TIDMTAST
RNS Number : 5884U
Tasty PLC
07 April 2021
7 April 2021
Tasty plc
("Tasty" or the "Company")
Preliminary results for the 52 weeks ended 27 December 2020
Tasty (AIM: TAST), the owner and operator of restaurants in the
casual dining sector, announces its annual results for the 52 week
period ended 27 December 2020.
Key Points:
Financial
-- Revenue GBP24.2m (2019: GBP44.6m), significantly impacted by Covid-19 related restrictions
-- Adjusted EBITDA(1) loss (pre IFRS 16) of GBP1.5m (2019: profit GBP1.1m)
-- Adjusted EBITDA (post IFRS 16) of GBP2.7m
-- Impairment charge of GBP8.1m (2019: GBPnil)
-- Loss after tax for the period (post IFRS 16) of GBP12.7m (2019: loss of GBP0.3m (pre IFRS16))
-- Bank loan as at 27 December 2020 of GBPnil (29 December 2019: GBP1.7m)
-- Net cash after allowing for deferred creditors and HMRC payments of GBP1.5m
-- Post year end - bank loan of GBP1.25m fully drawn in January 2021
Operational
-- Sale of More London dim t completed in January 2020 for gross proceeds of GBP2m
-- All sites closed from 24 March 2020 including takeaway
-- Phased reopening of some sites for takeaway from end of May
2020 and gradually reopened most sites for eat-in from July
2020
-- All sites closed again in November 2020 for in-store dining,
with further tier restrictions introduced in December 2020
impacting trading
-- Currently trading from 38 of 54 restaurants for delivery and takeaway
-- Post year end - Samuel Kaye stepping down from Board following 2021 Annual General Meeting
(1) Adjusted for depreciation, amortisation, share based
payments
The report and accounts for the 52 week period ended 27 December
2020 will be available on the Company's website at
https://dimt.co.uk/investor-relations/ shortly.
For further information, please contact:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities plc (Nominated adviser
and broker)
Mark Connelly / Katy Birkin Tel: 020 7397 8900
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the UK version of the EU Market Abuse Regulation
(2014/596) which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented from time to
time.
Chairman's statement
I am pleased to be reporting on the Group's annual results for
the 52 week period ended 27 December 2020 and the comparative 52
week period ended 29 December 2019. The Group currently operates 54
restaurants, comprising of five dim t and 49 Wildwood
restaurants.
The last 12 months have been extremely tough and required swift
action to mitigate the extraordinary challenges and uncertainty
following the outbreak of the pandemic. From the onset, the Group
quickly implemented various measures to stabilise the business and
ensure the safety of our staff and customers. We navigated our way
through the cycle of various lockdown restrictions and consequent
reopenings, through agility and quick responses to the everchanging
constraints. The Board would like to thank our loyal staff,
suppliers, customers, landlords and other trade creditors who have
supported us throughout this unprecedented difficult period.
Following the sale of More London dim t for GBP2m in January
2020, we repaid our bank loan and were fortunate to have no banking
covenant pressure when we shut down our estate in March 2020. As
previously communicated, cash preservation has been key to
maximising the Group's ability to manage the impact of the
pandemic. With lockdown continuing into this year, in January 2021,
the Group drew down its GBP1.25 million, four year term loan from
its existing bankers, Barclays Bank plc, secured in September 2020,
in order to strengthen its balance sheet and provide additional
working capital.
In common with much of the UK hospitality industry we have where
possible, utilised the various Government support schemes,
including furloughing our staff during periods of full or partial
closure, VAT reductions and business rate holidays. Sadly, as
previously announced, we had to make a significant part of our
workforce redundant to preserve the business for our remaining
stakeholders, including our current employees.
While the economic and retail environment continues to be
challenging, trading in between lockdowns and restrictions has been
encouraging. We currently have 38 restaurants open for takeaway
only. With the bank facility and continued support from our
creditors and landlords, we expect to get through these difficult
times due to our responsiveness and restructured operational base.
Cash preservation and maintaining our staff and customers'
wellbeing continues to be paramount.
The cash balance at year-end reflects our cash preservation
strategy and a deferral of payments due to landlords, HMRC, and
other trade creditors. When these outstanding payments are allowed
for, our net cash at year-end is approximately GBP1.5m.
We believe that the lessons we have learnt over the last 12
months have strengthened our operating model. We have found new
ways of operating the business and have become agile at adapting to
the current conditions. This includes new delivery partnerships
which we envisage will continue in the future. Having survived the
turmoil of the past 12 months, and as we come out of this pandemic
and restrictions are lifted, we are confident that we are in a good
position to service the pent-up customer demand and take advantage
of the reduced competition.
As previously announced, Adam Kaye stepped down from the Board
on 15 September 2020. In addition, the Board is sad to announce
that Samuel Kaye will be stepping down as Non-Executive Director
following the 2021 Annual General Meeting ('AGM') (date to be
confirmed). Samuel stepped down as Joint CEO to become
Non-Executive Director in December 2020 and both Adam and Samuel
are leaving the Board to focus on their other commercial interests.
The Board regrets that they are departing and would like to thank
both of them for the enormous support and invaluable experience
that they have provided to the Board from the Group's inception and
continue to on an ongoing basis as substantial shareholders. The
Board has commenced the search for an additional independent
non-executive director and an announcement will be made, as
appropriate.
Dividend
The Board does not propose to recommend a dividend (2019:
GBPnil).
Keith Lassman
Chairman
6 April 2021
Strategic report for the 52 weeks ended 27 December 2020
Tasty operates two concepts in the casual dining market:
Wildwood and dim t.
Wildwood
Aimed at a broad market, our 'Pizza, Pasta, Grill' restaurant
remains the Group's main focus. Our sites are primarily based on
the high street. However, we have a number of leisure, retail and
tourist locations that have historically traded well, highlighting
the broad appeal of the offering. Located nationally, mainly
outside of London, Wildwood is currently open for takeaway service
from 34 of the 49 Wildwood branded restaurants.
dim t
Our pan-Asian restaurant now trades from 5 sites, serving a wide
range of dishes including dim sum, noodles, soup and curry.
Currently, 4 of the 5 sites are open for takeaway service only.
Introduction and Covid-19
The beginning of 2020 was generally encouraging; however, the
pandemic meant that the year played out very differently from what
was anticipated.
In line with Government restrictions, we closed all our
restaurants for eat-in on 20 March 2020, and decided to close all
remaining open sites for takeaway and delivery on 24 March 2020. At
the end of May 2020, we gradually started to reopen for takeaway
service only whilst strictly following social distancing and health
and safety guidelines. When the first lockdown was lifted, on 4
July 2020, the Group began a phased reopening programme for eat-in;
though 6 sites remained closed during this period and have not
reopened since March 2020.
The "Eat Out To Help Out" ("EOTHO") Scheme was a great
Government initiative and helped trade recover in August 2020. The
Group experienced a favourable level of sales during this period,
due to the increase in UK residents staying in the UK during the
summer of 2020, Government initiatives and pent up demand built up
since March 2020. This positive trading was short-lived as stricter
measures were imposed in September 2020, including the 10 pm curfew
and "work from home if you can", followed by subsequent lockdowns
and the introduction of the tier system. As with other UK
hospitality operators, the tier system in December 2020 had a
considerable impact on our Christmas trade. The mild optimism we
had in the Summer was dampened by the end of the year, and trading
during this historically crucial period was poor. However, with the
vaccination programme on target, staycation demand, and the
prediction of an initial "surge" in the economy, we hope that the
future will be more promising once lockdown ends. However, this
will depend on when we can return to some kind of normality. In
line with the latest Government announcements, we will open outdoor
spaces where feasible in April 2021 and gradually open dine-in from
May 2021; although the timing is subject to change depending on
infection levels and the progress of the vaccination programme.
Although closing and reopening, often with very little notice, has
impacted our operating costs including inventory write-off, we have
become acclimatised and effective at operating within this
cycle.
Currently, we are operating under the third national lockdown,
and 38 sites are open for takeaway and delivery. We are in the
fortunate position that many of our sites are in residential areas
and, consequently, less dependent on trade from office workers. To
optimise the delivery trade, we now partner with Uber Eats and Just
Eat in addition to Deliveroo. While delivery helps keep some sites
open, the high cost of delivery erodes our margin. Dine-in is
central to the business, and we look forward to welcoming customers
back into our restaurants in the early summer.
Government support
The Government initiatives, including the Job Retention Scheme
("CJRS"), business rates holiday, deferral of HMRC payments, EOTHO
and VAT reduction, have proved invaluable in supporting the Group
during this difficult time. With the restrictions for dine-in
remaining in place until May 2021, there will be further pressure
on our cash reserves. The only way to alleviate this is to reopen
our restaurants and utilise Government support. Government
initiatives alone do not compensate for lost trade.
Suppliers
Since the first lockdown last March, we have worked with our
food and beverage suppliers to negotiate extended payment terms
and/or discounts; when we reopened for trade in the summer, they
supported us in mobilising the business again. We are most thankful
to everyone that helped and continues to assist us through these
difficult times.
Rent negotiations
The Group has now successfully achieved consensual lease
concessions and rent reductions to March 2021 on more than
two-thirds of the estate. The Group is continuing negotiations with
landlords and other creditors regarding outstanding debts. Given
the current third lockdown and the moratorium expected to end in
June 2021, we now anticipate that we may require further landlord
support.
The Board believes that with continued creditor assistance, a
more formal procedure such as a company voluntary arrangement
("CVA") may be avoided but we continue to consider all options.
The Group will constantly review its existing estate to consider
whether some restaurants should close permanently. The pandemic
accelerated the decision to surrender the following two
restaurants:
Oakham Wildwood
On 24 September 2020, this site was surrendered at GBPnil.
Letchworth Wildwood
On 9 December 2020, this site was surrendered at GBPnil.
Oakham was one of the six sites that had not reopened since the
first lockdown. In respect of other sites, we will review our
options to assign or surrender if we are unable to negotiate a
favourable rent, and reopening is not viable.
The following site was disposed of due to the attractive
premium:
More London dim t
On 7 January 2020, this site was assigned for a total
consideration of GBP2m.
Financial stability
From the onset of the pandemic, the Group reviewed all business
costs and took steps very early to reduce outgoings, including
salary reductions, reduced services, and ensuring only necessary
costs were incurred.
We operated at a minimum staffing level during the first
lockdown in March 2020, with over 98% of our staff furloughed. To
secure the longer-term future of the Group and support maximum
employee levels, we also took the agonising decision to make
approximately one-third of our staff redundant across our
restaurants and head office. This was a very difficult decision and
process, but our priority was to save the business and support
those affected as best we could. Currently, the majority of our
eligible staff are on flexible furlough.
We have sought to preserve cash by deferring creditor, landlord
and HMRC payments, and the Group drew down a bank loan of GBP1.25m
in January 2021.
Appointment of strategic advisers
The Group is continuing to work with its advisers, KPMG, to
assess the potential impact of Covid-19 on the business and the
various strategic options available to the Group. With the progress
made on consensual negotiations with landlords and other creditors,
the Group has to date managed to prevent a CVA. However, with
dine-in restrictions in place until May 2021, there is additional
pressure on cash reserves. The Board will continue to explore all
options but are hopeful that with continued creditor assistance, a
more formal procedure may be avoidable.
People
We recognise that this has been a difficult time for everyone
across our business, including those working remotely or in
environments with additional protocols and reduced teams, and those
on furlough. At one stage, 98% of our employees were furloughed
and, while unfortunately, we have not been able to retain all our
staff, we still employ approximately 650 people.
Every team member has played their part in helping us survive
this unprecedented year. We have been overwhelmed with the
dedication of our teams over the last 12 months. Despite personal
and professional challenges, our colleagues have shown outstanding
commitment and support throughout, for which we are incredibly
grateful.
We believe in nurturing talent and are committed to training
and, where possible, this continued in last year's more challenging
environment. Ten apprentices completed their training programme,
six with distinction and 35 functional skill exams were passed.
Throughout this difficult year, we communicated regularly with
our teams and offered support, including mental health and
volunteering advice.
