1
La Tasca Group plc
Annual Report and Accounts 2006 1
La Tasca Group plc
Annual Report and Accounts 2006
Annual Report 
and Accounts 2006 La Tasca Group plc is the leading 
Spanish casual dining operator in the 
UK. There are 54 La Tasca restaurants 
in the UK, 3 in the USA, 6 La Viñas 
and the recently opened new concept
Sam & Maxie’s bar, grill and smokehouse.
Strategy
Feb 2005
Flotation
July 2005
La Vina, brand
development
finalised and roll
out commenced 
Nov 2005
Nominated for
Best Company 
in Manchester
Evening News and
La Tasca Wine
Club launched 
Jan 2006
‘Certificado de
Administration’
our internal
management
development
programme
launched and
maiden interim
dividend paid
Mar 2006
Company wins
‘Best Place to
Work in
Hospitality’ Award 
Apr 2006
Sam & Maxie’s
concept launched 
Locations
La Tasca
La Viña
Sam & Maxie’s
Contents
01 Highlights
02 Chairman’s statement
04 Chief Executive’s overview
08 Our brands
12 Report of the directors
16 Report of the independent auditors
17 Principal accounting policies
19 Consolidated profit and loss account
19 Consolidated statement of 
total recognised gains and losses
20 Consolidated balance sheet
21 Company balance sheet
22 Consolidated cash flow statement
23 Notes to the financial statements
32 Notice of Annual General Meeting
33 Company information
Company information
Company registration number: 4220541
Registered office: 4th Floor
Huntingdon House
Princess Street
Bolton
BL1 1EJ
Directors: J M A Horler 
M J Evans
M C McLaughlin
M J Barnes – Non–executive
I Edward – Non–executive
Secretary: M J Evans
Nominated Advisor and Broker: Altium Capital
30 St James’s Square
London
SW19 4AL
Registrars: Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Bankers: Bank of Scotland
4th Floor
New Uberior House
11 Earl Grey Street
Edinburgh
EH3 9BN
Solicitors: Dickson Minto WS
16 Charlotte Square
Edinburgh
EH2 4DF
Auditors: Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Heron House
Albert Square
Manchester
M60 8GT
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33
La Tasca Group plc
Annual Report and Accounts 2006 01
La Tasca Group plc
Annual Report and Accounts 2006
La Tasca
28% average return on capital invested
ahead of 26% target with further
potential to expand in high footfall
areas with a particular focus on London
and the South East.
* before amortisation of goodwill
†
this is a recommended dividend
Sam & Maxie’s
Encouraged by initial Sam & Maxie’s
which has the potential to become 
a nationwide brand.
La Viña
La Viña has had an excellent start 
and shows much potential. Currently
looking at opportunities for expansion,
in London in particular.
13.8%
increase in turnover
2006: £55.6m (2005: £48.8 million)
50. 1 %
increase in diluted EPS*
2006: 7.88p (2005: 5.25p)
18.5%
increase in EBITDA
2006: £10m (2005: £8.4 million)
0.74p
final dividend
†
making 1 . 1 1p for the year
14
new restaurants opened
Highlights
55.3%
increase in profits
2006: £6.1m (2005: £3.9 million)
3 new La Tascas in the
UK and 1 in the USA
1 new Sam & Maxie’ s
4 new La Viñas 02
La Tasca Group plc
Annual Report and Accounts 2006
Chairman’s statement
“With the people, systems, and
strong brand line up we have in
place, we remain fully confident
of delivering further good
growth in the year ahead.”
John Barnes – Chairman
Growing brand 03
La Tasca Group plc
Annual Report and Accounts 2006
We are pleased to report another
strong set of results for the year ending
30 April 2006, which was our first full
year as an AIM listed Company.
Results 
The Company’s financial performance
was good. Turnover grew by 13.8%
from £48.8 million in the year ending
30 April 2005 to £55.6 million in this
latest year. Earnings before interest, 
tax, depreciation and amortisation
(EBITDA) increased by 18.5% from 
£8.4 million to £10.0 million. 
Operating profit (pre amortisation 
of goodwill) rose by 16.8% from 
£6.1 million to £7.1 million. Pre-tax
profit before goodwill amortisation was
up by 55.3% to £6.1 million and fully
diluted earnings per share (EPS) before
goodwill was 7.88p, a 50.1% increase.
At the year end, net debt was £16.7
million representing gearing of 68.2%.
Strategic overview
During the year we have made good
progress in strengthening the position
of La Tasca as the leading Spanish
restaurant brand in the UK, while
broadening the base of the Company 
by developing new brands and markets.
We opened 8 new La Tasca restaurants
in the UK to reach 54 in total. We
have targeted our openings at the
economically strong South East of the
country, particularly central London
where we have been underrepresented.
