Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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ONE REBEL LIMITED
COMPANY INFORMATION
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ONE REBEL LIMITED
CONTENTS
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ONE REBEL LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The principal activity of the Company and Group is the provision of boutique gym classes to the public.
The Group's business model is focused on offering a premium class fitness experience, led by expert instructors and delivered at world class design-led facilities. The Group is pursuing a roll out strategy to achieve cost efficiency at scale, in turn delivering strong financial returns for investors.
The Group's key financial performance indicators during the year were as follows:
Despite the financial challenges during the financial year and post year end, we are pleased to report that the business has continued its recovery throughout 2023, and in November 2023 it has reached record levels of attendance and revenue. We believe record levels will continue to be reached and the business will continue to execute on its roll out strategy in its target markets.
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ONE REBEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The ultimate responsibility for risk management of the Group rests with the Board, who delegate responsibility for identifying, monitoring and managing risk to the operational management team of the Group.
The Directors have identified the following to be the key risks associated with the business and the related mitigating steps to manage or reduce their impact:
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ONE REBEL LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board on 9 January 2024 and signed on its behalf.
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ONE REBEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Company and Group is the provision of boutique gym services to the public.
The loss for the year, after taxation, amounted to £5,005,145 (2021 - loss £3,594,176).
The directors who served during the year and to the date of this report were:
J I Doble (appointed 23 March 2023)
B A Palos (appointed 10 October 2023)
E E Podbury (appointed 10 October 2023)
K J Osborne (appointed 21 November 2023)
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ONE REBEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Ultimate responsibility for financial risk management rests with the Board of Directors. The Group’s policy towards risk management is to take an active approach to identify and manage financial risks and ensure that adequate risk management systems are in place within the group such that risks are adequately identified and appropriately managed. Financial asset and liability transactions are structured to enable the achievement of planned outcomes, reduce volatility and increase certainty.
The Group has exposure to the following financial risks: Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Key market risks affecting the Group include foreign currency exchange rate risk and interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. Foreign exchange risk arises on transaction and translation exposures. The two main types of transactions generating exposure are financing transactions and operating transactions. Financing exposures come from foreign currency financing activities such as asset purchases, asset sales, capital returns and intercompany loan repayments. The translation exposure arises from the consolidation of the financial statements of the Company’s foreign subsidiary whose presentation currency is different to that of the Group. The risk is that changes in the exchange rate will result in changes in the value of a subsidiary’s assets, liabilities, income and expenses. Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Significant interest rate risk does not arise from the Group’s borrowings as they are at fixed interest rates. The majority of residual interest rate risk comes from deposits. Credit risk The Group’s principal financial assets are bank balances and cash, trade and other receivables, and derivative financial instruments. The Group’s other receivables largely comprise security deposit payments, on which the credit risk is not concentrated as it is spread over several counterparties. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows, matching the maturity profiles of financial assets and operational liabilities and by maintaining adequate cash reserves. Future developments A summary of future developments has been included in the Strategic report. Going concern The directors have considered base case, down-side and reverse stress tests forecasts, which included the evaluation of significant downside scenarios such a material drop in demand. 2023 has seen a return to pre-pandemic activity levels at the longer established sites and strong growth at the newer clubs. At the balance sheet date the Group had convertible loan notes (“CLNs”) and other debt arrangements totalling £6.2m which fell due for repayment in 2023. During 2023, the holders of the CLNs agreed a partial conversion into shares in the capital of the Company and repayment of any outstanding balance due. An equity fund-raise
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ONE REBEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
was completed in 2023, totalling £11m (inclusive of the CLN conversion), allowing the repayment of the remaining CLN balances and associated interest, other debts and trading liabilities that fell due.
Having reassessed the principal risks and uncertainties, the Directors considered it appropriate to adopt the going concern basis in preparing the Group and Company financial statements. For more information with regard to going concern and the basis of preparation of the financial statements see note 2.3: Going concern.
One Rebel Limited is committed to eliminating discrimination and encouraging diversity amongst our workforce. Our aim is that each employee feels respected and is valued based upon their skills, performance and commitment.