Board Changes
As previously announced, Adam Kaye stepped down from the Board
on 15 September 2020. In addition, the Board is sad to announce
that Samuel Kaye will be stepping down as Non-Executive Director
following the 2021 Annual General Meeting ('AGM') (date to be
confirmed). Samuel stepped down as Joint CEO to become
Non-Executive Director in December 2020 and both Adam and Samuel
are leaving the Board to focus on their other commercial interests.
The Board regrets that they are departing and would like to thank
both of them for the enormous support and invaluable experience
that they have provided to the Board from the Group's inception and
continue to on an ongoing basis as substantial shareholders. The
Board has commenced the search for an additional independent
non-executive director and an announcement will be made, as
appropriate.
Food and drink proposition
We continuously look at ways to make our menu more exciting and
broaden its appeal, including the launch of specific vegetarian,
vegan, and non-gluten menus. However, in 2020 with the new
restrictions in place, a different type of innovation was required.
With reduced restaurant teams due to social distancing, we
simplified our menu and reviewed the menu again when the
restaurants were open for takeaway only. We have introduced new
menu items such as cocktails and ice-creams, which have enhanced
the dine at home experience.
Customer engagement
We pioneered asking our customers what they expected of us when
we reopened our doors after the first lockdown. We have been using
several tools to measure and improve customer experience: mystery
diner reports, online customer feedback and Trip Advisor
scores.
Current trading and outlook for the coming year
With the current restrictions in place, the focus during
lockdown is to preserve cash and maintain team engagement. Trading
outside of lockdown has been encouraging, and we look forward to a
promising period after the current lockdown ends. In the coming
months we expect to be able to assess the opportunities available
in the post Covid-19 world.
Highlighted Items
The Group recognises a number of charges in the accounts which
arise under accounting rules and have no cash impact. These charges
include share-based payments and impairments to fixed assets. The
above items are included under 'highlighted items' in the statement
of comprehensive income and further detailed in Note 5. These
items, due to their nature, will fluctuate significantly year on
year and are, therefore, highlighted to give more detail on the
Group's trading performance.
Full year results and key performance indicators
The Directors continue to use a number of performance metrics to
manage the business but, as with most businesses, the focus on the
income statement at the top level is on sales, EBITDA before
highlighted items and operating loss before highlighted items
compared to the previous year. All key performance indicators that
adjust for highlighted items do not constitute Statutory or GAAP
measures.
The table below shows key performance indicators both before and
after IFRS 16:
Post IFRS Pre IFRS
16 16
52 weeks 52 weeks 52 weeks
ended ended ended
27 December 27 December 29 December
2020 2020 2019
GBP'000 GBP'000 GBP'000
Sites at year end 54 54 57
Sales 24,228 24,228 44,573
EBITDA before highlighted
items 2,702 (1,537) 1,055
Depreciation and amortisation (1,345) (1,386) (1,557)
Incremental depreciation (3,592) - -
resulting due to IFRS
16
-------------------------------- ------------- ------------- -------------
Operating loss before
highlighted items (2,235) (2,923) (502)
-------------------------------- ------------- ------------- -------------
Due to the lockdown and Covid-19 restrictions, sales were down
46% on the corresponding period to GBP24.2m (2019: GBP44.6m). In
the period leading up to the closures, revenue had been ahead of
management expectations. The adjusted EBITDA loss before IFRS 16
adjustments was GBP1.5m (2019: profit GBP1.1m). EBITDA post IFRS 16
adjustments was GBP2.7m.
Operating loss before highlighted items was GBP2.2m (pre-IFRS 16
equivalent: loss GBP2.9m, 2019: loss GBP0.5m).
The impact of the implementation of the new IFRS 16 "Leases",
has resulted in depreciation on Right-of-use (ROU) assets for
leases and the interest charge on lease liabilities being greater
than the charge for rent that would have been reported pre-IFRS 16;
net impact on reported loss is GBP1.8m. The interest charge on the
lease liabilities is higher in the earlier years of a lease. We
have reviewed the impairment provision across the ROU assets, fixed
assets and goodwill and have made a net provision of GBP8.1m (2019:
GBPnil). After taking into account all non-trade adjustments, the
Group reports a loss after tax for the period of GBP12.7m (2019:
loss of GBP0.3m). Net cash inflow for the period before financing
was GBP9.4m (2019 - inflow GBP2.3m). This is generated from
operations and proceeds from the sale of property. Net cash flows
generated from operations were GBP7.5m and impacted by IFRS 16
(2019 - GBP2.2m).
As at 27 December 2020, the Group had an outstanding bank loan
of GBPnil (2019 - GBP1.7m). At 27 December 2020 cash at bank was
GBP8.0m (2019: GBP4.6m). Net cash before outstanding bank loan at
the balance sheet date was GBP8.0m (2019 - net cash GBP2.9m). The
outstanding bank debt of GBP1.7m was repaid in full in January
2020. The cash balance at year-end reflects our cash preservation
strategy and deferring payments due to landlords, HMRC, and other
trade creditors. After reflecting these outstanding payments, our
net cash at year-end is approximately GBP1.5m. The Group has
secured a GBP1.25m, four year term loan from its existing bankers,
Barclays Bank plc (the "Facility"), in order to strengthen its
balance sheet and provide additional working capital support. The
Facility was fully drawn down in January 2021.
Principal risks and uncertainties
The Directors have the primary responsibility for identifying
the principal risks the business faces and for developing
appropriate policies to manage those risks.
Risks and uncertainties Mitigation
COVID-19 Adapting to the ever-changing situation.
Uncertainty and impact Government guidelines followed.
of Covid-19 impacting When able to open, restaurants are
staff, restaurants and operating with social distancing measures
supply. and in line with Government guidance.
Currently, all open sites are open
for take away only.
Outbreak protocol for staff, restaurants
and suppliers.
Cash preservation was the key concern
from the onset. We have worked with
our suppliers to review credit terms,
manage variable costs and review the
cost base.
The Group has now successfully achieved
consensual rent reductions and lease
concessions on more than two-thirds
of the estate to March 2021. The Group
is continuing negotiations with landlords
and other creditors regarding outstanding
rents and with the progress made the
Group, to date has managed to prevent
a CVA. Given the current third lockdown
and the moratorium expected to end
in June 2021 we now anticipate that
we may require further landlord support.
The Group will again be relying on
Government support for employees'
pay and VAT, and business rate holidays
and grants, where available.
The bank facility of GBP1.25m secured
to strengthen the Group's balance
sheet and provide additional working
capital, was drawn down in full post
year end.
Unfortunately, due to Covid-19 we
had to make a third of our staff redundant.
-----------------------------------------------
Market Conditions and To date, the Group has not had any
Brexit significant supply issues due to Brexit.
Economic uncertainty and However, we have only been operating
impact of Brexit could for takeaway and product demand is
reduce customer confidence limited. The full impact of Brexit
/ spending. will be seen on reopening in particular
the impact on labour due to migration.
Whilst we work closely with our suppliers
and on assured supply and price negotiation,
we are also constantly reviewing ways
to keep food cost increases minimal.
We ensure that headroom on cashflow
is maintained.
-----------------------------------------------
Competition To mitigate this risk, we continue
The casual dining market to invest and renew our offering whilst
faces new competition maintaining accessibility without
on a regular basis. compromising quality or the customer
experience.
We constantly review marketing initiatives
to ensure that we remain relevant
to our consumers and ahead of the
competition.
We review performance and seek new
opportunities.
-----------------------------------------------
People We have continued to focus on selection,
Loss of key staff and induction, training and retention
inability to hire the of our employees. The Group has made
right people in competitive significant improvements in its training
labour market. programme including the apprenticeship
scheme.
The Group offers a competitive remuneration
package which during a normal trading
year includes sales and gross profit-based
bonuses and share options.
We anticipate that Brexit will reduce
the number of eligible employees however
this is likely to be more than offset
by the numbers displaced in the industry
through closures and downscaling.
-----------------------------------------------
Food standards and safety The Group engages in regular internal
Failing to meet safety and external compliance audits to
standards ensure all sites are complying with
regulations. Job-specific training
that covers relevant regulations is
provided to all staff on induction
and whenever else necessary. Online
reporting systems are utilised on
a daily basis to gather relevant information
on compliance.
Regular review of latest Government
guidelines and best practice regarding
allergens.
The Group's activities are subject
to a wide range of laws and regulations
and we seek to comply with legislation
and best practice at all times.
-----------------------------------------------
Supply Chain The Group monitors suppliers closely
A major failure of key and if there was failure of a key
supplier or distributor supplier, we have contingency plans
could cause significant in place to minimise disruption particularly
business interruption. in the light of Covid-19. We are grateful
to all the suppliers who have supported
us during these challenging times.
To date, the Group has not had any
significant supply issues due to Brexit.
-----------------------------------------------
On behalf of the Board.
Daniel Jonathan Plant
Chief Executive Officer
6 April 2021
Report of the directors for the 52 weeks ended 27 December
2020
The Directors present their report together with the audited
financial statements for the 52 weeks ended 27 December 2020
(comparative period 52 weeks to 29 December 2019).
New legislation became effective in the UK during the financial
year, aimed at helping shareholders better understand how directors
discharged their duty to promote the success of companies under
Section 172 of the Companies Act 2006 ("S172 Matters"). Throughout
the year, in performance of its duties, the Board has had regard to
the interests of the Group's key stakeholders and taken account of
the potential impact on these stakeholders of the decisions it has
made. Details of how the Board had regard to the following S172
Matters are as follows:
S172 Matters Specific examples
1. The likely consequences of -- Our corporate governance
any decision in the long term framework as described in this
annual report
-- Communications with our
shareholders through our website,
circulars, AGM and investor
meetings
-------------------------------------------------
2. The interests of the Group's -- Prioritising teams' safety
employees in the Covid-19 pandemic
-- Employee engagement through
newsletters, communication tools,
surveys and career development
opportunities including apprenticeship
-- Established whistleblowing
procedures
-------------------------------------------------
3. The need to foster the Group's -- Protecting our customers
business relationships with and suppliers during the Covid-19
suppliers, customers and others pandemic
-- Building long-term relationships
with suppliers
-- Encouraging and responding
to customer feedback through
websites, social media and our
feedback system
-------------------------------------------------
4. The impact of the Group's -- Local community involvement
operations on the community with the NHS
and the environment -- Working with the local community
impacted by floods
-------------------------------------------------
5. The desirability of the Group -- Regular staff training and
maintaining a reputation for communication
high standards of business conduct -- Restaurant visits and audit
processes
-------------------------------------------------
6. The need to act fairly between -- Maintaining an open dialogue
members of the Group with our shareholders
-- Stakeholder engagement
-------------------------------------------------
Results and dividends
The consolidated statement of comprehensive income is set out
below and shows the loss for the period.
The Directors do not recommend the payment of a dividend (2019 -
GBPnil).
Post balance sheet events
Post balance sheet events are set out in Note 32.
Future developments
The outlook and future developments are set out in the
Chairman's statement and the Strategic Report below.
Principal activities
The Group's principal activity is the operation of
restaurants.
Directors
The Directors of the Group during the period were as
follows:
Executive
Daniel Jonathan Plant
Mayuri Vachhani
Non-Executive
Keith Lassman
Samuel Kaye (executive until 23 December 2020)
Adam Kaye (resigned 15 September 2020)
Directors' interest in shares
As at 27 December As at 29 December
2020 2019
Ordinary % Ordinary
shares of shares of
Director 0.1p each 0.1p each %
Daniel Jonathan Plant 7,091,902 5.0% 7,091,902 5.0%
Samuel Kaye 20,882,197 14.8% 20,750,588 14.7%
Keith Lassman 806,599 0.6% 806,599 0.6%
Adam Kaye (resigned 15
September 2020) 12,368,168 8.8% 12,236,560 8.7%
Mayuri Vachhani - - - -
On 19 January 2021, Keith Lassman purchased 615,384 ordinary
shares of 0.1 pence each in the Company ("Ordinary Shares").
