINUED)
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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHY RETAIL GROUP 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 Auditor's 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:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant including:
∙FRS 102
∙Companies Act 2006
∙Tax Legislaiton
∙Employment Legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial
statement items.
We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary. We corroborated our
inquiries through our review of board minutes.
The engagement director assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in
this area.
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might
occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the
greatest potential for fraud in the following areas:
∙Posting of unusual journals and complex transactions
∙Management bias in the calculation of impairment provisions
∙Incorrect capitalisation of fixed assets resulting in an overstatement of fixed assets
∙Overstatement of income due to fictitious sales
As a result of the above, audit procedures performed by the engagement team included:
∙Identifying and assessing the measures management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process
∙Challenging assumptions and judgements made by management in its significant accounting estimates
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTHY RETAIL GROUP LIMITED (CONTINUED)
This report is made solely to the Group'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 Group'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 Group and the Group's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 26 DECEMBER 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 26 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 26 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
Healthy Retail Group Limited is a private company, limited by shares, incorporated in England and Wales. The Group's registered office is shown on the information page.
The accounts cover the long period from incorporation to 26 December 2024.
The principal activity of the Group is disclosed in the Strategic Report on page 1.
The accounts cover the long period from incorporation to 26 December 2024.
The principal activity of the Group is disclosed in the Strategic Report on page 1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied:
On 22 December 2023 Healthy Retail Group Limited acquired Healthy Retail Limited. The consolidated financial statements have been prepared in accordance with FRS 102 Section 19 (Business Combinations and Goodwill) using the acquisition accounting method. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
2.Accounting policies (continued)
The ability of the Group to continue as a going concern depends on them being able to continue in operation and meet their liabilities as they fall due for a period of at least 12 months (the Assessment Period) from the date these financial statements are authorised for issue.
Assessment and Financial modelling
The Directors have prepared budgets, trading estimates and cash flow forecasts, covering the Assessment Period, alongside longer-term forecasts, internal and external considerations and market context to identify events or conditions that may cast significant doubt upon the continuing use of the going concern basis of accounting. The Directors have also prepared a sensitivity analysis by changing the most critical assumptions to assess impact on forecasts.
The most significant assumptions made by the Directors in preparing the forecasts were the level of sales volume growth within each of the multi-channel strategies, working capital profiles of the business and levels of cost inflation. Each of these assumptions requires the Directors to exercise significant judgement. The Directors have considered reasonable downside performance scenarios to satisfy themselves that in each scenario the going concern assumption is not broken.
Strategic backdrop and current trading
During 2025, the Directors implemented a multi-channel strategy to promote growth, increase efficiency and improve predictability of trading. Execution of this strategy in 2025 has started to deliver tangible and significant improvements in financial performance compared to prior periods. The Directors also note improving predictability of sales generated from the wholesale and corporate catering business lines, compared to a single store line of business where there is less predictability of sales volumes. As a result, based on data from trading under the new strategy the Directors are confident that this trend of improvement will continue into 2026 and beyond, alongside a belief that the major risks facing the business can be mitigated by planned actions.
Market backdrop
UK inflation is falling giving more stability to the cost base and less pressure to increase prices, which in turn should stabilise customer purchasing. Bank base rates are also falling and predicted to fall further, which should improve all customer lines of business and reduce pressures on our suppliers to increase costs. Whilst we are cautious in our outlook for a general return of employees to offices, we are beginning to see encouraging signs of workers having more of an office presence than in the last five years which should improve or at least stabilise store sales volumes. As a result, whilst the Directors acknowledge the risks inherent in the quick service food industry and have planned accordingly, there are signs that the general macroeconomic environment is at least stabilising and possibly improving.
Supportive shareholders
Based on trading in 2025 following adoption of the multi-channel strategy, the Directors were able to raise £0.5m of new funding from shareholders in December 2025, which provides the Directors with confidence that the major shareholder supports the strategic actions being taken and the future of the business. Whilst there is always risk associated with a refinancing event, given the progress of the business, the recent successful raise and the improvement in trading thus far, the Directors do not consider there to be a material uncertainty concerning availability of financing.
Conclusion
Whilst the Group enters 2026 with sufficient funding to meeting its obligations in a range of reasonable trading scenarios, the principal risks and uncertainties section of this report highlights a range of items where uncertainty and risk remains elevated, and this may create material uncertainty regarding the group’s ability to continue as a going concern in more severe downside scenarios.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
2.Accounting policies (continued)
Sale of goods
The Group sells a range of products including food, beverages and catering services net of VAT and trade discounts. Revenue from the sale of food and beverages are recognised at the point of sale and revenue from catering services are recognised on delivery of the products.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as defered income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Goodwill
Other intangible assets
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 five years.
Development expenditure have estimated useful life of 3 - 10 years. Development expenditure relates to costs incurred for design and project management of implementation of menu boards, new software and websites.
Trademarks have estimated useful live of 3 - 10 years. Trademarks relates to costs incurred for design and project management of the Pure brand.
Development expenditure have estimated useful life of 3 - 10 years. Development expenditure relates to costs incurred for design and project management of implementation of menu boards, new software and websites.
Trademarks have estimated useful live of 3 - 10 years. Trademarks relates to costs incurred for design and project management of the Pure brand.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
Provision for impairment of tangible and intangible assets
FRS 102 requires management to assess at each reporting date where there are events or changes in circumstances that indicate the carrying amount of tangible and intangible assets may not be recoverable. Management will carry out an impairment test if there are indicators of impairment. This is a complex area involving management judgement. Further details of intangible and tangible assets can be seen in note 12 and 13.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
11.Taxation (continued)
The Group has trading losses carried forward of £16,289,655 to set off against future profitsof the same trade.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
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Ordinary Shares: The shares (a) carry full voting rights, (b) are entitled to participate in dividends and (c) carry noright of redemption.
Profit and loss account
This reserve records retained earnings and accumulated Profit/Losses.
The Group operates a defined contribution pension scheme. The assets of the Group are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the Group to the fund and amounted to £103,280. At the year end there were unpaid contributions of £25,492.
The pension cost charge represents contributions payable by the Group to the fund and amounted to £103,280. At the year end there were unpaid contributions of £25,492.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2024
Post year end an additional loan of £0.5m has been provided to the Group on 22/12/2025 in order to support its working capital requirements.
Following the year end – and in-line with the Group’s strategy - three stores were closed. One of these was loss-making and the net book value of the fixed assets in this store was nil as it was fully impaired in a previous year. The other two stores had a NBV of £44,631 at the year end.
RBC Trustees (Jersey) Limited is the ultimate controlling party.
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