REG - Tasty PLC - Final Results
07/05/2025 07:00
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RNS Number : 5719H Tasty PLC 07 May 2025
7 May 2025
Tasty plc
("Tasty", the "Company" or the "Group")
Final results for the 52 weeks ended 29 December 2024
Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining
sector, announces its annual results for the 52 week period ended 29 December
2024.
Summary
· Revenue of £36.6m (2023: £46.9m); a decrease of 21.9% year-on-year
driven by the closure of 16 trading units through the Group Restructuring Plan
initiated on 9 April 2024 and sanctioned by the High Court on 4 June 2024.
· Adjusted EBITDA(1) (pre IFRS 16) of £0.3m loss (2023: £0.9m loss);
an improvement of £0.6m.
· Adjusted EBITDA(1) (post IFRS 16) of £3.6m (2023: £4.4m); a
decrease of £0.8m.
· Operating loss before highlighted items (pre IFRS 16) of £1.6m
(2023: £2.6m loss); an improvement of £1m.
· Operating profit before highlighted items (post IFRS 16) of £0.4m
(2023: £0.3m profit); an improvement of £0.1m.
· 16 trading restaurants closed in 2024; 1 dim t and 15 Wildwood, and
two non-trading and three sub-let restaurants also closed under the
Restructuring Plan.
· Lease agreements for three further sites were agreed outside the
Restructuring Plan.
· A £750,000 secured loan, which converted to equity following
shareholders' consent on 22 July 2024, was invested into the Group.
· Post period end, full and final settlement reached with the Group's
insurer for £2.5m (approximately £1.5m net of creditor costs and legal
costs) in connection with a claim for breach of contract regarding insurance
coverage for losses incurred in 2020.
· The Group is now on a secure footing for potential future growth with
no material uncertainty qualification in the accounts for the 52 week period
ended 29 December 2024.
(( 1 )) Adjusted for depreciation, amortisation and highlighted items
including share-based payments and impairments.
The report and accounts for the 52 week period ended 29 December 2024 will be
available on the Company's website at https://dimt.co.uk/investor-relations/
(https://dimt.co.uk/investor-relations/) today.
Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (596/2014). Upon publication of this
announcement via a regulatory information service, this information is
considered to be in the public domain.
For further information, please contact:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cavendish Capital Markets Limited
(Nominated adviser and broker)
Katy Birkin/George Lawson Tel: 020 7220 0500
Chairman's statement
I am pleased to be reporting on the Group's annual results for the 52 week
period ended 29 December 2024 and the comparative 53 week period ended 31
December 2023.
In response to external challenges that affected business operations and
trading performance, particularly in the hospitality sector, the Board
carefully evaluated strategic and restructuring options. After thorough
consideration, it was determined that implementing a Court and creditor
approved Restructuring Plan, alongside additional measures across the Group,
was the most effective path to restoring profitability and ensuring long-term
stability for the benefit of all stakeholders. The second half of 2024 was a
transformative period for the Group and, following the difficult decisions
made by the Board that resulted in a resized estate with a smaller workforce,
the Group was in a more robust position to deal with the challenging economic
environment that prevailed after the General Election.
The Restructuring Plan was initiated on 9 April 2024, leading to the immediate
closure of nine trading restaurants, followed by the closure of two more in
May and one in September. Additionally, the Group exited two non-trading
restaurants and three sub-let properties, and renegotiated the lease
agreements for three other sites. Beyond the formal Restructuring Plan, two
additional restaurant closures took place in the year and one lease was
assigned in June 2024.
In total, therefore, the reshaping of the estate resulted in the closure of 16
trading restaurants in 2024, being 1 dim t and 15 Wildwood. Unfortunately,
this necessitated 300 redundancies across the business. While these measures
were difficult, they were deemed essential to ensure the Group's long-term
viability and the job security for the remaining approximately 700
employees. We deeply regret the loss of any employment and we extend our
best wishes and sincere gratitude to those we were unable to retain for their
hard work and support over the years.
As part of the Restructuring Plan, a £750,000 secured loan, which converted
to equity following shareholder approval on 22 July 2024, was invested into
the Group. Furthermore, post year-end the Group reached a full and final
settlement with its insurer for £2.5m (approximately £1.5m net of creditor
costs and legal costs) in connection with a claim for breach of contract
regarding insurance coverage for losses incurred in 2020.
The Board is confident that it is now in a stable financial position and these
strategic measures will establish a platform for future profitability and
sustainable growth. Further details of the Restructuring Plan are set out
below in the Strategic Report.
At the period end, the Group comprised 36 restaurants: 4 dim t and 32 Wildwood
restaurants. The Group's performance did not meet management's expectations in
the year, with like-for-like sales declining by 4.5%. The Group experienced
disruption as a direct consequence of the Restructuring Plan and subsequent
site closures. Sales were further impacted by events such as the 2024 Euros,
the Olympics, and, most profoundly, by a decline in consumer confidence
following the General Election. Remote working trends post Covid,
transportation strikes, and adverse weather during key trading periods caused
a further deterioration in customer footfall. This has all been compounded by
the increased costs of living and the knock-on reduction in consumer spending
leading to the overall decline in performance.
Delivery and takeaway sales continued to decline in the first half of the
year. However, towards the year-end, trading improved slightly and returned to
growth as a more targeted approach to promotions and discounting was adopted.
After taking into account all of the Group's non-trade adjustments, the Group
reports a profit after tax for the period of £16.0m (2023: £14.5m loss after
tax) which includes an £18.6m gain on lease modification and disposal of
lease liabilities due to the closure of restaurants (2023: £0.1m loss),
impairment charge of £1.9m (2023: £12.3m) and £2.5m receipt from the
insurance claim offset by £1.8m restructuring and other related legal fees.
Redundancies were an unfortunate consequence of the Restructuring Plan to
ensure the long-term security of the Group but we would like to thank all our
loyal and dedicated employees at every level who have worked tirelessly
throughout all the challenges encountered.
Dividend
The Board does not propose to recommend a dividend (2023: £nil).
Outlook
The Board maintains a cautious outlook with many of the headwinds highlighted
above continuing since the year-end, as well as the increase in the National
Living Wage and employers' National Insurance contributions having come into
effect from April 2025.
However, the Board believes that once the disruption from the Restructuring
Plan subsides and the Group reaches a period of stability, the Group will
experience a modest uplift in sales and should be able to return to
profitability. The benefits of a smaller, more profitable estate in
conjunction with the cost efficiencies should ensure a robust structure with
greater agility for future growth.
We are optimistic that the Group will be well positioned to capitalise on new
opportunities in the sector in 2025, extending beyond current operations allow
us to explore new concepts, attract diverse audiences and consider potential
partnerships.
Keith Lassman
Chairman
6 May 2025
Strategic report for the 52 weeks ended 29 December 2024
Business Review
Tasty operates two concepts in the casual dining market: Wildwood and dim t.
Wildwood
Aimed at a broad market, our 'Pizza, Pasta, Grill' restaurant remains the
Group's main focus. Our sites are primarily based on the high street. However,
our estate comprises a number of leisure, retail and tourist locations that
have historically traded well, highlighting the broad appeal of the offering.
Located nationally, mainly outside of London, Wildwood at year-end is
currently trading from 32 branded restaurants.
dim t
As at year-end, our pan-Asian restaurant now trades from 4 sites, serving a
wide range of dishes, including dim sum, noodles, soup and curry.
Introduction
The hospitality industry continues to face a landscape with significant
challenges and uncertainty. Although food and utility prices declined over the
year, consumer spending remained unpredictable as the cost-of-living crisis
continued to drain discretionary expenditure. The employment cost increases
announced in the 2024 Autumn Budget will add further strain on the whole
sector from April 2025 onwards. Despite these headwinds, we focused throughout
the year on enhancing customer experience, optimising cost structures, and
driving sustainable growth across our portfolio of restaurants.
Energy costs
The fixed price contract for both electricity and gas ended in June 2024 and
the Group have fixed again for 15 months to September 2025 at a further 15%
rate reduction.
Offering
We continuously review and expand our menu offerings, including the
introduction of new set-price two and three-course menus, to enhance variety
and value and to support specific day-part trading. Our Head of Food and
central kitchen production have made significant improvements in food quality
and consistency, as reflected in positive customer feedback collated through
third party surveys and online platforms. With approximately three menu
updates per year, we can adapt to ingredient supplies and pricing and evolving
consumer preferences, whilst also expanding our vegan and gluten-free options.
To remain accessible to a broad customer base, we have maintained an
affordable and a highly competitive entry price point for our pizzas and pasta
dishes for Wildwood and noodles at dim t, which continue to be well received
by our guests.
People
The business remains focused on fostering the right environment to attract and
retain top talent. Training and development for both our kitchen and
front-of-house teams are central to our people strategy.
Towards the end of 2024, the Group launched its new Vision & Values,
setting the stage for a renewed focus on growth and development. Our core
values, Collaboration, Ownership, and Creativity, serve as the foundation for
our four key missions: Hospitality, Compliance, Team, and Finance. These
Vision & Values not only guide the development and training of our people
but will also drive the Group forward. In 2025, our primary focus is on
enhancing operational excellence while ensuring that the foundational work
laid in 2023 is sustained, strengthened, and fully embedded as the standard.
