TIDMTAST
RNS Number : 3706T
Tasty PLC
20 March 2019
20 March 2019
Tasty plc
("Tasty" or the "Company")
Preliminary results for the 52 weeks ended 30 December 2018
Financial Highlights:
-- Revenue down 6% to GBP47.28m (2017: GBP50.31m). This was due
to closure of sites and like-for-like decline.
-- The Company generated adjusted EBITDA of GBP1.58m (2017: GBP3.5m)
-- The Company sold three restaurants and closed one in 2018.
Post year end, the Company sold one and assigned two. One further
site has been exchanged and waiting for completion.
-- The Company does not intend to open any new restaurants in
2019, with management focused on restructuring and improving
profitability from the existing portfolio.
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities (Nominated advisor and broker) Tel: 020 7397
8900
Mark Connelly / Cameron MacRitchie
This announcement contains the preliminary results of the
Company which are an extract of the fully audited accounts.
The information contained within the announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain
Chairman's statement
I am pleased to be reporting on the Group's annual results for
the 52 week period ended 30 December 2018 and the comparative 52
week period ended 31 December 2017. The Group currently operates 58
restaurants, comprising 6 Dim t and 52 Wildwood restaurants.
As highlighted previously, the market conditions for 2018
continued to remain extremely challenging. In addition,
unfavourable weather conditions and the World Cup impacted 2018
performance. The exceptionally cold and snowy winter supressed
sales. During the World Cup and an unusually hot summer, customers
favoured wet-led establishments and outside seating. Trading over
the Christmas period was positive, though the uncertainty of Brexit
has meant that 2019 has started slowly.
The challenging conditions continue to affect the casual dining
sector as evidenced by the well-publicised closures across the
market and on the high street.
2018 has been a transitional year for Tasty. We implemented key
operational changes in February 2018, which have improved our
ability to rollout changes in an agile way and get feedback from
our operators in a more effective and efficient manner. As
previously reported, these changes resulted in annualised cost
savings of approximately GBP300,000 per annum.
We launched the apprenticeship scheme in 2017 and this is
growing at a good pace. We currently have 3 courses with 48
apprentices on the course at year-end. The in-house apprenticeship
scheme and improved training courses are helping to reduce staff
turnover and are providing a career development programme for our
workforce.
In line with the agreed strategy, three restaurants were sold,
one closed and no new restaurants were opened in 2018. There are a
number of sites that the Group is still planning to dispose of and
at present the Board has no plans to open any new sites in
2019.
As previously announced, we have revised our funding
arrangements. The term loan of GBP7 million was revised in November
2018. The key effects of the Revised Loan Facility are to extend
the final repayment date from July 2021 to March 2022 and to
significantly reduce the quarterly repayments with effect from July
2019. We also took the opportunity to reduce our funding costs by
cancelling the unutilised GBP5 million Revolving Credit Facility
that was previously earmarked for new restaurant openings. This
will reduce financing costs by approximately GBP35,000 per
annum.
In connection with the Revised Loan Facility the Directors have
undertaken to provide, in aggregate, GBP500,000 of new capital ,
into the business by 30 June 2019. This new capital is to be in the
form of either new subordinated loan or equity capital, or a
combination of the two. The Company is evaluating the optimum
method of raising such capital and will inform shareholders
accordingly.
Brexit and the general economic climate continue to affect
trading. We expect 2019 to be a challenging year. While we have put
measures in place that should help mitigate some of the challenges
it is impossible to cover every consequence of Brexit, in whatever
form it takes, if at all. Should a form of Brexit take place, there
is risk of inflationary food pressure and supply of certain food
items and labour remain uncertain.
Despite the fall in financial performance experienced in 2018
the Group remains cash generative. Financial highlights are
included in the strategic report.
We have undertaken a full review of our food offering and
customer journey and we continue to take steps to ensure our menu
remains relevant and we are able to differentiate ourselves from
the competition in the sector. The Directors believe that the
Group's brands remain attractive to customers and the Group has the
right strategic plan in place to ensure future growth.
Finally, I would like to thank our dedicated staff who have
responded well to the challenges of 2018 and I look forward to
their continued support in 2019.
Dividend
The Board does not propose to recommend a dividend (2017:
GBPnil).
Keith Lassman
Chairman
20 March 2019
Strategic report for the 52 weeks ended 30 December 2018
Tasty operates two concepts in the casual dining market:
Wildwood and dim t.
Wildwood
Aimed at a wide market, our 'Pizza, Pasta, Grill' restaurant
remains the main focus for the Group. Our sites are primarily based
on the high street. However, we have a number of leisure, retail
and tourist locations which trade well, highlighting the broad
appeal and scalability of the offering. Located nationally,
Wildwood is currently trading from 52 restaurants.
dim t
Our pan-Asian restaurant trades from 6 sites, serving a wide
range of dishes including, dim sum, noodles, soup and curry.
Business review
We continue to make good progress on our key strategies and our
focus for 2019 is as follows:
-- rationalise the estate;
-- food and drink proposition;
-- engage with our customers;
-- invest in our staff ; and
-- streamline our structure.
Rationalise the estate
The Group has previously noted that it had a number of sites
which were underperforming. For each of these sites turnaround
strategies have been introduced and where these have not been
successful, the Group has sought to dispose of the property. Since
1(st) January 2018 a number of disposals have taken place as
described below:
Canary Wharf Wildwood
The lease for this property was assigned on 5 January 2018 for a
premium receivable by the Group of GBP1.45m. This contract was
unconditional at the 31(st) December 2017 and was therefore
recognised in the financial statements for the prior year.
Abingdon Wildwood Kitchen
A surrender of the lease was agreed on 14 January 2018.
Barnes Wildwood Kitchen
This was assigned at GBPnil value to the Group.
Gloucester Road Wildwood
On 8 March 2018 this unit was sold as a going concern for
GBP2.7m.
Highgate Centuno
This was closed in May 2018 and we are looking to dispose of the
site.
Cobham Wildwood
On 8 January 2019 this unit was sold as a going concern for a
consideration of GBP0.35m to the landlord of the site.
South Woodford Wildwood
On 31(st) January 2019 this was assigned for a total
consideration of GBP0.15m.
Tunbridge Wells
This site was previously sub-let to Cau and a new tenant from
6(th) March 2019 for a consideration of GBP0.05m.
One further site has been exchanged and waiting for
completion.
The Group continues to review the estate and will make further
disposals in 2019 if appropriate.
Food and drink proposition
We are passionate about our food and drink and are constantly
look into ways of improving our offer. We recognise that customers
are looking for choice and in line with current consumer demands,
we offer a good range of delicious vegan, vegetarian and healthier
dishes. However, we do not forget those that want be indulged. We
are increasing our cocktail range and offering more exciting
desserts and "hero" dishes.
