Preliminary Results

RNS Number : 7511I
Tasty PLC
30 March 2015
 

Tasty plc

("Tasty" or the "Company")

 

Preliminary results for the 52 weeks ended 28 December 2014

 

 

Highlights:

 

·     Revenue up 28% to £29,734,000  (2013 - £23,192,000)

 

·     Gross profit up 26% to £3,527,000  (2013 - £2,806,000)

 

·     Profit before tax up 46% to £2,552,000 (2013 - £1,742,000)

 

·     Seven new Wildwood and Wildwood Kitchen restaurants opened in the year

 

·     Three new restaurants have opened since the year end

 

·     A number of other sites in the pipeline at various stages of completion

 

 

 

Enquiries:

 

Tasty plc                                                                                Tel: 020 7637 1166

Jonny Plant, Chief Executive

 

Cenkos Securities                                                             Tel: 020 7397 8927

Bobbie Hilliam

Harry Pardoe

 

 

 

Chairman's statement

I am pleased to be reporting on the Group's profitable results of £2,052,000 (December 2013 - £1,442,000).  The results are for the 52 week period ended 28 December 2014 and a comparative of the 52 week period ended 29 December 2013.

 

Results


Revenue for the year was up 28% on last year to £29,734,000  (2013 - £23,192,000).  Operating profit before pre-opening costs and non-trading items was up 34% on last year at £3,090,000 (2013 - £2,301,000 ).  Pre-opening costs for the period totalled £360,000 (2013 - £259,000).

The overall statutory pre-tax profit was up by some 46% at £2,552,000 (2013 - £1,742,000).

The Board does not recommend the payment of a dividend at this stage of the Group's development.

 

Openings

Seven new Wildwood and Wildwood Kitchen restaurants were opened during the year: Oakham and Salisbury opened in March.  Camberley, Nottingham and Ludlow were all opened in August with Bristol and Wantage opening in November and December respectively.

 

Since the year end a further three sites have been opened and a number of other sites are already in the pipeline, at various stages of completion and negotiation.

 

Cash flows


Net cash outflow for the period before financing was £1,061,000 (2013 - £1,531,000).  This is largely represented by capital expenditure on the expansion of the business through the opening of the above sites. Cash flows from operating activities increased to £5,308,000 (2013 - £3,238,000). 

The Company continued to have access to its banking facility of £4,000,000 (£1,000,000 term loan and £3,000,000 revolving facility which remains unused).  During the year the Company repaid £250,000 of the term loan.  As at 28 December 2014 the balance of the Company's term loan was £750,000.

Cash and cash equivalents held at the end of the period were £2,044,000 (2013 - £3,407,000).


Review of the business


The Group delivered another strong performance in 2014, with an improvement in operating profit margin and a 46% increase in pre-tax profits. 

The Group continued its expansion during the year, adding seven new sites to the estate.  The rate of development will accelerate in the medium term.  Openings in the coming 12 months will expand the UK geographical footprint of the estate.

At the end of the period the Group operated 36 restaurants.  Currently, the Group has 39 restaurants in operation - 6 DimTs, 32 Wildwoods and Wildwood Kitchens and 1 other.

 

Pre-opening costs and accounting adjustments

Pre-opening costs have been highlighted in the income statement as 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.

 

Staff


As ever, it is our dedicated staff that have contributed significantly throughout the year to the Group's much improved performance, and I would like to take this opportunity of thanking them again for their hard work and effort.

 

Current Trading


Since the year end trading has been in line with expectations.

 

Keith Lassman

Chairman

30 March 2015

 

 

 

Strategic report

 

Business review and key performance indicators


Revenue for the 52 week period increased 28% on last year to £29,734,000 (2013 - £23,192,000).  Operating profit before pre-opening costs and non-operating items was £3,090,000 (2013 - £2,301,000).  Pre-opening costs for the period totalled £360,000 (2013 - £259,000). The overall statutory pre-tax profit was £2,552,000 (2013 - £1,742,000).