The increases in the National Living Wage and National Insurance implemented
in April 2025 will add to wage pressures, inevitably leading to higher labour
costs that cannot be fully absorbed. However, we remain committed to
improving labour efficiency by optimising sales during different trading
day-parts and enhancing technology to improve forecasting and scheduling and,
wherever possible, simplifying the menu.
We deeply regret all of the redundancies we have had to make through the
resizing the business and the restructuring process. Losing loyal and
dedicated employees at all levels, although necessary for the continued
wellbeing of the Group, has been especially challenging and we now believe we
are in a strong position to safeguard the long-term stability of the Group and
the security of our remaining team members.
We sincerely appreciate the hard work and commitment of those we were unable
to retain and extend our best wishes for their future endeavours. Their
contributions have been invaluable, and we are truly grateful for their
support over the years.
Suppliers
Supply has remained largely steady, with only minor disruptions, and prices
have been generally stable. We are grateful to our suppliers for their ongoing
collaboration and unwavering support throughout our Restructuring Plan.
Property
The Group has successfully sold and surrendered two underperforming
restaurants, assigned one lease and compromised 23 other leases in the tail of
the estate. At the period end, the Group was trading out of 36 units with 6 of
those leases compromised through the Restructuring Plan.
Restructuring Plan
Following a period of external challenges which adversely impacted the Group's
business and trading performance, the Board concluded that it was in the best
interests of the Group, to enter a Restructuring Plan under part 26A of the
Company's Act 2006 to return the business to profitability and secure its
long-term future. The Restructuring Plan was sanctioned by the High Court on 4
June 2024.
To fund the Restructuring Plan and provide additional working capital, the
Group entered a loan agreement with a secured creditor for £750,000. The loan
was required to be discharged by 31 December 2024, or later if agreed by both
the Group and the lender, by either:
• payment, purchase, redemption or discharge in any
other form agreed in writing between the Group and the Lender (including,
subject to shareholder approval, conversion of the loan into equity); or
• payment in cash in an amount equal to £2.6m.
The Group entered into a side agreement in relation to the loan to enable
conversion of the principal amount of the loan to ordinary shares of £0.001
each in the capital of the Company at a conversion price of £0.0146, subject
to and conditional on shareholder approval. Shareholder approval was granted
at a General Meeting held on 22 July 2024 and, accordingly, the loan was
converted into 51,369,863 ordinary shares on 26 July 2024.
The Group entered a Time to Pay arrangement with HMRC in relation to PAYE and
VAT arrears of £2.1m. HMRC was excluded from the Restructuring Plan and
continued to be paid in the normal course of business.
In accordance with the terms of the Restructuring Plan payments to local
authorities in respect of business rates and council tax were not paid in
April and May 2024.
Under the Restructuring Plan, the sum of £525,000 was agreed to be paid to
compromised creditors in three equal tranches. The first was paid in August
2024, the second paid in March 2025 and the final payment is due in June 2025.
Based on the current claim values this will result in a "dividend" of
approximately 4.17p/£ to these Restructuring Plan creditors.
Events since the year-end
Insurance settlement
The Group reached a full and final settlement with its insurer for £2.5m
(being approximately £1.5m net of creditor costs and legal costs) in
connection with a claim for breach of a contract regarding insurance coverage
for losses incurred in 2020.
HMRC time to pay arrangement
The Group paid off in full the residual HMRC debt early.
Current trading and outlook
Current trading is tracking behind last year but has been in line with
management expectations. The decline is largely due to the cost-of-living
crisis and the tail end impact of the Restructuring Plan. The workforce cost
increase outlined in the 2024 Autumn Budget presents additional challenges and
is negatively affecting the hospitality sector.
Three sites have closed post year-end as we finalise the tail of closures
through the Restructuring Plan.
We remain committed to finding innovative ways to streamline our operations
and enhance productivity while maintaining the quality of our offerings and
delivering an exceptional customer experience.
The rationalisation of loss-making restaurants and a reduced central overhead
should enable EBITDA and efficiency improvements, however the Board maintains
a cautious outlook.
Financial review
Highlighted Items
The Group recognises a number of items in the financial statements which arise
under accounting rules, of which some have no cash impact. These items include
share-based payments and impairments to fixed assets. The above are included
under 'highlighted items' in the statement of comprehensive income and further
detailed in Note 5. These items, due to their nature, will fluctuate
significantly year-on-year and are, therefore, highlighted to give more detail
on the Group's trading performance.
Full year results and key performance indicators
The Directors continue to use several performance metrics to manage the
business but, as with most businesses, the focus on the income statement at
the top level is on each of sales, EBITDA before highlighted items, and
operating profit before highlighted items compared to the previous year. All
key performance indicators that adjust for highlighted items do not constitute
statutory or GAAP measures.
The table below shows key performance indicators both before and after IFRS
16:
Post IFRS 16 Pre IFRS 16 Post IFRS 16 Pre IFRS 16
52 weeks ended 52 weeks ended 53 weeks ended 53 weeks ended
29 December 29 December 31 December 31 December
2024 2024 2023 2023
Non-financial
Sites at year end 36 36 53 53
Open sites at year end 36 36 51 51
Financial £'000 £'000 £'000 £'000
Sales 36,615 36,615 46,910 46,910
EBITDA before highlighted items
3,610 (293) 4,377 (922)
Depreciation of PP&E and amortisation
(1,319) (1,301) (1,589) (1,658)
Depreciation of right-of-use assets (IFRS 16)
(1,890) - (2,524) -
Operating profit/(loss) before highlighted items
401 (1,594) 264 (2,580)
Sales were £36.6m, down 21.9% on the corresponding period, mainly impacted by
the closure of 16 trading units through the Restructuring Plan and the
additional week in the comparative year (2023: £46.9m). EBITDA before
highlighted items was £3.6m (2023: £4.4m). The EBITDA loss before
highlighted items and IFRS 16 adjustments was £0.3m (2023: £0.9m loss).
Operating profit before highlighted items (see Note 5) was £0.4m (pre-IFRS 16
equivalent: £1.6m loss, 2023: £0.3m).
The impact of the implementation of IFRS 16 "Leases" from 2020 has resulted in
both depreciation on right-of-use ("ROU") assets for leases and the interest
charge on lease liabilities being greater than the charge for rent that would
have been reported pre-IFRS 16; the net impact on the reported profit for 2024
is £0.6m (2023: £0.5m). We have reviewed the impairment provision across the
ROU assets and fixed assets and have made a net provision of £1.9m (2023:
£12.3m).
After considering all of the non-trade adjustments, the Group reports a profit
after tax for the period of £16.0m (2023: £14.5m loss after tax) which
includes £18.6m gain on lease modification and disposal of lease liabilities
due to the closure of restaurants (2023: £0.1m loss), impairment of £1.9m
(2023: £12.3m) and £2.5m receipt from the insurance claim offset by £1.8m
restructuring and other related legal fees. See Note 5 for the breakdown of
highlighted Items.
Net cash inflow for the period before financing was £1.9m (2023: £2.4m
inflow) and is driven by a net cash inflow from operating activities of £1.9m
(2023: £2.5m).
As at 29 December 2024, the Group had no outstanding bank loans (2023: £nil).
Cash at bank at the end of the period was £3.3m (2023: £4.2m).
Principal risks and uncertainties
The Directors have the primary responsibility for identifying the principal
risks the business faces and for developing appropriate policies to manage
those risks.
Risks and uncertainties Mitigation
Cashflow and liquidity Cash preservation has been a top priority in recent years. The Group closely
monitors cash balances and prepares regular forecasts, which are reviewed by
The impact of cost-of-living crisis and other trading conditions on cashflow the Board. These forecasts incorporate our best estimates and judgments based
and liquidity on available information and current market conditions. Additionally,
management conducts sensitivity analyses to evaluate the potential impact of
various events on future cash flows.
At year end, the Group had an unutilised £250,000 overdraft facility.
The Group received a loan of £750,000 to fund the Restructuring Plan and
provide working capital.
Post year end, the Group reached a full and final settlement with its insurer
for £2.5m (being approximately £1.5m, net of creditor costs and legal costs)
in connection with a claim for breach of a contract regarding insurance
coverage for losses incurred in 2020.
Utilities The biggest challenge faced by the Group, and many other businesses in recent
years, has been the increase in utility prices. Thankfully this has eased in
2024, however, we continue to work with our energy broker to mitigate costs by
focusing on reducing consumption and increasing efficiency. The Group's
energy contracts have been fixed to September 2025 benefitting from an
approximate 15% reduction on the previous contract.
Market Conditions Global market conditions have impacted food and drink primarily in the form of
cost inflation and shortages of certain products.
Economic uncertainty and impact of global trading conditions and inflation
could reduce customer confidence / spending.
We work closely with our suppliers on assured supply and regularly re-tender
prices. To minimise the impact of food cost increases we consider menu
engineering and review recipes.
Competition To mitigate this risk, we continue to invest in and renew our offering whilst
maintaining accessibility, staying committed to quality and the overall
The casual dining market faces new competition on a regular basis. customer experience.
We constantly review marketing initiatives to ensure that we remain relevant
to our consumers and ahead of the competition. We review performance and
success whilst exploring new opportunities.
People We have continued to focus on selection, induction, training and retention of
our employees. The Group has made significant improvements in its selection
Loss of key staff and inability to hire the right people in a competitive process, onboarding training programmes and career development and as a
labour market. consequence staff retention (outside of the necessary redundancies made as a
result of the Restructuring Plan) is the highest since pre Covid.
