Resultados finales
1 de febrero de 2024
DIVERSOS ALIMENTOS PLC
("Varios restaurantes" o "la Compañía"
y con sus subsidiarias "el Grupo")
Resultados finales
52-week period ending 1 October 2023
Poised to accelerate following a year of steady progress and a successful post-period fundraise
Various Eateries PLC, the owner, developer and operator of all day clubhouse, restaurant and hotel sites in the United Kingdom, announces its results for the 52 weeks ended 1 October 2023.
Aspectos financieros más destacados
· Revenue growth of 12% to £45.5m (2022: £40.7m), largely driven by new site openings
· Adjusted EBITDA* loss of £2.2m (2022: profit of £0.4m), with the Board choosing to absorb the majority of price rises to strengthen the Group's longer-term prospects
· Total loss before tax of £6.7m (2022: loss of £7.2m)
· Cash at bank of £1.9m (2022: £9.4m)
· Deuda neta de 11.6 millones de libras esterlinas (2022: 3.3 millones de libras esterlinas)
* not audited see Financial Review
Aspectos operacionales destacados
· Resilient performance in the year with LFL sales holding relatively firm despite well-publicised industry challenges
· Measured approach to expansion with the opening of two new Noci restaurants and one Coppa Club
· Continuous mitigation of the inflationary environment through supply chain management and menu re-engineering
· Strengthened senior management team with appointment of Sharon Badelek as CFO, Rebecca Tooth as MD of Coppa Club (non-board position) and Scott Williamson as People Director (non-board position)
Post-period Highlights & Outlook
· Successful fundraise of £10.1m and conversion of debt into equity
· Encouraging signs that the inflationary environment is normalising
· Plans to open up to ten Noci sites and up to three Coppa Club sites in the next phase of roll-out
Andy Bassadone, presidente ejecutivo de varios restaurantes, dijo:
"Performance in the year under review was solid given the host of challenges faced by the industry. We have continued to focus on customer loyalty, brand reputation and maintaining revenue, and I am proud of our teams for all their hard work.
We enter the new financial year in a position of strength having raised £10.1m and converted debt into equity in December. The convergence of site availability, reduced competition and changing consumer behaviours has brought forth a generational opportunity akin to the casual dining revolution of the 90s and we are well set to capitalise.
Inflationary pressures have been a major thorn in the side of all hospitality businesses in the period but encouragingly there are signs they are beginning to abate while interest rates appear to be cooling. We are not out of the woods yet by any means but we are confident our approach is the right one to ensure the long-term prosperity of the Group.
We are excited about what we are building and look forward to the challenges and opportunities of the year ahead with confidence."
Asamblea General Anual y Publicación de Resultados
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The Company confirms that it intends to distribute its Annual Report and Accounts and notice of Annual General Meeting to shareholders shortly. A further announcement will be made at that time. A copy of the annual report and accounts will also be available from the Company's website at the same time (www.variouseateries.co.uk).
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Consultas
| | |
Andy Bassadone Sharon Badelek
| Presidente Ejecutivo Director Financiero | |
WH Irlanda limitada |
suela Broker y nómada |
Tel.: +44 (0) 20 7220 1666 |
Corretaje harry ansell | ||
Asesor Nominado katy mitchell | ||
patel darshan | ||
Alma Comunicaciones Estratégicas |
PR financiera |
Tel.: +44 (0) 20 3405 0205 |
david ison Rebecca Sanders Hewett Will Merison |
|
Acerca de varios restaurantes
Various Eateries posee, desarrolla y opera sitios de restaurantes, casas club y hoteles en el Reino Unido. La misión declarada del Grupo es "grandes personas que brindan experiencias únicas a través de la innovación continua".
El grupo está dirigido por un equipo senior altamente experimentado que incluye a Hugh Osmond (fundador), Andy Bassadone (presidente ejecutivo) y Sharon Badelek (directora financiera).
El Grupo opera dos marcas principales en 18 ubicaciones:
· Coppa Club, un concepto polivalente todo el día que combina restaurante, terraza, cafetería, lounge, bar y espacios de trabajo
· Noci, un concepto moderno de barrio solo de pasta que sirve platos de muy alta calidad a precios razonables
Para más información, visite www.variouseateries.co.uk
Declaración del presidente
£10.1m placing to fuel expansion following a resilient year
I am pleased to be publishing these results on the back of a successful post-period fundraise and conversion of debt into equity, positioning the Group on a trajectory of accelerated growth. This allows us to move forward with enhanced financial firepower and our sights firmly set on expansion.
Performance in the year under review was solid given the host of challenges faced by the industry, with like-for-like sales standing relatively firm. Experience tells us that in difficult periods, maintaining customer loyalty and brand reputation is paramount, so we made the conscious decision to absorb the majority of price rises. While this strategy put pressure on our margins in the year, taking a longer-term view we are confident it will stand us in good stead.
As we move into FY24, there are encouraging signs that the inflationary landscape is beginning to normalise. Volatility remains and the rate at which certain pressures will abate is difficult to forecast, but conditions appear to be gradually improving. Supported by strong cash reserves and a refined focus, we will continue to pursue our roll-out strategy in a measured and sustainable way, exercising financial discipline while maintaining the ambition necessary to capitalise on the current opportunity.
A multi-brand hospitality business with a generational opportunity
The Group's strategy is built around the expansion of two proven brands, each designed to fill a specific gap in the market.
Noci, a modern neighbourhood pasta restaurant that evolved from the Group's Tavolino concept, is the Group's newest venture. Designed to fill the void left by the reduction of operators in the Italian mid-market sector and deliver profitability in c. 3,000 sq ft spaces, Noci's focus on delivering high quality food at an affordable price point provides it with a layer of protection in the event of tightening consumer spend.
Coppa Club, the Group's all-day clubhouse proposition, has been conceived to meet the evolving consumer behaviour trends accelerated by Covid, such as the shift to flexible/hybrid working. From dramatic full-service riverside locations with vast outdoor spaces, to high street hubs benefitting from city centre footfall throughout the seasons, the concept is designed to suit all occasions, from coffee, breakfast and weekend brunches, to lunches, dinner celebrations and late-night drinks.
Underpinning Various Eateries' growth ambitions are a unique set of circumstances that the Board believes form an opportunity akin to the casual dining revolution of the 1990s.
The directors believe that before Covid, the hospitality industry had become saturated with homogenous operators whose priorities had diverged from quality of food and service. Already struggling to adapt to the impact of Brexit, the lengthy restrictions on trading imposed by the government during the pandemic dealt a killing blow to many of these businesses.
The unprecedented price increases, rising energy bills and reduction in consumer disposable income that followed in the wake of the Russo-Ukrainian War further destabilised the industry.
The closure of many operators throughout the Covid-19 pandemic has given rise to the increased availability of sites in prime locations, often coming with extensive existing fit outs that result in considerable savings on capital investment. Coupled with favourable rates and reduced competition, this presents a clear opportunity for well-funded operator with flexible, forward-thinking brands and a strategy attuned to market dynamics.
Steady trading performance in a year characterised by industry-wide challenges
Trading performance for the period was in line with expectations. Revenues were slightly higher than market expectations at £45.5m (2022: £40.7m), largely driven by new site openings.
Group like-for-like sales ("LFL"), excluding the benefit of the reduced rate of VAT in the prior year, held relatively firm, which is a satisfactory performance considering the challenging macroeconomic environment, continued train strikes and unseasonably wet weather in the spring and summer months. The Board believes focusing on the top line as opposed to pursuing short-term profit maximisation to be fundamentally important to long-term, sustainable success.