Engage with our customers
We have strengthened our marketing structure and are now
starting to see the changes in the following areas:
-- Increased customer engagement;
-- Increased customer feedback;
-- Increased customer database; and
-- Increased group bookings.
Our focus remains on providing great customer experience and as
we have refocused our attention on the steps of service. We want to
ensure that we create a seamless customer experience. At the centre
of service is our people and we have focused on recruiting people
with the right energy and attitude to ensure they do things in the
'Wildwood/dim t way'.
Invest in our staff
We have invested in our training infrastructure and launched
additional apprenticeship programmes, which will be expanded over
the next 6 months. For every level of the team, we will be
introducing a comprehensive career pathway to support their
development, enhance job satisfaction and increase staff
retention.
Invest in our structure
During 2018 the operational team was restructured. This resulted
in a flatter, more agile structure and reduced headcount. This
restructuring has resulted in annualised savings of approximately
GBP300,000, lower costs, faster decision making and a more nimble
approach to marketing.
The roll out of the new electronic point of sale (EPOS) system
across the estate is now complete.
The EPOS upgrade provides integrated credit card terminals and
improved controls around discounting which has helped reduce risk
areas.
In 2018 we also fully rolled out a new labour scheduling
software, an online booking system and customer complaints
system.
Outlook for the coming year
Market conditions have been increasingly challenging through
2018 and the Board's expectation is that there will be no
significant improvement in 2019. We will continue to focus on sales
and cost control to ensure that the impact of the challenging
economic environment is minimised.
Highlighted Items
Pre-opening costs for the year were nil (2017: GBP413,000). In
prior years these costs represent revenue expenses, such as rent,
rates and training costs, which are necessarily incurred in the
period before a new unit is opened, but which are specific to the
opening of that unit and not part of the Group's normal ongoing
trading performance.
The Group recognises a number of charges in the accounts which
arise under accounting rules which have no transactional cash
impact. These charges include share based payments and impairments
to property, plant and equipment. The above items are included
under 'highlighted items' on 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 in the
income statement at the top level is on sales, EBITDA before
highlighted items and operating profit before highlighted items
compared to previous year. All key performance indicators that
adjust for highlighted items do not constitute Statutory or GAAP
measures.
52 weeks ended 52 weeks ended
30 December 31 December
2018 2017
------------------------------------- ---------------- ----------------
Revenue GBP47.28m GBP50.31m
Cost of sales (GBP46.37m) (GBP48.40m)
Gross profit GBP0.91m GBP1.91m
Administrative costs (GBP1.28m) (GBP0.67m)
EBITDA before highlighted items GBP1.58m GBP3.52m
Operating profit before highlighted (GBP0.37m) GBP1.24m
items
These figures are reconciled to the Statement of Comprehensive
Income below.
Revenue for the period decreased 6% on last year to
GBP47,278,000 (2017 - GBP50,310,000) which was partly due to the
closure of sites and partly due to like-for-like decline. EBITDA
before highlighted items was GBP1,581,000 (2017 - GBP3,520,000).
Margins saw significant decline in the year which is due to a
number of underperforming sites as well as underlying inflationary
pressures experienced through labour, food and business rates.
Due to the declining performance, further site impairments have
been made during the year resulting in an impairment charge
including goodwill of GBP11,075,000 (2017 - GBP9,558,000) and an
onerous lease provision charge of GBP1,687,000 (2017 -
GBP1,635,000).
The Group has disposed of a number of properties during the
period resulting in a profit on disposal, as included in
highlighted items, of GBP2,132,000 (2017 - GBP1,237,000).
Operating loss before highlighted items decreased in the period
to a loss of GBP367,000 (2017 - GBP1,235,000) and the Group
achieved a pre-tax loss (after highlighted items) of GBP11,817,000
(2017 - loss of GBP9,470,000).
Net cash inflow for the period before financing was GBP3,304,000
(2017- outflow GBP2,991,000). This is generated from operations and
proceeds from the sale of property. Net cash flows generated from
operations were GBP389,000 (2017 - GBP2,785,000).
The Group has an available banking facility with Barclays Bank
of GBP7,000,000 with the intention to pay down the balance. As at
30 December 2018, the Company had an outstanding balance of
GBP6,417,000 (2017 - GBP7,000,000). Net debt at the balance sheet
date was GBP2,105,000 (2017 - GBP5,157,000). At 30 December 2018
cash at bank was GBP4,312,000 (2017: GBP1,843,000).
The table below gives additional information to shareholders on
key performance indicators
52 weeks ended 52 weeks ended
30 December 31 December
2018 2017
GBP'000 GBP'000
EBITDA before highlighted items 1,581 3,524
Depreciation and amortisation (1,948) (2,289)
------------------------------------ ---------------- ----------------
Operating (loss)/profit before
highlighted items (367) 1,235
Highlighted items (11,198) (10,503)
------------------------------------ ---------------- ----------------
Operating loss (11,565) (9,268)
------------------------------------ ---------------- ----------------
Principal uncertainties and risks
Economic conditions and Brexit
Brexit continues to create a high level of uncertainty across
the economy.
Continued deterioration in consumer confidence due to future
economic conditions could have a detrimental impact on the Group in
terms of footfall and sales. To mitigate this risk we continue to
invest and renew our offer whilst maintaining accessibility without
compromising quality or the customer experience.
Adapting marketing initiatives should help the Group retain and
drive sales where footfall declines.
The uncertainty of Brexit has increased the inflationary
pressure on food cost. 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.
Labour cost inflation
We are faced with cost pressures that are outside of the control
of the Group, such as auto enrolment pension costs, minimum wage /
living wage increases in addition to apprenticeship levy, which
have impacted the Group and its competitors.
The Group, under the new operational structure, has improved
labour control to mitigate some of the increases.
Labour supply
There are two key forces that are impacting the labour market.
Due to restaurant closures amongst our competitors in the sector,
we have been able to secure high calibre candidates that would
previously have been harder to secure. However, working against
this is the uncertainty caused by Brexit and its consequent
pressure on the supply of labour continues.
We have continued to focus on selection, induction, training and
retention of our employees. The Group has made significant
improvements on its training programme including the apprenticeship
scheme.
The Group offers a competitive remuneration package which
includes sales and gross profit based bonuses and share
options.
Supplier failure
A major failure of key supplier or distributor could cause
significant business interruption. This is mitigated through
contingency planning throughout our supply chain and open lines of
communications with our suppliers. In 2018 some of our suppliers
suffered with the declining market and went into administration.
However, we ensured that disruption to supply was kept to a minimum
through our contingency planning.
To minimise the risk of Brexit we are working with our suppliers
and in particular the fresh produce supplier.
Strategic risks
The Group intends to dispose of underperforming sites if
necessary, but has been successful with a number of turnaround
plans implemented on selected restaurants.
Focusing on our current estate and strengthening trading
performance will remain the main priority in 2019. Thereafter in
future years, we will be looking to acquire sites. The Group has
strong property experience and good relationships with external
agents and advisers.