The Group launched its new Vision & Values, towards the end of 2024, which
have laid the pathway for a new focus on growth and development.
The Group offers competitive remuneration and is reviewing its overall
benefits package.
Food standards and safety The Group engages in regular internal and external compliance audits to ensure
all sites are complying with regulations. Job-specific training that covers
Failing to meet safety standards relevant regulations is provided to all staff on induction and whenever else
necessary. Online reporting systems are utilised on a daily basis to gather
relevant information on compliance.
The Group regularly reviews the latest Government guidelines and best practice
regarding allergens. The Group's activities are subject to a wide range of
laws and regulations, and we seek to comply with legislation and best practice
at all times.
Supply Chain The Group monitors suppliers closely. In the event of a failure by a key
supplier we have contingency plans in place to minimise disruption and where
A major failure of a key supplier or distributor could cause significant possible, we maintain buffer stock of high-risk products.
business interruption.
We work closely with our suppliers on assured supply and regularly re-tender
prices. To minimise the impact of food cost increases we consider menu
engineering and review recipes.
On behalf of the Board.
Daniel Jonathan Plant
Chief Executive Officer
6 May 2025
Consolidated statement of comprehensive income
for the 52 weeks ended 29 December 2024
Note 52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
£'000 £'000
Revenue 3 36,615 46,910
Cost of sales (34,562) (44,754)
Gross profit 2,053 2,156
Other income 3 3,209 374
Operating expenses 12,068 (14,840)
Operating profit before highlighted items 401 264
Highlighted items 5 16,929 (12,574)
Operating profit/ (loss) 4 17,330 (12,310)
Finance income 6 122 140
Finance expense 6 (1,405) (2,303)
Profit/ (loss) before income tax 16,047 (14,473)
Income tax 9 - -
Profit/(loss) and total comprehensive profit/(loss) for the period 16,047 (14,473)
Earnings per share for loss attributable to the ordinary equity holders of the
company
Basic earnings per share 10 9.57p (9.89p)
Diluted earnings per share 10 8.75p (8.89p)
The notes below form part of these financial statements.
Consolidated statement of changes in equity
for the 52 weeks ended 29 December 2024
Share capital Share premium Merger reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000
Balance at 25 December 2022 6,061 24,254 992 (33,355) (2,048)
Total comprehensive loss for the period - - - (14,473) (14,473)
Transactions with owners in their capacity as owners:
Share based payments - - - 11 11
Balance at 31 December 2023 6,061 24,254 992 (47,817) (16,510)
Issue of ordinary shares 51 699 - - 750
Total comprehensive profit for the period - - - 16,047 16,047
Transactions with owners in their capacity as owners:
Share based payments - - - 25 25
Balance at 29 December 2024 6,112 24,953 992 (31,745) 312
The notes below form part of these financial statements.
Company statement of changes in equity
for the 52 weeks ended 29 December 2024
Share capital Share premium Retained profit Total
£'000 £'000 £'000 £'000
Balance at 25 December 2022 6,061 24,254 (23,761) 6,554
Total comprehensive loss for the period - - (1,176) (1,176)
Transactions with owners in their capacity as owners:
Share based payments - - 11 11
Balance at 31 December 2023 6,061 24,254 (24,926) 5,389
Issue of ordinary shares 51 699 - 750
Total comprehensive profit for the period - - 466 466
Transactions with owners in their capacity as owners:
Share based payments - - 25 25
Balance at 29 December 2024 6,112 24,953 (24,435) 6,630
The notes below form part of these financial statements.
Consolidated balance sheet
At 29 December 2024
29 December 2024 31 December 2023
Note £'000 £'000
Non-current assets
Intangible assets 12 28 31
Property, plant and equipment 13 10,643 12,248
Right-of-use assets 13 20,715 23,289
Other non-current assets 17 15 65
31,401 35,633
Current assets
Inventories 16 1,293 1,921
Trade and other receivables 17 3,503 1,541
Cash and cash equivalents 3,301 4,177
8,097 7,639
Assets Held for sale 13 113 -
Total assets 39,611 43,272
Current liabilities
Trade and other payables 18 (9,978) (10,403)
Lease liabilities 14 (1,407) (2,186)
(11,385) (12,589)
Non-current liabilities
Provisions 19 (342) (342)
Lease liabilities 14 (27,500) (46,745)
Other Payables 18 (72) (106)
(27,914) (47,193)
Total liabilities (39,299) (59,782)
Total net (liabilities)/ assets 312 (16,510)
Equity
Share capital 22 6,112 6,061
Share premium 23 24,953 24,254
Merger reserve 23 992 992
Retained deficit 23 (31,745) (47,817)
Total equity 312 (16,510)
The financial statements were approved by the Board of Directors of the
Company and authorised for issue on 6 May 2025 and signed on their behalf by
Daniel Jonathan Plant.
The notes below form part of these financial statements.
Company balance sheet
At 29 December 2024
Company number: 5826464
29 December 2024 31 December 2023
Note
£'000 £'000
Non-current assets
Investments 15 3,428 3,403
Other non-current assets 17 3,202 1,986
Total net assets 6,630 5,389
Equity
Share capital 22 6,112 6,061
Share premium 23 24,953 24,254
Retained deficit 23 (24,435) (24,926)
Total equity 6,630 5,389
The Parent Company, Tasty plc, has taken advantage of the exemption in s408 of
the Companies Act 2006 not to publish its own income statement. The Parent
Company made a profit of £0.5m (2023 - loss of £1.2m) for the period.
The Parent Company has not recognised leases under IFRS 16 in its balance
sheet as management have concluded that the substance of the leases is held by
the subsidiary, Took Us A Long Time Ltd ("TUALT") and recognised within its
Company accounts.
The financial statements were approved by the Board of directors of the
Company and authorised for issue on 6 May 2025 and signed on their behalf by
Daniel Jonathan Plant .
Consolidated statement of cash flows
For the 52 weeks ended 29 December 2024
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
Note
£'000 £'000
Operating activities
Cash generated from operations 28 1,935 2,532
Net cash inflow from operating activities 1,935 2,532
Investing activities
Proceeds from sale of property, plant and equipment
161 -
Costs due to sale of property, plant and equipment
- (50)
Purchase of intangible assets - (9)
Purchase of property, plant and equipment 13
(288) (250)
Interest received 122 140
Net cash outflow from investing activities (5) (169)
Financing activities
Net proceeds from issues of ordinary shares 750 -
Finance expense 6 (29) -
Finance expense (IFRS16) (1,376) (2,303)
Principal paid on lease liabilities 29 (2,151) (2,885)
Net cash used in financing activities (2,806)
(5,188)
Net increase/ (decrease) in cash and cash equivalents (876)
(2,825)
Cash and cash equivalents brought forward 4,177 7,002
Cash and cash equivalents as at the end of the period 3,301 4,177
The notes below form part of these financial statements.
Company statement of cash flows
For the 52 weeks ended 29 December 2024
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
Note
£'000 £'000
Operating activities
Cash generated from operations (750) -
Net cash outflow from operating activities (750) -
Financing activities
Net proceeds from issues of ordinary shares 750 -
Net cash flows used in financing activities 750 -
Net increase in cash and cash equivalents - -
Cash and cash equivalents brought forward - -
Cash and cash equivalents as at the end of the period - -
The notes below form part of these financial statements.
Notes
forming part of the financial statements for the 52 weeks ended 29 December
2024
1 Accounting policies
Tasty plc ("Tasty") is a publicly listed company incorporated and domiciled in
England and Wales. The Company's ordinary shares are quoted on AIM. Tasty's
registered address is 32 Charlotte Street, London, WC1T 2NQ. The Group's
principal activity is the operation of restaurants.
(a) Statement of compliance
These financial statements of the Group and Company have been prepared in
accordance with International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively IFRS) issued by the
International Accounting Standards Board (IASB) as adopted by the United
Kingdom ("adopted IFRSs"). These financial statements have also been prepared
in accordance with those parts of the Companies Act 2006 that are relevant to
companies that prepare their financial statements in accordance with IFRS.
(b) Basis of preparation
The financial statements cover the 52-week period ended 29 December 2024, with
a comparative period of the 53-week period ended 31 December 2023. The
financial statements are presented in sterling, rounded to the nearest
thousand and are prepared on the historical cost basis. The accounting
policies of the Company are consistent with the policies adopted by the Group.
(c) Going concern
As at 29 December 2024, the Group had net assets of £0.3m (2023: net
liabilities of £16.5m). The Group meets its day-to-day working capital
requirements through the generation of operating cashflow, equity raises and
bank finance. The Group's principal sources of funding are:
· Issues of ordinary share capital in the Company on AIM.
· Bank debt when required.
At the time of approving the financial statements, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future having evaluated any
plausible risks and uncertainties they could reasonably anticipate. In
reaching this conclusion the Directors have prepared cash flow forecasts to
the end of December 2026 to include the positive impact of the Restructuring
Plan. The cash flow forecasts have included, amongst other things,
sensitivity analysis to model the effect of changing economic assumptions in
relation to cost increases and the associated cost of living crisis. The
Group's energy contracts have been fixed to September 2025 benefitting from an
approximate 15% reduction and food costs have been somewhat mitigated through
menu changes. The £750,000 secured loan was granted shareholder approval on
22 July 2024 and was converted to equity. Post year end, the Group reached a
full and final settlement with its insurer for £2.5m (being approximately
£1.5m, net of creditor costs and legal costs) in connection with a claim for
breach of a contract regarding insurance coverage for losses incurred in 2020.