Noci continues to perform well. H2 (April to September 2023) LFL sales at the first Noci site in Islington grew 23%. Although still in the first months of their existence, initial trading at our second and third sites in Battersea Power Station and Shoreditch has been promising.
The Group's townhouse Coppa Clubs in Bath and Guildford, benefiting from high footfall town centre locations, delivered positive performances. The Coppa Clubs with large outdoor spaces, which benefitted in the prior year from exceptionally good weather, were impacted this year by extended periods of unusually wet conditions, including the wettest July since 2009.
Trading at the Group's Tavolino site was strong, delivering LFL sales growth of 10%.
Managing cost pressures and growing optimism around inflation outlook
We took a proactive approach to addressing the inflationary pressures that persisted throughout the year, for example employing innovative menu engineering to trim unnecessary costs while upholding the quality of our food. An increased emphasis on seasonal rotation, for example, allowed us to continue to provide fresh, premium ingredients without the added expense linked to year-round sourcing.
There are encouraging signs that the cost surges are beginning to subside. Food and energy costs, which were remarkably elevated through much of FY23, are starting to become more manageable. It will take time for conditions to normalise and we will continue to maintain relentless focus on becoming more operationally efficient as a Group. Aligned to this, we are currently exploring several technological solutions which we expect to boost the overall productivity of our colleagues while positively impacting the customer experience.
While the rise in National Living Wage in April 2024 will have an impact on labour costs, the market is in a much better state than it was 12 months ago, with staffing shortages largely under control and a healthy pool of talented and motivated people available to us. During the year, our workforce grew significantly, and we maintained a low level of vacancies. A lot of hard work goes on behind the scenes to make Various Eateries a great place to work, learn and progress in the industry, and it is heartening to see it paying dividends.
Continued growth of estate and poised to accelerate
During the financial year, the Group opened three new sites taking the total to 18: Coppa Club Guildford, Noci Battersea Power Station and Noci Shoreditch.
Coppa Club Guildford, which opened in April 2023, is the second iteration of our townhouse format. A three-storey, all day venue on the busy high street, it boasts café-work space on the ground floor and a bold mural leading the guests' eye up the stairwell to the first-floor dining space and destination bar on the top floor.
The Board believes there is significant potential for the expansion of Coppa Club, with the next opening in Cardiff this spring.
Opening in May 2023, the Group's second Noci site is located in the comprehensive commercial and residential redevelopment of one of London's most iconic landmarks, Battersea Power Station. Noci Shoreditch, located just off Old Street Roundabout in the heart of the capital's Tech City, followed suit in September 2023.
The Group believes Noci to be the most compelling near-term growth opportunity and intends to open up to ten new sites over the next couple of years. While the immediate roll out is expected to be focused on the Greater London area, market research leads the Board to believe there are over 100 suitable sites in the UK.
Equipo directivo significativamente fortalecido
In February 2023, we announced the appointment of Sharon Badelek as Chief Financial Officer and board member with effect from 1 April 2023. Sharon has an established track record of driving growth in businesses in our sector, with an impressive CV that includes senior financial positions at RedCat Pub Company, Vue Entertainment and Novus Leisure Limited. To have attracted someone of Sharon's calibre demonstrates the strength of our proposition and ambition. She has already had a positive impact on our finance function and played an important role in the recent fundraise.
As part of the refocusing of our strategy around the two brands, Rebecca Tooth, formerly of Bills and Cote, was appointed as Managing Director of Coppa Club, while I assumed the role of Managing Director of Noci, having led the concept from inception. The Board believes the new management structure to be conducive to the long-term success of both brands, with dedicated leadership that understand the nuances of each concept and simplified reporting lines that promote quick and effective decision-making.
Oli Williams, former CFO, and Yishay Malkov, former CEO, both left the Group during the year. I would like to again thank them for their significant contributions and wish them all the best for the future.
Invertir en nuestra gente
During the year under review, we continued to prioritise the wellbeing and development of our colleagues. To facilitate this, a new people director (non-board position), Scott Williamson, joined the group in November 2023. Scott has been in the hospitality industry since the age of 18 and brings a wealth of experience having worked in bars, restaurants and hotels throughout the world including, Firmdale Hotels, Carluccios, Bill's and Côte. Scott has already had a positive impact on training programmes across Various Eateries and will continue to build on this in 2024.
I would like to express my heartfelt appreciation for everyone at Various Eateries for their dedication and resolve during what was another challenging year for the industry. Without their commitment to upholding the high standards we set as a Group, we would not have been able to grow our reputation as we have, and I am grateful for their efforts.
Perspectivas y comercio actual
Sales in the first quarter of FY24 were in line with management expectations.
As we move into the second quarter, we are optimistic that inflationary pressures will continue to ease and interest rates will at least not rise further, but this remains difficult to predict.
Regardless, we will continue to focus on what is within our control - growing the top line and taking action to ensure high levels of customer satisfaction and improving operational efficiency.
We are building a Group for the long-term and believe this approach will position us well for sustainable, profitable growth and value creation for shareholders as conditions improve.
At the same time, we will continue to explore ways to make the business more efficient while progressing our roll-out at a measured pace commensurate with market conditions.
Financial Review,en
General
The first half of the financial results for FY22 benefitted from Covid related reliefs and reduced VAT rates, which did not continue into the FY23 financial year.
Los KPI's del desempeño del Grupo se resumen en la siguiente tabla:
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 October 2022 |
| Cambios
| |
| £ 000 |
| £ 000 |
| % |
| |||||
Ingresos | 45,495 |
| 40,667 |
| 12% |
Adjusted EBITDA (before impact of IFRS 16)* | (2,189) | 437 | (601%) | ||
EBITDA ajustado * | 1,556 | 3,531 | (56%) | ||
Pérdida operativa | (4,207) | (5,209) | 19% | ||
Total loss for the year after tax | (6,677) | (7,215) | 7% | ||
Utilidad por acción básica y diluida (peniques) | (8.1) | (8.8) | 7% | ||
El flujo de efectivo de las actividades de operaciones | 2,082 | 1,861 | 12% | ||
Net debt/ (cash) excluding lease liabilities | 11,609 | 3,317 | 250% | ||
Numero de sitios | 18 | 15 | 20% | ||
* not audited |
Resumen del desempeño financiero para las 52 semanas que terminaron el 1 de octubre de 2023
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | |
| £ 000 |
| £ 000 |
Conciliación de la pérdida antes de impuestos con el EBITDA ajustado | |||
Ingresos | 45,495 |
| 40,667 |
Pérdida antes de impuestos | (6,677) |
| (7,215) |
Discapacidad | - | 2,543 | |
Costos de financiamiento | 2,470 | 2,006 | |
depreciación y amortización | 5,571 | 4,702 | |
Gain on surrender of lease | (899) | - | |
Pérdida por enajenación de activos y arrendamientos | 37 | 54 | |
Comparable | 502 | 2,090 | |
Pre-opening costs* | 886 | 755 | |
Pagos basados en acciones | 69 | 830 | |
Non-trading site costs* | (27) | (144) | |
Costos excepcionales * | 126 | - | |
EBITDA ajustado * | 1,556 | 3,531 | |
Ajuste por gastos de alquiler | (3,745) | (3,094) | |
Adjusted EBITDA (before impact of IFRS 16)* | (2,189) | 437 | |
* not audited |
RENDIMIENTO FINANCIERO
Overall Group revenue increased by 12% (FY23: £45.5m, FY22: £40.7m). The Group's adjusted EBITDA decreased by £1.9m, from £3.5m in FY22 to £1.6m in FY23. During the year, the Group was faced with significant cost increases due to external economic factors which were not fully passed onto customers. In the Board's experience, in challenging market conditions, focusing on the Group's revenue, as opposed to maximisation of short-term profits through cost cutting, is fundamental to future success.