The Directors utilise a large number of detailed performance indicators which are used to manage the business but, as with most businesses, the focus in the Income Statement at the top level is on sales, margins and overheads compared to budget and the previous year. In the balance sheet the focus is on managing working capital.

The Directors recognise the importance of customer relations and staff are extensively trained in this regard.  Performance is monitored by reference to the results of regular mystery diner visits and staff bonuses are calculated with the results and comments arising from these visits and other customer feedback.

A further review of the business is included in the Chairman's Statement.

Principal uncertainties and risks

Economic conditions

There have been a number of encouraging signs regarding the UK economic outlook.  However, there still remains a high level of uncertainty.  Deterioration in consumer confidence due to future economic conditions could have a detrimental impact on the Group in terms of footfall and sales.  This risk is mitigated by the positioning of the Group's brands, which is within the affordable segment of the casual dining market.  Continued focus on customer relations and targeted and adaptable marketing initiatives help the Group retain and drive sales where footfall declines.

Input cost inflation

The Group's key variable inputs are the cost of food and labour, both of which face inflationary pressures in the medium term.  The Group monitors its food supply chain closely, regularly reviewing food costs and implementing a variety of strategies to mitigate the impact of increases.  Labour cost pressures which are outside of the control of the Group, such as the recently introduced auto enrolment pension costs and minimum wage increases, are suffered by the Group and its competitors.  However, labour costs are regularly monitored and on-going initiatives are used to reduce the impact of such pressures.

Strategic risks

The acquisition of suitable and well located quality sites in order to continue the Group's expansion is proving to be demanding.  The Group has a strong and experienced property acquisition team with good relationships with external agents and advisers.

On behalf of the Board.


Jonny Plant
Joint Chief Executive Officer

30 March 2015

 

 

Consolidated statement of comprehensive income for the 52 weeks ended 28 December 2014


 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

29,734

 

23,192

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

(26,207)

 

(20,386)

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

3,527

 

2,806

 

 

 

 

 

 

 

 

 

 

 

 

Administrative costs

 

 

 

(901)

 

(944)

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit excluding non-trading items and pre-opening costs
 

 

 

3,090

 

2,301

 

 

 

Pre-opening costs

 

 

(360)

 

(259)

 

 

 

Non-trading items

 

 

(104)

 

(180)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

 

2,626

 

1,862

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

 

9

 

14

 

 

 

Finance expense

 

 

 

(83)

 

(134)

 

 

 

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

2,552

 

1,742

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

(500)

 

(300)

 

 

 

 

 

 

 

 

 

 

 

 

Profit and total comprehensive income for the period attributable to shareholders

 

 

2,052

 

1,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

Basic

 

 

3.88p

 

2.95p

 

 

 

Diluted

 

 

 

3.83p

 

2.90p

 

 

 

 

 

Consolidated statement of changes in equity for the 52 weeks ended 28 December 2014

 

 

 

Share capital

Share premium

Merger reserve

Retained deficit

Total

 

 

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

Balance at 30 December 2012

4,790

10,359

992

(3,794)

12,347

 

 

 

 

 

 

 

 

 

 

Issue of ordinary shares

503

2,958

-

-

3,461

 

 

Total comprehensive income for the period

-

-

-

1,442

1,442

 

 

Share based payments - credit to equity

-

-

-

195

195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 29 December 2013

5,293

13,317

992

(2,157)

17,445

 

 

 

 

 

 

 

 

 

 

Issue of ordinary shares

12

19

-

-

31

 

 

Total comprehensive income for the period

-

-

-

2,052

2,052

 

 

Share based payments - credit to equity

-

-

-

104

104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 28 December 2014

5,305

13,336

992

(1)

19,632

 

 

 

Consolidated balance sheet at 28 December 2014

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Intangible assets

 

 

444

 

446

 

 

 

Property, plant and equipment

 

 

20,391

 

15,384

 

 

 

Pre-paid operating lease charges

 

 

1,731

 

1,895

 

 

 

Other non-current assets

 

 

341

 

381

 

 

 

 

 

 

22,907

 

18,106

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Inventories

 

 

1,051

 

811

 