Given these factors, the Board believes it is appropriate for the Group to
prepare its financial statements on a going concern basis.
(d) Leases
The Group's accounting policies for leases are as follows:
Lessee accounting
IFRS 16 distinguishes between leases and service contracts on the basis of
whether the use of an identified asset is controlled by the customer. Control
is considered to exist if the customer has:
• The right to obtain substantially all of the economic benefits
from the use of an identified asset; and
• The right to direct the use of that asset in exchange for
consideration.
All leases are accounted for by recognising a right-of-use asset and a lease
liability except for:
• Leases of low value assets, and
• Leases with a duration of 12 months or less.
Subsequent to initial measurement lease liabilities increase as a result of
interest charged at a constant rate on the balance outstanding and are reduced
for lease payments made. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease.
The Group's leases are held across Tasty plc or Took Us Long Time Ltd
("TUALT"). In determining where the assets and liabilities should be
accounted for, we have reviewed which entity derives the benefit and rights to
use the asset. In assessing this we have reviewed where the trade occurs,
where staff are employed and where day to day activity is managed from. We
have concluded that the substance of the lease is that it is held by TUALT and
accordingly recognised the lease liabilities within the TUALT company
financial statements.
The lease liabilities recognised in TUALT but in the name of Tasty plc
totalled £24m at 29 December 2024 (31 December 2023: £39m). Accordingly,
this balance represents a contingent liability for the Company only.
Lessor accounting
Under IFRS 16, a lessor continues to classify leases as either finance leases
or operating leases and account for those two types of leases differently.
Based on an analysis of the Group's operating leases as at 29 December 2024 on
the basis of the facts and circumstances that exist at that date, the
Directors of the Group have assessed that the impact of this change has not
had any impact on the amounts recognised in the Group's consolidated financial
statements.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease
liabilities for short-term leases that have a lease term of 12 months or less
and leases of low value assets. The Group recognises these payments as an
expense on a straight-line basis over the lease term. Currently the Group has
no low value assets or short-term leases.
Covid-19 related rent concessions
IFRS 16 defines a lease modification as a change in the scope of a lease, or
the consideration for a lease, that was not part of the original terms and
conditions of the lease. The Group has considered the Covid-19 related rent
concessions and applied the lease modifications accounting.
(e) Changes in accounting policies and disclosures
New standards, amendments to standards or interpretations adopted by the Group
Amendments to accounting standards applied in the 52 weeks ended 29 December
2024 were as follows:
• IAS 1: Further amendment to the Classification of Liabilities as
Current or Non-Current;
• IFRS 16: Lease Liability in a Sale and Leaseback;
• IAS 1: Non-current Liabilities with Covenants; and
• IAS 7 and IFRS 7: Supplier Finance Arrangements
• IFRS 18: Presentation and Disclosure in Financial Statements
The application of these did not have a material impact on the Group's
accounting treatment and has therefore not resulted in any material changes.
New standards, amendments to standards or interpretations not yet adopted by
the Group
The following new standards, amendments to standards or interpretations are
mandatory for the first time for the financial years beginning on or after 1
January 2025. No standards have been early adopted by the Group.
· IAS 21: Lack of Exchangeability.
We are currently assessing the impact of these new accounting standards and
amendments. The amendments are not expected to have any significant impact on
the Group.
(f) Basis of consolidation
The consolidated financial statements consolidate the results of the Company
and its subsidiary, Took Us A Long Time Limited. The accounting period of the
subsidiary is coterminous with that of the Company.
The accounting policies of the subsidiary are consistent with those of the
Group. Inter-company transactions, balances and unrealised gains on
transactions between group companies are eliminated.
(g) Revenue
The Group's revenue is derived from goods and services provided to the
customers from dine-in, delivery and takeaway. Revenue is recognised at the
point in time when control of the goods has transferred or service provided to
the customer. Control passes to the customers at the point at which food and
drinks are provided and the Group has a present right for payment.
(h) Other income
Included in Other income is rental income from operating leases. Rental
income is recognised in the period to which it relates and rent-free periods
would be spread over the terms of the lease. The cost of these leases is
included within the cost of sales. The Group has recognised the insurance
settlement, Apprenticeship Government funding and lease compensation in Other
income.
(i) Retirement benefits: Defined contribution schemes
Contributions to defined contribution pension schemes are charged to the
consolidated income statement in the period to which they relate.
(j) Share based payments
Certain employees (including Directors and senior executives) of the Group
receive remuneration in the form of share-based payment transactions, whereby
employees render services as consideration for equity instruments (e.g.
options, shares etc).
The cost of this is measured by reference to the fair value at the date on
which they are granted. The fair value is determined by using an appropriate
pricing model (e.g. binomial or Monte Carlo model).
The cost of equity-settled transactions is recognised, together with a
corresponding increase in equity, over the period in which the performance
and/or service conditions are fulfilled, ending on the date on which the
relevant employees become fully entitled to the award (the vesting date). The
cumulative expense recognised for equity-settled transactions at each
reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Group's best estimate of the number of equity
instruments that will ultimately vest. The profit or loss charge or credit for
a period represents the movement in cumulative expense recognised as at the
beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated
as vesting irrespective of whether or not the market condition is satisfied,
provided that all other performance and/or service conditions are satisfied.
The dilutive effect of outstanding options is reflected as additional share
dilution in the computation of earnings per share.
(k) Borrowing costs
Borrowing costs, principally interest charges, are recognised in the income
statement in the period in which they are incurred. Borrowings are
recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost; any difference between
the proceeds (net of transaction costs) and the redemption value is recognised
in the income statement over the period of the borrowings using the effective
interest method.
Fees paid on the establishment of loan facilities are recognised as
transaction costs of the loan to the extent that it is probable that some or
all of the facility will be drawn down. This is also applicable to fees for
amendments to the loan facilities. In this case, the fee is deferred until the
drawdown occurs. To the extent there is no evidence that it is probable that
some or all of the facility will be drawn down, the fee is capitalised as a
pre-payment for liquidity services and amortised over the period of the
facility to which it relates.
(l) Externally acquired intangible assets
Externally acquired intangible assets are initially recognised at cost and
subsequently amortised on a straight-line basis over their useful economic
lives. The amortisation expense is included within the cost of sales line in
the consolidated income statement.
The significant intangibles recognised by the Group and their useful economic
lives are as follows:
Intangible asset Useful economic life
Trademarks 10 years
(m) Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated
depreciation (see below) and impairment losses.
Depreciation is provided to write off the cost or valuation, less estimated
residual values, of all fixed assets, evenly over their expected useful lives
and it is calculated at the following rates:
Leasehold improvements over the period of the lease
Fixtures, fittings and equipment 10% per annum straight line
Computers 20% per annum straight line
Electric Vehicle 20% per annum straight line
Right-of-use assets over the period of the lease
Property, plant and equipment are reviewed for impairment in accordance with
IAS 36 Impairment of Assets, when there are indications that the carrying
value may not be recoverable. Impairment charges are recognised in the
statement of comprehensive income. See note 2(d) for further details.
(n) Non-current assets held for sale
Non-current assets are classified as held for sale when the Board plans to
sell the assets and no significant changes to this plan are expected. The
assets must be available for immediate sale, an active programme to find a
buyer must be underway and be expected to be concluded within 12 months with
the asset being marketed at a reasonable price in relation to the fair value
of the asset.
Non-current assets classified as held for sale are measured at the lower of
their carrying amount immediately prior to being classified as held for sale
and fair value less costs of disposal. Following their classification as held
for sale, non-current assets are not depreciated.
(o) Provisions
The Group has recognised provision for dilapidations for a number of sites,
where the need to carry out the work has been identified but a full survey and
commission has not been undertaken and therefore management has applied their
judgment in determining the provision.
(p) Loans and receivables
The Group's loans and receivables comprise trade and other receivables and
cash and cash equivalents in the balance sheet. The Company's loans and
receivables comprise only inter-Company receivables. Cash and cash equivalents
include cash in hand and deposits held with banks. They are initially
recognised at fair value plus transaction costs that are directly attributable
to their acquisition or issue and are subsequently carried at amortised cost
using the effective interest rate method, less provision for impairment.
Impairment provisions for trade receivables are recognised based on the
simplified approach within IFRS 9 using a provision matrix in the
determination of the lifetime expected credit losses. During this process the
probability of the non-payment of the trade receivables is assessed. This
probability is then multiplied by the amount of the expected loss arising from
default to determine the lifetime expected credit loss for the trade
receivables. For trade receivables, which are reported net, such provisions
are recorded in a separate provision account with the loss being recognised in
the consolidated statement of comprehensive income. On confirmation that the
trade receivable will not be collectable, the gross carrying value of the
asset is written off against the associated provision.
Impairment provisions for receivables from the company's subsidiary recognised
based on a forward-looking expected credit loss model which uses the forecast
results of the subsidiary as a key input. The methodology used to determine
the amount of the provision is based on whether there has been a significant
increase in credit risk since initial recognition of the financial asset. For
those where the credit risk has not increased significantly since initial
recognition of the financial asset, twelve month expected credit losses along
with gross interest income are recognised. For those for which credit risk has
increased significantly, lifetime expected credit losses along with the gross
interest income are
recognised. For those that are determined to be credit impaired, lifetime
expected credit losses along with interest income on a net basis are
recognised.