The loss before tax has decreased from £7.2m in FY22 to £6.7m in FY23. In FY23 the Group incurred impairments to goodwill and right?of?use assets of £nil (FY22: £2.5m). The Group's depreciation and amortisation charge has increased by £0.9m (from £4.7m in FY22 to £5.6m in FY23) and pre-opening costs have increased by £0.1m (from £0.8m in FY22 to £0.9m in FY23), as we have continued to invest in new sites. The Group's share based payment charge has decreased by £0.7m (from £0.8m in FY22 to £0.1m in FY23).
Declaración consolidada de ingreso comprensivo
Para las 52 semanas que terminaron el 1 de octubre de 2023
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | ||
| Note | £ 000 |
| £ 000 |
| ||||
Ingresos | 4 | 45,495 | 40,667 | |
El costo de ventas | (43,597) | (36,992) | ||
Beneficio bruto |
| 1,898 |
| 3,675 |
Gastos de personal central | (3,426) | (2,617) | ||
Pagos basados en acciones | 26 | (69) | (830) | |
Deterioro del fondo de comercio | 13 | - | (1,563) | |
Deterioro de inmuebles, planta y equipo. | 14 | - | (980) | |
Gain on early surrender of lease | 899 | - | ||
Loss of property, plant and equipment | (37) | (54) | ||
Otros gastos | 11 | (3,472) | (2,840) | |
Pérdida operativa |
| (4,207) |
| (5,209) |
Costos de financiamiento | 6 | (2,470) | (2,006) | |
Pérdida antes de impuestos |
| (6,677) |
| (7,215) |
Impuestos | 10 | - | - | |
Pérdida del período |
| (6,677) |
| (7,215) |
| ||||
Ganancias por acción |
| |||
Pérdida básica por acción (peniques) | 12 | (8.1) | (8.8) | |
Pérdida diluida por acción (peniques) | 12 | (8.1) | (8.8) |
Los resultados anteriores se derivaron de operaciones continuas.
No existen partidas de resultados integrales diferentes a la pérdida del período y por lo tanto, no se presenta estado de otros resultados integrales.
Estado de Situación Financiera Consolidado
Al 1 de octubre de 2023
| ||||||||
1 de octubre de 2023 |
| 2 October 2022 |
| |||||
| Note | £ 000 |
| £ 000 |
| |||
|
| |||||||
Activos no corrientes |
|
| ||||||
Activos intangibles | 13 | 11,152 | 11,214 |
| ||||
Activos por derecho de uso | 14 | 24,873 | 26,109 |
| ||||
Otras propiedades, planta y equipo | 14 | 25,397 | 21,592 |
| ||||
61,422 | 58,915 |
| ||||||
Activos circulantes |
|
| ||||||
Los inventarios | 16 | 1,078 | 808 |
| ||||
Cuentas por cobrar comerciales | 17 | 154 | 204 |
| ||||
Otros ingresos | 17 | 2,082 | 2,359 |
| ||||
Efectivo y saldos bancarios | 18 | 1,902 | 9,390 |
| ||||
5,216 | 12,761 |
| ||||||
los activos totales |
| 66,638 | 71,676 |
| ||||
| ||||||||
Pasivo circulante |
|
| ||||||
Comerciales y otras cuentas a pagar | 19 | (13,380) | (11,420) |
| ||||
Préstamos | 20 | (13,511) | (12,707) |
| ||||
|
| (26,891) | (29,601) |
| ||||
Pasivos corrientes netos |
| (21,675) | (11,366) |
| ||||
Activos totales menos pasivos corrientes |
| 39,747 | 47,549 |
| ||||
| ||||||||
Pasivos no corrientes |
|
| ||||||
Préstamos | 21 | (28,049) | (29,244) |
| ||||
Provisiones | 22 | (358) | (357) |
| ||||
Total pasivo no corriente |
| (28,407) | (29,601) |
| ||||
Pasivos totales |
| (55,298) | (53,728) |
| ||||
Activos netos |
| 11,340 |
| 17,948 |
| |||
|
| |||||||
Equidad |
|
| ||||||
Capital social | 23 | 890 | 890 |
| ||||
Compartir premium | 52,284 | 52,284 |
| |||||
Reserva de fusión | 64,736 | 64,736 |
| |||||
Reserva de acciones del fideicomiso de beneficios para empleados | (5,012) | (5,012) |
| |||||
Ganancias retenidas | (101,558) | (94,950) |
| |||||
Total de fondos atribuibles a los accionistas de la Compañía |
| 11,340 |
| 17,948 |
| |||
The financial statements of Various Eateries PLC (registration number: 12698869) were approved by the Board and authorised for issue on
Fueron firmados en su nombre por:
S Badelek
Director
Estado de cambios en el patrimonio neto consolidado
para las 52 semanas que finalizaron el 1 de octubre de 2023
Llamado capital social |
| Compartir cuenta premium |
| Reserva de fusión |
| Reserva de acciones del fideicomiso de beneficios para empleados |
| Ganancias retenidas |
| Total | |
Atribuible a los accionistas de capital de la Compañía | £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
Al 3 de octubre de 2021 | 890 |
| 52,284 |
| 64,736 |
| (5,012) |
| (88,565) |
| 24,333 |
Pagos basados en acciones | - | - | - | - | 830 | 830 | |||||
Total de transacciones con propietarios | - |
| - |
| - |
| - |
| 830 |
| 830 |
Pérdida del período | - | - | - | - | (7,215) | (7,215) | |||||
Pérdida integral total | - | - | - | - | (7,215) | (7,215) | |||||
Al 2 de octubre de 2022 | 890 |
| 52,284 |
| 64,736 |
| (5,012) |
| (94,950) |
| 17,948 |
Pagos basados en acciones | - | - | - | - | 69 | 69 | |||||
Total de transacciones con propietarios | - |
| - |
| - |
| - |
| 69 |
| 69 |
Pérdida del período | - | - | - | - | (6,677) | (6,677) | |||||
Pérdida integral total | - | - | - | - | (6,677) | (6,677) | |||||
Al 1 de octubre de 2023 | 890 |
| 52,284 |
| 64,736 |
| (5,012) |
| (101,558) |
| 11,340 |
Estado consolidado de flujos de efectivo
para las 52 semanas que finalizaron el 2 de octubre de 2022
52 semanas terminaron 1 de octubre de 2023 |
| 52 weeksended 2 de octubre de 2022 | ||
|
| £ 000 |
| £ 000 |
|
|
|
|
|
| ||||
flujos de efectivo por actividades operacionales |
| |||
Pérdida del año | (6,677) | (7,215) | ||
Ajustes a los flujos de efectivo por partidas no monetarias: | ||||
depreciación y amortización | 5,571 | 4,702 | ||
Pérdida por deterioro | - | 2,543 | ||
Gain on early surrender of lease | (899) | - | ||
Pérdida por enajenación de activos y arrendamientos | 37 | 54 | ||
Pagos basados en acciones | 69 | 830 | ||
Costos de financiamiento | 2,470 | 2,006 | ||
571 | 2,920 | |||
Ajustes de capital circulante: | ||||
Incremento de inventarios | (270) | (262) | ||
(Aumento) / disminución de cuentas por cobrar comerciales y otras | 327 | (1,059) | ||
Increase in accruals, trade and other payables | 1,454 | 262 | ||
Flujo de efectivo neto de las actividades operativas |
| 2,082 |
| 1,861 |
Flujos de efectivo utilizados en actividades de inversión |
| |||
Compras de propiedades, planta y equipo | (6,845) | (8,852) | ||
Flujos de efectivo netos de actividades de inversión |
| (6,845) |
| (8,852) |
Flujos de efectivo de actividades de financiación |
| |||
Pago interesado | (1,627) | (1,345) | ||
Reembolso de préstamos