Consumer habits and competition
Failure to respond to changing consumer habit and tastes could
impact sales. Therefore, it is important that we keep ahead of the
changes, review customer feedback and adapt.
We are engaging more frequently with the customer through the
in-store surveys and online reviews.
In addition, we are engaging more effectively through social
media.
Our customer database has increased by 80% since the end of the
previous financial year.
Regulatory risk
The Group's activities are subject to a wide range of laws and
regulations which include health and safety, food safety and
sanitation, alcohol licensing and control, data protection,
employment, minimum wage and pension regulation.
The Group engages in regular internal and external compliance
audits to 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.
On behalf of the Board.
Daniel Jonathan Plant
Joint Chief Executive Officer
20 March 2019
Report of the directors for the 52 weeks ended 30 December
2018
The Directors present their report together with the audited
financial statements for the 52 weeks ended 30 December 2018
(comparative period 52 weeks to 31 December 2017)
Results and dividends
The consolidated statement of comprehensive income is set out on
page 14 and shows the loss for the period.
The Directors do not recommend the payment of a dividend (2017 -
GBPnil).
Post balance sheet events
Post balance sheet events are set out in note 34.
Future developments
The outlook and future developments are set out in the
Chairman's statement on page 2 and the strategic report on page
4.
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
Jonny Plant
Samuel Kaye
Timothy Cundy (resigned 13 March 2018)
Non-Executive
Keith Lassman
Adam Kaye
Directors' interest in shares
As at 30 December As at 31 December
2018 2017
Ordinary Ordinary
shares of % shares of
Director 10p each 10p each %
Jonny Plant 4,154,579 6.9% 3,843,329 6.4%
Samuel Kaye 10,750,589 18.0% 10,750,589 18.0%
Keith Lassman 333,185 0.6% 168,185 0.3%
Adam Kaye 7,236,559 12.1% 7,236,559 12.1%
Tim Cundy (Resigned 13(th)
March 2018) - - - -
As at the date of this document 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 Exercise Exercisable
Director of share Number price Price condition date Expiry date
Samuel Kaye A 500,000 GBP1.00 GBP1.50 31/03/2014 30/03/2024
Jonny Plant A 500,000 GBP1.00 GBP1.50 31/03/2014 30/03/2024
B 600,000 GBP1.20 GBP2.00 30/04/2015 29/04/2025
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.
Donations
The Group made no charitable or political donations in the
period (2017 - 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
The Board have a reasonable expectation that the Group has
adequate resources to continue in operational existence for a
period of at least twelve months since the Board approved these
financial statements. Accordingly, a going concern basis of
accounting is adopted in preparing the annual financial statements.
The Board's assessment of going concern can be found in Note 1 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.
BDO LLP 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
Joint Chief Executive Officer
20 March 2019
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 rules of the
London Stock Exchange for companies trading securities on the
Alternative Investment Market.
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 Company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and 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 Company 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 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 30 December 2018
52 weeks 52 weeks
ended 30 ended 31
December December
Note 2018 2017
GBP'000 GBP'000
Revenue 3 47,278 50,309
Cost of sales (46,370) (48,402)
----------------------------------------- ----------- --------------- -----------
Gross profit 908 1,907
Total operating expenses (12,473) (11,175)
Operating (loss)/profit before
highlighted items (367) 1,235
Highlighted items 5 (11,198) (10,503)
----------------------------------------- ----------- --------------- -----------
Operating loss 4 (11,565) (9,268)
Finance income - 1
Finance expense 6 (252) (203)
Loss before income tax (11,817) (9,470)
Income tax 9 204 1,195
----------------------------------------- ----------- --------------- -----------
Loss and total comprehensive
loss for the period and attributable
to owners of the parent (11,613) (8,275)
----------------------------------------- ----------- --------------- -----------
Loss per share attributable
to the ordinary equity owners
of the parent
Basic and diluted 10 (19.42p) (13.84p)
Consolidated statement of changes in equity
for the 52 weeks ended 30 December 2018
Share Share Merger Retained Total
capital premium reserve (loss)/
profit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2017 5,975 21,348 992 1,851 30,166
Issue of ordinary shares 5 28 - - 33
Total comprehensive income
for the period - - - (8,275) (8,275)
Share based payments - - - 134 134
Balance at 31 December 2017 5,980 21,376 992 (6,290) 22,058
Total comprehensive loss for
the period - - - (11,613) (11,613)
Share based payments - - - 111 111
Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556
------------------------------- ---------- ---------- ---------- ---------- ----------
Company statement of changes in equity
for the 52 weeks ended 30 December 2018
Share capital Share premium Retained Total
profit
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 2017 5,975 21,348 605 27,928
Issue of ordinary shares 5 28 - 33
Total comprehensive income
for the period - - (6,036) (6,036)
Share based payments - - 134 134
Balance at 31 December 2017 5,980 21,376 (5,297) 22,059
Total comprehensive loss for
the period - - (11,640) (11,640)
Share based payments - - 111 111
Balance at 30 December 2018 5,980 21,376 (16,826) 10,530
------------------------------- --------------- --------------- ---------- ----------
Consolidated balance sheet
At 30 December 2018
30 December 31 December
2018 2017
GBP'000 GBP'000
Non-current assets
Intangible assets 12 352 470
Property, plant and equipment 13 16,554 28,331
Pre-paid operating lease charges 14 507 1,428
Other non-current assets 283 278
17,696 30,507
----------------------------------- --------- ------------- -------------
Current assets
Inventories 16 2,548 2,655
Trade and other receivables 17 3,538 6,257
Pre-paid operating lease charges 14 87 143
Cash and cash equivalents 4,312 1,843
10,485 10,898
----------------------------------- --------- ------------- -------------
Assets held for sale 33 505 -
Total assets 28,686 41,405
----------------------------------- --------- ------------- -------------
Current liabilities
Trade and other payables 18 (7,100) (9,201)
Borrowings 21 (2,867) (583)
(9,967) (9,784)
----------------------------------- --------- ------------- -------------
Non-current liabilities
Provisions 19 (3,347) (1,660)
Lease incentives (1,266) (1,233)
Deferred tax liability 20 - (252)
Long-term borrowings 21 (3,550) (6,417)
(8,163) (9,562)
----------------------------------- --------- ------------- -------------
Total liabilities (18,130) (19,347)
----------------------------------- --------- ------------- -------------
Total net assets 10,556 22,058
----------------------------------- --------- ------------- -------------
Equity
Share capital 22 5,980 5,980
Share premium 23 21,376 21,376
Merger reserve 23 992 992
Retained profit 23 (17,792) (6,290)
----------------------------------- ---------
Total equity 10,556 22,058
----------------------------------- --------- ------------- -------------
The financial statements were approved by the Board of Directors
of the Company and authorised for issue on 20 March 2019 and signed
on their behalf by Daniel Jonathan Plant.