(q) Apprenticeship funding and levy
The payments made under the levy represent a prepayment for training services
expected to be received and is recognised as an asset until the receipt of the
service. When the training service is received, an appropriate expense is
recognised. The apprenticeship grant income is deferred until apprentices
receive training under the rule of the scheme and we are satisfied that we
have fully complied with the scheme. In the period to 29 December 2024, the
Group has recognised the apprenticeship funding as Other Income. This is due
to the apprenticeship programme's conclusion in early 2024 and the expiration
of the inspection window.
(r) Financial liabilities
Financial liabilities include trade payables, and other short-term monetary
liabilities, which are initially recognised at fair value and subsequently
carried at amortised cost.
Bank borrowings were initially recognised at fair value and subsequently
measured at amortised cost using the effective interest method. Interest
expense includes initial transaction costs and any premium payable on
redemption as well as any interest payable while the liability is outstanding.
(s) Inventories
Raw materials and consumables
Inventories are stated at the lower of cost and net realisable value. Cost
comprises costs of purchase and other costs incurred in bringing the
inventories to their present location and condition. Net realisable value is
based on estimated selling price less costs incurred up to the point of sale.
Crockery and utensils (Smallwares)
Smallware inventories are held at cost which is determined by reference to the
quantity in issue to each restaurant. Smallware inventory relates to small
value items which have short life spans relating to kitchen and bar equipment.
These items are recorded under inventory as they are utilised in providing
food and beverage to customers.
(t) Taxation
Tax on the profit and loss for the year comprises current and deferred tax.
Tax is recognised in the profit and loss except to the extent that it relates
to items recognised directly in equity, in which case it is recognised in
equity. Current tax is the expected tax payable or receivable on the taxable
income or loss for the year, using tax rates enacted or substantively enacted
at the balance sheet date, and any adjustment to tax payable in respect of
previous years.
Deferred tax assets and liabilities are recognised where the carrying amount
of an asset or liability in the balance sheet differs from its tax base,
except for differences arising on:
· The initial recognition of goodwill
· The initial recognition of an asset or liability in a transaction
which is not a business combination and at the time of the transaction affects
neither accounting or taxable profit.
Recognition of deferred tax assets is restricted to those instances where it
is probable that taxable profit will be available against which the difference
can be utilised.
Deferred tax is provided using the balance sheet liability method, providing
for all temporary differences between the carrying amounts of assets and
liabilities recorded for reporting purposes and the amounts used for tax
purposes.
The amount of the asset or liability is determined using tax rates that have
been enacted or substantively enacted by the reporting date and are expected
to apply when the deferred tax liabilities or assets are settled or recovered.
Deferred tax balances are not discounted.
(u) Investments
Investments in subsidiaries are included in the Company's Statement of
Financial Position at cost less provision for impairment.
(v) Share capital
The Company's ordinary shares are classified as equity instruments.
(w) Operating profit
Operating profit is stated after all expenses, but before financial income or
expenses. Highlighted items are items of income or expense which because of
their nature and the events giving rise to them, are not directly related to
the delivery of the Group's restaurant service to its patrons and merit
separate presentation to allow shareholders to understand better the elements
of financial performance in the year, so as to facilitate comparison with
prior periods and to assess better trends in financial performance.
(x) Earnings per share
Basic earnings per share values are calculated by dividing net profit/(loss)
for the year attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year.
2 Critical accounting estimates and judgements
The preparation of the Group's financial statements requires management to
make certain estimates, judgements and assumptions that affect the reported
amount of assets and liabilities, and the disclosure of contingent liabilities
at the statement of financial position date and amounts reported for revenues
and expenses during the year.
However, uncertainty about these assumptions and estimates could result in
outcomes that could require a material adjustment to the carrying amount of
the assets or liability affected in the future. Estimates and judgements are
continually evaluated based on historical experience and other factors,
including expectations of future events that are believed to be reasonable
under the circumstances. In the future, actual experience may differ from
these estimates and assumptions. 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 period are discussed below.
(a) Share based payments (Note 25)
The Group operates equity share-based remuneration schemes for employees.
Employee services received and the corresponding increase in equity are
measured by reference to the fair value of the equity instruments at the date
of grant, excluding the impact of any non-market vesting conditions. The fair
value of share options is estimated by using valuation models, such as
binomial or the Monte Carlo model on the date of grant based on certain
assumptions. Those judgements, estimates and assumptions are described in Note
25 and include, among others, the dividend growth rate, expected volatility,
expected life of the options (for options with market conditions) and number
of options expected to vest.
(b) Accruals (Note 18)
In order to provide for all valid liabilities which exist at the balance sheet
date, the Group is required to accrue for certain costs or expenses which have
not been invoiced and therefore the amount of which cannot be known with
certainty. Such accruals are based on management's best estimate and past
experience. Delayed billing in some significant expense categories
such as utility costs can lead to sizeable levels of accruals. The total value
of accruals as at the balance sheet date is set out in note 18.
(c) Impairment reviews (Note 13)
In performing an impairment review in accordance with IAS 36 it has been
necessary to make estimates and judgements regarding the future performance
and cash flows generated by individual trading units which cannot be known
with certainty. The Group views each restaurant as a separate cash generating
unit ("CGU"). Where the circumstances surrounding a particular trading unit
have changed then forecasting future performance becomes extremely judgemental
and for these reasons the actual impairment required in the future may differ
from the charge made in the financial statements. When assessing a CGU
recoverable amount, the value in use calculation uses a discounted cash flow
model which is sensitive to the discount rate and the growth rate used after
taking into account potential sale value. The fair values were calculated
based on cash flows discounted using a current lending rate. They are
classified as level 3 fair values in the fair value hierarchy due to the
inclusion of unobservable inputs. The cashflow projections are influenced by
factors which are inherently uncertain to forecast such as footfall and
inflation and non-controllable costs such as rates and license costs.
All assets (ROU and fixed assets) are reviewed for impairment in accordance
with IAS 36 Impairment of Assets, when there are indications that the carrying
value may not be recoverable. Impairment charges are recognised in the
statement of comprehensive income.
All assets are subject to impairment tests whenever events or changes in
circumstances indicate that their carrying amount may not be recoverable.
Where the recoverable amount is higher than the carrying amount of the CGU, no
further assessment is required. Where the carrying value of an asset or a
CGU exceeds its recoverable amount (i.e. the higher of value in use and fair
value less costs to dispose of the asset), the asset is written down
accordingly. In the absence of any information about the fair value of a
CGU, the recoverable amount is deemed to be its value in use. Value in use is
calculated using cash flows over the remaining life of the lease for the CGU
discounted at 9.25% (2023: 9.75%), being the rate considered to reflect the
risks associated with the CGUs. The discount rate is based on the Group's
weighted average cost of capital ("WACC") and an allowance for risk which is
used across all CGUs due to their similar characteristics. The discount rate
in 2024 has decreased in line with the Bank of England base rate. The lease
length used in the value in use calculations is management's best estimate of
the expected life at the impairment review date.
The cost-of-living crisis has resulted in increased uncertainty in the
performance across CGUs over the short-term future and the cashflow over the
next 12 months may not always be indicative of the future cashflows.
Historically a combination of past performance and future trading forecast is
often used as a guide in estimating future cashflow, or comparison with
similar sites. In assessing the current impairment provision there has been
a greater reliance on longer term future forecasts as short-term forecasts are
impacted by the "cost of living crisis" and inflation. The cashflow of each
CGU has been determined based on management's judgement of performance, impact
of the utility costs and expected recovery in future years and therefore each
CGU's cashflow has been selected based on an individual criterion.
Management's judgement has been applied in selecting this criterion due to the
uncertainty arising from amongst other conditions, cost of living increases
and utility cost pressures and therefore a 0.5% growth rate (2023: 2.0%) has
been applied. Included within the cashflow is management's estimate of the
capital expenditure required to maintain performance of the sites in the
future years. The carrying amount of Fixed Assets and ROU assets and the
sensitivity of the carrying amounts to the assumptions and estimates are
outlined in Note 13.
(d) Intercompany provision (Note 17)
In carrying out a review of intercompany loan in accordance with IFRS 9 it has
been necessary to make estimates and judgements regarding the repayment of the
loan by its subsidiary to the Company. A sensitivity analysis has been
performed on the repayment of loan value.
(e) Crockery and utensils (Smallwares) inventory
The cost of replenishing smallwares is expensed directly through the income
statement. Smallwares is recognised at historic cost and tested for impairment
on an annual basis.
(f) Lease liabilities (Note 1(d))
The calculation of lease liabilities requires the Group to determine an
incremental borrowing rate ("IBR") to discount future minimum lease payments.
The IBR is the rate of interest that the Group would have to pay to borrow
over a similar term, and with a similar security, the funds necessary to
obtain an asset of a similar value to the right-of-use asset in a similar
economic environment. The IBR rate of 4.5% therefore reflects what the Group
'would have to pay', which requires estimation when no observable rates are
available or when they need to be adjusted to reflect the terms and conditions
of the lease. As at 29 December 2024, a sensitivity analysis has been
conducted on the lease liabilities which shows that increasing the IBR rate by
1% will decrease the lease liability by £1.5m and decrease the right-of-use
asset pre-impairment by £1.8m.
(g) Provision
A dilapidation provision is made for a number of sites, where the need to
carry out the work has been identified but a full survey and commission has
not been undertaken and therefore management has applied their judgment in
determining the provision. In arriving at the dilapidation provision for
these sites management have reviewed the leases and have used their judgement
and experience gained from years of working in hospitality and property
industry.