Following this purchase, Keith now holds 1,421,983 Ordinary Shares
representing approximately 1.01% of the Company's issued share
capital.
Share options
Exercise Grant Vesting
Director Number price date period Expiry date
Mayuri Vachhani 750,000 GBP0.03 17/10/2019 3 years 17/10/2029
At the start of the year certain of the Directors had interests
in 'A' and 'B' shares in Took Us a Long Time Limited, the
subsidiary company. The benefit of holding these shares is
considered by the Board to be similar to the benefit of holding an
EMI option.
Class
of Exercise Exercisable
Director share Number price Price condition date Expiry date
Samuel Kaye A 500,000 GBP1.00 GBP1.50 31/03/2014 30/03/2024
Daniel Jonathan 31/03/2014 30/03/2024
Plant A 500,000 GBP1.00 GBP1.50
Daniel Jonathan 30/04/2015 29/04/2025
Plant B 600,000 GBP1.20 GBP2.00
In March 2020 to simplify the Group and the tax structure, the
above shares were bought back by Took Us a Long Time Limited and
cancelled at a nominal cost of GBP15.65 and in aggregate at a cost
of GBP28.37.
In January 2021 Daniel Jonathan Plant was awarded 15,676,640 'B'
shares in Tasty plc which can be converted to 'A' shares subject to
achievement of hurdle rates.
Employees
Applications from disabled persons are given full consideration
providing the disability does not seriously affect the performance
of their duties. Such persons, once employed, are given appropriate
training and equal opportunities.
The Group takes a positive view toward employee communication
and has established systems for ensuring employees are informed of
developments and that they are consulted regularly.
Environment
Despite the Covid-19 pandemic disruption we have managed to
maintain an average of 45% recycling across both brands with less
than 1% of waste going to landfill.
As part of our ongoing energy efficiency programme there has
been a focus on energy saving. This includes a rigorous check list
for branches which have been and may be required to close during
the pandemic.
Our waste oil is collected and converted into Bio Diesel and Bio
Gas to ensure that none is wasted.
The Group continues to work with its delivery partners in
converting all our delivery packaging to biodegradable and
recyclable materials.
The Group presents its greenhouse gases ("GHG") emissions and
energy use data for the first time under Streamlined Energy and
Carbon Reporting ("SECR") for the year ended 27 December 2020:
tCO2e
52 weeks ended
------------------
27 December 2020
------------------
Scope 1 - Natural
Gas 1,141
------------------
Scope 2 - Electricity 1,328
------------------
Scope 3 - Grey Fleet
Mileage 78
------------------
Total 2,547
------------------
Energy Intensity ratio of 0.127 has been measured using the
metric of Tonnes CO2e per m2 floor area ("tCO2e").
The Group's total energy consumption for the year ended 27
December 2020 was 12,216,634 kWh.
Donations
The Group made no charitable or political donations in the
period (2019 - none).
Financial Instruments
Details of the use of financial instruments and the principal
risks faced by the Group are contained in Note 28 to the financial
statements.
Going concern
At the time of approving the financial statements, the Directors
have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future. In
reaching this conclusion the Directors have considered the
financial position of the Group, together with its forecasts for
the next 12 months and taking into account possible changes in
trading performance. The going concern basis of accounting has,
therefore, been adopted in preparing the financial statements.
However, the Directors note that the effects of Covid-19 and the
impact of ongoing losses indicate the existence of a material
uncertainty that may cast doubt over the Group's ability to
continue to apply the going concern basis of accounting. The
Board's assessment of going concern can be found in note 1(c) to
the financial statements.
Auditors
All of the current Directors have taken all reasonable steps
necessary to make themselves aware of any information needed by the
Group's auditors for the purposes of their audit and to establish
that the auditors are aware of that information. The Directors are
not aware of any relevant audit information of which the auditors
are unaware.
Haysmacintyre LLP were appointed as the auditors and have
expressed their willingness to continue in office and a resolution
to re-appoint them will be proposed at the annual general
meeting.
On behalf of the Board.
Daniel Jonathan Plant
Chief Executive Officer
6 April 2021
Statement of directors' responsibilities
The Directors are responsible for preparing the strategic
report, the annual 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 Group and Company financial statements
in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the European Union. 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 Group and the Company and of the profit or loss of
the Group for that period. The Directors are also required to
prepare financial statements in accordance with the AIM Rules for
Companies issued by the London Stock Exchange.
In preparing these financial statements, the Directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether they have been prepared in accordance with
IFRSs as adopted by the European Union, subject to any material
departures disclosed and explained in the financial statements;
-- 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 Group's
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and enable them to ensure that the
financial statements comply with the requirements of the Companies
Act 2006. They are also responsible for safeguarding the assets of
the Group and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the annual report and
the financial statements are made available on a website. Financial
statements are published on the Company's website (www.dimt.co.uk)
in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and
integrity of the Company's website is the responsibility of the
Directors. The Directors' responsibility also extends to the
ongoing integrity of the financial statements contained
therein.
Consolidated statement of comprehensive income
for the 52 weeks ended 27 December 2020
52 weeks 52 weeks
ended 27 ended 29
December December
Note 2020 2019
GBP'000 GBP'000
Revenue 3 24,228 44,573
Cost of sales (30,330) (43,921)
-------------------------------------- ------ ----------- -----------
Gross (loss) profit (6,102) 652
Other income 3 5,413 245
Total operating expenses (9,328) (949)
Operating loss before highlighted
items (2,235) (502)
Highlighted items 5 (7,782) 450
-------------------------------------- ------ ----------- -----------
Operating loss 4 (10,017) (52)
Finance income 6 4 8
Finance expense 6 (2,548) (222)
Loss before income tax (12,561) (266)
Income tax 9 (105) -
-------------------------------------- ------ ----------- -----------
Loss and total comprehensive
loss for the period (12,666) (266)
-------------------------------------- ------ ----------- -----------
Loss per share
Basic and diluted 10 (8.98p) (0.23p)
The notes below form part of these financial statements.
Consolidated statement of changes in equity
for the 52 weeks ended 27 December 2020
Share Share Merger Retained Total
capital premium reserve earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556
Issue of ordinary shares 81 3,170 - - 3,251
Cost of placing of ordinary
shares - (295) - - (295)
Total comprehensive loss for
the period - - - (266) (266)
Share based payments - - - 40 40
Balance at 29 December 2019 6,061 24,251 992 (18,018) 13,286
Cost of issue of ordinary
shares - - - (68) (68)
Total comprehensive loss for
the period - - - (12,666) (12,666)
Share based payments - - - 44 44
Balance at 27 December 2020 6,061 24,251 992 (30,708) 596
-------------------------------- ---------- ---------- ---------- ----------- ----------
The notes below form part of these financial statements.
Company statement of changes in equity
for the 52 weeks ended 27 December 2020
Share capital Share premium Retained Total
profit
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 December 2018 5,980 21,376 (16,826) 10,530
Issue of ordinary shares 81 3,170 - 3,251
Cost of placing of ordinary
shares - (295) - (295)
Total comprehensive loss for
the period - - (3,056) (3,056)
Share based payments - - 40 40
Balance at 29 December 2019 6,061 24,251 (19,842) 10,470
Cost of issue of ordinary
shares - - (68) (68)
Total comprehensive loss for
the period - - (3,254) (3,254)
Share based payments - - 44 44
Balance at 27 December 2020 6,061 24,251 (23,120) 7,192
------------------------------- --------------- --------------- ---------- ---------
The notes below form part of these financial statements.
Consolidated balance sheet
At 27 December 2020
27 December 29 December
2020 2019
Note GBP'000 GBP'000
Non-current assets
Intangible assets 12 26 352
Property, plant and equipment 13 15,572 14,570
Right-of-use assets 1(d)/13 39,811 -
Pre-paid operating lease charges 14 - 573
Other non-current assets 17 129 197
55,538 15,692
----------------------------------- ------------- ------------- -------------
Current assets
Inventories 16 1,822 2,650
Trade and other receivables 17 1,363 3,148
Pre-paid operating lease charges 14 - 50
Cash and cash equivalents 8,028 4,570
11,213 10,418
----------------------------------- ------------- ------------- -------------
Assets held for sale 31 - 800
Total assets 66,751 26,910
----------------------------------- ------------- ------------- -------------
Current liabilities
Trade and other payables 18 (10,617) (7,834)
Lease liabilities 1(d) (2,904) -
Borrowings 21 - (800)
(13,521) (8,634)
----------------------------------- ------------- ------------- -------------
Non-current liabilities
Provisions 19 (335) (2,783)
Lease incentives - (1,227)
Lease liabilities 1(d) (52,219) -
Long-term borrowings 21 - (852)
Other Payables 18 (80) (128)
(52,634) (4,990)
----------------------------------- ------------- ------------- -------------
Total liabilities (66,155) (13,624)
----------------------------------- ------------- ------------- -------------
Total net assets 596 13,286
----------------------------------- ------------- ------------- -------------
Equity
Share capital 22 6,061 6,061
Share premium 23 24,251 24,251
Merger reserve 23 992 992
Retained deficit 23 (30,708) (18,018)
----------------------------------- -------------
Total equity 596 13,286
----------------------------------- ------------- ------------- -------------
The financial statements were approved by the Board of Directors
of the Company and authorised for issue on 6 April 2021 and signed
on their behalf by Daniel Jonathan Plant.
The notes below form part of these financial statements.
Company balance sheet
At 27 December 2020
27 December 29 December
Note 2020 2019
GBP'000 GBP'000
Non-current assets
Investments 15 3,214 3,170
Other non-current assets 17 3,978 7,300
--------------------------- --------
Total net assets 7,192 10,470
--------------------------- -------- ------------- -------------
Equity
Share capital 22 6,061 6,061
Share premium 23 24,251 24,251
Retained deficit 23 (23,120) (19,842)
--------------------------- --------
Total equity 7,192 10,470
--------------------------- -------- ------------- -------------
The Parent Company, Tasty plc, has taken advantage of the
exemption in s 408 of the Companies Act 2006 not to publish its own
income statement. The Parent Company made a loss of GBP3.2m (2019 -
loss of GBP3.1m) for the period. The Parent Company has not
recognised leases under IFRS 16 in its balance sheet as management
have concluded that the substance of the leases is held by the
subsidiary, Took Us A Long Time Ltd ("TUALT") and recognised within
its Company accounts.
The financial statements were approved by the board of directors
of the Company and authorised for issue on 6 April 2021 and signed
on their behalf by Daniel Jonathan Plant.
The notes below form part of these financial statements.
Consolidated cash flow statement
For the 52 weeks ended 27 December 2020
52 weeks 52 weeks
Note ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Operating activities
Cash generated from operations 29 7,575 2,226
Corporation tax received (105) -
Net cash inflow from operating
activities 7,470 2,226
--------------------------------------- -------- ----------- -----------
Investing activities
Proceeds from sale of property,
plant and equipment 2,039 508
Purchase of property, plant and
equipment (120) (453)
Interest received 4 8
Net cash inflow from investing
activities 1,923 63
--------------------------------------- -------- ----------- -----------
Financing activities
Net proceeds from issues of ordinary
shares - 2,956
Bank loan repayment 30 (1,652) (4,765)
Interest paid (2,548) (222)
Principal paid on lease liabilities 30 (1,735) -
Net cash used in from financing
activities (5,935) (2,031)
--------------------------------------- -------- ----------- -----------
Net increase in cash and cash
equivalents 3,458 258
Cash and cash equivalents brought
forward 4,570 4,312
Cash and cash equivalents as at
the end of the period 8,028 4,570
--------------------------------------- -------- ----------- -----------
The notes below form part of these financial statements.