Company balance sheet
At 30 December 2018
30 December 31 December
Note 2018 2017
GBP'000 GBP'000
Non-current assets
Investments 15 3,130 3,019
Other non-current assets 17 7,400 19,040
--------------------------- --------
10,530 22,059
--------------------------- -------- ------------- -------------
Total net assets 10,530 22,059
--------------------------- -------- ------------- -------------
Equity
Share capital 22 5,980 5,980
Share premium 23 21,376 21,376
Retained deficit 23 (16,826) (5,297)
--------------------------- --------
Total equity 10,530 22,059
--------------------------- -------- ------------- -------------
The Parent Company 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 GBP11,640,000 (2017 - loss of
GBP6,036,000) for the period.
The financial statements were approved by the board of directors
of the Company and authorised for issue on 20 March 2019 and signed
on their behalf by Daniel Jonathan Plant.
Consolidated cash flow statement
for the 52 weeks ended 30 December 2018
52 weeks
Note ended 30 52 weeks ended
December 31 December
2018 2017
GBP'000 GBP'000
Operating activities
Cash generated from operations 30 389 2,785
Corporation tax received 26 -
Net cash inflow from operating
activities 415 2,785
----------------------------------------- -------- ----------- --- ----------------
Investing activities
Proceeds from sale of property,
plant and equipment 4,150 975
Purchase of property, plant and
equipment (1,261) (6,752)
Interest received - 1
Net cash in flow / (used in) investing
activities 2,889 (5,776)
----------------------------------------- -------- ----------- --- ----------------
Financing activities
Net proceeds from issues of ordinary
shares - 33
Bank loan receipt - -
Bank loan repayment 31 (583) -
Interest paid (252) (203)
Net cash (used in) / in flow from
financing activities (835) (170)
----------------------------------------- -------- ----------- --- ----------------
Net increase/(decrease) in cash
and cash equivalents 2,469 (3,161)
Cash and cash equivalents brought
forward 1,843 5,004
Cash and cash equivalents as at
the end of the period 4,312 1,843
----------------------------------------- -------- ----------- --- ----------------
Company cash flow statement
for the 52 weeks ended 30 December 2018
52 weeks 52 weeks
Note ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Operating activities
Cash generated from operations - -
Corporation tax paid - -
------------------------------------------- -------- ----------- ----- -----------
Net cash outflow from operating
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 - -
------------------------------------------- -------- ----------- ----- -----------
Significant non-cash transaction
In the previous period the Company purchased and disposed of a
freehold property in a sale and leaseback transaction. Net proceeds
of this transaction in the previous period was an inflow of
GBP620,000 and all cash movements in relation to this transaction
were processed by the trading subsidiary and recognised in the
inter-company account between the Company and the trading
subsidiary.
Notes
forming part of the financial statements for the 52 weeks ended
30 December 2018
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. The consolidated financial information has been prepared in
accordance with International Financial Reporting Standards adopted
for use in the European Union ("IFRS").
The financial information contained in this announcement has
been prepared on the basis of the accounting policies set out in
the financial statements for the 52 week period ended 30 December
2018. Whilst the financial information included in this
announcement has been computed in accordance with IFRS, as adopted
by the European Union, this announcement does not itself contain
sufficient information to comply with IFRS. The financial
information does not constitute the Group's financial statements
for the periods ended 30 December 2018 or 31 December 2017, but is
derived from those financial statements. Those financial statements
give a true and fair view of the assets, liabilities, financial
position and results of the Group. Financial statements for the
year ended 31 December 2017 have been delivered to the Registrar of
Companies and those for the period ended 30 December 2018 will be
delivered following the Company's AGM. The auditors' reports on
both the 30 December 2018 and 31 December 2017 financial statements
were unqualified; did not draw attention to any matters by way of
emphasis; and did not contain statements under section 498 (2) or
(3) of the Companies Act 2006.
(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.
Tasty plc is a public limited company. The Company's ordinary
shares are traded on AIM. Its registered address is 32 Charlotte
Street, London, WC1T 2NQ.
(b) Basis of preparation
The financial statements cover the 52 week period ended 30
December 2018, with a comparative period of the 52 week period
ended 31 December 2017. 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 30 December 2018, the Group had net assets of
GBP10,556,000 (2017: GBP22,058,000). The Group meets its day-to-day
working capital requirements through its bank facilities. The
Group's principal sources of funding are:
-- Term loan to March 2022 of which GBP6,417,000 was outstanding
at the year end. Minimum loan repayments of GBP2,867,000 are
payable over the next twelve months with plans to raise additional
funds as set out in note 21.
-- issue of ordinary share capital in the Company on the Alternative Investment Market.
-- We are also continuing to review our funding arrangements and
as a result, we have decided to reduce our funding costs by
cancelling the unutilised GBP5 million Revolving Credit Facility,
that was previously earmarked for new restaurant openings.
-- The Directors have undertaken to provide, in aggregate,
GBP500,000 of new capital into the business by 30 June 2019. This
new capital is to be in the form of either new subordinated loan or
equity capital, or a combination of the two.
The Group was covenant compliant at the 30 December 2018. Based
on current and forecasted performance, the Board expect there will
continue to be covenant headroom for the foreseeable future.
Based on the above, the Board have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable future. Thus, the going concern basis
of accounting is adopted in preparing the annual financial
statements.
(d) Changes in accounting policy
New standards impacting the Group that have been adopted in the
annual financial statements for the year ended 31 December 2018,
and which have given rise to a change in Group accounting policies
are:
-- IFRS 9 Financial Instruments; and
-- IFRS 15 Revenue from contracts with customers.
The impact that these standards have had on the financial
statements are given in note 32.
The following are new standards, interpretations and amendments,
which are not yet effective and have not been early adopted in this
financial information, that will or may have an effect on the
Group's future financial statements:
-- IFRS 16 Leases (effective for annual periods beginning on or after 1 January 2019).
The directors note that there may be a potential material impact
on the financial statements from the adoption of these standards as
follows:
-- The Group is party to a number of operating leases and as
such IFRS 16 is expected to have a material impact on the reported
assets, liabilities, income statement and cash flows of the Group.
It is expected that each operating lease will be capitalised as a
right of use asset on the Statement of Financial Position, together
with the recognition of a liability for the corresponding lease
payments. IFRS 16 will also require extensive disclosures to be
made in the financial statements.
The Directors intend to use the modified retrospective approach
in the first year the standard is applied to the financial
statements, meaning that the comparative period will not be
restated and the cumulative impact of applying the standard would
be an adjustment to equity. The assessment of the potential impact
of this standard on the financial statements is ongoing and the
conclusions of the Directors will be finalised in due course.
The Group does not expect any other standards issued by the
IASB, but not yet effective, to have a material 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 Tasty plc has a present right for payment.