(h) Lease recognition
The Group's leases are held across Tasty plc or Took Us Long Time Ltd
("TUALT"). In determining where the assets and liabilities should be
accounted for, we have reviewed which entity derives the benefit and rights to
use the asset. In assessing this we have reviewed where the trade occurs,
where staff are employed and where day to day activity is managed from. We
have adjudged that the substance of the lease is that it is held by TUALT and
accordingly recognised the lease liabilities within the TUALT company
accounts.
3 Revenue, other income and segmental analysis
The Group's activities, comprehensive income, assets and liabilities are
wholly attributable to one operating segment (operating restaurants) and
arises solely in the one geographical segment (United Kingdom) that the Group
is located and operates in. All the Group's revenue is recognised at a point
in time being when control of the goods has transferred to the customer.
An analysis of the Group's total revenue is as follows:
52 weeks ended 29 December 2024 53 weeks ended 31 December
2023
£'000 £'000
Sale of goods and services: dine-in 33,241 42,342
Sale of goods and services: delivery and takeaway 3,374 4,568
36,615 46,910
An analysis of the Group's other income is as follows:
52 weeks ended 53 weeks ended
29 December 31 December
2024 2023
£'000 £'000
Sub-let site rental income 106 328
Insurance settlement 2,500 -
Apprenticeship Government funding 198 -
Lease compensation 311 -
Other 94 46
3,209 374
4 Operating profit/(loss)
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
This has been arrived at after charging £'000 £'000
Staff costs 16,640 20,275
Share based payments 25 11
Post closure costs 222 48
Amortisation of intangible assets 3 3
Depreciation of right-of-use assets (IFRS16) 1,890 2,524
Depreciation property, plant and equipment 1,316 1,589
Dilapidations provision charge - 3
Restructure and consultancy 1,770 69
Impairment of property, plant and equipment 466 4,086
Impairment of right-of-use assets 1,450 8,192
Loss on disposal of property, plant and equipment
225 84
Auditor remuneration:
Audit fee - Parent Company 15 13
- Group financial statements 65 59
- Subsidiary undertaking 15 13
Audit related assurance services - -
Taxation advisory services - -
Other advisory services - -
5 Highlighted items - charged to operating expenses
52 weeks 53 weeks ended
ended 31 December 2023
29 December 2024
£'000 £'000
Loss on disposal of property, plant and equipment (225) (84)
Insurance settlement 2,500 -
Restructure and consultancy (1,770) (69)
Impairment of property, plant and equipment (466) (4,086)
Impairment of right-of-use assets (1,450) (8,192)
Share based payments (25) (11)
Post closure costs (222) (48)
Gain/(loss) on lease modifications/disposals 18,587 (84)
(16,929) (12,574)
The above items have been highlighted to give more detail on items that are
included in the consolidated statement of comprehensive income and which when
adjusted shows a profit or loss that reflects the ongoing trade of the
business.
6 Finance income and expense
52 weeks ended 53 weeks ended
29 December 2024 31 December 2023
£'000 £'000
Interest receivable 122 140
Finance income 122 140
Interest payable 29 -
Finance expense (IFRS 16) 1,376 2,303
Finance expense 1,405 2,303
7 Employees
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
Staff costs (including Directors) consist of: £'000 £'000
Wages and salaries 15,147 18,489
Social security costs 1,232 1,468
Other pension costs 261 318
Equity settled share-based payment expense 25 11
16,665 20,286
The average number of persons, including Directors, employed by the Group
during the period was 807 of which 783 were restaurant staff and 24 were
head-office (2023: 1,036 of which 1,011 were restaurant staff and 25 were
head-office staff).
No staff are employed by the Company (2023: no staff).
Of the total staff costs £15.2m was classified as cost of sales (2023:
£18.7m) and £1.4m as operating expenses (2023: £1.6m). Redundancy costs of
£0.25m (2023: £0.06m) have been included as a cost of Restructure and
Consultancy in Note 4.
8 Directors and key management personnel remuneration
Key management personnel identified as the Directors are those persons having
authority and responsibility for planning, directing and controlling the
activities of the Group, and represent the Directors of the Group listed on
page 2. The remuneration of the Directors for the period ended 29 December
2024 is as follows:
Emoluments Bonus Share based payments Pensions Benefits in kind Social security costs
Other Payments 2024 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Directors
J Plant 170 - 15 - 2 22 - 209
K Lassman 40 - - - - 4 - 44
Harald Samúelsson (resigned 30 September 2024) 26 - - -
- 2 - 28
Wendy Dixon 35 - - - - 4 - 39
Key Management
Gordon Browne 124 10 - - - 16 - 150
Total 395 10 15 - 2 48 - 471
Emoluments Bonus Share based payments Pensions Benefits in kind Social security costs
Other Payments 2023 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Directors
J Plant 160 - 16 - - 21 - 197
K Lassman 40 - - - - 4 - 44
M Vachhani (resigned 31 March 2023) 49 - - 3
2 9 30 93
Harald Samúelsson 46 - - - - 5 - 51
Wendy Dixon (appointed 22 June 2022) 35 - - -
- 4 - 39
Key Management
Gordon Browne (appointed 04 May 2023) 79 - - -
- 10 - 89
Total 409 - 16 3 2 53 30 513
Benefits in kind includes private medical insurance.
Company
The Company paid no director emoluments during the year (2023: £nil).
9 Income tax expense
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
£'000 £'000
UK Corporation tax
Adjustment in respect to previous years - -
Total current tax - -
Deferred tax
Origination and reversal of temporary differences - -
Total deferred tax - -
Total income tax credit - -
The tax charge for the period is lower than the standard rate of (2023: higher
than) corporation tax in the UK. The differences are explained below:
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
£'000 £'000
Profit/(loss) before tax 16,047 (14,473)
Tax on profit/(loss) at the ordinary rate of corporation
tax in UK of 25% (2023 - 25%) 4,011 (3,397)
Effects of
Fixed assets differences 141 732
Expenses not deductible for tax 276 36
Remeasurement of deferred tax for changes in tax rates -
(171)
Movement in deferred tax not recognised (4,428) 2,806
Adjustment in respect of previous years - -
Other movements - (6)
Total tax charge - -
Factors affecting future tax charges
There should be no factors affecting future tax charges as the corporation tax
rate has remained static at 25% (i.e. has not increased or decreased).
10 Earnings per share
29 December 31 December
2024 2023
Pence Pence
Basic Profit/(loss) per ordinary share 9.57p (9.89p)
Diluted Profit/(loss) per ordinary share 8.75p (8.89p)
2024 2023
Number '000 Number '000
Profit/(loss) per share has been calculated using the numbers shown below:
Weighted average number of ordinary shares used as the denominator in 167,766 146,315
calculating basic earnings per share
Adjustments for calculation of diluted earnings per share:
Ordinary B shares 10,451 10,451
Options 5,105 6,085
Weighted average number of ordinary shares and potential ordinary shares used 183,323 162,851
as the denominator in calculating diluted earnings per share
2024 2023
£'000 £'000
Profit/(loss) for the financial period 16,047 (14,473)
The weighted average number of ordinary shares outstanding is increased by the
weighted average number of additional ordinary shares that would have been
outstanding assuming the conversion of all dilutive potential ordinary
shares.
11 Dividend
No final dividend has been proposed by the Directors (2023: £nil).
12 Intangibles
Trademarks Total
£'000 £'000
At 25 December 2022 25 25
Additions 9 9
Amortisation of trademarks (3) (3)
At 31 December 2023 31 31
Additions - -
Amortisation of trademarks (3) (3)
At 29 December 2024 28 28
13 Property, plant and equipment and right-of-use assets
Leasehold improvements Furniture and fixtures computer equipment & vehicle Total fixed assets Total
Right-of-use assets
£'000 £'000 £'000 £'000 £'000
Cost
At 25 December 2022 37,849 10,893 48,742 54,818 103,560
Additions (14) 264 250 1,173 1,423
Lease modifications - - - 333 333
Disposals (521) (193) (714) (405) (1,119)
At 31 December 2023 37,314 10,964 48,278 104,197
55,919
Additions 60 228 288 764 1,052
Lease modifications - - - 24 24
Disposals (11,272) (2,700) (13,972) (17,606) (31,578)
Reclassified as held for sale
(663) (81) (744) (471) (1,215)
At 29 December 2024 25,439 8,411 33,850 72,480
38,630
Depreciation
At 25 December 2022
23,195 7,853 31,048 22,305 53,353
Provided for the period 871 718 1,589 4,113
2,524
Impairment / (reversal of impairment) 3,518 568 4,086 12,278
8,192
Disposal (526) (167) (693) (1,084)
(391)
At 31 December 2023 27,058 8,972 36,030 68,660
32,630
Provided for the period 770 546 1,316 1,890 3,206
Impairment 253 213 466 1,450 1,916
Disposals (11,204) (2,749) (13,953) (17,605) (31,558)
Reclassified as held for sale (613) (39) (652) (1,102)
(450)
16,264 6,943 23,207 41,122
At 29 December 2024 17,915
Net book value
At 29 December 2024 9,175 1,468 10,643 20,715 31,358
At 31 December 2023 10,256 1,992 12,248 23,289 35,537
During the 52 weeks ended 29 December 2024, the Group recognised an impairment
charge of £1.9m (2023: impairment charge of £12.3m) due to impairment of ROU
assets £1.5m (2023: £8.2m) and impairment of fixed assets £0.5m (2023:
impairment charge of £4.0m). The impairment movement is due to the
reassessment by each individual CGU following a change in performance and/or
change in assets. The impairment calculation is sensitive to changes in the
assumptions and estimates used in the underlying forecasts of future
performance and cash flows.
