Company registration number:
08895755
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE PERIOD ENDED
27 DECEMBER 2020
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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COMPANY INFORMATION
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Chartered Accountants
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Statutory Auditor
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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CONTENTS
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Independent auditors' report
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Consolidated statement of comprehensive income
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Consolidated statement of financial position
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Company statement of financial position
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated Statement of cash flows
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Notes to the financial statements
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 27 DECEMBER 2020
The directors present their Strategic Report for the period ended 27 December 2020.
The Group continued its existing strategy of identifying and investing in new stores where there is potential for growth, to supplement its current sites.
These new sites, as well as organic growth, led to an overall 18.6% increase in revenue.
Whilst there continued to be a strategy of identifying and investing in new stores, actual new site openings were not possible in 2020.
Post year end the group opened 2 sites in 2021 – Winnington and Runcorn Oldtown.
There are plans to open 2 new sites in 2022 – Ashton-in-Makerfield and Great Wyrley. Development of a site in Walton on Thames is also under consideration.
The group was able to continue its regular refurbishment program at 2 sites during the year.
Revenue grew to £60.2m (2019 - £50.8m) and gross margins improved significantly at 35.3% (2019 - 31.1%), resulting in an increased profit before tax of £10.3m (2019 - £4.4m).
Based on results dividends of £3.25m were paid to shareholders during the year.
Principal risks and uncertainties
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The Group continuously reviews risks and uncertainties.
A key challenge to the business remains the recent growth in aggregators within the market place, offering discounted introductions and driving customer traffic away from traditional take away sites.The increased use of takeaways over this period, allowed Aggregators to thrive.
The group continues to be subject to variable wholesale prices, such changes have been highlighted further with the recent exit of the UK from the EU. There remains additional risk, if a trade agreement is not reached, that duties may be introduced and these higher costs may be passed onto the group. The group is working closely to manage costs and related supply chain issues, activity switching to UK based suppliers where feasible.
In recognition of the challenges and concerns of customers, the group implemented Contact Free Delivery as well as significant additional hires (in store and drivers) to manage the increased demand.
The group have not seen a significant change in customer demand in 2021.
Whilst there has been a general relaxation of the restrictions, staff and customer welfare remain a priority for the directors. The directors continue to be appreciative of both its staff and customers for their ongoing support.
Financial key performance indicators
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Retaining market share continues to be a KPI – and this is tracked by growth in revenue, by individual site and region.
Other key performance indicators
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The Group is committed to ensuring the highest standards and regularly monitors customer feedback and where arising customer complaints are tracked and appropriately followed up.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2020
Directors' statement of compliance with duty to promote the success of the Group
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We can confirm that at all times the directors of the company have operated for the benefit of its members as a whole and in line with s172(1) Companies Act 2006. Considering the long term consequences of their decisions, the interest of its employees, fostering good relationships with both customers and suppliers; ensuring that the business has a positive impact on the local community and environment, retaining a reputation for the high standards of business conduct and acting fairly between members.
This report was approved by the board
and signed on its behalf.
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Mr B Shedden
Director
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 DECEMBER 2020
The directors present their report and the financial statements for the period ended 27 December 2020.
Directors' responsibilities statement
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
financial statements in accordance with applicable law and regulations.
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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies for the Group's financial statements and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £
8,242,713
(2019 -
£
3,530,115
)
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The results for the period are set out on page 7.
Ordinary dividends declared in the year amounted to £3.25m (2019: £2.85m). The directors do not recommend payment of a further dividend.
The directors who served during the period were:
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Mr D J Paul
(appointed
16 July 2020
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The overall business outlook remains positive; the directors are experienced in the takeaway business and are well aware of the challenges that require consistently applied, high quality procedures to minimise risks. The group continues to invest in its operations and maintains high standards in product quality and staff training.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2020
Engagement with employees
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The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Environmental matters - streamlined energy and carbon reporting
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In accordance with the requirements of The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and
Carbon Report) Regulations 2018 the Directors would like to disclose the following information for the period ended 27 December 2020. No information is present for comparative periods as this is the first period applying these regulations.