Company cash flow statement
For the 52 weeks ended 27 December 2020
52 weeks 52 weeks
Note ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Operating activities
Cash generated from operations - -
Corporation tax paid - -
------------------------------------------- -------- ----------- ----- -----------
Net cash outflow from operating
activities - -
------------------------------------------- -------- ----------- ----- -----------
Investing activities - -
Purchase of property, plant and
equipment - -
------------------------------------------- -------- ----------- ----- -----------
Net cash in flow / (used in) investing
activities - -
------------------------------------------- -------- ----------- ----- -----------
Financing activities
Net proceeds from issues of ordinary
shares - -
------------------------------------------- -------- ----------- ----- -----------
Net cash flows used in financing
activities - -
------------------------------------------- -------- ----------- ----- -----------
Net increase in cash and cash equivalents - -
Cash and cash equivalents brought
forward - -
Cash and cash equivalents as at
the end of the period - -
------------------------------------------- -------- ----------- ----- -----------
The notes below form part of these financial statements.
1 Accounting policies
Tasty plc is a public listed company incorporated and domiciled
in England and Wales. The Company's ordinary shares are listed on
AIM. Its registered address is 32 Charlotte Street, London, WC1T
2NQ.
(a) Statement of compliance
These financial statements of the Group and Company have been
prepared in accordance with International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively IFRS) issued by the International Accounting
Standards Board (IASB) as adopted by European Union ("adopted
IFRSs"). These financial statements have also been prepared in
accordance with those parts of the Companies Act 2006 that are
relevant to companies that prepare their financial statements in
accordance with IFRS.
(b) Basis of preparation
The financial statements cover the 52 week period ended 27
December 2020, with a comparative period of the 52 week period
ended 29 December 2019. The financial statements are presented in
sterling, rounded to the nearest thousand and are prepared on the
historical cost basis. Accounting policies of the Company are
consistent with the policies adopted by the Group.
(c) Going concern
As at 27 December 2020, the Group had net assets of GBP0.6m
(2019: GBP13.3m). The Group meets its day-to-day working capital
requirements through the generation of operating cashflow, equity
raise and bank finance. The Group's principal sources of funding
are:
-- Issues of ordinary share capital in the Company on AIM.
-- a GBP1.25m, four year term loan from its existing bankers,
Barclays Bank plc (the "Facility"), in order to strengthen its
balance sheet and provide additional working capital support. The
Facility was drawn down in January 2021. The Facility has a capital
repayment holiday of 12 months and carries interest at a rate of
4.5% per annum over the Bank of England Base Rate, following
drawdown. The Group has also secured a GBP250,000 overdraft
facility.
Covid-19 has led to a high level of uncertainty within the UK
economy in general and has had a devastating impact on the
hospitality industry in particular following the initial Government
announcement requiring the closure of all restaurants from 20 March
2020 for the first lockdown. Action was immediately taken to
minimise costs and cash outflows, including use of the Government's
Job Retention Scheme to furlough all restaurant employees. During
the first lockdown, 98% of staff had been furloughed on the
Government's Job Retention Scheme. The Directors' and head-office
staff salaries were also reduced while sites remained closed. Rates
relief and grants have been received where relevant. Currently the
majority of staff which are eligible are on flexible furlough.
The Group experienced a positive level of sales during August
2020 due to initiatives and pent-up demand. This positive trading
was short-lived as stricter measures were imposed in September
2020, including the 10 pm curfew, "work from home if you can", and
followed by subsequent lockdowns and tier system. However, with the
vaccination programme on target, staycation demand, and the
prediction of a "surge" in the economy, we hope that the future
will be more promising once lockdown ends. However, this will
depend on when we can return to some kind of "normal". With the
latest Government announcements, we will open outdoor spaces where
feasible in April and a gradual opening of dine-in from May;
although the timing is subject to change depending on infection
levels and the progress of the vaccination programme. Trading
outside of lockdown has been encouraging, and we look forward to a
promising period after lockdown ends.
Discussions are also continuing with landlords and trade
creditors to reduce current and future liabilities. The Group
monitors cash balances and prepares regular forecasts, which are
reviewed by the Board. These forecasts include our best estimates
and judgements based on currently available information and
Government announcements. Judgement is particularly required as to
the expected level of future trade and forecast reopening dates of
our sites, which as above, we expect a gradual opening of dine-in
from May 2021.
Having reviewed the updated forecast and given the ability of
the Group to manage costs, utilise government support, the bank
loan and other available measures, including ongoing discussions
with landlords, the Directors believe that it remains appropriate
to prepare the financial statements on a going concern basis.
However, the combined circumstances and risk that the mitigating
actions available to the Directors are not sufficient represent a
material uncertainty which may cast significant doubt on the
Group's ability to continue as a going concern and, therefore, to
continue realising their assets and discharging their liabilities
in the normal course of business.
(d) Changes in accounting policies and disclosures
New standards, amendments to standards or interpretations
adopted by the Group
IFRS 16 'Leases' (effective January 2019)
Impact on Lessee accounting
Effective for periods starting on or after 1 January 2019, IFRS
16 has replaced IAS 17 and IFRIC4 (Determining whether an
arrangement contains a lease).
The change in definition of a lease mainly relates to the
concept of control. IFRS 16 distinguishes between leases and
service contracts on the basis of whether the use of an identified
asset is controlled by the customer. Control is considered to exist
if the customer has:
-- The right to obtain substantially all of the economic
benefits from the use of an identified asset; and
-- The right to direct the use of that asset in exchange for consideration.
The Group adopted IFRS 16 for its period starting 30 December
2019 using the modified retrospective approach on transition,
recognising leases at the carried forward value had they been
treated as such from inception, without restatement of comparative
figures. On adoption of IFRS 16, the Group recognised right-of-use
assets and lease liabilities in relation to the restaurant sites it
leases for its business . The remaining average length of the lease
is 13 years. Up to 29 December 2019 the Group classified leases as
finance or operating leases under IAS17: leases and payments made
under operating leases (net of any incentives received from the
lessor) were charged to profit and loss on a straight-line basis
over the period of the lease.
When applying IFRS 16, the group applied the following practical
expedients on transition date:
-- Reliance on the previous identification of a lease (as
provided by IAS 17) for all contracts that existed on the date of
initial applications;
-- Exclusion of initial direct costs from the measurement of the
right-of-use asset as the date of initial application.
The change in accounting policy affected the following items in
the balance sheet on 30 December 2019:
-- Right-of-use assets ("ROU") - increased by GBP55.1m
-- Lease liabilities - increased by GBP57.4m
Right-of-use assets are measured on transition at an amount
equal to the minimum lease liability at the date of initial
application and adjusted for an onerous lease provision of GBP2.8m
and a lease incentive of GBP1.3m. In addition, GBP0.6m was
reclassified from prepaid operating lease to ROU.
The recognised right-of-use assets all relate to property
leases. During the period ended 27 December 2020 the Group made a
provision for impairment of the right-of-use assets against a
number of sites totalling GBP10.0m. The right-of-use assets as at
27 December 2020 were GBP39.8m.
Lease liabilities are measured on transition at the carried
forward present value of the remaining lease payments discounted
using the Group's incremental borrowing rate of 4.5% plus the Bank
of England base rate of 0.1%. Lease liabilities are measured on
transition at the present value of the minimum lease payments
discounted using the incremental borrowing rate associated with the
lease. This was identified as 4.6%. The lease liabilities as at 27
December 2020 were GBP55.1m.
Included in profit and loss for the period is GBP3.6m
depreciation of right-of-use assets and GBP2.5m financial expenses
on lease liabilities.
The Group's leases are held across Tasty plc or Took Us Long
Time Ltd ("TUALT"). In determining where the assets and liabilities
should be accounted for, we have reviewed which entity derives the
benefit and rights to use the asset. In assessing this we have
reviewed where the trade occurs, where staff are employed and where
day to day activity is managed from. We have concluded that the
substance of the lease is that it is held by TUALT and accordingly
recognised the lease liabilities within the TUALT company
accounts.
The lease liabilities recognised in TUALT but in the name of
Tasty plc totalled GBP44m at 27 December 2020. Accordingly, this
balance represents a contingent liability for the Company only.
Impact on Lessor accounting
Under IFRS 16, a lessor continues to classify leases as either
finance leases or operating leases and account for those two types
of leases differently.
Based on an analysis of the Group's operating leases as at 27
December 2020 on the basis of the facts and circumstances that
exist at that date, the Directors of the Group have assessed that
the impact of this change has not had any impact on the amounts
recognised in the Group's consolidated financial statements.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and
lease liabilities for short-term leases that have a lease term of
12 months or less and leases of low value assets. The Group
recognises these payments as an expense on a straight-line basis
over the lease term. Currently the Group has no low value assets or
short term leases.
Amounts Recognised in the Balance Sheet
52 weeks
52 weeks ended ended 29
27 December December
2020 2019
GBP'000 GBP'000
Right-of-use assets
Recognition of adoption of IFRS -
16 55,119
Reassessment of leases (814) -
Reassessment due to disposal (859)
Provided for the period (3,592) -
Impairment of right-of-use assets (10,043) -
At 27 December 2020 39,811 -
----------------
Lease liabilities
Recognition of adoption of IFRS -
16 (57,408)
Reassessment in 2020 814 -
Reassessment due to disposal 1,039
Interest (2,514) -
Lease payment 2,946 -
At 27 December 2020 (55,123) -
----------------
Current (2,904) -
Non-current (52,219) -
At 27 December 2020 (55,123) -
-------------------------------------- ---------------- -----------
Lease liabilities under IFRS 16
Adjustments Recognised on Adoption of
IFRS 16
GBP'000
Operating lease commitments disclosed
at 29 December 2019
Within one year 5,488
Within two to five years 20,647
Over five years 57,499
Total operating lease liabilities disclosed
at 29 December 2019 83,634
-------------------------------------------------- ----------
Effect of discounting (26,226)
-------------------------------------------------- ----------
Lease liabilities under IFRS 16 57,408
-------------------------------------------------- ----------
Amounts Recognised in the Income Statement
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Depreciation charge of right-of-use -
assets 3,592
Interest expense (included in finance -
cost) 2,514
6,106 -
--------------------------------------- ----------- -----------
Note the Group has elected to use the modified retrospective
approach on transition, without restatement of comparative
figures.
New standards, amendments to standards or interpretations not
yet adopted by the Group
The following new standards, amendments to standards or
interpretations are mandatory for the first time for the financial
year beginning 1 January 2020. No standards have been early adopted
by the Company.
Definition of Material - Amendments to IAS 1 and IAS 8
(effective 1 January 2020)
The IASB has made amendments to IAS 1, 'Presentation of
Financial Statements', and IAS 8, 'Accounting Policies, Changes in
Accounting Estimates and Errors', which use a consistent definition
of materiality throughout International Financial Reporting
Standards and the Conceptual Framework for Financial Reporting,
clarify when information is material and incorporate some of the
guidance in IAS 1 about immaterial information.
In particular, the amendments clarify:
a) That the reference to obscuring information addresses
situations in which the effect is similar to omitting or misstating
that information, and that an entity assesses materiality in the
context of the financial statements as a whole, and;
b) The meaning of 'primary users of general purpose financial
statements' to whom those financial statements are directed, by
defining them as 'existing and potential investors, lenders and
other creditors' that must rely on general purpose financial
statements for much of the financial information they need.
The amendment is not expected to have any impact on the
Group.
(e) Basis of consolidation
The consolidated financial statements incorporate the results of
the Company and its subsidiary, Took Us A Long Time Limited. The
accounting period of the subsidiary is co-terminous with that of
the parent undertaking.
(f) Revenue
The Group's revenue is derived from goods and services provided
to the customers with revenue recognised at the point in time when
control of the goods has transferred to the customer. Control
passes to the customers at the point at which food and drinks are
provided and the Group has a present right for payment.
(g) Other income
Included in Other income is the rental income from operating
leases. Rental income is recognised in the period to which it
relates, and rent free periods would be spread over the terms of
the lease. The cost of these leases is included within the cost of
sales. The Group has received Government grants in relation to the
Coronavirus Job Retention Scheme ("CJRS") and "Retail and
Hospitality Business Grants", provided by the Government in
response to Covid-19's impact on the business. In accordance with
IAS 20 (Accounting for Government Grants and Disclosure of
Government Assistance) guidelines, the Group has recognised the
salary expense as normal and recognised the CJRS grant income in
profit and loss as the Group becomes entitled to the grant. "Retail
and Hospitality Business Grants" are not recognised until there is
reasonable assurance that the Group would qualify and meet the
conditions attaching to them.
