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Registered number: 09543586 EAT17 LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
EAT17 LIMITED COMPANY INFORMATION
Directors | C M O'Connor
| J P Brundle
| C Blakemore
Registered number | 09543586
Registered office | 28-30 Orford Road
| London
| England
| E17 9NJ
Independent auditor | Barnes Roffe Audit Limited
| Chartered Accountants Statutory Auditor
| Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
EAT17 LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditor's report | 3 - 7
Statement of comprehensive income | 8 - 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 19
EAT17 LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who served during the year were:
C M O'Connor
J P Brundle
C Blakemore
S Munro-Morris (resigned 17 July 2024)
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
Post year end, there are plans to transfer the operations of the Hackney and Bishop's Stortford stores to a new company. It is expected that existing management will continue to operate these stores. The financial effect is unknown at this stage and cannot be estimated. Page 1
EAT17 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditor
The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 13 January 2026 and signed on its behalf.
J P Brundle Director
Page 2
EAT17 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAT17 LIMITED
Qualified opinion
We have audited the financial statements of Eat17 Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). Except for the possible effects of the matter described in the basis of or qualified opinion section of our report, in our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
As a result of a change in the accounting reference date in the year ended 31 March 2023, a physical stock take was not undertaken at the revised period end and thus we did not observe the counting of physical inventories at this date. Despite stock takes being historically undertaken by independent third parites on a periodic basis, we were unable to satisfy ourselves by reliance on these counts or use of alternative audit procedures concerning the inventory quantities of £325,876 held at 31 March 2023. Consequently, we were unable to determine whether any adjustment to this amount at 31 March 2023 was necessary or whether there was any consequential effect on the cost of sales for the period ended 31 March 2024 due to the opening stock figure. 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions relating to going concern
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 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. Page 3
EAT17 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAT17 LIMITED (CONTINUED)
Other information
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.
Opinion on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matter described in the basis of qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. Arising solely from the limitation on the scope of our work relating to inventory, referred to above: ∙we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and ∙we were unable to determine whether adequate accounting records have been kept. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made. ∙we have not received all the information and explanations we require for our audit. Page 4
EAT17 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAT17 LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
EAT17 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAT17 LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: ∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector; ∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows; • Companies Act 2006. • FRS102. • ISO standards. • Health and Safety legislation. ∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and ∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: ∙Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; ∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; ∙Reviewing the financial statements and testing the disclosures against supporting documentation; ∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ∙Inspecting and testing journal entries to identify unusual or unexpected transactions; ∙Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and ∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. Page 6
EAT17 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EAT17 LIMITED (CONTINUED) 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.
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. Andrew Barnes (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA 15 January 2026 Page 7
EAT17 LIMITED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR ENDED 31 MARCH 2025
| Continuing operations | Discontin'd operations | Total | Continuing operations | Discontinued operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
| £ | £ | £ | £ | £ | £
Turnover |  | 7,605,947 | 854,500 | 8,460,447 | 6,984,863 | 1,456,201 | 8,441,064
Cost of sales |  | (4,891,801) | (357,633) | (5,249,434) | (4,710,400) | (515,620) | (5,226,020)
Gross profit |  | 2,714,146 | 496,867 | 3,211,013 | 2,274,463 | 940,581 | 3,215,044
Administrative expenses |  | (2,667,777) | (579,356) | (3,247,133) | (2,520,738) | (926,309) | (3,447,047)
Exceptional administrative expenses |  | - | - | - | (577,975) | - | (577,975)
Other operating income |  | 291,686 | - | 291,686 | 240,890 | - | 240,890
Operating profit/(loss) |  | 338,055 | (82,489) | 255,566 | (583,360) | 14,272 | (569,088)
Interest receivable and similar income |  | 11,908 | - | 11,908 | 9,000 | - | 9,000
Interest payable and similar expenses |  | (60,938) | - | (60,938) | (96,208) | - | (96,208)
Profit/(loss) before tax |  | 289,025 | (82,489) | 206,536 | (670,568) | 14,272 | (656,296)
Tax on profit/(loss) |  | (69,502) | - | (69,502) | 128,947 | - | 128,947
Profit/(loss) for the financial year |  | 219,523 | (82,489) | 137,034 | (541,621) | 14,272 | (527,349)
Other comprehensive income for the year |  |  |  |  |  |  |
Unrealised surplus on revaluation of tangible fixed assets |  |  |  | - |  |  | (865,100)
Other comprehensive income for the year |  |  |  | - |  |  | (865,100)
Page 8
EAT17 LIMITED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| Continuing operations | Discontin'd operations | Total | Continuing operations | Discontinued operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
| £ | £ | £ | £ | £ | £
Total comprehensive income for the year |  |  |  | 137,034 |  |  | (1,392,449)
The notes on pages 12 to 19 form part of these financial statements.