Carbon emissions plus intensity ratio (as per regulations)
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Scope 1 (direct emissions) - natural gas
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Scope 2 (indirect emissions) - electricity
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Scope 3 - Electricity transmission/distribution and employee cars
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ntensity Metric
Scope 1, 2 and 3 emission/ sales revenue amounts to £0.33 tonnes CO2/£m
Methodologies used within the calculation
The Company has used the actual KWH data from the monthly invoices it receives and then applied the “Government conversion factors for company reporting” to calculate the CO2e content.
Energy efficient action taken this year
The Warehouse electricity costs are predominantly related to electrical light usage. During the year all lighting was replaced with energy saving LED lighting that will not only reduce operating costs but also extend the useful life of the lights.
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Matters covered in the strategic report
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The Group has chosen in accordance with the Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Group's Strategic Report and the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, principal risks and uncertainties and future developments sections. Additionally, the Group has explained within the Strategic Report how they maintain business relationships with customers and suppliers, including their policy on payment of creditors, and how they ensure consistent and productive engagement with employees and disabled persons.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2020
Disclosure of information to auditors
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Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
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so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
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the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006,, Menzies LLP, will be deemed to have been reappointed as auditors 28 days after the financial statements were sent to members or 28 days after the latest date prescribed for filling the accounts within the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FULL HOUSE RESTAURANTS HOLDINGS LIMITED
We have audited the financial statements of Full House Restaurants Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 27 December 2020, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the parent Company's affairs as at 27 December 2020 and of the Group's profit for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Group 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.
Conclusions relating to going concern
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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 Group's or the parent 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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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FULL HOUSE RESTAURANTS HOLDINGS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent Company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors
' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FULL HOUSE RESTAURANTS HOLDINGS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, tax legislation and CE certification of products. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
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We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary.
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The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
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We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
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Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
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Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process; and
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
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As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
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Posting of unusual journals, and;
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Risk of ficticious employees.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/
Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx..
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FULL HOUSE RESTAURANTS HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's shareholders, 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 shareholders 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Cook FCA
(Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Centrum House
36 Station Road
Egham
Surrey
TW20 9LF
30 September 2021
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Period from 30 Dec 2019 to
27 Dec
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Period from 31 Dec 2018 to
29 Dec
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Interest receivable and similar income
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Interest payable and expenses
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Profit for the financial period
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Profit for the period attributable to:
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Owners of the parent Company
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There was no other comprehensive income for 2020 (2019:£
NIL).
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The notes on pages 17 to 35 form part of these financial statements.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
REGISTERED NUMBER:
08895755
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
27 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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Mr B Shedden
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The notes on pages 17 to 35 form part of these financial statements.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
REGISTERED NUMBER:
08895755
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
27 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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Mr B Shedden
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The notes on pages 17 to 35 form part of these financial statements.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
27 DECEMBER 2020
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Dividends: Equity capital
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At 30 December 2019 (as restated)
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Dividends: Equity capital
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The notes on pages 17 to 35 form part of these financial statements.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
27 DECEMBER 2020
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 17 to 35 form part of these financial statements.
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 27 DECEMBER 2020
Cash flows from operating activities
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Profit for the financial period
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Repayment of/new finance leases
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Net cash used in financing activities
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Net increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
Cash and cash equivalents at the end of period
|
|
|
|
|
|
Cash and cash equivalents at the end of period comprise:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 27 DECEMBER 2020
The notes on pages 17 to 35 form part of these financial statements.
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
Full House Restaurants Holdings Limited (registered number: 08895755) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is Centrum House, 36 Station Road, Egham, Surrey, TW20 9LF. The principal place of business is Unit 5, The Forum, Hanworth Lane, Chertsey, Surrey, KT16 9JX.
The Group consists of Full House Restaurants Holdings Limited ("the Company") and all of its subsidiaries. The Group manages and operates pizza delivery franchises in England.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is generated via management of fast food outlets and is measured as the fair value of the consideration received or receivable, excluding discounts, rebated, value added tax and other sales taxes.
|
|
Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to the Consolidated statement of Comprehensive income on a straight line basis over the lease term.
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.
Accounting policies (continued)
|
|
Leased assets: the Group as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of Comprehensive income in the same period as the related expenditure.