 

 

Trade and other receivables

 

 

1,801

 

1,350

 

 

 

Pre-paid operating lease charges

 

 

152

 

152

 

 

 

Cash and cash equivalents

 

 

2,044

 

3,407

 

 

 

 

 

 

5,048

 

5,720

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

27,955

 

23,826

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

(6,536)

 

(5,009)

 

 

 

Borrowings

 

 

(500)

 

(250)

 

 

 

 

 

 

(7,036)

 

(5,259)

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Provisions

 

 

(55)

 

(65)

 

 

 

Lease incentives

 

 

(367)

 

(192)

 

 

 

Deferred tax liability

 

 

(615)

 

(115)

 

 

 

Long-term borrowings

 

 

(250)

 

(750)

 

 

 

 

 

 

(1,287)

 

(1,122)

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

(8,323)

 

(6,381)

 

 

 

 

 

 

 

 

 

 

 

 

Total net assets

 

 

19,632

 

17,445

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

5,305

 

5,293

 

 

 

Share premium

 

 

13,336

 

13,317

 

 

 

Merger reserve

 

 

992

 

992

 

 

 

Retained deficit

 

 

(1)

 

(2,157)

 

 

 

Total equity

 

 

19,632

 

17,445

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated cash flow statement for the 52 weeks ended 28 December 2014


 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

 

 

Cash generated from operations

 

 

5,308

 

3,238

 

 

 

Corporation tax paid

 

 

-

 

-

 

 

 

Net cash inflow from operating activities

 

 

5,308

 

3,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(6,378)

 

(4,783)

 

 

 

Interest received

 

 

9

 

14

 

 

 

Net cash flows used in investing activities

 

 

(6,369)

 

(4,769)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Net proceeds from issues of ordinary shares

 

 

31

 

3,461

 

 

 

Bank loan receipt

 

 

-

 

1,500

 

 

 

Bank loan repayment

 

 

(250)

 

(1,500)

 

 

 

Interest paid

 

 

(83)

 

(134)

 

 

 

Net cash flows used in financing activities

 

 

(302)

 

3,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

(1,363)

 

1,796

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents as at 29 December 2013

 

 

3,407

 

1,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents as at 28 December 2014

 

 

2,044

 

3,407

 

 

 

 

Notes forming part of the financial statements for the 52 weeks ended 28 December 2014

 

1      Basis of consolidation

The financial information in these preliminary results has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). They are presented in pounds sterling, rounded to the nearest thousand. The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Company's 2013 Report and Accounts.

The financial information set out in this announcement does not constitute the Company's statutory accounts for the 52 weeks ended 28 December 2014 or the 52 weeks ended 29 December 2013. Statutory accounts for the 52 weeks ended 28 December 2014 and the 52 weeks ended 29 December 2013 have been reported on by the Independent Auditors. The Independent Auditors' Report on the Annual Report and Financial Statement for both periods was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The Annual Report and Financial Statements for 2013 have been filed with the Registrar of Companies. The statutory accounts for the 52 weeks ended 28 December 2014 will be delivered to the Registrar in due course.

 

2      Revenue 

Revenue represents amounts received and receivable for goods and services provided (excluding value added tax) in the normal course of business.  Revenue is recognised at the point goods and services are provided.

 

3      Operating profit

 

 

 

 

 

 

2014

 

 

2013

 

 

 

This has been arrived at after charging

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Staff costs

 

 

10,691

 

8,115

 

 

 

Share based payments

 

 

104

 

195

 

 

 

Operating lease rentals

 

 

3,101

 

2,630

 

 

 

Amortisation of intangible assets

 

 

2

 

2

 

 

 

Depreciation

 

 

1,310

 

1,222

 

 

 

Amortisation of prepaid operating leases

 

 

164

 

213

 

 

 

Loss on disposal

 

 

61

 

83

 

 

 

Auditor remuneration:

 

 

 

 

 

 

 

 

Audit fee          - Parent Company

 

 

8

 

8

 

 

 

                           - Group financial statements

 

 

10

 

8

 