Page 9
EAT17 LIMITED REGISTERED NUMBER: 09543586 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 2,031,826 |  | 2,177,769
Current assets |  |  |  |  |
Stocks |  | 203,233 |  | 254,415 |
Debtors: amounts falling due within one year | 7 | 192,675 |  | 273,039 |
Cash at bank and in hand |  | 193,262 |  | 788,081 |
|  | 589,170 |  | 1,315,535 |
Creditors: amounts falling due within one year | 8 | (1,221,306) |  | (1,488,347) |
Net current liabilities |  |  | (632,136) |  | (172,812)
Total assets less current liabilities |  |  | 1,399,690 |  | 2,004,957
Creditors: amounts falling due after more than one year | 9 |  | (151,240) |  | (708,741)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (295,911) |  | (295,911)
Net assets |  |  | 952,539 |  | 1,000,305
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,200 |  | 2,200
Profit and loss account |  |  | 950,339 |  | 998,105
|  |  | 952,539 |  | 1,000,305
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 were approved and authorised for issue by the board and were signed on its behalf on 13 January 2026.
J P Brundle
Director
The notes on pages 12 to 19 form part of these financial statements. Page 10
EAT17 LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 2,200 | 865,100 | 845,154 | 1,712,454
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (527,349) | (527,349)
Surplus on revaluation of other fixed assets | - | (865,100) | 865,100 | -
Dividends: Equity capital | - | - | (184,800) | (184,800)
At 1 April 2024 | 2,200 | - | 998,105 | 1,000,305
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 137,034 | 137,034
Dividends: Equity capital | - | - | (184,800) | (184,800)
At 31 March 2025 | 2,200 | - | 950,339 | 952,539
| The notes on pages 12 to 19 form part of these financial statements.
Page 11
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Eat17 Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is 28-30 Orford Road, London, England, E17 9NJ. The Company's principal activity continued to be that of retail sale of food, beverages and other consumables. 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 directors have considered the period ending 12 months from the approval of these financial statements. No material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern have been identified by the directors.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue relating to the sale of goods via concessions The Company acts as principal with regards to the provision of goods via concessions. Revenue from these goods is recognised using the same criteria as the sale of goods, listed above.
| 2.4 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Page 12
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 13
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following annual bases:
|  |  |  | Freehold property | - | Straight line over 50 years
|  |  |  | Long-term leasehold property | - | Straight line over the life of the lease
|  |  |  | Fixtures and fittings | - | 5%, 10% and 20% straight line
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.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 14
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 15
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgements in applying the entity’s accounting policies The Company makes judgements in determining the treatment of revenue regarding the sale of goods via concessions. Management have determined that the Company exposes itself to significant risks and rewards and, therefore, recognises revenue gross from the sale of their concessions. b) Critical accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the property, plant and equipment and note 2.11 for the useful economic lives for each class of asset. Page 16
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Employees
| The average monthly number of employees, including directors, during the year was 79 (2024 - 81).
5. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Disposal of Hammersmith lease and related assets | - | 577,975
6. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 726,202 | 3,076,825 | 3,803,027
| Additions | - | 142,447 | 142,447
| At 31 March 2025 | 726,202 | 3,219,272 | 3,945,474
| Depreciation |  |  |
| At 1 April 2024 | 312,237 | 1,313,021 | 1,625,258
| Charge for the year on owned assets | 48,592 | 239,798 | 288,390
| At 31 March 2025 | 360,829 | 1,552,819 | 1,913,648
| Net book value |  |  |
| At 31 March 2025 | 365,373 | 1,666,453 | 2,031,826
| At 31 March 2024 | 413,965 | 1,763,804 | 2,177,769
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixtures and fittings | - | 18,330
Page 17
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 41,058 | 34,530
| Other debtors | 82,085 | 79,790
| Prepayments and accrued income | 69,532 | 158,719
|  | 192,675 | 273,039
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 517,728 | 614,409
| Corporation tax | 227,128 | 157,626
| Other taxation and social security | 86,477 | 58,129
| Obligations under finance lease and hire purchase contracts | 100 | 7,901
| Other creditors | 368,453 | 633,153
| Accruals and deferred income | 21,420 | 17,129
|  | 1,221,306 | 1,488,347
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 1,401
| Other creditors | 151,240 | 707,340
|  | 151,240 | 708,741
| Amounts owed to a connected company, which are included within other creditors due within and after one year, are secured by way of a fixed and floating charge over the assets of the Company. Net obligations under finance leases are secured over the assets to which they relate.
Page 18
EAT17 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 100 | 7,901
| Between 1-5 years | - | 1,401
|  | 100 | 9,302
11. | Discontinued operations
The Company ceased restaurant operations in their Walthamstow store in October 2024.
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,367 (2024 - £29,491). Contributions totalling £9,571 (2024 - £7,971) were payable to the fund at the balance sheet date.
13. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 387,531 | 436,024
| Later than 1 year and not later than 5 years | 1,363,705 | 1,483,616
| Later than 5 years | 873,004 | 1,182,789
|  | 2,624,240 | 3,102,429
14. | Related party transactions
| At the year end, the directors owed the Company £18,340 (2024 - £13,138).
15. | Post balance sheet events
Post year end, there are plans to transfer the operations of the Hackney and Bishop's Stortford stores to a new company. It is expected that existing management will continue to operate these stores. The financial effect is unknown at this stage and cannot be estimated. Page 19