One Rebel Limited is committed to providing equal opportunities including the recruitment, training and promotion of workers, and to eliminating discrimination in the workplace whether on grounds of age, gender, marital status or sexual orientation, race, national or ethnic origin, religious orientation or beliefs or disability. All job applicants and workers are treated equally and the Group is willing to make reasonable adjustments where appropriate for disabled applicants and workers. Each employee has an obligation to promote an equal opportunity environment within the Group and a duty to observe and apply this policy at all times. Violation of this policy is a serious offence and could result in disciplinary action and/or summary dismissal. The Group operates a Diversity and Inclusion Committee which provides employees a platform to make suggestions and provide feedback to the senior management around these issues. As the Group emerged from an uncertain period caused by Covid disruptions, maintaining strong engagement with our employees has never been more critical, especially in a tightening labour market. Team welfare was a high priority and processes were put in place to provide employees the opportunity to raise concerns and provide feedback to management about their needs. Our team’s personal wellbeing and mental health has been at the forefront of our plans and the company has provided support to employees wherever possible.
Please see note 33 for post balance sheet events within the financial statements.
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ONE REBEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ONE REBEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE REBEL LIMITED
We have audited the financial statements of One Rebel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ONE REBEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE REBEL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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ONE REBEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE REBEL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, sales tax, payroll tax and income tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • inspecting correspondence with regulators and tax authorities • inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations such as minimum wage legislation, health and safety legislation and fraud; • evaluating management’s controls designed to prevent and detect irregularities; • identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with high value transactions or rounded entries; and • challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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ONE REBEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE REBEL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
Date:
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ONE REBEL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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ONE REBEL LIMITED
REGISTERED NUMBER: 08827353
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 January 2024.
The notes on pages 22 to 53 form part of these financial statements.
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ONE REBEL LIMITED
REGISTERED NUMBER: 08827353
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
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ONE REBEL LIMITED
REGISTERED NUMBER: 08827353
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 53 form part of these financial statements.
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ONE REBEL LIMITED
REGISTERED NUMBER: 08827353
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
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ONE REBEL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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ONE REBEL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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ONE REBEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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ONE REBEL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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ONE REBEL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
One Rebel Limited (the "Company") is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is stated on the Company information page and the nature of the Group's and Company's operations and principal activity are set out in the Strategic report and Director's report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The directors have carefully evaluated the Going Concern basis for these financial statements, including the potential longer term impacts of the COVID-19 pandemic, the prevalence of working from home, and cost inflation pressures.
Despite this challenging environment, trading since the balance sheet date has shown a positive trend with monthly attendance and revenue increasing through 2023. Sites that were trading before 2020 have now exceeded pre-pandemic activity levels and the business’s newer locations continue to grow as planned. The directors have considered base case, down-side and reverse stress tests forecasts, which included the evaluation of significant downside scenarios such as a material drop in demand. The directors recognise that the term on £5.4m convertible loan notes ended on 28 May 2023. It was agreed with the holders to partially convert these loan notes into shares in the capital of the company and for the remaining balance and associated interest to be repaid. It was agreed with the noteholders to delay this event until October 2023. The convertible loan notes were subordinate to a term loan and asset finance agreements with a combined £1,003,352 outstanding at the balance sheet date. Under the terms of these agreements, repayment of the convertible loan notes triggers an option for these facilities to be immediately repaid. Equity investment totalling £11m (inclusive of the partial conversion of loan notes) was secured on during September and October 2023, allowing the full repayment of the remaining convertible loan notes, term loan and asset finance agreement, as well as outstanding trading liabilities. Based on reasonably expected scenarios and available market information the directors have confidence in the Group and Company's ability to continue as a going concern and as such continue to adopt the going concern basis in the preparing the accounts for the year ended 31 December 2022.
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting period end date, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent ofo the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an idvidiual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use the estimated future cash flows are discounted to their present value using a pre-tax discount rate the reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cashflows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the Consolidated statement of comprehensive income, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Page 27
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Page 28
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 29
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 30
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Employees are enrolled in a defined contribution scheme. Employer contributions to the scheme are charged as an expense as they are incurred.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid
are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Page 31
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Page 32
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Intangible and tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual valie assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. There are two principal drivers of the temporary differences that are available for offset against future profits of the Group and which give rise to deferred tax assets. These are capital allowances and tax losses carried forward. Management has made various assumptions in assessing the extent to which deferred tax assets will be recovered. Uncertainties including those pertaining to the current economic climate and relevant market conditions, are taken into consideration when calculating the level of probable deferred tax utilisation. Changes to profitability forecasts and the level of losses and other assets forecast to be utilised impacts the level of unrecognised deferred tax assets.
Page 33
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 34
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 35
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 36
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Legislation will be introduced to charge corporation tax and set the main rate at 25% and the small profits rate at 19% for the financial year beginning 1 April 2024.