(h) Retirement benefits: Defined contribution schemes
Contributions to defined contribution pension schemes are
charged to the consolidated income statement in the period to which
they relate.
(i) Share based payments
The Group operates a number of equity-settled share-based
payment schemes under which share options are granted to certain
employees. Options granted to employees are measured at fair value
at the date of grant and the fair value is charged to the statement
of comprehensive income over the vesting period. Fair value is
measured using the Black-Scholes or binomial model. In determining
fair value, no account is taken of any vesting conditions, other
than conditions linked to the price of the Group's shares
(market-based conditions).
No expense is recognised for awards that do not ultimately vest,
except for awards where vesting is conditional upon a market
condition, which are treated as vesting irrespective of whether or
not the market condition is satisfied, provided all other
conditions are satisfied. The fair value determined at the grant
date is then expensed on a straight line over the vesting period,
based on the directors' best estimate of the number of shares that
will eventually vest and adjusted for the effect of non-market
based vesting conditions. The movement in the cumulative expense
since the previous balance sheet date is recognised in the Income
Statement, with the corresponding movement taken to equity.
Where the terms and conditions of options are modified before
they vest or where options have been cancelled and reissued with
modified terms, the increase in the fair value of the options,
measured immediately before and after the modification, is also
charged to the income statement over the remaining vesting period.
Whe re options have been cancelled and no re-issue made, the
remaining expense is recognised in the period the option was
cancelled.
The grant by the parent Company of options over its equity
instruments to the employees of its subsidiary in the Group is
treated as a capital contribution. The fair value of employee
services received, measured by reference to the grant date fair
value, is recognised over the vesting period as an increase to
investment in subsidiary undertakings, with a corresponding credit
to equity.
(j) Borrowing costs
Borrowing costs are recognised in the income statement in the
period in which they are incurred.
(k) Externally acquired intangible assets
Externally acquired intangible assets are initially recognised
at cost and subsequently amortised on a straight-line basis over
their useful economic lives. The amortisation expense is included
within the cost of sales line in the consolidated income
statement.
The significant intangibles recognised by the Group and their
useful economic lives are as follows:
Intangible asset Useful economic life
Trade marks 10 years
(l) Property, plant and equipment
Items of property, plant and equipment are stated at cost less
accumulated depreciation (see below) and impairment losses.
Depreciation is provided to write off the cost or valuation,
less estimated residual values, of all fixed assets, evenly over
their expected useful lives and it is calculated at the following
rates:
Leasehold improvements over the period of the lease
Fixtures, fittings and 10% per annum straight line
equipment
Computers 20% per annum straight line
Property, plant and equipment are reviewed for impairment in
accordance with IAS 36 Impairment of Assets, when there are
indications that the carrying value may not be recoverable.
Impairment charges are recognised in the statement of comprehensive
income. See note 2(d) for further details.
(m) Non-current assets held for sale
Non-current assets are classified as held for sale when the
Board plans to sell the assets and no significant changes to this
plan are expected. The assets must be available for immediate sale,
an active programme to find a buyer must be underway and be
expected to be concluded within 12 months with the asset being
marketed at a reasonable price in relation to the fair value of the
asset.
Non-current assets classified as held for sale are measured at
the lower of their carrying amount immediately prior to being
classified as held for sale and fair value less costs of disposal.
Following their classification as held for sale, non-current assets
are not depreciated.
(n) Provisions
In the period to 29 December 2019, Provisions for onerous
contracts were recognised when the expected benefits to be derived
by the Group from a contract are lower than the unavoidable cost of
meeting its obligation under the contract. Estimates had been made
with respect to the time to exit and associated costs, for example
lease incentives which may be required to be paid as part of the
sublet process. Judgement is required by management when making
such estimates. In the period to 27 December 2020, the Group has
recognised a provision for dilapidations for a number of sites,
where the need to carry out the work has been identified but a full
survey and commission has not been undertaken and therefore
management has applied their judgment in determining the
provision.
(o) Loans and receivables
These assets arise principally from the provision of goods and
services to customers (e.g. trade receivables), but also
incorporate other types of financial assets where the objective is
to hold these assets in order to collect contractual cash flows and
the contractual cash flows are solely payments of principal and
interest. They are initially recognised at fair value plus
transaction costs that are directly attributable to their
acquisition or issue, and are subsequently carried at amortised
cost using the effective interest rate method, less provision for
impairment.
Impairment provisions for trade receivables are recognised based
on the simplified approach within IFRS 9 using a provision matrix
in the determination of the lifetime expected credit losses. During
this process the probability of the non-payment of the trade
receivables is assessed. This probability is then multiplied by the
amount of the expected loss arising from default to determine the
lifetime expected credit loss for the trade receivables. For trade
receivables, which are reported net, such provisions are recorded
in a separate provision account with the loss being recognised in
the consolidated statement of comprehensive income. On confirmation
that the trade receivable will not be collectable, the gross
carrying value of the asset is written off against the associated
provision.
Impairment provisions for receivables from related parties and
loans to related parties are recognised based on a forward looking
expected credit loss model. The methodology used to determine the
amount of the provision is based on whether there has been a
significant increase in credit risk since initial recognition of
the financial asset. For those where the credit risk has not
increased significantly since initial recognition of the financial
asset, twelve month expected credit losses along with gross
interest income are recognised. For those for which credit risk has
increased significantly, lifetime expected credit losses along with
the gross interest income are recognised. For those that are
determined to be credit impaired, lifetime expected credit losses
along with interest income on a net basis are recognised.
The Group's loans and receivables comprise trade and other
receivables and cash and cash equivalents in the balance sheet. The
Company's loans and receivables comprise only inter-Company
receivables. Cash and cash equivalents include cash in hand and
deposits held with banks.
(p) Apprenticeship funding and levy
The payments made under the levy represent a prepayment for
training services expected to be received and is recognised as an
asset until the receipt of the service. When the training service
is received, an appropriate expense is recognised. The grant income
is deferred until apprentices receive training under the rule of
the scheme and we are satisfied that we have fully complied with
the scheme. We have applied an element of judgement until a full
inspection is carried out.
(q) Financial liabilities
Financial liabilities include trade payables, accrued lease
charges, other short-term monetary liabilities, which are initially
recognised at fair value and subsequently carried at amortised
cost.
Bank borrowings are initially recognised at fair value and are
subsequently measured at amortised costs using the effective
interest method. Interest expense includes initial transaction
costs and any premium payable on redemption as well as any interest
payable while the liability is outstanding.
(r) Inventories
Raw materials and consumables
Inventories are stated at the lower of cost and net realisable
value. Cost comprises all costs of purchase and other costs
incurred in bringing the inventories to their present location and
condition. Net realisable value is based on estimated selling price
less costs incurred up to the point of sale.
Crockery and utensils (Smallwares)
Smallware inventories are held at cost which is determined by
reference to the quantity in issue to each restaurant. Smallware
inventory relates to small value items which have short life spans
relating to kitchen and bar equipment. These items are recorded
under inventory as they are utilised in providing food and beverage
to customers.
(s) Leased assets
Until transition to IFRS 16 on 30 December 2019, leases were
classified as finance leases whenever the terms of the lease are
such that they transfer substantially all the risks and rewards of
ownership to the Group. All other leases were classified as
operating leases.
Fixed payments made under operating leases were recognised in
the income statement on a straight-line basis over the term of the
lease. Contingent rent, such as turnover related rents, were
recognised in the income statement as incurred. Incentives to enter
into an operating lease were spread on a straight-line basis over
the lease term as a reduction in rental expense.
Payments made to acquire operating leases were treated as
pre-paid lease expenses and amortised over the term of the
lease.
(t) Taxation
Tax on the profit and loss for the year comprises current and
deferred tax. Tax is recognised in the profit and loss except to
the extent that it relates to items recognised directly in equity,
in which case it is recognised in equity. Current tax is the
expected tax payable or receivable on the taxable income or loss
for the year, using tax rates enacted or substantively enacted at
the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the balance sheet
differs from its tax base, except for differences arising on:
-- The initial recognition of goodwill
-- The initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of
the transaction affects neither accounting or taxable profit.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which the difference can be utilised.
Deferred tax is provided using the balance sheet liability
method, providing for all temporary differences between the
carrying amounts of assets and liabilities recorded for reporting
purposes and the amounts used for tax purposes.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax
liabilities or assets are settled or recovered. Deferred tax
balances are not discounted.
(u) Goodwill
Goodwill represents the difference between the fair value of
consideration paid and the carrying value of the assets and
liabilities acquired. Goodwill arose on acquisition of a group of
leases.
Goodwill is stated as originally calculated less any accumulated
provision for impairment. Goodwill is allocated to individual CGUs,
where each CGU is a restaurant, and is subject to an impairment
review at each reporting date.
(v) Investments
Investments in subsidiaries are included in the Company's
Statement of Financial Position at cost less provision for
impairment.
(w) Share capital
The Company's ordinary shares are classified as equity
instruments.
(x) Operating profit
Operating profit is stated after all expenses, but before
financial income or expenses. Highlighted items are items of income
or expense which because of their nature and the events giving rise
to them, are not directly related to the delivery of the Group's
restaurant service to its patrons and merit separate presentation
to allow shareholders to understand better the elements of
financial performance in the year, so as to facilitate comparison
with prior periods and to assess better trends in financial
performance.
(y) Earnings per share
Basic earnings per share values are calculated by dividing net
profit/(loss) for the year attributable to Ordinary equity holders
of the parent by the weighted average number of Ordinary shares
outstanding during the year.
2 Critical accounting estimates and judgements
The preparation of the Group's financial statements requires
management to make certain estimates, judgements and assumptions
that affect the reported amount of assets and liabilities, and the
disclosure of contingent liabilities at the statement of financial
position date and amounts reported for revenues and expenses during
the year. However, uncertainty about these assumptions and
estimates could result in outcomes that could require a material
adjustment to the carrying amount of the assets or liability
affected in the future. Estimates and judgements are continually
evaluated based on historical experience and other factors,
including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual
experience may differ from these estimates and assumptions. The
estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and
liabilities within the next financial period are discussed
below.
(a) Share based payments (Note 26)
The Group operates equity share-based remuneration schemes for
employees. Employee services received and the corresponding
increase in equity are measured by reference to the fair value of
the equity instruments at the date of grant, excluding the impact
of any non-market vesting conditions. The fair value of share
options is estimated by using valuation models, such as Black
Scholes or binomial on the date of grant based on certain
assumptions. Those assumptions are described in note 27 and
include, among others, the dividend growth rate, expected
volatility, expected life of the options (for options with market
conditions) and number of options expected to vest.
(b) Accruals (Note 18)
In order to provide for all valid liabilities which exist at the
balance sheet date, the Group is required to accrue for certain
costs or expenses which have not been invoiced and therefore the
amount of which cannot be known with certainty. Such accruals are
based on management's best estimate and past experience. Delayed
billing in some significant expense categories such as utility
costs can lead to sizeable levels of accruals. The total value of
accruals as at the balance sheet date is set out in note 18.
(c) Useful lives of Right-of-use assets, property, plant and equipment (Note 13)
Property, plant and equipment are amortised or depreciated over
their useful lives. Useful lives are based on management estimates
of the period that the assets will generate revenue, which are
periodically reviewed for continued appropriateness. Right-of-use
assets are depreciated over the life of the lease. The life of the
lease is the minimum committed lease period.
(d) Impairment reviews (Note 13)
In carrying out an impairment review in accordance with IAS 36
it has been necessary to make estimates and judgements regarding
the future performance and cash flows generated by individual
trading units which cannot be known with certainty. The Group views
each restaurant as a separate cash generating unit ("CGU"). Past
performance is often used as a guide in estimating future
performance, or comparison with similar sites. Where the
circumstances surrounding a particular trading unit have changed
then forecasting future performance becomes extremely judgemental
and for these reasons the actual impairment required in the future
may differ from the charge made in the financial statements. When
assessing a CGU recoverable amount, the value in use calculation
uses a discounted cash flow model which is sensitive to the
discount rate and the growth rate used after taking into account
potential sale value. The cashflow projections are influenced by
factors which are inherently uncertain such as footfall and
non-controllable costs such as rates and license costs. The future
cashflows are harder to predict due to the pandemic.