 

 

                           - Subsidiary undertaking

 

 

20

 

17

 

 

 

Other services - Taxation compliance

 

 

6

 

6

 

 

 

                           - Other taxation advisory

 

 

6

 

24

 

 

 

 

4      Finance expense

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Loan interest payable

 

 

83

 

134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83

 

134

 

 


 

5      Employees

 

 

 

 

 

2014

 

2013

 

 

 

Staff costs (including directors) consist of

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Wages and salaries

 

 

9,779

 

7,520

 

 

 

Social security costs

 

 

849

 

564

 

 

 

Other pension costs

 

 

63

 

31

 

 

 

Equity settled share based payment expense

 

 

104

 

195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,795

 

8,310

 

 

 


The average number of persons, including directors, employed by the Group during the period was 642, of which 634 were restaurant staff and 8 were administration staff, (2013 - 506 of which 498 were restaurant staff and 8 were administration staff). 

Of the total staff costs £10,099,000 was classified as cost of sales (2013 - £7,566,000) and £788,000 as administrative expenses (2013 - £744,000). 
 

6      Income tax expense

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

UK Corporation tax

 

 

 

 

 

 

 

 

Current tax on profits for the period

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Total current tax

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax

 

 

 

 

 

 

 

 

Utilisation of tax losses

 

 

(282)

 

(173)

 

 

 

Origination and reversal of temporary differences

 

 

(218)

 

(127)

 

 

 

Impact of change in future rate of taxation

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Total deferred tax

 

 

(500)

 

(300)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total income tax charge

 

 

(500)

 

(300)

 

 

 

The tax charge for the period is lower than the standard rate of corporation tax in the UK.  The differences are explained below:

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

2,552

 

1,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax on profit at the ordinary rate of corporation

 

 

 

 

 

 

 

 

tax in UK of 21.5% (2013 - 23.25%)

 

 

549

 

405

 

 

 

 

 

 

 

 

 

 

 

 

Effects of

 

 

 

 

 

 

 

 

Expenses not deductible for tax

 

 

8

 

8

 

 

 

Depreciation on ineligible fixed assets

 

 

63

 

63

 

 

 

Utilisation of tax losses

 

 

(120)

 

(176)

 

 

 

 

 

 

 

 

 

 

 

 

Total tax charge

 

 

500

 

300

 

 

 

7      Earnings per share

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

pence

 

Pence

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per ordinary share

 

 

3.88

 

2.95

 

 

 

Diluted earnings per ordinary share

 

 

3.83

 

2.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

Number '000

 

Number '000

 

 

 

Earnings per share have been calculated using the numbers shown below:

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares (basic)

 

 

52,954

 

48,896

 

 

 

Weighted average ordinary shares (diluted)

 

 

53,616

 

49,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the financial period

 

 

2,052

 

1,442

 

 

 

1,071,888 share options have been used when calculating the diluted EPS (2013 - 1,498,992).  2,021,785 share options have been excluded when calculating the diluted EPS as they were anti-dilutive (2013 - 95,000).

 

8      Dividend

No final dividend has been proposed by the Directors (2013 - nil).

 

9      Intangibles

 

 

 

 

 

 

Trademarks

 

Goodwill

 

Total

 

 

 

 

 

 

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

At 30 December 2012

 

 

7

441

448

 

 

 

 

 

 

 

 

 

 

 

 

Amortisation of trademarks

 

 

(2)

-

(2)

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

 

5

441

446

 

 

 

 

 

 

 

 

 

 

 

 

Amortisation of trademarks

 

 

(2)

-

(2)

 

 

 

 

 

 

 

 

 

 

 

 

At 28 December 2014

 

 

3

441

444

 

 



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 are discounted at a rate of 10%.