(g) Pre-opening costs
Property rentals and other related overhead expenses incurred
prior to a new restaurant opening are written off to the income
statement in the period that they are incurred. Similarly, the
costs of training new staff during the pre-opening phase are
written-off as incurred.
(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 Company 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 Company'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.
The grant by the 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) 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
(k) 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
Restaurants under construction are included in Property, plant
and equipment. No depreciation is provided on restaurants under
construction until the asset is available for use.
All property, plant and equipment is reviewed for impairment in
accordance with IAS36 Impairment of Assets, when there are
indications that the carrying value may not be recoverable.
Property, plant and equipment are subject to impairment tests
whenever events or changes in circumstances indicate that their
carrying amount may not be recoverable. Where the carrying value of
an asset or a cash generating unit (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.
The Group view each restaurant as a separate CGU. Value in use is
calculated using cash flows over the remaining life of the lease
for the CGU discounted at 10% (2017: 10%), being the rate
considered to reflect the risks associated with the CGUs. Cash
flows are determined using a one year forecasting period after
which cash flows are extrapolated at a 3% growth rate.
Impairment charges are recognised in the statement of
comprehensive income.
(l) 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.
(m) Onerous contracts
Provisions for onerous contracts are 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.
(n) Loans and receivables
These assets arise principally from the provision of goods and
services to customers (eg 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.
(o) 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.
(p) Inventories
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.
(q) Leased assets
Leases are 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 are
classified as operating leases. The Group currently has no finance
leases. Assets leased under operating leases are not recorded on
the balance sheet.
The total rentals payable under the operating leases are charged
to the consolidated income statement on a straight-line basis over
the lease term. Where the Group sub-let sites to tenants, the
rental income and expense are offset within administrative
expenses.
Lease incentives received, primarily rent-free periods, are
capitalised and then systematically released to the income
statement over the period of the lease term. Payments made to
acquire operating leases are treated as pre-paid lease expenses and
are amortised over the term of the lease.
(r) 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.
(s) Business combinations & goodwill
The financial statements incorporate the results of business
combinations using the purchase method. In the balance sheet, the
identifiable assets, liabilities and contingent liabilities are
initially recognised at their fair values at the acquisition date.
The results of acquired operations are included in the statement of
comprehensive income from the date on which control is obtained.
They are deconsolidated from the date control ceases.
Goodwill represents the difference between the fair value of
consideration paid and the carrying value of the assets and
liabilities acquired in the business combination.
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.
(t) Investments
Investments in subsidiaries are included in the Company's
Statement of Financial Position at cost less provision for
impairment.
(u) Share capital
The Company's ordinary shares are classified as equity
instruments.
(v) 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 Company'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.
2 Critical accounting estimates and judgements
The Group makes certain estimates and judgements that affect the
application of policies and reported amounts. 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 27)
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 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.
(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. 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.
(e) Intercompany provision
In carrying out a review of intercompany loan in accordance with
IRFS9 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.
(f) Onerous contract provision (note 19)
The amount provided is based on 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 are used in calculating these
provisions and changes to these assumptions or future events could
cause the value of these provisions to change.
3 Revenue 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.
4 Operating profit
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
This has been arrived at after
charging GBP'000 GBP'000
Staff costs 19,056 20,483
Share based payments 111 134
Operating lease rentals 5,858 6,045
Amortisation of intangible assets 3 3
Depreciation 1,861 2,146
Amortisation of prepaid operating
leases 87 143
Pre-opening costs - 413
Onerous lease provision 1,687 1,635
Restructure and consultancy 457 -
Impairment of lease premiums 897 96
Impairment of Goodwill 115 -
Impairment of property, plant and
equipment 10,063 9,462
Profit on disposal of property,
plant and equipment (2,132) (1,237)
Auditor remuneration:
Audit fee - Parent Company 10 10
- Group financial statements 30 27
- Subsidiary undertaking 10 8
Other services - Taxation compliance 11 6
------------------------------------------ -------------------- -----------
5 Highlighted items - charged to operating expenses
52 weeks 52 weeks
ended ended 31
30 December December
2018 2017
GBP'000 GBP'000
Profit on disposal of property, plant
and equipment 2,132 1,237
Pre-opening costs - (413)
Onerous leases (1,687) (1,635)
Restructure and consultancy (457) -
Impairment of lease premiums (897) (96)
Impairment of Goodwill (115) -
Impairment of property, plant and equipment (10,063) (9,462)
Share based payments (111) (134)
(11,198) (10,503)
---------------------------------------------- -------------- -----------
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 expense
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Loan interest payable 252 203
252 203
------------------------ ----------- -----------
7 Employees
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
Staff costs (including Directors)
consist of GBP'000 GBP'000
Wages and salaries 17,493 18,936
Social security costs 1,415 1,459
Other pension costs 148 88
Equity settled share based payment
expense 111 134
19,167 20,617
------------------------------------- ----------- -----------
The average number of persons, including Directors, employed by
the Group during the period was 1,049 of which 1,030 were
restaurant staff and 19 were administration staff, (2017 - 1,184 of
which 1,169 were restaurant staff and 15 were administration
staff).
No staff are employed by the Company.
Of the total staff costs GBP18,106,000 was classified as cost of
sales (2017 - GBP19,716,000) and GBP1,061,000 as operating expenses
(2017 - GBP901,000). Redundancy costs of GBP185,000 (2017 - GBPnil)
have been included as a cost of Restructure and Redundancy in note
5.
8 Directors and key management personnel remuneration
Key management personnel are those persons having authority and
responsibility for planning, directing and controlling the
activities of the Group, and represent the Directors of the Group
listed on page 2.
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Directors remuneration
Emoluments 252 405
Share based payments 70 88
Benefits in Kind - 6
Social security costs 30 50
352 549
------------------------- ----------- -----------
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Individual directors' emoluments
J Plant 120 120
S Kaye 55 110
T Cundy (resigned 13 March 2018) 27 105
A Kaye 20 40
K Lassman 30 30
252 405
----------------------------------- ----------- -----------
In addition to the above, benefits in kind for the period were
provided to S Kaye of GBPnil (2017 - GBP3,000) and A Kaye of GBPnil
(2017 - GBP3,000).
Share based payments for the period that are attributable to the
Directors are GBP70,000 (2017 - GBP88,000).
Company
The Company paid no director emoluments during the year.