A 1% decrease in the discount rate would reduce the net impairment charge by
£0.7m, an increase of 1% would increase the impairment charge by £0.7m and a
1% increase in the growth rate would reduce the impairment charge by £0.6m.
The total carrying value of the CGUs that have been impaired in the period is
£19.3m (2023: £30.8m). These have been impaired to their value in use of
£16.3m (2023: £16.4m). The total carrying value of the CGUs that have been
released in the period is £14.5m (2023: £15.5m).
Assets held for sale accounted for a carrying value of £0.2m (2023: £nil)
and impaired to value in use of £0.1m.
The key judgements and estimates in the inputs in calculating the impairments
are outlined in note 2(c).
Company
The Company holds no property, plant and equipment.
14 Leases
29 December 2024 31 December 2023
£'000 £'000
Current
Lease liabilities 1,407 2,186
1,407 2,186
Non-current
Lease liabilities 27,500 46,745
27,500 46,745
28,907 48,931
Due within one year 1,407 2,186
Due two to five years 11,646 17,122
Due over five years 15,854 29,623
28,907 48,931
Lease liabilities are measured at the present value of the remaining lease
payments, discounted using the Group's incremental borrowing rate of 4.5% and
the Bank of England (BoE) base rate at the time of any lease modification or a
new lease. The average rate used for modification in 2024 was 4.89% (2023:
4.67%). The lease liabilities as at 29 December 2024 were £28.9m (2023:
£48.9m).
The right-of-use assets all relate to property leases. The right-of-use assets
as at 29 December 2024 were £20.7m (2023: £23.3m). During the period ended
29 December 2024 the Group made a provision for impairment of the right-of-use
assets against a number of sites totalling £1.5m (2023: impairment of
£8.2m).
15 Investments
£'000
Company
At 25 December 2022 3,392
Share based payment in respect of subsidiary 11
At 31 December 2023 3,403
Share based payment in respect of subsidiary 25
At 29 December 2024 3,428
The Company's investments are wholly related to a 100% ordinary shareholding
in Took Us a Long Time Limited (2023: 100% holding), a company registered in
England and Wales with registered offices at 32 Charlotte Street, London W1T
2NQ. Took Us a Long Time Limited is primarily engaged with the operation of
restaurants.
16 Inventories
29 December 2024 31 December 2023
£'000 £'000
Raw materials and consumables 517 697
Smallware inventories 776 1,224
1,293 1,921
In the Directors' opinion there is no material difference between the
replacement cost of inventories and the amounts stated above. Raw material and
consumable inventory purchased and recognised as an expense in the period was
£9.2m (2023: £12.0m).
17 Trade and other receivables
29 December 2024 31 December 2023
£'000 £'000
Trade receivables 26 149
Prepayments and other receivables 3,492 1,457
Total trade and other receivables 3,518 1,606
Less non-current portion (deposits) (15) (65)
3,503 1,541
Company
Amounts due from subsidiary 3,202 1,986
Total trade and other receivables 3,202 1,986
Classified as non-current 3,202 1,986
There has been an increase in the credit risk of this loan since it was
advanced due to the deterioration in the market and the resulting impact on
the performance of the trading company. The Company has previously made loans
to the trading subsidiary of £28.7m (2023: £28.1m).
The Directors of the Company consider this loan to be classed as Level 2 under
the General Approach set out in IFRS 9. The Company has made provisions of
£25.5m (2023: £26.1m) which represents the lifetime expected credit losses.
In assessing the lifetime expected credit losses consideration has been given
to a number of factors including internal forecasts of EBITDA, cashflow and
the consolidated net asset value of the Group at the balance sheet date.
18 Trade and other payables
29 December 2024 31 December 2023
£'000 £'000
Trade payables 3,233 4,359
Taxations and social security 2,239 1,947
Accruals and deferred income 4,125 3,648
Other payables 453 555
Total trade and other payables 10,050 10,509
Less non-current portion (deposits) (72) (106)
9,978 10,403
Included within trade payables are £0.2m (2023: £0.15m) due to related
parties (note 27).
19 Provisions
29 December 2024 31 December 2023
£'000 £'000
At the beginning of the period 342 339
Dilapidations provision charge in the period - 3
At the end of the period 342 342
The Group has historically recognised a provision of £0.3m for dilapidations
for a number of sites, where the need to carry out restoration work has been
identified but a full survey and commission has not been undertaken and
therefore management has applied their judgment in determining the provision.
20 Deferred tax
29 December 2024 31 December 2023
£'000 £'000
At the beginning of the period - -
Profit and loss credit/(charge) - -
- -
Accelerated capital allowances - -
Tax losses carried forward - -
At the end of the period - -
Due to the uncertainty of future profits, a deferred tax asset of £4.1m
(2023: £8.4m) is not recognised in these financial statements.
21 Share capital
Number Number Number £'000
Ordinary A Ordinary B Deferred
Called up and fully paid:
Ordinary shares at 0.1 pence 59,795,496 - - 60
Deferred shares at 9.9 pence (as a result of sub-division - 59,795,496 5,920
-
Ordinary shares issued at 0.1 pence 81,294,262 - - 81
Ordinary B shares at 0.00001 pence - 15,676,640 - 0
At 26 December 2021 146,315,304 10,451,094 59,795,496 6,061
Ordinary B shares at 0.00001 pence converted to ordinary A shares 5,225,546 - 0
(5,225,546)
At 25 December 2022 146,315,304 10,451,094 59,795,496 6,061
At 31 December 2023 146,315,304 10,451,094 59,795,496 6,061
Conversion Shares at 1.46 pence 51,369,863 - - 51
At 29 December 2024 197,685,167 10,451,094 59,795,496 6,112
Share Capital
In January 2021 Daniel Jonathan Plant was awarded 15,676,640 'B' shares in
Tasty plc, which can be converted to 'A' shares subject to achievement of
hurdle rates. Following achievement of the first hurdle on 27 June 2022,
5,225,546 'B' shares converted to ordinary shares.
In April 2024, the Group entered a loan agreement with a secured creditor for
£750,000 to fund the implementation of the Restructuring Plan and provide
additional working capital. On 26 July 2024, the full principal amount of the
loan was converted to 51,369,863 ordinary shares
22 Reserves
Share capital comprises of the nominal value of the issued shares.
Share premium reserve is the amount subscribed in excess of the nominal value
of shares net of issue costs.
Cumulative gains and losses recognised in the income statement are shown in
the Retained deficit reserves, together with other items taken direct to
equity.
The merger reserve arose in 2006 on the creation of the Group.
23 Leases
Operating leases where the Group is the lessor
The total future values of minimum operating lease receipts are shown below.
The receipts are from sub-tenants on contractual sub-leases.
29 December 2024 31 December
2023
£'000 £'000
Within one year: receipts - 290
Within two to five years: receipts - 1,131
Over five years: receipts - 1,293
- 2,714
24 Pensions
The Group made contributions of £nil (2023: £3,000) to the personal pension
plan of the Directors. During the year the Group made contributions to
employee pensions of £0.3m (2023: £0.3m). As at 29 December 2024,
contributions of £119,000 due in respect of the current reporting period had
not been paid over to the schemes (2023: £134,000).
25 Share based payments
Weighted average exercise price Number
(pence) '000
At 25 December 2022 0.9 13,427
Exercised - -
Lapsed 3.10 (1,065)
Cancelled - -
Issued 2.75 4,175
At 31 December 2023 1.23 16,536
Exercised - -
Lapsed 1.22 (980)
Cancelled - -
Issued - -
At 29 December 2024 1.23 15,556
The exercise price of options outstanding at the end of the period ranged
between 0p and 4p (2023: 0p and 4p) and their weighted average remaining
contractual life was 0.52 years (2023: 1.41 years).
Of the total number of options outstanding at the end of period none have
vested and are exercisable at the end of the period (2023: £nil)
The market price of the Company's ordinary shares as at 29 December 2024 was
0.95p and the range during the financial year was from 0.95p to 2.05p (as at
31 December 2023 was 1.2p and the range during the financial year was from
0.03p to 3.75p).
On 20 June 2023 options of 4.175m were granted at a grant price of 2.75p per
share reflecting the opening share price. The options vest over three
years and expire in 10 years and no other conditions are attached. A
charge of £45,000 was recognised over the three years based on a volatility
of 61.3% and risk rate of 4.36% using the Binomial method. The volatility is
weighted on a four year basis and the risk free rate is based on risk free
rate on the mid point between the vesting date and expiry.
On 29 July 2019 options of 3.5m were granted at a grant price of 4.4p
reflecting the opening share price. The options vest over three years and
expire in 10 years and no other conditions are attached. A charge of
£60,000 was recognised over the three years based on a volatility of 63.5%
and risk rate of 0.5% using the Binomial method. The volatility is weighted
on a four year basis and the risk free rate is based on risk free rate on the
mid point between the vesting date and expiry.