 

10   Property, plant and equipment

 

 

 

Leasehold improvements

Furniture fixtures and computer equipment

Assets in the course of construction

Total

 

 

 

 

 

£'000

£'000

£'000

£'000

 

 

 

Cost

 

 

 

 

 

 

 

 

At 30 December 2012

 

11,777

4,363

136

16,276

 

 

 

Additions

 

3,299

1,161

323

4,783

 

 

 

Disposals

 

(37)

(142)

(25)

(204)

 

 

 

Transfers

 

89

47

(136)

-

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

15,128

5,429

298

20,855

 

 

 

 

 

 

 

 

 

 

 

 

Additions

 

4,736

1,462

180

6,378

 

 

 

Disposals

 

(120)

(11)

-

(131)

 

 

 

Transfers

 

197

85

(282)

-

 

 

 

 

 

 

 

 

 

 

 

 

At 28 December 2014

 

19,941

6,965

196

27,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

 

At 30 December 2012

 

2,902

1,583

-

4,485

 

 

 

Provided for the period

 

618

504

-

1,122

 

 

 

Disposals

 

(37)

(84)

 

(121)

 

 

 

Impairment reversal

 

(15)

-

-

(15)

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

3,468

2,003

-

5,471

 

 

 

 

 

 

 

 

 

 

 

 

Provided for the period

 

748

562

-

1,310

 

 

 

Disposals

 

(62)

(8)

-

(70)

 

 

 

 

 

 

 

 

 

 

 

 

At 28 December 2014

 

4,154

2,557

-

6,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

At 28 December 2014

 

15,787

4,408

196

20,391

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

11,660

3,426

298

15,384

 

 

 

11   Prepaid operating leases

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Held within current assets

 

 

152

 

152

 

 

 

Held within non-current assets

 

 

1,731

 

1,895

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,883

 

2,047

 

 


Prepaid operating leases represent lease premiums paid on the acquisition of sites, amortised evenly over the lease term.

 

12   Inventories

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Raw materials and consumables

 

 

531

 

389

 

 

 

Crockery and utensils

 

 

520

 

422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,051

 

811

 

 


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 is £7,145,000 (2013 - £5,242,000).

 

13   Trade and other receivables

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

Group

 

 

 

 

 

 

 

 

Trade receivables

 

 

353

 

170

 

 

 

Prepayments and other receivables

 

 

1,789

 

1,561

 

 

 

 

 

 

 

 

 

 

 

 

Total trade and other receivables

 

 

2,142

 

1,731

 

 

 

 

 

 

 

 

 

 

 

 

Less non-current portion

 

 

(341)

 

(381)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,801

 

1,350

 

 

 

 

 

 

 

 

 

 

 

 

14   Trade and other payables

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Trade payables

 

 

3,422

 

2,178

 

 

 

Taxation and social security

 

 

957

 

724

 

 

 

Accruals

 

 

1,803

 

1,845

 

 

 

Other payables

 

 

354

 

262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,536

 

5,009

 

 

 

15   Provisions

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

 

65

 

75

 

 

 

Utilisation in period

 

 

(10)

 

(10)

 

 

 

 

 

 

 

 

 

 

 

 

 At 28 December 2014

 

 

55

 

65

 

 

 

16   Deferred tax

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

 

(115)

 

185

 

 

 

Profit and loss charge

 

 

(500)

 

(300)

 

 

 

 

 

 

(615)

 

(115)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accelerated capital allowances

 

 

(766)

 

(551)

 

 

 

Tax losses carried forward

 

 

151

 

436

 

 

 

 At 28 December 2014

 

 

(615)

 

(115)

 

 

                                                                                                                          
 

17   Borrowings

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

Current

 

 

 

 

 

 

 

 

Secured bank borrowings

 

 

500

 

250

 

 

 

 

 

 

500

 

250

 

 

 

 

 

 

 

 

 

 

 

 

Non-current

 

 

 

 

 

 

 

 

Secured bank borrowings

 

 

250

 

750

 

 

 

 

 

 

250

 

750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

750

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity of secured bank borrowings

 

 

 

 

 

 

 

 

Due within one year

 

 

500

 

250

 

 

 

Due In more than one year but less than two years

 

 

250

 

500

 

 

 

Due In more than two years but less than five years

 

 

-

 

250

 

 

 

 

 

 

750

 

1,000

 

 


Bank borrowings comprise of a term loan.  The Group has an additional committed facility of £3,000,000 of which £nil was drawn down at the balance sheet date.  There were no instances of default, including covenant terms, in either the current or prior period. 