All assets (ROU, fixed assets and goodwill) are reviewed for
impairment in accordance with IAS 36 Impairment of Assets, when
there are indications that the carrying value may not be
recoverable. Impairment charges are recognised in the statement of
comprehensive income.
All assets are subject to impairment tests whenever events or
changes in circumstances indicate that their carrying amount may
not be recoverable. Where the recoverable amount is higher than the
carrying amount of the CGU, no further assessment is required.
Where the carrying value of an asset or a CGU exceeds its
recoverable amount (i.e. the higher of value in use and fair value
less costs to dispose of the asset), the asset is written down
accordingly. In the absence of any information about the fair value
of a CGU, the recoverable amount is deemed to be its value in use.
Value in use is calculated using cash flows over the remaining life
of the lease for the CGU discounted at 6% (2019: 10%), being the
rate considered to reflect the risks associated with the CGUs. The
discount rate is based on the Group's weighted average cost of
capital ("WACC") which is used across all CGUs due to their similar
characteristics. This rate is considered more appropriate than the
10% applied to more limited scope impairment reviews in prior
years.
In the prior years, we have applied a growth rate across all
CGUs, in 2019 this was 3%. This was because in the prior years,
each CGU shared similar risks and had similar characteristics. The
Covid-19 pandemic has resulted in an increased uncertainty and
greater difference in performance across CGUs depending on whether
it is located in a residential, city centre, high street or tourist
location. The location also impacts when site can resume normal
trading. Due to lockdowns in 2021, the forecast cashflow in 2021 is
not always indicative of the future cashflows. The cashflow of each
CGU has been determined based on management's judgement of future
performance based on a combination of historical performance,
impact of the pandemic and expected recovery in future years and
therefore each CGU's cashflow has been selected on an individual
criteria. Management's conservative judgement has been applied in
selecting this criteria but full impact of the pandemic has yet to
be materialise and therefore 0.5% growth rate (2019 - 3%) has been
applied. Included within the cashflow is management's estimate of
the capital expenditure in the future years.
(e) Goodwill impairment reviews (Note 12)
The Group determines whether goodwill is impaired on an annual
basis and this requires an estimation of the value in use of the
cash-generating units to which the goodwill is allocated. This
involves estimation of future cash flows and choosing a suitable
discount rate. Full details are supplied in note 12, together with
an analysis of the key assumptions.
(f) Intercompany provision (Note 17)
In carrying out a review of intercompany loan in accordance with
IFRS 9 it has been necessary to make estimates and judgements
regarding the repayment of the loan by its subsidiary to the
Company. A sensitivity analysis has been performed on the repayment
of loan value.
(g) Onerous contract provision (Note 19)
In the period to 29 December 2019, the amounts provided were
based on expected future rental obligations, legal costs,
associated exit costs and potential lease incentives which may be
required to be paid as part of the sub-let/surrender process.
Significant judgements were used in calculating these provisions
and changes to these assumptions or future events could have caused
the value of these provisions to change. On transition to IFRS 16
on 30 Dec 2019, the onerous lease provision was removed from the
accounts as IFRS 16 does not require this. Provisions for sites are
assessed as part of the impairment review with further details in
note 2(d).
(h) Crockery and utensils (Smallwares) inventory
The cost of replenishing smallwares is expensed directly through
the income statement. Smallwares is recognised at historic cost and
tested for impairment on an annual basis. Due to Covid-19 affecting
menu and sales and introduction of a simplified menu, some of the
smallware items were redundant. We have impaired smallware
inventory value to reflect usage.
(i) Lease liabilities (Note 1(d))
The calculation of lease liabilities requires the Group to
determine an incremental borrowing rate ("IBR") to discount future
minimum lease payments. The IBR is the rate of interest that the
Group would have to pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic
environment. The IBR rate of 4.6% therefore reflects what the Group
'would have to pay', which requires estimation when no observable
rates are available or when they need to be adjusted to reflect the
terms and conditions of the lease. As at 27 December 2020, a
sensitivity analysis has been conducted on the lease liabilities
which shows that increasing the IBR rate by 1% will decrease the
lease liability by GBP3.6m and decrease the right-of-use asset
pre-impairment by GBP3.7m.
(j) Dilapidations provision
The Group has recognised a provision of GBP0.3m for
dilapidations for a number of sites, where the need to carry out
the work has been identified but a full survey and commission has
not been undertaken and therefore management has applied their
judgment in determining the provision. The Group has not made a
provision for the costs of restoring the condition of sites at the
end of the leases. This is based on management experience and
judgement.
(k) Lease recognition
The Group's leases are held across Tasty plc or Took Us Long
Time Ltd ("TUALT"). In determining where the assets and liabilities
should be accounted for, we have reviewed which entity derives the
benefit and rights to use the asset. In assessing this we have
reviewed where the trade occurs, where staff are employed and where
day to day activity is managed from. We have adjudged that the
substance of the lease is that it is held by TUALT and accordingly
recognised the lease liabilities within the TUALT company
accounts.
3 Revenue, other income and segmental analysis
The Group's activities, comprehensive income, assets and
liabilities are wholly attributable to one operating segment
(operating restaurants) and arises solely in one geographical
segment (United Kingdom). All the Group's revenue is recognised at
a point in time.
An analysis of the Group's total revenue is as follows:
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Sale of goods and services 24,228 44,573
24,228 44,573
----------------------------- ----------- -----------
An analysis of the Group's other income is as follows:
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Sub-let site rental income 267 245
Coronavirus Job Retention Scheme (CJRS) 5,146
and Business Grants -
5,413 245
------------------------------------------ ----------- -----------
The Group has received Government grants in relation to the
Coronavirus Job Retention Scheme ("CJRS") and Covid-19 Business
Grants, provided by the Government in response to Covid-19's impact
on the business.
In accordance with IAS 20 (Accounting for Government Grants and
Disclosure of Government Assistance) guidelines, the Group has
recognised the salary expense as normal and recognised the grant
income in profit and loss as the Group becomes entitled to the
grant. The CJRS grant and business grants of GBP5.1m have been
recognised within other income. "Retail and Hospitality Business
Grants" are not recognised until there is reasonable assurance that
the Group would qualify and meet the conditions attaching to
them.
4 Operating loss
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
This has been arrived at after
charging GBP'000 GBP'000
Staff costs 14,841 18,195
Share based payments 44 40
Operating lease rentals - 5,496
Amortisation of intangible assets 3 3
Depreciation 4,934 1,507
Amortisation of prepaid operating
leases - 50
Onerous provision utilisation - (1,024)
Onerous provision charge in the
period - 460
Dilapidations provision 335 -
Restructure and consultancy 408 31
Impairment of smallware inventory 400 -
due to Covid-19
Impairment of Goodwill 326 -
Impairment release of property, (2,255) -
plant and equipment
Impairment of right-of-use assets 10,043 -
(Profit)/ loss on disposal of property,
plant and equipment (1,184) 43
Auditor remuneration:
Audit fee - Parent Company 8 8
- Group financial statements 31 26
- Subsidiary undertaking 8 8
Other services - Taxation compliance - 6
------------------------------------------------- ----------- -----------
5 Highlighted items - charged to operating expenses
52 weeks 52 weeks
ended ended 29
27 December December
2020 2019
GBP'000 GBP'000
Profit/ (loss)on disposal of property,
plant and equipment 1,184 (43)
Onerous provision utilisation - 1,024
Onerous provision charge in the period - (460)
Restructure and consultancy (408) (31)
Impairment of Goodwill (326) -
Impairment release of property, plant 2,255 -
and equipment
Impairment of right-of-use assets (10,043) -
Share based payments (44) (40)
Impairment of smallware inventory (400) -
due to Covid-19
(7,782) 450
----------------------------------------- -------------- -----------
The above items have been highlighted to give more detail on
items that are included in the consolidated statement of
comprehensive income and which when adjusted shows a profit or loss
that reflects the ongoing trade of the business.
6 Finance income and expense
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Interest receivable (4) (8)
Interest payable 2,548 222
2,544 214
---------------------- ----------- -----------
7 Employees
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
Staff costs (including Directors)
consist of GBP'000 GBP'000
Wages and salaries 13,668 16,637
Social security costs 951 1,313
Other pension costs 222 245
Equity settled share based payment
expense 44 40
14,885 18,235
------------------------------------- ----------- -----------
The average number of persons, including Directors, employed by
the Group during the period was 810 of which 796 were restaurant
staff and 14 were administration staff, (2019 - 1,028 of which
1,006 were restaurant staff and 22 were administration staff).
No staff are employed by the Company (2019 - no staff).
Of the total staff costs GBP13.8m was classified as cost of
sales (2019 - GBP17.2m) and GBP1.0m as operating expenses (2019 -
GBP1.0m). Redundancy costs of GBP0.09m (2019 - GBP0.0m) have been
included as a cost of Restructure and Consultancy in Note 5.
8 Directors and key management personnel remuneration
Key management personnel identified as the Directors are those
persons having authority and responsibility for planning, directing
and controlling the activities of the Group, and represent the
Directors of the Group.
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Directors remuneration
Emoluments 352 70
Bonus 10 -
Share based payments 24 17
Pensions 5 1
Benefits 7 -
Social security costs 42 10
440 98
----- ------------------------- ----------- -------- -----------
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Individual directors' emoluments
J Plant 103 30
S Kaye 89 -
A Kaye (resigned 15 September 2020) 22 -
K Lassman 16 8
M Vachhani 132 32
362 70
-------------------------------------- ----------- -----------
In addition to the above, a pension contribution was provided to
M Vachhani of GBP5,000 (2019 - GBP1,000). Also benefits paid to J
Plant and M Vachhani of GBP7,000 (2019 - GBPnil)
Company
The Company paid no director emoluments during the year (2019 -
none).
9 Income tax expense
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
UK Corporation tax
Adjustment in respect to previous -
years 105
Total current tax 105 -
--------------------------------------- ----------- -----------
Deferred tax
Origination and reversal of temporary -
differences -
Total deferred tax - -
--------------------------------------- ----------- -----------
Total income tax credit - -
--------------------------------------- ----------- -----------
The tax credit for the period is lower than the standard rate of
(2019 - lower than) corporation tax in the UK. The differences are
explained below:
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Loss before tax (12,561) (266)
------------------------------------------ ----------- -----------
Tax on loss at the ordinary rate
of corporation
tax in UK of 19% (2019 - 19%) (2,387) (51)
Effects of
Expenses not deductible for tax 283 23
Income not taxable for tax purposes (448) 56
Remeasurement of deferred tax -
for changes in tax rates (98)
Deferred tax not recognised 2,462 (336)
Adjustment in respect of previous -
years 105
Depreciation/impairment on ineligible
fixed assets - 308
Other movements 188 -
Total tax charge 105 -
------------------------------------------ ----------- -----------
Factors effecting future tax charges
Deferred taxes at the balance sheet date have been measured
using the enacted tax rates at each date. These rates are 19% at 27
December 2020, and 17% at 29 December 2019. In November 2019, the
Prime Minister announced the intention to cancel the future
reduction in corporation tax from 19% to 17%. This announcement did
not constitute substantive enactment until 22 July 2020.
Post year end in March 2021 it was announced the UK corporation
tax rate would increase to 25% in April 2023. This announcement
does not constitute substantive enactment and therefore deferred
taxes at the balance sheet date continue to be measured at the
enacted tax rate of 19%.
10 Loss per share
27 December 29 December
2020 2019
Pence Pence
Basic and diluted loss per ordinary
share (8.98) (0.23)
2020 2019
Number Number '000
'000
Loss per share has been calculated
using the numbers shown below:
Weighted average ordinary shares
(basic) 141,090 113,379
2020 2019
GBP'000 GBP'000
Loss for the financial period (12,666) (266)
Due to the loss made in the year, all share options are anti
dilutive. No share options would otherwise be considered dilutive
(2019 - nil).