| - | (431) | ||
Elementos principales de los pagos por arrendamiento | (1,098) | (1,559) | ||
Flujos de efectivo netos utilizados en actividades de financiación |
| (2,725) |
| (3,335) |
Disminución de efectivo | (7,488) | (10,326) | ||
Apertura de efectivo en banco y en mano | 9,390 | 19,716 | ||
Cierre de caja en banco y en mano |
| 1,902 |
| 9,390 |
Notas a las cuentas
Ingresos 4
Un análisis de los ingresos totales del Grupo (incluidos los ingresos por alquileres de subarrendamiento que se muestran dentro del costo de ventas) que se originan en el Reino Unido es el siguiente:
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | |
| £ 000 |
| £ 000 |
| |||
Venta de bienes | 41,437 | 36,523 | |
Alojamiento y alquiler de habitaciones | 4,025 | 4,086 | |
Ingresos por alquileres de subarrendamiento | 33 | 58 | |
45,495 | 40,667 |
6 Costos financieros
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | |
| £ 000 |
| £ 000 |
| |||
Intereses sobre descubiertos y empréstitos bancarios | 897 | 661 | |
Intereses del pasivo por arrendamiento | 1,573 | 1,344 | |
Pérdida de divisas | - | 1 | |
Costos financieros totales | 2,470 | 2,006 | |
Costos financieros netos | 2,470 | 2,006 |
Impuesto 10
Impuesto cargado en el estado de resultados integrales
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | |
Gasto de impuestos | £ 000 |
| £ 000 |
| |||
impuesto de sociedades | - | - | |
Impuesto sobre la renta corriente total | - | - | |
Tax expense in the statement of comprehensive income | - | - | |
El impuesto de sociedades se calcula al 25% (2022: 19%) de la base imponible estimada para el período. |
The charge for the period can be reconciled to the loss in the statement of profit or loss as follows:
| |||
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | |
| £ 000 |
| £ 000 |
| |||
Pérdida antes de impuestos | (6,677) | (7,215) | |
Impuesto sobre sociedades a tipo estándar 22.0% (2022: 19.0%) | (1,469) | (1,371) | |
Diferencias de activos fijos | - | 527 | |
Gastos no deducibles | 247 | 1,792 | |
Renta no imponible | - | (1,409) | |
Pérdidas fiscales arrastradas | 1,160 | - | |
Movimiento en impuesto diferido no reconocido | 62 | 529 | |
Otros movimientos | - | (69) | |
Carga fiscal total | - | - | |
10 Impuestos (continuación)
No se ha tenido en cuenta el activo por impuesto diferido potencial de 14,628,000 2022 13,375,000 £ (25: 2022 25 XNUMX £) calculado al XNUMX % (XNUMX: XNUMX %) y que representa pérdidas arrastradas y diferencias temporales a corto plazo, debido a la incertidumbre sobre la utilización del pérdidas disponibles.
11 Otros gastos
52 semanas terminaron 1 de octubre de 2023 |
| 52 semanas terminaron 2 de octubre de 2022 | |
| £ 000 |
| £ 000 |
| |||
depreciación y amortización | 324 | 244 | |
AGA release of provision (note 22) | 1 | - | |
Otros costos centrales | 3,147 | 2,596 | |
3,472 | 2,840 |
12 Beneficio por acción
Basic loss per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares outstanding during the year. There were no potentially dilutive ordinary shares outstanding as at the periods ended 1 October 2023 and 2 October 2022.
1 de octubre de 2023 |
| 2 de octubre de 2022 | |||||
| £ 000 |
| £ 000 | ||||
| |||||||
Pérdida del año después de impuestos | (6,677) | (7,215) | |||||
Promedio ponderado básico y diluido del número de acciones | 82,143,398 | 82,143,398 | |||||
Pérdida básica por acción (peniques) | (8.1) | (8.8) | |||||
Pérdida diluida por acción (peniques) | (8.1) | (8.8) | |||||
13 Activos intangibles
Grupo procesos | Marca |
| Goodwill |
| Marcas, patentes y licencias |
| Total |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| |||||||
Costo o valoración |
| ||||||
Al 2 de octubre de 2022 | 2,912 | 26,019 | 25 | 28,956 | |||
Adiciones | - | - | - | - | |||
Al 1 de octubre de 2023 | 2,912 | 26,019 | 25 | 28,956 | |||
Amortización |
| ||||||
Al 2 de octubre de 2022 | 2,788 | 14,954 | - | 17,742 | |||
Cobrar por el período | 62 | - | - | 62 | |||
Discapacidad | - | - | - | - | |||
Al 1 de octubre de 2023 | 2,850 | 14,954 | - | 17,804 | |||
Importe en libros a 1 de octubre de 2023 | 62 | 11,065 | 25 | 11,152 | |||
| Marca |
| Goodwill |
| Marcas, patentes y licencias |
| Total |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| |||||||
Costo o valoración |
| ||||||
Al 3 de octubre de 2021 | 2,912 | 26,019 | 25 | 28,956 | |||
Adiciones | - | - | - | - | |||
Al 2 de octubre de 2022 | 2,912 | 26,019 | 25 | 28,956 | |||
Amortización | |||||||
Al 3 de octubre de 2021 | 2,724 | 13,391 | - | 16,115 | |||
Cobrar por el período | 64 | - | - | 64 | |||
Discapacidad | - | 1,563 | - | 1,563 | |||
Al 2 de octubre de 2022 | 2,788 | 14,954 | - | 17,742 | |||
Importe en libros a 2 de octubre de 2022 | 124 | 11,065 | 25 | 11,214 |
Marca corresponde a marcas registradas y se amortiza en una vida económica útil estimada de cuatro años.
Goodwill is not amortised, but an impairment test is performed annually by comparing the carrying amount of the goodwill to its recoverable amount. The recoverable amount is represented by the greater of the individual Cash Generating Units ("CGU's") fair value less costs of disposal and its value-in-use.
The goodwill balance relates to Tavolino Riverside (£1,046,000), Strada Southbank (£992,000), Rare Bird Hotels at Sonning Limited (£2,418,000), and Rare Bird Hotels at Streatley Limited (£6,609,000). Tavolino Riverside and Strada Southbank are included within the restaurant operating segment. Rare Bird Hotels at Sonning Limited and Rare Bird Hotels at Streatley Limited are included within the hotels operating segment.
Segmento de restaurante
The key assumptions for the value-in-use calculations are those regarding the discount rate, trading forecasts and growth rates. The key underlying assumption is the group's 3 year business plan which is based on past experience, taking into account operational developments/ changes at the group's operating sites. A pre-tax discount rate of 12.1% was used (2022: 14.9%), based on the Group's WACC and comparable businesses in the sector. Cash flows in line with forecasts for the next 3 years were used. Cash flows beyond the forecast period are extended out to the end of the lease terms at a 3% growth rate.
Impairment testing at 1 October 2023 resulted in no impairments.