 

18   Share capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Authorised, issued, called up and fully paid:

 

 

 

 

 

 

 

 

At 30 December 2012

 

 

47,902,949

 

4,790

 

 

 

Exercise of share options

 

 

2,514,152

 

252

 

 

 

Share placement

 

 

2,510,000

 

251

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

 

52,927,101

 

5,293

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of share options

 

 

121,335

 

12

 

 

 

Share placement

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 At 28 December 2014

 

 

53,048,436

 

5,305

 

 


 

19   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 is the difference between the nominal value of shares issued and the nominal value of shares acquired on merger. 

 

20   Capital commitments

At the balance sheet date the Group and the Company had no capital commitments which were contracted but not provided for (2013 - £nil). Capital commitments relate to committed expenditure in respect of restaurants under construction.

 

21   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.

 

 

 

 

 

 

2014

 

 

2013

 

 

 

 

 

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Within one year: payments

 

 

3,016

 

2,756

 

 

 

Within one year: receipts

 

 

(230)

 

(230)

 

 

 

 

 

 

2,786

 

2,526

 

 

 

 

 

 

 

 

 

 

 

 

Within two to five years: payments

 

 

12,663

 

10,953

 

 

 

Within two to five years: receipts

 

 

(920)

 

(920)

 

 

 

 

 

 

11,743

 

10,033

 

 

 

 

 

 

 

 

 

 

 

 

Over five years: payments

 

 

40,759

 

31,500

 

 

 

Over five years: receipts

 

 

(4,086)

 

(4,086)

 

 

 

 

 

 

36,673

 

27,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,202

 

39,973

 

 

 

22   Pensions

The Group, last year, made contributions of £nil to the personal pension plan of the Directors. The total amount paid during the period was £nil.  During the year the Group made contributions to employee pensions of £63,000 (2013 - £31,000).

 

23   Share based payments

 

 

 

 

 

Weighted average exercise price

 

Number

 

 

 

 

 

 

(pence)

 

'000

 

 

 

 

 

 

 

 

 

 

 

 

At 30 December 2012

 

 

44.2

 

4,108

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

44.6

 

(2,514)

 

 

 

 

 

 

 

 

 

 

 

 

At 29 December 2013

 

 

44.2

 

1,594

 

 

 

 

 

 

 

 

 

 

 

 

Exercised / cancelled

 

 

26.9

 

(522)

 

 

 

Granted

 

 

101.4

 

2,042

 

 

 

 

 

 

 

 

 

 

 

 

At 28 December 2014

 

 

80.6

 

3,114

 

 

 

The exercise price of options outstanding at the end of the period ranged between 18p and 112p (2013 - 18p and 87.5p) and their weighted average remaining contractual life was 8 years (2013 - 4 years).

Of the total number of options outstanding at the end of period 1,071,888 (2013 - 1,593,992) had vested and were exercisable at the end of the period.

The market price of the Company's ordinary shares as at 28 December 2014 was 112p and the range during the financial year was from 89p to 125p.

On 11 October 2013 the Company's subsidiary issued 1,800,000 'A' ordinary shares of £0.0001 each that carry rights enabling the holder of those 'A' ordinary shares to exchange such shares for ordinary shares in the Company subject to the share price of the Company remaining at or above £1.50 for fifteen consecutive days.   'A' ordinary shares convey similar rights to the holder as EMI options with an exercise price of £1.00 and have been valued as a share based payment with conditional performance options. 

On 27 February 2014 the Company established a Company Share Option Plan ("CSOP") and issued 221,785 CSOP options with an exercise price of 112p and vesting period of 3 years. 

In the current period 121,335 (2013 - 2,514,152) options were exercised. The weighted average share price at the date of exercise was 26.9p (2013 - 100p)

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR PGUCWWUPAGAM

Companies

Tasty (TAST)
UK 100

Latest directors dealings