11 Dividend
No final dividend has been proposed by the Directors (2019 -
GBPnil).
12 Intangibles
Trademarks Goodwill Total
GBP'000 GBP'000 GBP'000
At 30 December 2018 26 326 352
Additions 3 - 3
Amortisation of trademarks (3) - (3)
At 29 December 2019 26 326 352
Additions 3 - 3
Amortisation of trademarks (3) - (3)
Impairments (326) (326)
At 27 December 2020 26 - 26
------------------------------- -------------- ------------ ---------
The recoverable amount of goodwill has been determined on a
value in use basis. This has been based on the performance of the
units since they were acquired and management's forecasts, which
assume the sites will perform at least as well as the market
generally. The forecast cash flows cover a period of the committed
lease length, assuming a nil growth rate and are discounted at a
rate of 6% (2019 - 10%). During the 52 weeks ended 27 December
2020, the Group recognised an impairment loss of GBP0.3m in
relation to previously acquired goodwill recognised on acquisition
of the restaurants noted in the table below. The impairment charge
reflects the forecast cashflow following the pandemic. Goodwill has
been allocated to CGUs as follows;
27 December 29 December
2020 2019
GBP'000 GBP'000
Shaftesbury Avenue - 196
Cambridge - 130
- 326
--------------- -------------------------- ------------------
13 Property, plant and equipment and right-of-use assets
Furniture
fixtures
Leasehold and computer Total fixed Right-of-use
improvements equipment assets assets Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 30 December
2018 39,977 10,463 50,440 - 50,440
Additions 120 247 367 - 367
Disposals (351) (101) (452) - (452)
Reclassified
as held for
sale (1,085) (502) (1,587) - (1,587)
At 29 December
2019 38,661 10,107 48,768 - 48,768
Recognition
on adoption
of IFRS 16 - - - 55,119 55,119
At 30 December
2019 38,661 10,107 48,768 55,119 103,887
Additions 2 118 120 - 120
Reassessment
of leases - - - (1,673) (1,673)
Disposals (1,487) (333) (1,820) - (1,820)
At 27 December
2020 37,176 9,892 47,068 53,446 100,514
------------------ --------------- --------------- ------------- ---------------- ---------
Depreciation
At 30 December
2018 26,550 7,336 33,886 - 33,886
Provided
for the period 892 615 1,507 - 1,507
Disposals (351) (57) (408) - (408)
Reclassified
as held for
sale (417) (370) (787) - (787)
At 29 December
2019 26,674 7,524 34,198 - 34,198
Provided
for the period 757 585 1,342 3,592 4,934
Impairment (2,133) (122) (2,255) 10,043 7,788
Disposals (1,464) (325) (1,789) - (1,789)
At 27 December
2020 23,834 7,662 31,496 13,635 45,131
------------------ --------------- --------------- ------------- ---------------- ---------
Net book
value
At 27 December
2020 13,342 2,230 15,572 39,811 55,383
------------------ --------------- --------------- ------------- ---------------- ---------
At 29 December
2019 11,987 2,583 14,570 - 14,570
------------------ --------------- --------------- ------------- ---------------- ---------
During the 52 weeks ended 27 December 2020, the Group recognised
an impairment charge of GBP7.8m (2019: GBPnil) due to impairment of
ROU assets (GBP10.0m) and release on fixed assets (GBP2.2m). The
impairment is due to IFRS 16 and the pandemic while the release of
the impairment on fixed assets is primarily due to the reassessment
of impairment by site and asset following the transition to IFRS
16. A 1% decrease in the discount rate would reduce the net
impairment charge by GBP1.3m, an increase of 1% would increase the
impairment charge by GBP1.2m and a 1% growth rate would reduce the
impairment charge by GBP0.6m.
The total carrying value of the assets that have been impaired
in the period is GBP21.8m (2019 - GBPnil). These have been impaired
to their value in use of GBP10.9m. The impairment losses were
driven principally by the significant impact Covid-19 has had and
will continue to have on the hospitality sector.
The key judgements and estimates in the inputs in calculating
the impairments are outlined in note 2(d).
Assets held for sale accounted for a carrying value of GBPnil
(2019 - GBP0.8m).
Company
The Company holds no property, plant and equipment.
14 Prepaid operating leases
27 December 29 December
2020 2019
GBP'000 GBP'000
Held within current assets - 50
Held within non-current assets - 573
- 623
--------------- -------------------------------- -------------
Prepaid operating leases represent lease premiums paid on the
acquisition of sites, amortised evenly over the lease term. On
transition to IFRS 16, GBP0.06m of prepaid operating leases has
been reclassed as Right-of-use assets.
15 Investments
GBP'000
Company
At 30 December 2018 3,130
Share based payment in respect
of subsidiary 40
At 29 December 2019 3,170
------------------------------------- -----------
Share based payment in respect
of subsidiary 44
At 27 December 2020 3,214
------------------------------------- -----------
The Company's investments are wholly related to a 100% ordinary
shareholding in Took Us a Long Time Limited (2019 - 53% holding), a
company registered in England and Wales with registered offices at
32 Charlotte Street, London. Took Us a Long Time Limited is
primarily engaged with the operation of restaurants.
At the start of the year certain of the Directors and employees
had interests in 'A', 'B' and 'C' shares in Took Us a Long Time
Limited, the subsidiary company. The benefit of holding these
shares is considered by the Board to be similar to the benefit of
holding an EMI option. In March 2020 to simplify the Group and the
tax structure, the above shares were bought back by Took Us a Long
Time Limited and cancelled at a nominal cost of GBP28.37. The
cancellation of this resulted in the holding moving from 53% to
100%.
Under IFRS any "non-Controlling Interest" must be recognised
based on the ownership percentage, unless there is a separate
agreement meaning the share of profits is allocated on another
basis. In the period to 29 December 2019, the nature of the shares
held by other parties meant that the shareholders would only
receive profits when certain thresholds are met, and would never be
liable for any of the losses. As the Group was loss making in the
period to 29 December 2019, no share of the losses was allocated
and therefore a "non-Controlling Interest" was not shown.
16 Inventories
27 December 29 December
2020 2019
GBP'000 GBP'000
Raw materials and consumables 591 871
Smallware inventories 1,231 1,779
1,822 2,650
-------------------------------- ------------- --- -------------
In the Directors' opinion there is no material difference
between the replacement cost of inventories and the amounts stated
above. Raw material and consumable inventory purchased and
recognised as an expense in the period was GBP6.1m (2019 -
GBP11.4m). In the period to 27 December 2020, GBP0.4m of smallware
inventories was written off due to Covid-19 affecting menu and
sales. Due to restricted trade the Group is offering a simplified
menu and hence some of the smallware items were redundant.
17 Trade and other receivables
27 December 29 December
2020 2019
GBP'000 GBP'000
Trade receivables 245 267
Prepayments and other receivables 1,247 3,078
Total trade and other receivables 1,492 3,345
---------------------------------------- ------------- -------------
Less non-current portion (Deposits) (129) (197)
1,363 3,148
-------------------------------------- ------------- -------------
Company
Amounts due from subsidiary 3,978 7,300
Total trade and other receivables 3,978 7,300
---------------------------------------- ------------- -------------
Classified as non-current 3,978 7,300
---------------------------------------- ------------- -------------
There has been an increase in the credit risk of this loan since
it was advanced due to the deterioration in the market and the
resulting impact on the performance of the trading company. The
Company has previously made loans to the trading subsidiary of
GBP28.4m (2019 - GBP28.5m).
The Directors of the Company consider this loan to be classed as
Stage 2 under the General Approach set out in IFRS 9. The Company
has made provisions of GBP24.4m (2019 - GBP21.2m) which represents
the lifetime expected credit losses. In assessing the lifetime
expected credit losses consideration has been given to a number of
factors including internal forecasts of EBITDA, cashflow and the
consolidated net asset value of the Group at the balance sheet
date.
18 Trade and other payables
27 December 29 December
2020 2019
GBP'000 GBP'000
Trade payables 3,865 3,651
Taxations and social security 3,154 1,804
Accruals and deferred income 2,451 1,771
Other payables 1,227 736
Total trade and other payables 10,697 7,962
---------------------------------------- ------------- --- -------------
Less non-current portion (Deposits) (80) (128)
---------------------------------------- ------------- --- -------------
10,617 7,834
-------------------------------------- ------------- --- -------------
Included within trade payables are GBP0.20m (2019 - GBP0.15m)
due to related parties (note 29).
19 Provisions
27 December 29 December
2020 2019
GBP'000 GBP'000
IFRS 16 adjustment (2,783) -
Revised brought forward balance - -
----------------------------------- ------------- --- -------------
At the beginning of the period - 3,347
Onerous provision utilisation in
the period - (1,024)
Onerous provision charge in the
period 460
Dilapidation's provision 335 -
At the end of the period 335 2,783
------------------------------------- ------------- --- -------------
In the period to 29 December 2019, onerous provision movement
was GBP0.6m (A provision charge of GBP0.4m and a release of GBP1m).
This provision has been made against sites where projected future
trading income is insufficient to cover the unavoidable costs under
the lease. The provision is based on the expected cash out flows of
these sites and the associated costs of exiting these leases and
the time expected to sell.
In the period to 27 December 2020, the Group has recognised a
provision of GBP0.3m for dilapidations for a number of sites, where
the need to carry out the work has been identified but a full
survey and commission has not been undertaken and therefore
management has applied their judgment in determining the
provision.
20 Deferred tax
27 December 29 December
2020 2019
GBP'000 GBP'000
At the beginning of the period - -
Profit and loss credit/(charge) - -
---------------------------------
- -
--------------------------------- ------------- ----- -------------
Accelerated capital allowances - -
Tax losses carried forward - -
At the end of the period - -
--------------------------------- ------------- ----- -------------
Due to the uncertainty of future profits, a deferred tax asset
of GBP2.5m (2019 - GBP0.3m) is not recognised in these financial
statements.
21 Borrowings
27 December 29 December
2020 2019
GBP'000 GBP'000
Current
Secured bank borrowings - 800
---------------------------------------- --------------------- -------------
- 800
--------------------- -------------
Non-current
Secured bank borrowings - 852
---------------------------------------- --------------------- -------------
- 852
--------------------- -------------
- 1,652
--------------------- -------------
Maturity of secured bank borrowings
Due within one year - 1,055
Due In more than one year but less
than two years - 669
Due In more than two years but - -
less than five years
-------------------------------------- -------------- ----- -------------
- 1,724
--------------------- -------------
Future interest payments - (72)
- 1,652
--------------------- -------------
The outstanding loan of GBP1.7m was paid in full in January
2020.
22 Share capital
Number Number GBP'000
Ordinary Deferred
Called up and fully paid:
Ordinary shares at 0.1 pence 59,795,496 - 60
Deferred shares at 9.9 pence
(as a result of sub-division - 59,795,496 5,920
Ordinary shares issued at 0.1
pence 81,294,262 - 81
At 27 December 2020 and as at
29 December 2019 141,089,758 59,795,496 6,061
----------------------------------- ------------- ------------- ---------
Share Capital Reorganisation, placing and open offer
On 1 May 2019 the Group sub-divided each existing ordinary share
into one ordinary share of 0.1 pence each and one deferred share of
9.9 pence each. Following this, the Group issued 81,294,262
Ordinary Shares through a placing and open offer at 4 pence, each
at nominal value of 0.1 pence.
23 Reserves
Share capital comprises of the nominal value of the issued
shares.
Share premium reserve is the amount subscribed in excess of the
nominal value of shares net of issue costs.
Cumulative gains and losses recognised in the income statement
are shown in the Retained deficit reserves, together with other
items taken direct to equity.
The merger reserve arose in 2006 on the creation of the
Group.
24 Leases
Operating leases where the Group is the lessor
The total future value of minimum operating lease receipts are
shown below. The receipts are from sub-tenants on contractual
sub-leases.