Given the ongoing global economic uncertainty and its impact on the UK hospitality sector there is particular sensitivity to the forecasts prepared in connection with the impairment review as at 1 October 2023. The estimate of recoverable amount for the restaurant segment is particularly sensitive to the discount rate and trading forecast assumptions. If the discount rate used is increased by 1%, the forecast future EBITDA is reduced by 10% and the terminal growth rate reduced by 1%, a further impairment loss of £nil for the period ended 1 October 2023 would have to be recognised against goodwill (2022: £991,000). Management is not currently aware of any other reasonably possible changes to key assumptions that would cause a unit's carrying amount to exceed its recoverable amount.
Segmento hotelero
The key assumptions for the value-in-use calculations are those regarding the discount rate, trading forecasts and growth rates. A pre-tax discount rate of 12.1% was used (2022: 14.9%), based on the Group's WACC and comparable businesses in the sector. Cash flows in line with forecasts for the next 3 years were used. Cash flows beyond the forecast period are extended at a terminal growth rate of 3% (2022: 2%).
Impairment testing at 1 October 2023 resulted in no requirement to reduce the carrying value of goodwill at 1 October 2023, as the recoverable amounts of the CGUs, based on value-in-use estimates, were greater than the carrying values.
The estimate of recoverable amount for the hotel segment is sensitive to the discount rate, trading forecast assumptions and terminal growth rate. If the discount rate used is increased by 1%, the forecast future EBITDA is reduced by 10% and the terminal growth rate reduced by 1%, no impairment would be required (2022: nil). Management is not currently aware of any other reasonably possible changes to key assumptions that would cause a unit's carrying amount to exceed its recoverable amount.
14 Propiedades, planta y equipo
Grupo procesos
Activos por derecho de uso |
| Propiedad de propiedad |
| Mejoras arrendatarias |
| Muebles, accesorios y equipos |
| Activos en construcción |
| equipamiento IT |
| Total | |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| |||||||||||||
Costo o valoración |
| ||||||||||||
Al 2 de octubre de 2022 | 37,588 | 2,294 | 16,293 | 8,535 | 573 | 2,108 | 67,391 | ||||||
Adiciones | 1,206 | - | 654 | 935 | 5,191 | 65 | 8,051 | ||||||
Modificaciones de arrendamiento | 56 | - | - | - | - | - | 56 | ||||||
Disposiciones | (1,228) | - | - | - | (30) | - | (1,258) | ||||||
Mudanzas | - | - | 4,304 | 664 | (5,137) | 169 | - | ||||||
Al 1 de octubre de 2023 | 37,622 | 2,294 | 21,251 | 10,134 | 597 | 2,342 | 74,240 | ||||||
Depreciación | |||||||||||||
Al 2 de octubre de 2022 | 11,479 | - | 2,489 | 4,440 | - | 1,282 | 19,690 | ||||||
Cobrar por el período | 2,499 | 138 | 1,054 | 1,502 | - | 316 | 5,509 | ||||||
Eliminado al desechar | (1,229) | - | - | - | - | - | (1,229) | ||||||
Al 1 de octubre de 2023 | 12,749 | 138 | 3,543 | 5,942 | - | 1,598 | 23,970 | ||||||
Importe en libros Al 1 de octubre de 2023 | 24,873 | 2,156 | 17,708 | 4,192 | 597 | 744 |
50,270 |
14 Propiedad, planta y equipo (continuación)
Activos por derecho de uso |
| Propiedad de propiedad |
| Mejoras arrendatarias |
| Muebles, accesorios y equipos |
| Activos en construcción |
| equipamiento IT |
| Total | |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| |||||||||||||
Costo o valoración |
| ||||||||||||
Al 3 de octubre de 2021 | 29,215 | 2,294 | 9,814 | 6,003 | 1,336 | 1,583 | 50,245 | ||||||
Adiciones | 6,531 | - | 5,481 | 2,291 | 585 | 495 | 15,383 | ||||||
Modificaciones de arrendamiento | 2,127 | - | - | - | - | - | 2,127 | ||||||
Disposiciones | (285) | - | - | (3) | (74) | (2) | (364) | ||||||
Mudanzas | - | - | 998 | 244 | (1,274) | 32 | - | ||||||
Al 2 de octubre de 2022 | 37,588 | 2,294 | 16,293 | 8,535 | 573 | 2,108 | 67,391 | ||||||
Depreciación | |||||||||||||
Al 3 de octubre de 2021 | 8,491 | - | 1,756 | 3,091 | - | 1,015 | 14,353 | ||||||
Cobrar por el período | 2,286 | - | 733 | 1,351 | - | 268 | 4,638 | ||||||
Eliminado al desechar | (278) | - | - | (2) | - | (1) | (281) | ||||||
Pérdida por deterioro | 980 | - | - | - | - | - | 980 | ||||||
Al 2 de octubre de 2022
| 11,479 | - | 2,489 | 4,440 | - | 1,282 | 19,690 | ||||||
Importe en libros 2 de octubre de 2022 | 26,109 | 2,294 | 13,804 | 4,095 | 573 | 826 |
47,701 | ||||||
|
Los locales arrendados y las mejoras del Grupo se valoran por su coste, siendo el valor razonable en la fecha de adquisición más las adiciones por su coste menos la amortización acumulada posterior. El trabajo en progreso se relaciona con el gasto de capital en sitios que no han comenzado a operar.
La depreciación se carga al costo de ventas en el Estado de Resultados Integrales para las propiedades, planta y equipo en uso en los locales comerciales arrendados. La depreciación de las propiedades, plantas y equipos utilizados por las funciones centrales se carga a otros gastos en el estado de resultados integrales.
Rental income from subletting right-of-use assets is recognised on a straight-line basis over the term of the relevant lease. It is netted off against rental costs and is recognised within cost of sales (2023: £41,000, 2022: £42,000).
El Grupo ha determinado que cada sitio en el segmento operativo de restaurantes y cada una de las compañías en el segmento operativo de hoteles son UGE separadas para propósitos de pruebas de deterioro. Cada UGE se somete a pruebas de deterioro a la fecha del balance general si a esa fecha existe algún indicador de deterioro. Las pérdidas incurridas por el Grupo antes del Covid-19, así como durante la actual pandemia de Covid-19, se consideran indicadores de deterioro potencial, por lo que todas las UGE han sido probadas por deterioro comparando el valor en libros de los activos con el monto recuperable. El valor recuperable está representado por el mayor entre el valor razonable de la UGE individual menos los costos de disposición y su valor en uso.
Segmento de restaurante
The key assumptions for the value-in-use calculations are those regarding the discount rate, trading forecasts and growth rates. A discount rate of 12.1% was used (2022: 14.9%), based on the Group's WACC and comparable businesses in the sector. Cash flows in line with forecasts over the next 3 years were used. Cash flows beyond the forecast period are extended out to the end of the lease terms at a 3% growth rate.
Impairment testing resulted in no impairments in the year. The CGU's with the least headroom are Restaurant 1 with £23,000, Restaurant 2 with £432,000 and Restaurant 3 with £461,000.
The estimate of recoverable amount for the restaurant segment is particularly sensitive to the trading forecast assumptions. If the discount rate used is increased by 1%, the forecast EBITDA is reduced by 10%, and the terminal growth rate reduced by 1%, an impairment loss of £650,000 for the period ended 1 October 2023 would have to be recognized against hyphenate right of use assets. Management is not currently aware of any other reasonably possible changes to key assumptions that would cause a unit's carrying amount to exceed its recoverable amount.