Page 37
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £
Page 38
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14.Intangible assets (continued)
Page 39
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 40
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.Tangible fixed assets (continued)
Page 41
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 42
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Subsidiary undertakings (continued)
Page 43
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 44
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accruals and deferred income is compromised of accrued expenditure relating to lease incentives, goods and services not yet invoiced, and deferred income relating to long term performance obligations relating the company's franchise and licence agreements.
Page 45
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 46
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
22.Loans (continued)
Page 47
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 48
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
24.Provisions (continued)
Share premium account
Foreign exchange reserve
Profit and loss account
A defined contribution pension scheme is operated by the Group for One Rebel UK Limited, the parent company within the Group. The pension cost charge represents contributions payable by the Group, to the fund and amounted to £53,114 (2021: £39,386) Contributions totalling £34,588 (2021: £9,008) were payable to the fund at the reporting date and are included in creditors.
Page 49
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Amounts contracted for but not provided in the financial statements amounted to £nil (2020: £120,029).
Page 50
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 51
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
31.Share-based payments (continued)
In the view of the directors there is no sole ultimate controlling party.
Issue of Shares
In October 2023 the Group executed a significant equity fundraising in several parts, consisting of an investment of £0.7m of new funds from existing investors, the conversion of £5.3m convertible loan note liabilities to equity and an investment of £5m of new funds from Imbiba Growth 2 LLP (Imbiba).
By way of background, in May 2018 the Company issued £3.5m of Convertible Loan Notes (CLNs) and
additional tranches of £0.4m and £1.4m were issued in Jan 2020 and April 2022 respectively. The CLNs attracted interest at 8% per annum.
The conversion window, and potential repayment date, was originally scheduled for May 2020, however this was extended 28 August 2023. In May 2023 the Group was given notice by the CLN holders that they would not convert into equity, and that repayment would be required. The total amount due was approximately £6.9 million,inclusive of capital and interest.
The repayment of the CLNs was tracked as a key risk and the scenario where repayment would be required was planned for. It was understood a significant fundraising would be required to enable repayment. The aim was to evidence our recovery from the impacts of Covid before targeting a fundraising in the first half of 2023.
In keeping with this plan, in Q1 2023 the Group, with the help of advisers, sought external debt and equity funding, engaging with over 17 private equity houses. However the market conditions were poor, and the ability of the Group to raise funds was further hampered by the fact that it, due to the ramifications of Covid, was loss making in 2020, 2021 and 2022. Despite recognition of the strength of the 1REBEL brand and product, the process did not result in funding.
Subsequently, after exploring several fundraising options an offer was received from Imbiba, a leading private equity firm in the hospitality and leisure sector. Investment terms were agreed, including with the holders of the CLNs and existing investors holding the Series A shares.
To enable this transaction the waiving of pre-emption rights and authority to allot shares were approved by special resolution of the voting shareholders.
The terms of the investment resulted in the issuance of 7,681,370,435 new shares which resulted in significant dilution for existing A ordinary and B Investment shareholders.
On 26 September 2023 the articles of association of the Company were amended and four new share
Page 52
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ONE REBEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
classes were created: P1 Ordinary Shares, P2 Ordinary Shares, B1 Ordinary Shares and B2 Ordinary Shares.
All new share classes have equal voting rights as the existing Series A and A ordinary shares. The P1 and P2 shares have a limited liquidation preference over other share classes and in addition the P2 shares have various consent and other rights in respect to certain corporate actions. All four new share classes rank equally with others in respect of any dividends declared. On 10 October 2023 the following shares were issued: • 859,106,529 P1 Ordinary Shares were issued for a consideration of £0.001746 per share • 311,557,323 P1 Ordinary Shares for a consideration of £0.001797 per share • 1,049,994,791 P1 Ordinary Shares for a consideration of £0.001813 per share • 2,105,263,158 P2 Ordinary Shares for a consideration of £0.002375 per share On 11 October 2023 305,597,806 P1 Ordinary Shares were issued for a consideration of £0.002375 per share. On 12 October 2023 3,049,850,828 B1 Ordinary Shares were issued for a consideration of £0.000001 per share.
Repayment of Loans
Following the share issue described above, on 16 October 2023 the Company repaid the remaining balance of convertible loan notes totalling £1,396,359 and associated interest of £269,270. On 13 October 2023 a term loan of £248,908 and asset finance agreements totalling £708,095 covered by the subordination deed were also repaid in full.
Page 53
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