On 17 October 2019 options of 1m were granted at a grant price of 3.3p
reflecting the opening share price. The options vest over three years and
expire in 10 years and no other conditions are attached. A charge of
£12,000 was recognised over the three years based on a volatility of 61.6%
and risk rate of 0.5% using the Binomial method. The volatility is weighted
on a four year basis and the risk free rate is based on risk free rate on the
mid point between the vesting date and expiry.
In January 2021 Daniel Jonathan Plant was awarded 15.7m 'B' shares in Tasty
plc which can be converted to 'A' shares subject to achievement of certain
hurdle rates. These 'B' shares were issued at nominal value of 0.00001 pence.
Following achievement of the first hurdle on 27 June 2022, 5,225,546 'B'
shares converted to 'A' ordinary shares.
A charge of £181,000 will be recognised over the four years based on a
volatility of 85% and risk rate of -0.05% using the Monte Carlo method. The
volatility is weighted on a four year basis and the risk free rate is based on
yield on a 4-year zero coupon government security at the grant date.
The 15.6m share outstanding as at 29 December 2024 comprise of the options
issued in July 2019, October 2019, January 2021 and June 2023. There are no
other outstanding options.
26 Financial instruments
In common with all other businesses, the Group is exposed to risks that arise
from its use of financial instruments. This note describes the Group's
objectives, policies and processes for managing those risks and the methods
used to measure them. Further quantitative information in respect of these
risks is presented throughout these financial statements.
The Group is exposed through its operations to the following financial risks:
· Credit risk
· Interest rate risk
· Liquidity risk
The Group does not have any material exposure to currency risk or other market
price risk.
There have been no substantive changes in the Group's exposure to financial
instrument risks, its objectives, policies and processes for managing those
risks or the methods used to measure them from previous periods unless
otherwise stated in this note.
Principal financial instruments
The principal financial instruments used by the Group, from which financial
instrument risk arises, are as follows:
· loans and borrowings
· trade receivables
· cash and cash equivalents
· trade and other payables
The Group's financial instruments apart from cash and cash equivalents are
measured on an amortised cost basis. Due to the short-term nature of trade
receivables and trade/ other payables, the carrying value approximates their
fair value.
Financial assets 29 December 2024 31 December
2023
£'000 £'000
Cash and cash equivalents 3,301 4,177
Trade and other receivables 41 214
Total financial assets 3,342 4,391
Financial liabilities (amortised cost)
Trade and other payables 3,686 4,914
Finance leases 28,907 48,931
Total financial liabilities 32,593 53,845
Company - Financial assets (amortised cost) 29 December 2024 31 December
2023
£'000 £'000
Intercompany loan 3,202 1,986
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group's risk
management objectives and policies.
The overall objective of the Board is to set policies that seek to reduce risk
as far as possible without unduly affecting the Group's competitiveness and
flexibility. Further details regarding these policies are set out below:
Credit risk
The Group's assets and liabilities are wholly attributable to one operating
segment (operating restaurants) and arises solely in one geographical segment
(United Kingdom).
Credit risk is the risk of the financial loss to the Group if a customer or a
counterparty to a financial instrument fails to meet its contractual
obligations. The Group is mainly exposed to credit risk from rebates from
suppliers, sub-letting income and trade receivables.
Trade and other receivables are disclosed in note 17 and represent the maximum
credit exposure for the Group.
The following table sets out the ageing of trade receivables:
29 December 2024 31 December
2023
Ageing of receivables £'000 £'000
<30 days 20 145
31-60 days - 7
61-120 days - 15
>120 days 5 2
Provision for doubtful debt - (20)
25 149
The Group's principal financial assets are cash and trade receivables. There
is minimal credit risk associated with the Group's cash balances. Cash
balances are all held with recognised financial institutions. Trade
receivables arise in respect of rebates from a major supplier and therefore
they are largely offset by trade payables. As such the net amounts receivable
form an insignificant part of the Group's business model and therefore the
credit risk associated with them is also insignificant to the Group as a
whole. Accordingly, the Company does not consider there to be any risk
arising from concentration of receivables due from any counterparty.
The Company's principal financial assets are intercompany receivables. These
balances arise due to the funds flow from the listed Company to the trading
subsidiary and are repayable on demand. The credit risk arising from these
assets are linked to the underlying trading performance of the trading
subsidiary. See note 17 for further details on intercompany debt.
Liquidity risk
Liquidity risk arises from the Group's management of working capital. It is
the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. The Group's policy is to ensure that it will
always have sufficient cash to allow it to meet its liabilities when they
become due. To achieve this aim, the Group seeks to maintain cash balances to
meet its expected cash requirements as determined by regular cash flow
forecasts prepared by management.
The following table sets out the contractual maturities (representing
undiscounted contractual cash-flows) of financial liabilities:
Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years
£'000 £'000 £'000 £'000 £'000
Trade & other payables 3,671 - - - 15
Finance leases 499 892 2,240 7,094 18,182
As at 29 December 2024 4,170 892 2,240 7,094 18,197
Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years Over 5 years
£'000 £'000 £'000 £'000 £'000
Trade & other payables 4,808 49 - - 57
Finance leases 404 1,404 3,332 10,240 33,552
As at 31 December 2023 5,212 1,453 3,332 10,240 33,609
Non-current other payables are sub-let site rent deposits.
Interest rate risk
The Group seeks to minimise interest costs by regularly reviewing cash
balances.
Interest rate risk arises from the Group's use of interest-bearing loans
linked to LIBOR. The Group is exposed to cash flow interest rate risk from
long term borrowings at variable rate. The Board considers the exposure to the
interest rate risk to be acceptable.
Surplus funds are invested in interest bearing, instant access bank accounts.
Loans and borrowings
The Group had no outstanding bank loan during the period.
Capital disclosures
The Group's capital is made up of ordinary share capital, deferred share
capital, share premium, merger reserve and retained earnings totalling £0.3m
(2023: Retained deficit £16.5m).
The Group's objective when maintaining capital is to safeguard the entity's
ability to continue as a going concern, so that it can continue to provide
returns for shareholders and benefits for other stakeholders. The Group is not
subject to any externally imposed capital requirements. There have been no
changes in the Group's objectives for maintaining capital nor what it manages
in its capital structure.
The Group manages its capital structure and makes adjustments to it in the
light of strategic plans. In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders or issue new shares.
27 Related party transactions
The Directors are considered to be the key management personnel. Details of
directors' remuneration are shown in Note 8.
The Group pays fees, rent and associated insurance to a number of companies
considered related parties by virtue of the interests held by significant
shareholders in such companies.
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
£'000 £'000
Rent, insurance and legal services charged to the Group:
- Kropifko Properties Ltd (32) (114)
- KLP Partnership (125) (156)
- ECH Properties Ltd (27) (81)
- Proper Proper T Ltd (107) (106)
- Super Hero Properties (145) -
- Benja Properties Ltd (154) -
- Howard Kennedy LLP (8) -
Balance due to related parties:
- Kropifko Properties Ltd - 39
- KLP Partnership 38 40
- ECH Properties Ltd 29 30
- Proper Proper T Ltd 37 38
- Super Hero Properties 48 -
- Benja Properties Ltd 45 -
197 147
The rent paid to related parties is considered to be a reasonable reflection
of the market rate for the properties.
28 Reconciliation of profit/(loss) before tax to net cash inflow from
operating activities
52 weeks ended 29 December 2024 53 weeks ended 31 December
2023
£'000 £'000
Group
Profit/(loss) before tax 16,047 (14,473)
Finance income (122) (140)
Finance expense 29 -
Finance expense (IFRS 16) 1,376 2,303
Share based payment charge 25 11
Depreciation of right-of-use assets (IFRS 16) 1,890 2,524
Depreciation of property plant and equipment 1,316 1,589
Impairment of property, plant and equipment 466 4,086
Impairment of right-of-use assets 1,450 8,192
Loss on disposal of property plant and equipment
20 84
Amortisation of intangible assets 3 3
Dilapidations provision charge - 3
Recognition of grant income (198) -
Disposal of lease liabilities (IFRS 16) (18,587) -
Other (38) -
Decrease in inventories 628 270
(Increase)/decrease in trade and other receivables
(1,912) 92
Decrease in trade and other payables
(458) (2,012)
1,935 2,532
52 weeks ended 29 December 2024 53 weeks ended 31 December 2023
£'000 £'000
Company
Profit/(loss) before tax 466 (1,176)
Decrease in trade and other receivables
(1,216) 1,176
(750) -
29 Reconciliation of financing activity
Lease liabilities Lease liabilities Bank Loan Bank Loan Total
Due within 1 year Due after 1 year Due within 1 year Due after 1 year
£'000 £'000 £'000 £'000 £'000
Net debt as at 25 December 2022 1,953 48,358 - - 50,311
Cashflow (2,885) - - - (2,885)
Addition / (decrease) to lease liability
3,118 (1,613) - - 1,505
Net debt as at 31 December 2023 2,186 46,745 - - 48,931
Cashflow (2,151) - - - (2,151)
Addition / (decrease) to lease liability
1,372 (19,245) - - (17,873)
Net debt as at 29 December 2024 1,407 27,500 - - 28,907
30 Post Balance Sheet Events
The Group reached a full and final settlement with its insurer for £2.5m
(being approximately £1.5m net of creditor costs and legal costs) in
connection with a claim for breach of a contract regarding insurance coverage
for losses incurred in 2020, which was received on 8 January 2025.
Three Wildwood restaurants were closed between January and March 2025 and a
further lease assigned in May 2025.
The Group paid off in full the residual HMRC debt early.
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