Segmento hotelero
Como resultado del margen de maniobra identificado durante la prueba de deterioro del fondo de comercio del segmento operativo hotelero (ver nota 13), no se requiere cargo por deterioro con respecto al segmento hotelero.
17 Cuentas por cobrar comerciales y otras
Grupo procesos |
|
| ||||
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| 1 de octubre de 2023 | 2 October 2022 as restated |
| £ 000 |
| £ 000 |
| £ 000 | £ 000 |
| ||||||
Cuentas por cobrar comerciales | 154 | 204 | - | - | ||
Prepagos | 946 | 907 | - | - | ||
Otros ingresos | 1,136 | 1,452 | - | - | ||
2,236 | 2,563 | - | - |
All of the trade receivables were non-interest bearing, receivable under normal commercial terms, and the directors do not consider there to be any material expected credit loss. The directors consider that the carrying value of trade and other receivables approximates to their fair value. The receivable from subsidiaries (£42,632,000) at 2 October 2022 has been restated as a fixed asset, which better reflects management's expectation of the timing of the recovery of the amount.
18 Efectivo y saldos bancarios
Grupo procesos |
| Empresa | |||||
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
Efectivo y saldos bancarios | 1,902 | 9,390 | - | - | |||
19 Acreedores comerciales y otras cuentas a pagar
Grupo procesos |
| Empresa | |||||
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
Comercio a pagar | 3,107 | 2,232 | - | - | |||
Cuentas por pagar a subsidiarias | - | - | 2,795 | 1,863 | |||
Gastos acumulados | 4,205 | 3,805 | - | - | |||
Seguridad social y otros impuestos | 1,400 | 1,363 | - | - | |||
Otras cuentas por pagar | 1,377 | 1,194 | - | - | |||
Pasivos por arrendamiento vencidos en menos de un año | 3,291 | 2,826 | - | - | |||
13,380 | 11,420 | 2,795 | 1,863 |
20 Préstamos corrientes
Grupo procesos |
| Empresa | |||||
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
Préstamos de partes relacionadas | 13,511 | 12,707 | - | - |
Los préstamos de partes relacionadas clasificados como pagaderos dentro de los 12 meses incluyen dos instrumentos de bonos con grandes descuentos emitidos por VEL Property Holdings Limited y por Various Eateries Trading Limited.
The deep discounted bond instrument issued by VEL Property Holdings Limited was rolled in January 2023 with a new redemption date of 14 July 2023. In July 2023 the deep discounted bond was rolled with a new redemption date of 14 January 2024. The nominal value at year end is £2,902,000 (2022: £2,791,000). The discount is recognised between subscription and redemption date, resulting in £51,000 of accrued financing costs as at the reporting date.
20 Current borrowings (continued)
The deep discounted bond instrument issued by Various Eateries Trading Limited was rolled for 12 months in February 2023 with a redemption date of April 2024. The nominal value at year end is £10,001,000 (2022: £10,001,000). The discount is recognised between subscription and redemption date resulting in £368,000 of accrued financing costs at the reporting date. The balance of £608,000 (2022: £608,000) under the August 2019 loan agreement matures in April 2024, and bears cash settled interest at 3.75% above SONIA (2022: cash settled interest at 3.75% above SONIA).
21 Préstamos no corrientes
Grupo procesos |
| Empresa | |||||
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| 1 de octubre de 2023 |
| 2 de octubre de 2022 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
Pasivos por arrendamiento que vencen después de más de un año | 28,049 | 29,244 | - | - | |||
Los préstamos y obligaciones clasificados como instrumentos financieros se exponen en la nota 25.
La exposición del Grupo al riesgo de mercado y de liquidez con respecto a préstamos y empréstitos se revela en la nota de instrumentos financieros.
22 Provisiones para pasivos
Grupo procesos |
| 52 semanas terminaron 1 de octubre de 2023 | |
Acuerdos de garantía autorizados ('AGA') |
| £ 000 | |
At start and end of previous financial period | 357 |
Al inicio del ejercicio económico | 357 |
Cargo en el año | 1 |
Al final del período financiero | 358 |
The provision relates to the annual rental cost of three (2022: three) previously operated sites that have been disposed of via assignment of lease and include Authorised Guarantee Agreements ('AGAs') as part of the assignment arrangement (see also note 30).
23 Capital social y prima de emisión
Acciones autorizadas, adjudicadas, exigidas y totalmente pagadas
|
| ||||||
1 de octubre de 2023 |
| 2 de octubre de 2022 | |||||
| No. 000 |
| £ 000 |
| No. 000 |
| £ 000 |
Acciones ordinarias de 0.01 libras esterlinas cada una | 89,008 | 890 | 89,008 | 890 |
No hubo movimientos en el capital social ordinario en el período terminado el 1 de octubre de 2023
Acciones ordinarias
Las acciones ordinarias dan derecho a su titular a participar en los dividendos y en el producto de la liquidación de la Sociedad en proporción al número y montos pagados por las acciones que posea. Las acciones ordinarias totalmente pagadas tienen un valor nominal de £0.01 y la empresa no tiene una cantidad limitada de capital autorizado.
Reserva de acciones del fideicomiso de beneficios para empleados
The Group presents these shares as an adjustment to own equity at the period end date through the employee benefit trust shares reserve, until the point that the shares are awarded, and cease to be conditional awards of shares. The award of shares is conditional upon certain vesting criteria, as outlined in note 26.
25 Instrumentos financieros
Grupo procesos |
| ||||
Activos financieros a costo amortizado |
| ||||
1 de octubre de 2023 |
| 2 de octubre de 2022 | |||
| £ 000 |
| £ 000 | ||
Efectivo en banco y en mano | 1,902 | 9,390 | |||
Cuentas comerciales y otras cuentas por cobrar | 1,290 | 1,656 | |||
3,192 | 11,046 |
Conciliación de pasivos derivados de actividades de financiación
Pasivos por arrendamiento | Otros préstamos | Total | |||
| £ 000 | £ 000 | £ 000 | ||
Al inicio del ejercicio económico | 32,070 | 12,707 | 44,777 | ||
New Borrowings/(disposals) | (425) | - | (425) | ||
DDB renewal | - | - | - | ||
Cargo de Interés | 1,573 | 804 | 2,377 | ||
Reembolsos durante el período | (1,878) | - | (1,878) | ||
Al final del período financiero | 31,340 |
| 13,511 |
| 44,851 |
Métodos de valoración y supuestos
Todas las cuentas comerciales por cobrar vencen para su liquidación en menos de un año. Los Administradores consideran que el importe en libros de los deudores comerciales y otras cuentas a cobrar es aproximadamente igual a su valor razonable debido a su naturaleza a corto plazo.
Pasivos financieros a costo amortizado |
| ||||
1 de octubre de 2023 |
| 2 de octubre de 2022 | |||
| £ 000 |
| £ 000 | ||
Comerciales y otras cuentas a pagar | 40,029 | 39,190 | |||
Préstamos de partes relacionadas | 13,511 | 12,707 | |||
53,540 | 51,897 |
Métodos de valoración y supuestos
The Directors consider that the carrying amount of trade and other payables is approximately equal to their fair value due to their short-term nature. The fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial liabilities.
Jerarquía de valor razonable
The tables above detail the Group's assets and liabilities disclosed at fair value. Using a three-level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, all assets and liabilities shown above are considered to be level 3: 'Unobservable inputs for the asset or liability'. There were no transfers between levels during the financial period.
Gestión de riesgos financieros y deterioro de activos financieros
Las actividades del Grupo lo exponen a una variedad de riesgos de instrumentos financieros. Las políticas de gestión de riesgos empleadas por el Grupo para gestionar estos riesgos se analizan a continuación. Los principales objetivos de la función de gestión de riesgos de instrumentos financieros son establecer límites de riesgo y luego garantizar que la exposición a los riesgos se mantenga dentro de estos límites.
Gestión de riesgos de capital
Los objetivos del Grupo a la hora de gestionar el capital son salvaguardar su capacidad para continuar como empresa en funcionamiento, de modo que pueda proporcionar rendimientos para los accionistas y beneficios para otras partes interesadas y mantener una estructura de capital óptima para reducir el coste de capital.
El capital se considera como el patrimonio total, tal como se reconoce en el estado de situación financiera, más la deuda neta. La deuda neta se calcula como los préstamos totales menos el efectivo y los equivalentes de efectivo.
Para mantener o ajustar la estructura de capital, la Compañía puede ajustar el monto de los dividendos pagados a los accionistas, devolver capital a los accionistas, emitir nuevas acciones o vender activos para reducir la deuda.
La Compañía está sujeta a ciertos convenios de acuerdos de financiamiento y el cumplimiento de estos tiene prioridad en todas las decisiones de gestión de riesgos de capital. No ha habido eventos de incumplimiento de los acuerdos de financiación durante el ejercicio económico.
Gestión de riesgo crediticio
The Group's credit risk is attributable to trade and other receivables and cash with the carrying amount best representing the maximum exposure to credit risk. The Group places its cash with banks with high quality credit standings. Trade and other receivables relate to day-to-day activities which are entered into with creditworthy counterparties.
Gestión de riesgo de mercado
Las actividades del Grupo exponen sus factores económicos, los Directores monitorean de cerca las condiciones del mercado y consideran cualquier impacto en la estrategia actual del Grupo.
Gestión del riesgo de tipos de interés
El Grupo está expuesto al riesgo de tipo de interés ya que la deuda del Grupo tiene un tipo de interés del 3.75% above SONIA.
Gestión del riesgo de liquidez
El riesgo de liquidez surge de la gestión del capital de trabajo del Grupo y de los cargos financieros y los reembolsos de principal de sus instrumentos de deuda. Es el riesgo de que el Grupo encuentre dificultades para cumplir con sus obligaciones financieras a medida que vencen.
La gerencia revisa las previsiones de flujo de efectivo periódicamente para determinar si el Grupo tiene suficiente efectivo reservas para hacer frente a futuras necesidades de capital de trabajo y aprovechar oportunidades de negocio.
Vencimientos contractuales restantes
Las siguientes tablas detallan el vencimiento contractual restante de la compañía para sus pasivos por instrumentos financieros. Los cuadros han sido elaborados en base a los flujos de efectivo no descontados de los pasivos financieros en base a la fecha más temprana en la que se requiere pagar los pasivos financieros. Las tablas incluyen flujos de efectivo tanto de intereses como de principal revelados como vencimientos contractuales restantes y, por lo tanto, estos totales pueden diferir de su valor en libros en el estado de situación financiera.
25 Instrumentos financieros (continuación)
Tasa de interés promedio ponderada |
| 1 año o menos |
| Entre 1 y 2 años. |
| Entre 2 y 5 años. |
| Durante años 5 |
| Vencimientos contractuales restantes | ||||||||||
2023 | % |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 |
| £ 000 | |||||||||
| ||||||||||||||||||||
No derivados |
| |||||||||||||||||||
|
| |||||||||||||||||||
Comercio a pagar | - | 3,107 | - | - | - | 3,107 | ||||||||||||||
Otras cuentas por pagar | - | 5,582 | - | - | - | 5,582 | ||||||||||||||
Borrowings - Deep Discount Bond | - | 12,903 | - | - | - | 12,903 | ||||||||||||||
Préstamos - préstamo | 3.75% + SONIA | 608 | - | - | - | 608 | ||||||||||||||
Responsabilidad por arrendamiento | 4.5% | 3,291 | 3,718 | 3,733 | 20,598 | 31,340 | ||||||||||||||
25,491 |
| 3,718 |
| 3,733 |
| 20,598 |
| 53,540 | ||||||||||||
Weighted average Interest rate |
| 1 año o menos |
| Entre 1 y 2 años. |
| Entre 2 y 5 años. |
| Durante años 5 |
| Vencimientos contractuales restantes | ||||||||||
2022 | % | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
No derivados | ||||||||||||||||||||
|
| |||||||||||||||||||
Comercio a pagar | - | 2,232 | - | - | - | 2,232 | ||||||||||||||
Otras cuentas por pagar | - | 4,999 | - | - | - | 4,999 | ||||||||||||||
Borrowings - Deep Discount Bond | - | 12,792 | - | - | - | 12,792 | ||||||||||||||
Préstamos - préstamo | 3.75% + SONIA | 608 | - | - | - | 608 | ||||||||||||||
Responsabilidad por arrendamiento | 4.5% | 3,157 | 3,669 | 11,178 | 26,451 | 44,455 | ||||||||||||||
23,788 | 3,669 | 11,178 | 26,451 | 65,086 | ||||||||||||||||
No se espera que los flujos de efectivo en el análisis de vencimiento anterior ocurran significativamente antes de lo revelado contractualmente anteriormente.
26 Pagos basados en acciones
As at 1 October 2023, the Group maintained three separate share based payment scheme for employee remuneration (2022: three):
· Esquema de propiedad de acciones conjuntas de varios restaurantes ("Esquema JSOP 1")
· Esquema de propiedad de acciones conjuntas de varios restaurantes ("Esquema JSOP 2")
· Plan de opciones sobre acciones de varias empresas de restaurantes ("CSOP")
JSOP Scheme 1
In accordance with IFRS 2 "Share-based Payment", the value of the awards is measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, based on management's estimate of the number of shares that will eventually vest. A charge of £nil (2022: £713,000) has been recognised in the consolidated income statement by the Group in the period ended 1 October 2023.
El JSOP forma parte del paquete retributivo de la alta dirección del Grupo. Los participantes en este esquema deben estar empleados hasta el final del período de concesión acordado. Al momento de la concesión, el tenedor tiene derecho a comprar acciones ordinarias al precio de mercado determinado en la fecha de concesión.
JSOP (Esquema 1) | |||||
| Numero de veces compartido | ||||
| Concedido |
| Ejercitable | Total | |
| |||||
Al 2 de octubre de 2022 | - | 5,809,523 | 5,809,523 | ||
Lapsed 11 November 2022 | - | (1,095,238) | (1,095,238) | ||
Lapsed 8 September 2023 | - | (2,190,476) | (2,190,476) | ||
Al 2 de octubre de 2022 | - | 2,523,809 | 2,523,809 | ||
Al 3 de octubre de 2021 | 5,809,523 | - | 5,809,523 | ||
Concedido | - | - | - | ||
Adquisición | (5,809,523) | 5,809,523 | - | ||
Al 2 de octubre de 2022 | - | 5,809,523 | 5,809,523 |
26 Pagos basados en acciones (continuación)
El valor razonable de estas opciones otorgadas se determinó utilizando un modelo Black-Scholes. Los siguientes supuestos principales fueron utilizados en la valoración: | |||
JSOP | |||
Fecha de concesión | 18 Septiembre 2020 | ||
Finaliza el período de adjudicación | 31 de agosto de 2022 | ||
Precio de la acción en la fecha de concesión | £0.73 | ||
Volatilidad | 66.98% | ||
Opción de vida | 1.95 años | ||
Rentabilidad por dividendo | 0.00% | ||
Tasa de inversión libre de riesgo | (0.13)% | ||
Valor razonable por opción a la fecha de concesión | £0.26 | ||
Precio de ejercicio a la fecha de concesión | £0.73 | ||
Ejercible desde/hasta | 31 August 2022/31 August 2030 | ||
Vida contractual restante | cero |
The historical volatility has been calculated based on the share returns of four comparators for a period preceding the valuation date equal to the initial expected term of the options, i.e. a period of 1.95 years. The total estimated fair value of the options granted on 18 September 2020 that was recognised as an expense expenses over the vesting period is £1,531,000.