9 Income tax expense
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
UK Corporation tax
Current tax credit/(charge) on
loss for the period - 396
Adjustment in respect to previous
years (48) 85
Total current tax (48) 481
------------------------------------------ ----------- -----------
Deferred tax
Utilisation of tax losses - -
Origination and reversal of temporary
differences 252 714
Impact of change in future rate
of taxation - -
Total deferred tax 252 714
------------------------------------------ ----------- -----------
Total income tax credit 204 1,195
------------------------------------------ ----------- -----------
The tax credit for the period is lower than the standard rate of
corporation tax in the UK. The differences are explained below:
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Loss before tax (11,817) (9,470)
------------------------------------------- ----------- -----------
Tax on loss at the ordinary rate
of corporation
tax in UK of 19% (2017 - 19.25%) (2,245) (1,823)
Effects of
Expenses not deductible for tax 21 54
Onerous lease provision not deductible
for tax 168 154
Adjustment in respect of previous
years (48) 85
Depreciation/impairment on ineligible
fixed assets 1,900 335
Total tax charge (204) (1,195)
------------------------------------------- ----------- -----------
10 Loss per share
30 December 31 December
2018 2017
Pence Pence
Basic and diluted loss per ordinary
share (19.42) (13.84)
2018 2017
Number Number
'000 '000
Loss per share have been calculated
using the numbers shown below:
Weighted average ordinary shares (basic) 59,795 59,787
2018 2017
GBP'000 GBP'000
Loss for the financial period (11,613) (8,275)
Due to the loss made in the year, all share options are anti
dilutive. No share options would otherwise be considered dilutive
(2017 - 565,000).
11 Dividend
No final dividend has been proposed by the Directors (2017 -
nil).
12 Intangibles
Trademarks Goodwill Total
GBP'000 GBP'000 GBP'000
At 1 January 2017 32 441 473
Additions - - -
Amortisation of trademarks (3) - (3)
At 31 December 2017 29 441 470
Impairments - (115) (115)
Amortisation of trademarks (3) - (3)
At 30 December 2018 26 326 352
------------------------------- -------------- ------------ ---------
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 (or 5 years if shorter), assuming a growth rate of 3%
and are discounted at a rate of 10% (2017 - 10%). Management has
performed sensitivity testing on all inputs to the model and noted
no highly sensitive variables. Goodwill has been allocated to CGUs
as follows;
30 December 31 December
2018 2017
GBP'000 GBP'000
Shaftesbury Avenue 196 196
Cambridge 130 130
Stratford-upon-Avon - 65
Loughton - 25
Billericay - 25
326 441
--------------------------- ------------- --- ------------------
During the year Goodwill for the sites at Stratford-upon-Avon,
Loughton and Billericay has been fully impaired.
13 Property, plant and equipment
Furniture Assets
fixtures in the
Freehold Leasehold and computer course
property improvements equipment of construction Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2017 - 37,245 10,774 221 48,240
Additions 417 5,648 687 - 6,752
Disposals (417) (1,836) (515) - (2,768)
Transfers - 174 - (174) -
-------------------- ----------- --------------- --------------- ------------------ ---------
At 31 December
2017 - 41,231 10,946 47 52,224
Additions - 863 398 - 1,261
Disposals - (1,187) (470) (47) (1,704)
Reclassified as
held for sale - (930) (411) - (1,341)
At 30 December
2018 - 39,977 10,463 - 50,440
-------------------- ----------- --------------- --------------- ------------------ ---------
Depreciation
At 1 January 2017 - 9,593 4,447 - 14,040
Provided for the
period - 1,155 991 - 2,146
Impairments - 9,069 393 9,462
Disposals - (1,540) (215) - (1,755)
-------------------- ----------- --------------- --------------- ------------------ ---------
At 31 December
2017 - 18,277 5,616 - 23,893
Provided for the
period - 1,070 791 - 1,861
Impairments - 8,601 1,462 - 10,063
Disposals - (817) (278) (1,095)
Reclassified as
held for sale - (581) (255) - (836)
At 30 December
2018 - 26,550 7,336 - 33,886
-------------------- ----------- --------------- --------------- ------------------ ---------
Net book value
At 30 December
2018 - 13,427 3,127 - 16,554
-------------------- ----------- --------------- --------------- ------------------ ---------
At 31 December
2017 - 22,954 5,330 47 28,331
-------------------- ----------- --------------- --------------- ------------------ ---------
Due to the declining performance of the Group, and a number of
underperforming sites in the year, the Group has recognised
impairments across a number of assets. The key judgements and
estimates in the inputs in calculating the impairments are outlined
in note 1k.
A sensitivity analysis has been performed on each of the key
assumptions noted with other variables held constant. Increasing
the growth rate by 1% would reduce impairments by GBP136,000.
Decreasing the discount rate by 1% would reduce impairments by
GBP142,000.
The total carrying value of the assets that have been impaired
in the period is GBP13,984,000 (2017 - GBP17,520,000). These have
been impaired to their value in use of GBP3,024,000 (2017 -
GBP8,058,000).
Of which assets held for sale accounted for a carrying value of
GBP1,050,000 (2017-GBPnil) and impaired to value in use of
GBP505,000.
Company
The Company holds no property, plant and equipment.
14 Prepaid operating leases
30 December 31 December
2018 2017
GBP'000 GBP'000
Held within current assets 87 143
Held within non-current assets 507 1,428
594 1,571
--------------------------------- ------------- -------------
Prepaid operating leases represent lease premiums paid on the
acquisition of sites, amortised evenly over the lease term.
15 Investments
GBP'000
Company
At 1 January 2017 2,885
Share based payment in respect
of subsidiary 134
At 31 December 2017 3,019
------------------------------------- -----------
Share based payment in respect
of subsidiary 111
At 30 December 2018 3,130
------------------------------------- -----------
The Company's investments are wholly related to a 100% ordinary
shareholding in Took Us a Long Time Limited, 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.
16 Inventories
30 December 31 December
2018 2017
GBP'000 GBP'000
Raw materials and consumables 798 918
Crockery and utensils 1,750 1,737
2,548 2,655
-------------------------------- ------------- --- -------------
In the Directors' opinion there is no material difference
between the replacement cost of stocks and the amounts stated
above. Inventory purchased and recognised as an expense in the
period was GBP12,118,000 (2017 - GBP13,357,000).
17 Trade and other receivables
30 December 31 December
2018 2017
GBP'000 GBP'000
Trade receivables 240 141
Corporation tax - 74
Prepayments and other receivables 3,581 6,320
Total trade and other receivables 3,821 6,535
-------------------------------------- ------------- --- -------------
Less non-current portion (283) (278)
3,538 6,257
------------------------------------ ------------- --- -------------
Company
Amounts due from subsidiary 7,400 19,040
Total trade and other receivables 7,400 19,040
-------------------------------------- ------------- --- -------------
Classified as non-current 7,400 19,040
-------------------------------------- ------------- --- -------------
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
GBP25,611,000 (2017 - GBP25,666,000).
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 GBP18,211,000 (2017 - GBP6,626,000) 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, sale value of
company assets and the consolidated net asset value of the Group at
the balance sheet date.
18 Trade and other payables
30 December 31 December
2018 2017
GBP'000 GBP'000
Trade payables 3,690 4,666
Taxations and social security 1,649 1,981
Accruals and deferred income 1,269 2,194
Other payables 492 361
7,100 9,202
-------------------------------- ------------- --- -------------
Included within trade payables are GBP152,000 (2017 -
GBP137,000) due to related parties (note 29).