Interest income is recognised in the Consolidated statement of Comprehensive income using the effective interest method.
Finance costs are charged to the Consolidated statement of Comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Consolidated statement of Comprehensive income in the period in which they are incurred.
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.
Accounting policies (continued)
Goodwill
Goodwill arising on the acquisition of subsidiary undertakings, represents any excess of the fair value of the
consideration given over the fair value of the identifiable assets and liabilities acquired.
Goodwill is being written off over twenty years on the basis that the company has the option, as stipulated in
its franchise agreements, to renew the existing franchises for further ten year terms at the end of the initial ten
year term. As the directors are likely to take up the option and due to the company being in a good standing
with regards to the terms of the franchise agreement, the directors believe amortisation over the full 20 years
reflects the likely consumption of economic benefits.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The Franchise Rights are amortised on a straight line basis over their useful economic life of 10 years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
|
|
|
|
Long-term leasehold property
|
|
100 / 10 years straight line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of Comprehensive income.
The depreciable value of the freehold and leasehold property is £nil because the estimated amount that the entity would expect to obtain from the disposal of the assets, if the properties were already of the age and in the condition expected at the end of its useful economic life, is in excess of the current carrying value. As such no depreciation charge is included within the financial statements.
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.
Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated statement of Comprehensive income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position 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 Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated statement of Comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
2.
Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated statement of Comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and
are based on experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
Significant judgements
The Company did not make any judgements that have a significant effect on the amounts recognised in the
financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal
the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are as follows:
Useful economic life of fixed assets.
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
|
An analysis of turnover by class of business is as follows:
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All turnover arose within the United Kingdom.
|
|
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government grants receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The operating profit is stated after charging:
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of owned tangible fixed assets
|
|
|
|
Depreciation of tangible fixed assets held under finance leases
|
|
|
|
Loss/(profit) on disposal of tangible fixed assets
|
|
|
|
Amortisation of intangible assets
|
|
|
|
Cost of stocks recognised as an expense
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
|
|
|
|
Fees payable to the Group's auditor and its associates in respect of:
|
|
|
|
Taxation compliance services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the period was as follows:
|
|
|
|
|
|
|
|
|
|
|
Period from 30 Dec 2019 to
27 Dec
|
Period from 31 Dec 2018 to
29 Dec
|
Period from 30 Dec 2019 to
27 Dec
|
Period from 31 Dec 2018 to
29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
During the period retirement benefits were accruing to 1 director
(2019 -
1
)
in respect of defined contribution pension schemes.
|
|
The highest paid director received remuneration of £
496,598
(2019 - £
284,380
)
.
|
|
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £
1,314
(2019 - £
1,573
)
.
|
|
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan interest payable
|
|
|
|
Finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
|
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
12.
Taxation (continued)
|
Factors affecting tax charge for the period/year
|
|
The tax assessed for the period/year is the same as
(2019 -the same as)
the standard rate of corporation tax in the UK of 19%
(2019 -
19
%)
as set out below:
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 -19%)
|
|
|
|
|
|
|
|
Non-tax deductible amortisation of goodwill and impairment
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
Losses on disposal not taxable
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
Deferred tax not recognised
|
|
|
|
Adjust opening deferred tax rate to average rate
|
|
|
|
Timing differences not recognised in the computation
|
|
|
|
|
|
|
|
Total tax charge for the period/year
|
|
|
|
|
|
|
|
|
|
Period from 30 Dec 2019 to 27 Dec
|
As restated
Period from 31 Dec 2018 to 29 Dec
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the period on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company had no intangible fixed assets at 27 December 2020 or 29 December 2019.
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the period on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company had no tangible fixed assets at 27 December 2020 and 29 December 2019.
|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct subsidiary undertakings
|
|
The following were direct subsidiary undertakings of the Company:
|
|
|
|
|
|
BN Sandy (Cannock) Limited
|
|
|
|
BN Sandy (Newcastle) Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full House Restaurants Limited
|
|
|
|
|
|
|
|
JMR Foster (Winsford) Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The registered address of all the above companies is Centrum House, 36 Station Road, Egham, Surrey, TW20 9LF.
