FIELDROSE LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 3 in the financial statements, which describes the principal events and conditions that cast significant doubt on the group's ability to continue as a going concern. The financial statements indicate that the group, or specific companies within the group, have a history of recurring losses, which have resulted in an accumulated deficit and a net liability position of £2,086,367 at the balance sheet date. The group is reliant on the financial support of the directors and on the continued availability of its banking facilities, to meet its liabilities as they fall due. As stated in Note 3, these factors indicate that a material uncertainty exists which may cast significant doubt on the group's ability to continue as a going concern. In reaching that conclusion however, the directors recognise that it is reliant on inherent uncertainties relating to the group's ability to operate within their current debt facilities. These material uncertainties include: Major disruption/disaster (such as the COVID-19 pandemic): the group has contingency plans which it reviews regularly Negative financial trends (recurring operating losses, working capital deficiencies, negative cash flows, adverse key financial ratios): the group continually reviews performance and regularly reforecasts cashflows and projections. - Loss of key franchise: the group and particularly the directors have a very good well-established relationship with the franchisors.

• ◆

  4 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

MCABA Limited t/a Mitchells

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 3 in the financial statements, which describes the principal events and conditions that cast significant doubt on the group's ability to continue as a going concern. The financial statements indicate that the group, or specific companies within the group, have a history of recurring losses, which have resulted in an accumulated deficit and a net liability position of £2,086,367 at the balance sheet date. The group is reliant on the financial support of the directors and on the continued availability of its banking facilities, to meet its liabilities as they fall due. As stated in Note 3, these factors indicate that a material uncertainty exists which may cast significant doubt on the group's ability to continue as a going concern. In reaching that conclusion however, the directors recognise that it is reliant on inherent uncertainties relating to the group's ability to operate within their current debt facilities. These material uncertainties include: Major disruption/disaster (such as the COVID-19 pandemic): the group has contingency plans which it reviews regularly Negative financial trends (recurring operating losses, working capital deficiencies, negative cash flows, adverse key financial ratios): the group continually reviews performance and regularly reforecasts cashflows and projections. - Loss of key franchise: the group and particularly the directors have a very good well-established relationship with the franchisors.”

Group structure

1. FIELDROSE LIMITED · parent
   1. Mulcroft Limited 100% · England · Fast food outlets
   2. Intracave Limited 100% · England · Fast food outlets
   3. S.P.Q. Ltd. 75% · England · Fast food outlets
   4. Revero Foods Limited (formerly Icoffee Greenland Road Limited) 75% · England · non trading company
   5. Chicken Villas Limited 100% · England · Property investment
   6. Brightside Foods Limited 75% · England · Fast food outlets
   7. Northgate Fast Food Limited 75% · England · Fast food outlets
   8. Icoffee Limited 100% · England · Coffee shops
   9. Icoffee - Rhyl Limited 75% · England · Coffee shops
   10. Icoffee - Tunstall Limited 75% · England · Coffee shops
   11. Icoffee - Selby Limited 75% · England · Coffee shops

Significant events

• “Following the balance sheet date, the company, as part of a wider group restructuring, transferred all its KFC stores to another group entity, Intracave Limited. This non-adjusting event resulted in a reduction in the company's income of approximately £27.1m and associated costs of approximately £28.3m. Additionally, fixed assets with a net book value of approximately £2.6m were transferred to Intracave Limited as part of this transaction.”
• “Following the the balance sheet date, the group has commenced a significant restructuring exercise. This initiative aims to streamline the group's operations into brand-based entities, with a new parent entity, Tanaan Holdings Limited, preparing the consolidated financial statements moving forward.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +28.7%

  £109,606,037 → £141,047,211

• Cash

  +84.7%

  £18,697,774 → £34,537,697

  highest in 3 filed years

• Net assets

  -209.1%

  £1,912,463 → -£2,086,367

  lowest in 3 filed years

• Employees

  -4.5%

  2,594 → 2,478

  lowest in 3 filed years

• Operating profit

  +107%

  -£4,471,702 → £314,484

• Profit before tax

  +44.4%

  -£7,134,121 → -£3,969,199

• Wages

  +29.4%

  £28,641,215 → £37,047,637

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers