FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
COMPANY INFORMATION
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THE BOSTON TEA PARTY GROUP LIMITED
CONTENTS
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THE BOSTON TEA PARTY GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 19 OCTOBER 2022
The Directors present the Strategic report for the period ended 20 October 2021.
In the financial year end October 19th, 2022, The Boston Tea Party Group Limited (BTP) saw a 71% increase in net sales compared to the previous year of £13.3m to £22.8m. Due to the relaxation of restrictions and the opening of 2 new cafes.
The company ended the year with 25 cafés.
The board monitors closely the following financial KPI’s: sales, gross profit margins, team costs, EBITDA, and net cash flow. It also monitors non-financial KPI’s relating to team including team turnover, stability in addition to health and safety audits.
BTP’s purpose is Making Things Better for our team, customers and the planet. These three strategic pillars guide and inform all our thinking.
We continue to deliver sector leading people & customer KPIs and remain truly differentiated by our commitment to sustainability.
The business continues to confidently navigate sector headwinds and remains optimistic about future growth.
The biggest risk to the sector continues to be the long-term effect on the high street, work patterns, consumer behavior and inflationary pressures. BTP continues to mitigate those risks by delivering a great customer experience and menu innovation as well as being well positioned in residential and non-high street locations.
BTP has produced conservative forecast and cashflows for the next 12 months that assumes a similar sales level as 2022.
The Directors have considered the Company’s financial position at the date of approving this financial statement, including considering the current inflationary environment and challenges in the wider supply chain. This has included assumptions behind the financing models and trading post the financial period ending 19 October 2022. The company remains well positioned through its cash reserves and facilities. At year end it had drawn £3.5m of term debt with a £1m overdraft facility.
The BTP shareholders continue to be supportive of management’s growth plans. Trading is ahead of the financing model and the shareholders remain confident in the brands ability to differentiate itself both from a team and customer perspective. Inflationary pressures from energy and cost of goods continue to dissipate. Since the year end BTP has continued to pay down its debt obligations and therefore the financial statements have been prepared on a going concern basis.
This report was approved by the board and signed on its behalf.
Page 1
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THE BOSTON TEA PARTY GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 19 OCTOBER 2022
The directors present their report and the financial statements for the period ended 19 October 2022.
The loss for the period, after taxation, amounted to £889,666 (2021: loss £513,530).
No dividends were declared or paid during the period (2021: £nil)
The directors who served during the period were:
All future developments are included within the Strategic Report.
The company encourages the involvement of its employees in its management through meetings and regular communications from directors to employees, including information of particular concern to employees, and actively seeks feedback from employees.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THE BOSTON TEA PARTY GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 19 OCTOBER 2022
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE BOSTON TEA PARTY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED
We have audited the financial statements of The Boston Tea Party Group Limited (the 'Company') for the period ended 19 October 2022, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity, Analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE BOSTON TEA PARTY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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THE BOSTON TEA PARTY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In additions we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included food hygiene legislation, health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Challenging assumptions and judgments made by management in their significant accounting estimates;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes; and
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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THE BOSTON TEA PARTY GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOSTON TEA PARTY GROUP LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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THE BOSTON TEA PARTY GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
REGISTERED NUMBER:05302325
STATEMENT OF FINANCIAL POSITION
AS AT 19 OCTOBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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THE BOSTON TEA PARTY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
The Boston Tea Party Group Limited (BTP) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 75 Park Street, Bristol BS1 5PF.
2.ACCOUNTING POLICIES
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
Turnover represents net sales of goods excluding value added tax, recognised at the point of sale. All turnover is derived from the company's principal activity which is included within the Strategic report.
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
2.ACCOUNTING POLICIES (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
2.ACCOUNTING POLICIES (continued)
GOODWILL
OTHER INTANGIBLE ASSETS
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful loves on the following bases:
Amortisation is provided on the following bases:
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are not depreciated.
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
2.ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that Is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
2.ACCOUNTING POLICIES (continued)
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.
Equity instruments
Equity instruments issued by the company are recorded at teh fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. The annual amortisation charge is sensitive to any changes in the estimated useful life and residual values of the Intangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation condition of the asset and future investments.
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
12.TAXATION (CONTINUED)
The UK corporation tax rate will rise from 19% to 25% in 2023 and this was substantively enacted on 24 May 2021. Accordingly, this rate will be used to measure any deferred tax assets and liabilities in future reporting periods.
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
Page 26
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
Page 27
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
Share premium account
Capital redemption reserve
Profit and loss account
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THE BOSTON TEA PARTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2022
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £191,190 (2021: £124,143) . Contributions totaling £35,114 (2021: £61,186) were payable to the fund at the reporting date and are included in other creditors.
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