19 Provisions
30 December 31 December
2018 2017
GBP'000 GBP'000
At the beginning of the period 1,660 35
Utilisation in period (10) (10)
Charge in the period 1,697 1,635
At the end of the period 3,347 1,660
----------------------------------- ------------- --- -------------
During the period a provision for onerous leases was made of
GBP1,687,000 (2017 - GBP1,625,000). 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. The provision covers a
three year period and it is expected the majority of the provision
will be utilised over the next 24 months.
20 Deferred tax
30 December 31 December
2018 2017
GBP'000 GBP'000
At the beginning of the period (252) (966)
Profit and loss credit/(charge) 252 714
------------------------------------
- (252)
---------------------------------- ------------- --- -------------
Accelerated capital allowances - (252)
Tax losses carried forward - -
At the end of the period - (252)
------------------------------------ ------------- --- -------------
Due to the uncertainty of future profits, a deferred tax asset
of GBP862,000 is not recognised in these financial statements.
21 Borrowings
30 December 31 December
2018 2017
GBP'000 GBP'000
Current
Secured bank borrowings 2,867 583
---------------------------------------- ------------- --- -------------
2,867 583
-------------------------------------- ------------- --- -------------
Non-current
Secured bank borrowings 3,550 6,417
---------------------------------------- ------------- --- -------------
3,550 6,417
-------------------------------------- ------------- --- -------------
6,417 7,000
-------------------------------------- ------------- --- -------------
Maturity of secured bank borrowings
Due within one year 3,083 739
Due In more than one year but less
than two years 927 2,456
Due In more than two years but
less than five years 2,846 4,167
---------------------------------------- ------------- --- -------------
6,856 7,362
-------------------------------------- ------------- --- -------------
Future interest payments (439) (362)
6,417 7,000
-------------------------------------- ------------- --- -------------
In November 2018 the Group revised its GBP7,000,000 term loan
facility with its existing lender Barclays plc (the "Revised Loan
Facility") which amends the Company's existing GBP7,00,000 term
loan facility (the "2016 Term Loan Facility"). The key effects of
the Revised Loan Facility are to extend the final repayment date
from July 2021 to March 2022 and to significantly reduce the
quarterly repayments with effect from July 2019.
Under the terms of the Revised Loan Facility agreement, the
Company is to pay interest on the amount drawn down of between 2.5%
and 4% over LIBOR with the interest rate payable dependent upon the
ratio of the amount drawn down to adjusted EBITDA.
In addition to the quarterly repayments referred to above, the
Company has undertaken to reduce the amount drawn down under the
Revised Loan Facility by an aggregate of GBP1.1 million on or
before 30 June 2019. The Directors have undertaken to provide, in
aggregate, GBP500,000 of new capital into the business by 30 June
2019. This new capital is to be in the form of either new
subordinated loan or equity capital, or a combination of the two.
In addition, the Company intends to raise new equity and sell
assets. To date over GBP600,000 has been raised through the sale of
assets.
In our current forecast a repayment of GBP1.75 million is
assumed in addition to the quarterly repayments. Any sum above a
GBP2.25 million repayment will avoid an additional interest fee on
a sliding scale from 1% to 6%.
The current outstanding loan is GBP5.2 million.
The Group continues to review its funding arrangements and as a
result, the unutilised GBP5 million Revolving Credit Facility, that
was previously earmarked for new restaurant openings, has been
cancelled.
22 Share capital
Number GBP'000
Ordinary shares at 10p each called
up and fully paid:
At 1 January 2017 59,745,496 5,975
Exercise of share options 50,000 5
At 31 December 2017 59,795,496 5,980
Exercise of share options - -
At 30 December 2018 59,795,496 5,980
--------------------------------------- ------------ ---------
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 Capital commitments
At the balance sheet date the Group and the Company had no
capital commitments which were contracted but not provided for
(2017 - GBPnil). Capital commitments relate to committed
expenditure in respect of restaurants under construction.
25 Operating lease commitments
The total future value of minimum lease payments under
non-cancellable operating leases are shown below. The receipts are
from sub-tenants on contractual sub-leases, the net position
represents the cash liability of the Group.
30 December 31 December
2018 2017
GBP'000 GBP'000
Within one year: payments 5,521 5,641
Within one year: receipts (237) (230)
--------------------------------------- ------------- --- -------------
5,284 5,411
------------------------------------- ------------- --- -------------
Within two to five years: payments 20,808 22,082
Within two to five years: receipts (930) (920)
--------------------------------------- ------------- --- -------------
19,878 21,162
------------------------------------- ------------- --- -------------
Over five years: payments 60,579 68,622
Over five years: receipts (2,485) (3,187)
58,094 65,435
------------------------------------- ------------- --- -------------
83,256 92,008
------------------------------------- ------------- --- -------------
26 Pensions
The Group, last year, made contributions of GBPnil to the
personal pension plan of the Directors. The total amount paid
during the period was GBPnil. During the year the Group made
contributions to employee pensions of GBP148,000 (2017 -
GBP88,000).
27 Share based payments
Weighted average
exercise price Number
(pence) '000
At 1 January 2017 96.5 3,664
Exercised 66.5 (50)
Lapsed 87.5 (125)
At 31 December 2017 97.2 3,489
Lapsed 31.5 (440)
Cancelled 129.8 (166)
At 30 December 2018 105.4 2,883
------------------------ ------------------ --------
The exercise price of options outstanding at the end of the
period ranged between 35p and 147p (2017 - 31.5p and 147p) and
their weighted average remaining contractual life was 6.3 years
(2017 - 6.5 years).
Of the total number of options outstanding at the end of period
2,147,785 (2017 - 2,866,785) had vested and were exercisable at the
end of the period with a weighted average exercise price of
103p.
The market price of the Company's ordinary shares as at 30
December 2018 was 11p and the range during the financial year was
from 10.5p to 32.5p.
In the previous period 50,000 options were exercised. The
weighted average share price at the date of exercise was 66.5p.
There were no share options issued or exercised in the
period.
28 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 Groups financial instruments are measured on an amortised
cost basis. Due to the short-term nature of cash and cash
equivalents, trade receivables and trade and other payable, the
carrying value approximates their fair value.
30 December 31 December
Financial assets (amortised cost) 2018 2017
GBP'000 GBP'000
Cash and cash equivalents 4,312 1,843
Trade and other receivables 240 141
Total financial assets 4,552 1,984
-------------------------------------- ------------- --- -------------
Financial liabilities (amortised
cost)
Trade and other payables 4,182 5,027
Loans and borrowings 6,417 7,000
Total financial liabilities 10,599 12,027
-------------------------------------- ------------- --- -------------
Company - Financial assets (amortised 30 December 31 December
cost) 2018 2017
GBP'000 GBP'000
Intercompany loan 7,400 19,040
------------------------------------------ ------------- --- -------------
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
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.