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
Indirect subsidiary undertakings
|
|
The following were indirect subsidiary undertakings of the Company:
|
|
|
|
|
|
|
|
|
|
The Woodpecker Inn Limited
|
|
|
|
The registered address of all the above company's is Centrum House, 36 Station Road, Egham, Surrey, TW20 9LF
On 17 September 2019 DGPH Limited was dissolved. On 17th September 2019 CSPH Limited dissolved. On 10 December 2019 DGPH Trading Limited was dissolved. On 7 January 2020 City and Southern Holdings Limited was dissolved. On 5 January 2021 B N Sandy (Cannock) Limited was dissolved. On 26 January 2021 B N Sandy (Newcastle) Limited was dissolved. On 5 January 2021 Dancing Tiger Limited was dissolved. On 19 January 2021 Freshname 845 Limited was dissolved. On 16 March 2021 J M R Foster (Winsford) Limited was dissolved. On 5 January 2021 Bristol Curry Limited was dissolved.
|
|
Raw materials and consumables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group
As restated
29 December
|
|
Company
As restated
29 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
Called up share capital not paid
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL HOUSE RESTAURANTS HOLDINGS LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
Group
As restated
29 December
|
|
Company
As restated
29 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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The long-term loans are primarily secured by fixed and floating charges over all the assets and undertakings of this company including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital.
There is also in place a Composite Company Unlimited Unilateral Guarantee, dated 7 February 2012, given by this company, House Special Limited, The Woodpecker Inn Limited, Classic Crust Limited, Sherston Limited, Full House Restaurants Limited, Sunmead Limited, Surrey Pizzas Limited, B N Sandy (Newcastle) Limited, B N Sandy (Cannock) Limited, Dancing Tiger Limited, JMR Foster (Winsford) Limited and Freshname 845 Limited.
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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Charged to profit or loss
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Charged to profit or loss
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Accelerated capital allowances
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Allotted, called up and not fully paid
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1,000
(2019 -
1,000
)
ordinary
shares of £
1.00
each
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The Company has one class of ordinary share which have full voting rights and equal rights to dividends.
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Profit and loss account
The profit and loss reserve records retained earnings and accumulated losses attributable to the shareholders of the Group.
Merger reserve
Other reserves' comprises the merger reserve as provided by FRS 102; the movement on this reserve represents existing balances of share capital and share premium that existed in the subsidiaries at the time of the business combination.
The prior year accounts overstated dividends received and paid by the company by £250,000. An adjustment has been made to correct this error.
The effect of the adjustment is to reduce dividends payable by the company and group for the period ended 29 December 2019 by £250,000. The group profit and loss reserve at that date is increased by £250,000, other debtors increased by £25,000 and other creditors increased by £225,000.
The company reserves and net assets remain unchanged.
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Commitments under operating leases
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At 27 December 2020 the Group and the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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FULL HOUSE RESTAURANTS HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2020
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Related party transactions
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At the period end the group owed the Franchisor and 49% shareholder, Dominos Pizza UK & Ireland Limited, £505,899 (2019 - £953,071) in relation to trading activities. The total amount paid to Dominos Pizza UK & Ireland Limited in relation to trading activities was £22,395,553 (2019 - £20,556,948). Trading activities are comprised of the following: cost of sales, rent and service charges, advertising, administration costs and store development costs.
During the period House Special Limited entered into a deferred payment agreement with DP Realty Limited, a fellow group member of Domino's UK & Ireland Limited. The agreement related to funding of lease premium for 2 new store premises. The applicable interest rates are 0% and 3% per annum above the GBP 3 month LIBOR on 28 April 2016 and the loans are repayable monthly over 10 years. The total amount owing at the period end in total was £162,511 of which £24,500 is due within 1 year. These loans are shown within 'other creditors'.
Dividends were paid by this company to Dominos Pizza UK & Ireland Limited in the year, amounting to £1,592,500 (2019 restated: £1,396,500).
At the year end B Shedden owed the company £24,524 (2019 restated : £54,798).
The company was under the control of J Shedden and B Shedden throughout the year.
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Profit for the year of the parent company
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The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £4,203,613 (2019 - £3,104,364).
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