27 December 29 December
2020 2019
GBP'000 GBP'000
Within one year: receipts 253 278
--------------------------------------- ------------- -------------
Within two to five years: receipts 1,158 1,158
--------------------------------------- ------------- -------------
Over five years: receipts 2,135 2,428
3,546 3,864
------------------------------------- ------------- -------------
25 Pensions
The Group made contributions of GBP5,000 (2019 - GBP1,000) to
the personal pension plan of the Directors. During the year the
Group made contributions to employee pensions of GBP0.2m (2019 -
GBP0.2m). As at 27 December 2020, contributions of GBP99,000 due in
respect of the current reporting period had not been paid over to
the schemes (2019 - GBP12,000).
26 Share based payments
Weighted
average exercise
price Number
(pence) '000
At 30 December 2018 105.4 2,883
Lapsed 70.1 (190)
Cancelled 131.2 (293)
Granted 4.1 4,525
At 29 December 2019 39.5 6,925
Lapsed 4.4 (745)
Cancelled 105.0 (2,400)
At 27 December 2020 4.1 3,780
------------------------ ---------------------------- ---------
The exercise price of options outstanding at the end of the
period ranged between 3p and 4p (2019 - 3p and 120p) and their
weighted average remaining contractual life was 9 years (2019 - 8.4
years).
Of the total number of options outstanding at the end of period
none (2019 - 2.4m weighted average exercise price of 105p) had
vested and were exercisable at the end of the period.
The market price of the Company's ordinary shares as at 27
December 2020 was 3.3p and the range during the financial year was
from 1.3p to 4.5p (as at 29 December 2019 was 2.7p and the range
during the financial year was from 2.7p to 10.7p).
No option was exercised in 2020 (2019 GBPnil) and or granted in
2020 (2019 - 4.5m).
On 29 July 2019 options of 3.5m were granted at a grant price of
4.4p reflecting the opening share price. The options vest in three
years and expire in 10 years and no other conditions are attached.
A charge of GBP61,000 will be recognised over the three years based
on a volatility of 63.5% and risk rate of 0.5% using the Binomial
method. The volatility is weighted on a four year basis and the
risk free rate is based on risk free rate on the mid point between
the vesting date and expiry.
On 17 October 2019 options of 1m were granted at a grant price
of 3.3p reflecting the opening share price. The options vest in
three years and expire in 10 years and no other conditions are
attached. A charge of GBP12,000 will be recognised over the three
years based on a volatility of 61.6% and risk rate of 0.5% using
the Binomial method. The volatility is weighted on a four year
basis and the risk free rate is based on risk free rate on the mid
point between the vesting date and expiry.
The 3.8m shares outstanding as at 27 December 2020 comprise of
the options issued in July and October 2019. There are no other
outstanding options.
27 Financial instruments
In common with all other businesses, the Group is exposed to
risks that arise from its use of financial instruments. This note
describes the Group's objectives, policies and processes for
managing those risks and the methods used to measure them. Further
quantitative information in respect of these risks is presented
throughout these financial statements.
The Group is exposed through its operations to the following
financial risks:
-- Credit risk
-- Interest rate risk
-- Liquidity risk
The Group does not have any material exposure to currency risk
or other market price risk.
There have been no substantive changes in the Group's exposure
to financial instrument risks, its objectives, policies and
processes for managing those risks or the methods used to measure
them from previous periods unless otherwise stated in this
note.
Principal financial instruments
The principal financial instruments used by the Group, from
which financial instrument risk arises, are as follows:-
-- loans and borrowings
-- trade receivables
-- cash and cash equivalents
-- trade and other payables
The Group's financial instruments apart from cash and cash
equivalents are measured on an amortised cost basis. Due to the
short-term nature of trade receivables and trade/ other payables,
the carrying value approximates their fair value.
27 December 29 December
Financial assets 2020 2019
GBP'000 GBP'000
Cash and cash equivalents 8,028 4,570
Trade and other receivables 374 464
Total financial assets 8,402 5,034
------------------------------------- ------------- -------------
Financial liabilities (amortised
cost)
Trade and other payables 5,329 4,387
Loans and borrowings - 1,652
Finance leases 55,123 -
Total financial liabilities 60,452 6,039
------------------------------------- ------------- -------------
Company - Financial assets (amortised 27 December 29 December
cost) 2020 2019
GBP'000 GBP'000
Intercompany loan 3,978 7,300
------------------------------------------ ------------- --- -------------
General objectives, policies and processes
The Board has overall responsibility for the determination of
the Group's risk management objectives and policies.
The overall objective of the Board is to set policies that seek
to reduce risk as far as possible without unduly affecting the
Group's competitiveness and flexibility. Further details regarding
these policies are set out below:
Credit risk
The Group's assets and liabilities are wholly attributable to
one operating segment (operating restaurants) and arises solely in
one geographical segment (United Kingdom).
Credit risk is the risk of the financial loss to the Group if a
customer or a counterparty to a financial instrument fails to meet
its contractual obligations. The Group is mainly exposed to credit
risk from rebates from suppliers, sub-letting income and trade
receivables.
Trade and other receivables are disclosed in note 17 and
represent the maximum credit exposure for the Group.
The following table sets out the ageing of trade
receivables:
27 December 29 December
2020 2019
Ageing of receivables GBP'000 GBP'000
<30 days 58 106
31-60 days (7) 67
61-120 days 83 48
>120 days 111 46
------------- -------------
245 267
------------------------ ------------- -------------
The Group's principal financial assets are cash and trade
receivables. There is minimal credit risk associated with the
Group's cash balances. Cash balances are all held with recognised
financial institutions. Trade receivables arise in respect of
rebates from a major supplier and therefore they are largely offset
by trade payables. As such the net amounts receivable form an
insignificant part of the Group's business model and therefore the
credit risk associated with them is also insignificant to the Group
as a whole.
The Company's principal financial assets are intercompany
receivables. These balances arise due to the funds flow from the
listed Company to the trading subsidiary and are repayable on
demand. The credit risk arising from these assets are linked to the
underlying trading performance of the trading subsidiary. See note
17 for further details on intercompany debt.
Liquidity risk
Liquidity risk arises from the Group's management of working
capital. It is the risk that the Group will encounter difficulty in
meeting its financial obligations as they fall due. The Group's
policy is to ensure that it will always have sufficient cash to
allow it to meet its liabilities when they become due. To achieve
this aim, the Group seeks to maintain cash balances to meet its
expected cash requirements as determined by regular cash flow
forecasts prepared by management.
The following table sets out the contractual maturities
(representing undiscounted contractual cash-flows) of financial
liabilities:
Up to 3 Between Between Between Over 5
months 3 and 1 and 2 and 5 years
12 months 2 years years
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Trade & other payables 5,249 - 24 - 56
Loan and other borrowings - - - - -
Finance leases 689 2,215 2,952 8,955 40,312
As at 27 December
2020 5,938 2,215 2,976 8,955 40,368
---------------------------- --------- ------------ ---------- ---------- ---------
Up to 3 Between Between Between Over 5
months 3 and 12 1 and 2 2 and years
months years 3 years
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Trade & other payables 4,307 - 24 - 56
Loan and other borrowings 417 638 669 - -
As at 29 December
2019 4,724 638 693 - 56
---------------------------- --------- ----------- ---------- ---------- ---------
Non-current other payables are sub-let site rent deposits.
Interest rate risk
The Group seeks to minimise interest costs by regularly
reviewing cash balances.
Interest rate risk arises from the Group's use of interest
bearing loans linked to LIBOR. The Group is exposed to cash flow
interest rate risk from long term borrowings at variable rate. The
Board considers the exposure to the interest rate risk to be
acceptable.
Surplus funds are invested in interest bearing, instant access
bank accounts.
Loans and borrowings
During the year the Group had a loan facility with Barclays Bank
Plc. On 8 January 2020 the Group repaid the outstanding bank loan
of GBP1.7m.
Capital disclosures
The Group's capital is made up of ordinary share capital,
deferred share capital, share premium, merger reserve and retained
deficit totalling GBP0.6m (2019 - GBP13.2m).
The Group's objective when maintaining capital is to safeguard
the entity's ability to continue as a going concern, so that it can
continue to provide returns for shareholders and benefits for other
stakeholders.
The Group manages its capital structure and makes adjustments to
it in the light of strategic plans. In order to maintain or adjust
the capital structure, the Group may adjust the amount of dividends
paid to shareholders, return capital to shareholders or issue new
shares.
28 Related party transactions
The Directors are considered to be the key management personnel.
Details of directors' remuneration are shown in Note 8.
The Group pays fees, rent and associated insurance to a number
of companies considered related parties by virtue of the interests
held by the Directors in such companies. The Group also reimburses
expenses incurred by such companies on behalf of the Group.
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Rent, insurance and legal services
* Kropifko Properties Ltd (78) (52)
* KLP Partnership (72) (83)
* ECH Properties Ltd (52) (79)
* Proper Proper T Ltd (80) (52)
* Super Hero Properties (68) (135)
* Benja Properties Ltd (76) (154)
* Howard Kennedy LLP (10) (18)
Expenses reimbursed - -
Balance due to related parties 198 152
The rent paid to related parties are considered to be a
reasonable reflection of the market rate for the properties.
29 Reconciliation of loss before tax to net cash inflow from operating activities
52 weeks 52 weeks
ended 27 ended 29
December December
2020 2019
GBP'000 GBP'000
Group
Loss before tax (12,561) (266)
Finance income (4) (8)
Finance expense 34 222
Finance expense (IFRS 16) 2,514 -
Share based payment charge 44 40
Share issue costs (68) -
Depreciation 4,934 1,557
Amortisation of intangible assets 3 3
Impairment of goodwill 326 -
Impairment of property, plant (2,255) -
and equipment
Impairment of Right-of-use assets 10,043 -
Profit from sale of property plant
and equipment (1,184) 43
Amortisation of intangible assets 3 3
Onerous provision utilisation - (1,024)
Onerous provision charge in the
period - 460
Dilapidations provision 335 -
Other non cash (2) -
Decrease / (increase) in inventories 827 (102)
Decrease / (increase) in trade
and other receivables 1,852 477
(Decrease)/ Increase in trade
and other payables 2,734 824
7,575 2,226
--------------------------------------- ----------- -----------
30 Reconciliation of financing activity
Lease Lease Bank Loan Bank Loan Total
liabilities liabilities
Due within Due after Due within Due after
1 year 1 year 1 year 1 year
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net debt as at 29
December 2019 - - 800 852 1,652
IFRS 16 transitional
adjustment 1,647 55,761 - - 57,408
Net debt as at 30
December 2019 1,647 55,761 800 852 59,060
Cashflow (1,735) - (800) (852) (3,387)
Addition / (decrease)
to lease liability 2,992 (3,542) - - (550)
Net debt as at 27
December 2020 2,904 52,219 - - (55,123)
------------------------ -------------- -------------- ------------ ----------- ----------
31 Assets held for sale
The following major classes of assets have been classified as
held for sale on the consolidated balance sheet.
27 December 29 December
2020 2019
GBP'000 GBP'000
Leasehold improvements - 668
Furniture, fixtures and computer
equipment - 132
Total assets held for sale - 800
------------------------------------- --------------------- -------------
The assets held for sale at 29 December 2019 related to More
London dim t and sold for a gross consideration of GBP2m.
32 Post Balance Sheet Events
The Group has secured a GBP1.25m, four year term loan from its
existing bankers, Barclays Bank plc (the "Facility"), in order to
strengthen its balance sheet and provide additional working capital
support. The Facility was drawn down in January 2021. The Facility
has a capital repayment holiday of 12 months and carries interest
at a rate of 4.5% per annum over the Bank of England Base Rate,
following drawdown.
In January 2021 Daniel Jonathan Plant was awarded 15,676,640 'B'
shares at a nominal value of GBP157 and premium of GBP2,843 in
Tasty plc which can be converted to 'A' shares subject to
achievement of hurdle rates.
From 5 January 2021 we have been operating under the third
national lockdown. In line with the latest Government
announcements, we will open outdoor spaces where feasible in April
2021 and a gradual opening of dine-in from May 2021; although the
timing is subject to change depending on infection levels and the
progress of the vaccination programme.
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END
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April 07, 2021 02:00 ET (06:00 GMT)
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