Trade and other receivables are disclosed in note 17 and
represent the maximum credit exposure for the Company.
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. The Credit risk arising
from these assets are linked to the underlying trading performance
of the trading subsidiary. See note 17 and note 28 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.
The Group seeks to manage its financial risk to ensure that
sufficient liquidity is available to meet foreseeable needs both in
the short and long term (note 21). The Board consider detailed cash
flow forecasts together with future obligations from capital
projects in progress and the resulting impact on its cash
balances.
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 12 1 and 2 2 and years
months years 5 years
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Trade & other payables 4,127 - - - 55
Loan and other borrowings 1,800 1,282 927 2,846 -
As at 30 December
2018 5,927 1,282 927 2,846 55
---------------------------- --------- ----------- ---------- ---------- ---------
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 4,972 - - - 55
Loan and other borrowings - 736 2,456 4,167 -
As at 31 December
2017 4,972 736 2,456 4,167 55
---------------------------- --------- ----------- ---------- ---------- ---------
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 financial instruments. This is the risk that the future
cash flows of the financial instrument will fluctuate because of
changes in the interest rates.
The Group is exposed to cash flow interest rate risk from long
term borrowings at variable rate. The Group does not seek to fix
interest rates on these borrowings because the Board considers the
exposure to the interest rate risk to be acceptable.
Surplus funds are invested in interest bearing, instant access
bank accounts. The Group also holds short term deposit accounts in
relation to tenant deposits received on sublet sites.
Loans and borrowings
The Group has a loan facility with Barclays Bank Plc. Of the
GBP7 million term loan GBP6.42 million was outstanding at the
year-end. Interest is payable between 2.5% and 4% over LIBOR
dependent upon the ratio of the amount drawn down to adjusted
EBITDA.
We cancelled the unutilised GBP5 million Revolving Credit
Facility, that was previously earmarked for new restaurant
openings.
At 30 December 2018 if the Bank of England base rate had been 1%
higher / lower with all other variables held constant this would
not have resulted in any significant variance in the profit or loss
or net assets of the Group.
The bank loans are secured by a legal charge over the issued
share capital of the Group companies, a legal charge over all the
Group's trading sites and a cross guarantee between Group
companies.
Capital disclosures
The Group considers its capital to comprise the ordinary share
capital, share premium and retained earnings.
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.
29 Related party transactions
The Directors are considered to be the key management personnel.
Details of directors' remuneration is shown in note 8.
The Group pays 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. The
Group receives income from related parties for fees in relation to
consultancy services offered.
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Rent, insurance and legal services
* Kropifko Properties Ltd (167) (240)
* KLP Partnership (84) (88)
* ECH Properties Ltd (75) (68)
* Proper Proper T Ltd (105) (105)
* Super Hero Properties (69) -
* Howard Kennedy LLP (5) (5)
Expenses reimbursed - (8)
Income - -
Balance due to related parties 152 137
Balance due from related parties - -
--------------------------------------- ----------- -----------
The rent paid to related parties are considered to be a
reasonable reflection of the market rate for the properties.
30 Reconciliation of loss before tax to net cash inflow from operating activities
52 weeks 52 weeks
ended 30 ended 31
December December
2018 2017
GBP'000 GBP'000
Group
Loss before tax (11,817) (9,470)
Finance income - (1)
Finance expense 252 203
Share based payment charge 111 134
Depreciation and impairment 13,016 11,847
Profit from sale of property
plant and equipment (2,132) (1,237)
Amortisation of intangible
assets 3 3
Onerous lease provision
movement 1,687 1,625
Decrease / (increase)
in inventories 107 (190)
Decrease / (increase)
in trade and other receivables 1,231 (392)
(Decrease)/ Increase
in trade and other payables (2,069) 263
389 2,785
--------------------------------------- ----------- -----------
31 Reconciliation of financing activity
Non-current Current
loans and loans and
borrowings borrowings
(note 21) (note 21) Total
GBP'000 GBP'000 GBP'000
At 31 December 2017 6,417 583 7,000
Borrowings becoming current
in 2018 (2,284) 2,284 -
(non-cash movement)
Loan repayment (583) - (583)
As at 30 December 2018 3,550 2,867 6,417
------------------------------ ------------- ------------- ---------
32 Effects of changes in accounting policies
The Group adopted IFRS 9 and IFRS 15 with a transition date of 1
January 2018.
Due to the nature of trade IFRS 15 has not had an impact on the
recognition of revenue for the current or previous period. This
accounting policy is outlined in note 1f
IFRS 9 applies to classification and measurement of financial
assets and financial liabilities, impairment provisioning and hedge
accounting. IFRS 9 replaces IAS 39 Financial Instrument:
Recognition and Measurement and introduces a single model that has
initially only two classification categories rather than the
multiple classification and measurement models in the previous
standard. The new models are amortised at cost and fair value. For
both the Group and Company there has been no change to the
measurement of financial instruments on adoption of IFRS 9. See the
accounting policy outlined in note 1n.
The company has made provisions against intercompany debts.
Details of the impairment model applied and the significant
estimates and judgements are outlined in note 17. Movements in the
impairment allowance for intercompany receivables are as
follows:
GBP'000
At 1 January 2018 under IAS
39 6,626
Restated through retained earnings -
---------
Opening position 6,626
Increase during the year 11,585
As at 30 December 2018 18,211
----------------------------------------- ---------
33 Assets held for sale
The Group looks to dispose of sites which are underperforming or
no longer fit its restaurant portfolio. In line with this strategy,
the Group was marketing two properties at 30 December 2018 which
have been sold post year-end (see note 34).
The following major classes of assets have been classified as
held for sale on the consolidated balance sheet.
30 December 31 December
2018 2017
GBP'000 GBP'000
Leasehold improvements 350 -
Furniture, fixtures and computer
equipment 155 -
Total assets held for sale 505 -
---------------------------------- ------------- ----- -------------
On 8 March 2018 the Group sold its Gloucester Road site as a
going concern for consideration of GBP2.7m, which has been
recognised in these financial statements. The assets for this site
are not disclosed in the comparative figures as this site did not
meet the criteria to be held for sale.
34 Post Balance Sheet Events
On 8 January 2019 the Group sold its Cobham site as a going
concern for a consideration of GBP0.35m. On 31 January 2019 South
Woodford was assigned at a total consideration of GBP0.15m. On
6(th) March 2019 Tunbridge Wells was assigned at a total
consideration of GBP0.05m. One further site has been exchanged and
waiting for completion.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR CKCDBBBKBCND
(END) Dow Jones Newswires
March 20, 2019 03:01 ET (07:01 GMT)
Tasty (LSE:TAST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tasty (LSE:TAST)
Historical Stock Chart
From Apr 2023 to Apr 2024