JSOP Scheme 2
A charge of £nil (2022: £35,000) has been recognised in the consolidated income statement by the Group in the period ended 1 October 2023.
El JSOP forma parte del paquete retributivo de la alta dirección del Grupo. Los participantes en este esquema deben estar empleados hasta el final del período de concesión acordado. Al momento de la concesión, el tenedor tiene derecho a comprar acciones ordinarias al precio de mercado determinado en la fecha de concesión.
JSOP (Esquema 2) | ||||||
| Numero de veces compartido |
| Precio de ejercicio por acción (£) | |||
| ||||||
Al 1 de octubre de 2023 | - | - | ||||
Al 3 de octubre de 2021 | 360,000 | 1.09 | ||||
Lapsed 29 June 2022 | (360,000) | 1.09 | ||||
Al 2 de octubre de 2022 | - | - | ||||
| ||||||
Fecha de concesión | 11 de mayo de 2021 | |||||
Finaliza el período de adjudicación | Varios | |||||
Precio de la acción en la fecha de concesión | £1.03 | |||||
Volatilidad | 64.17% | |||||
Opción de vida | 3.89 | |||||
Rentabilidad por dividendo | 0.00% | |||||
Tasa de inversión libre de riesgo | 0.24% | |||||
Precio de ejercicio a la fecha de concesión | £1.09 | |||||
Ejercible desde/hasta | 31 marzo 2025 / 31 marzo 2026 | |||||
Vida contractual restante | 1.50 años | |||||
26 Pagos basados en acciones (continuación)
| ||||||
The historical volatility has been calculated based on the share returns of four comparators for a period preceding the valuation date equal to the initial expected term of the options, i.e. a period of 3.89 years. The total estimated fair value of the options granted on 11 May 2021 to be recognised in expenses over the vesting period was £193,000. All options under the scheme as at 1 October 2023 have lapsed.
CSOP
A charge of £69,000 (2022: £82,000) has been recognised in the consolidated income statement by the Group in the period ended 1 October 2023.
CSOP |
| ||||
| Numero de veces compartido |
| Precio de ejercicio por acción (£) | ||
| |||||
Al 2 de octubre de 2022 | 1,240,441 | diversos | |||
Granted 15 November 2022 | 250,000 | 0.35 | |||
Otorgado el 4 de abril de 2023 | 642,857 | 0.28 | |||
Granted 17 July 2023 | 393,442 | 0.31 | |||
vencido en 11th Noviembre 2022 | (104,167) | 1.09 | |||
Lapsed 3 October 2022 | (136,887) | 1.09 | |||
vencido en 30th Abril de 2023 | (250,000) | 1.09 | |||
Lapsed 31 July 2023 | (91,258) | 1.09 | |||
Al 1 de octubre de 2023 | 1,944,428 | diversos | |||
Al 3 de octubre de 2021 | 92,402 | 1.09 | |||
Otorgado el 17 de enero de 2022 | 990,441 |
| 0.69 | ||
Lapsed 11 May 2022 | (92,402) | 1.09 | |||
Granted 25 August 2022 | 250,000 | 0.42 | |||
Al 2 de octubre de 2022 | 1,240,441 | diversos | |||
The fair value of the options is estimated at the date of grant using a Black-Scholes valuation method. The total estimated fair value of the options granted during the year to be recognised over the vesting period is £167,000.
CSOP | CSOP | CSOP | CSOP | CSOP | CSOP |
| |||
Fecha de concesión | 11 de mayo de 2021 | 17 de enero de 2022 | 25 de agosto de 2022 | 15 November 2022 | 4 de abril de 2023 | 17 Julio 2023 |
| ||
Finaliza el período de adjudicación | 11 de mayo de 2024 | 17 de enero de 2025 | 25 de agosto de 2025 | 15 November 2025 | 4 de abril de 2026 | 17 Julio 2026 | |||
Precio de la acción en la fecha de concesión | £1.08 | £0.69 | £0.42 | £0.35 | £0.28 | £0.31 | |||
Volatilidad | 65.66% | 65.66% | 65.66% | 65.66% | 65.66% | 65.66% | |||
Option life at grant | 3 años | 3 años | 3 años | 3 años | 3 años | 3 años | |||
Rentabilidad por dividendo | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Tasa de inversión libre de riesgo | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% | |||
Valor razonable por opción a la fecha de concesión | £0.49 | £0.30 | £0.19 | £0.15 | £0.12 | £0.13 | |||
Precio de ejercicio a la fecha de concesión | £1.08 | £0.69 | £0.42 | £0.35 | £0.28 | £0.31 | |||
Ejercible desde/hasta | 11 May 2024/11 May 2031 | 17 January 2025/17 January 2032 | 25 August 2025/25 August 2032 | 15 November 2025/15 November 2032 | 4 April 2026/4 April 2033 | 17 July 2026/17 July 2033 | |||
Vida contractual restante | 0.6 años | 1.3 años | 1.9 años | 2.1 años | 2.5 años | 2.8 años | |||
29 Eventos posteriores al balance
Diversos restaurantes Negociación de fondos limitados
In December 2023, the business issued 86,036,788 shares at £0.25 each raising a total of £21,509,197. Of the total amount raised, £11,409,197 is used to convert the deep discounted bond debt in Various Eateries Trading Limited to Equity (see note 20). The remaining £10,100,000 is paid in cash. The net cash inflow after transaction fees is £9,707,000.
Deep discount bond
In January 2024 the deep discounted bond was rolled with a new redemption date of 14 July 2024 and a nominal value of £3,139,189.
Compartir opciones
Following the equity raise, the existing share options were revised. All JSOP options of 2,523,809 and 654,167 of the CSOP scheme were surrendered.
New options totalling 13,483,180 under the CSOP scheme were issued and will vest over a three-year period to January 2027. One third were issued at 27.5 pence, a 10% premium to the equity raise price of 25 pence. The second third were at a 10% premium to the first issue at 30.25 pence and the last third at 33.275 pence.
30 Pasivos contingentes
Acuerdos de garantía autorizados
There are 10 (2022: 9) previously operated sites that have been disposed of via assignment of lease and include Authorised Guarantee Agreements ('AGAs') as part of the assignment arrangement. There is a risk that the sites would be returned if the assigned leaseholders were to default on their contractual obligations with their respective landlords, the risk of which was heightened as a result of the coronavirus (Covid-19) outbreak. The total annual rental cost for these sites is £758,000, of which £358,000 (2022: £357,000) has been provided for (see note 23). The average remaining lease length is 6 years.
reclamo CJRS
The Group made material claims under the CJRS schemes in order to support the business through the pandemic. Given multiple changes to the rules governing the schemes, as well as the degree of complexity in the various rules, the Group undertook an external review of past claims to confirm their validity. The directors are of the opinion that claims made to date are valid and materially correct and so do not consider the likelihood of material outflow as a result of this review to be probable.
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