The team have worked particularly 
hard to improve our management
retention rates which are key to
growing customer loyalty and
shareholder value in this industry.
Our second Spanish concept called 
La Viña Bar and Restaurant has
progressed well. Designed to appeal 
to a different customer demographic, 
it is allowing us to make further inroads
in to the Spanish market segment and
raise our sights on the number of
restaurants and bars we can open in 
the UK. 
Our development and testing of 
La Tasca in the USA market is showing
promising signs. Both the Washington
and Clarendon Virginia restaurants 
are competing in the toughest casual
dining market in the world and yet
delivered excellent sales and operating
profits. This not only confirms the
strength of our unique brand but is
providing valuable insight for our UK
operations. Baltimore which opened 
in March in a spectacular site on the
harbour front is our third outlet, 
in a plan to open 7 before we seek
partners to support further growth. 
Finally we are delighted to have
initiated a fourth new potential income
opportunity. Specifically our team have
created a new concept Sam and Maxie’s
Bar, Grill and Smokehouse. This is a
premium casual affordable dining offer
and is targeted particularly for leisure
parks and shopping centres – trading
locations which are known well by our
management team. The first outlet at
Stevenage Leisure Park is off to a good
start and two prime locations have
been acquired, one in the Trafford
Centre in Manchester and the other 
in Milton Keynes. The total number 
of restaurants in operation at the year
end was 64.
Dividend 
A final dividend is proposed of 0.74p
per share (nil in 2005) to be paid to 
all shareholders on the register at 
1 September 2006. On top of the
interim dividend paid of 0.37p per
share, the total for the year will be
1.11p per share.
Prospects 
We have had a slow start to the new
financial year as the football World Cup
has negatively impacted traditionally
strong summer trading weeks.
Moreover up to 14 new site openings 
will not offset these shortfalls as the
openings and their pre-opening 
costs occur towards the end of the
financial year.
However with the people, systems, and
strong brand line up we have in place,
we remain fully confident of delivering
further good growth in the year ahead. 
John Barnes
Chairman
4 July 2006 04
La Tasca Group plc
Annual Report and Accounts 2006
Chief Executive’s overview
Introduction
This has been another good year for the
Company. The results for the 52 weeks
ended 30 April 2006, compare
favourably with the 53 weeks of last
year and are a credit to the whole team.
I remain very proud to work with such
an enthusiastic, hardworking and
dynamic team.
During the year we managed to
increase the profitability of our core 
La Tasca business in the UK as well
investing strategically in new concepts
and types of locations. Our aim is to
capitalise on market trends and to
deliver continued, sustainable, strong
growth in shareholder value. Whilst La
Tasca UK remains the cornerstone of all
our efforts, our three other avenues of
growth: La Tasca in the USA ; a second
brand – La Viña Bar and Restaurant; and
our new concept – Sam & Maxie’s Bar
Grill and Smokehouse; have progressed
well in the year and continue to be
sources of growth. During the year we
opened 14 new restaurants to finish the
year trading 64 restaurants. 
Financial results
Turnover for the period rose from
£48.8m to £55.6m, an increase of
13.8%. EBITDA was up to £10.0m from
£8.4m an increase of 18.5% and
operating profit (pre amortisation of
goodwill) was up to £7.1m from £6.1m,
an increase of 16.8%. Profit before tax
(before goodwill amortisation) was up
55.3% to £6.1m and diluted earnings
per share (before goodwill amortisation)
increased by 50.1% to 7.88p.
We remain focused upon delivering
returns on investment that are at the
top end of the industry. Our target
when the company floated in February
2005 was to achieve an average 26%
restaurant EBIT return on total invested
capital and I am pleased to report that
we continue to be ahead of this target
with an average return on capital
invested for the full year across the
portfolio of 28%.
This good performance has been
achieved despite experiencing
considerable increase in operating
costs, of which the licensing reform,
duty increases, utility increases, rates
revaluation and minimum wage were
the most significant. In addition, we
have also had to bear the costs of five of
our new openings commencing trading
late in the last quarter which, together
with the increased pre-opening costs
associated with Sam & Maxie’s and the
development of our third restaurant in
Baltimore in the USA, have offset the
contribution from the restaurants
opened earlier in the year. It is anticipated
that the costs in the current year will be
more in line with previous years.
As at the year end, the net debt position
of the Company was £16.7m an increase
of just over £2m (2005: £14.6m)
despite £10.7m of capital expenditure
being incurred in the year, clearly
demonstrating the strong cash
generative nature of the Company.
A final dividend is recommended of
0.74p (2005: Nil) per share and, if passed
by shareholders at the AGM, will be paid
on 29 September 2006 to all shareholders
on the register as at 1 September 2006.
This will bring the total dividend for the
year to 1.11p per share.
Operations
During the year our operating team 
has taken on additional responsibilities
associated with our expanding estate.
They have responded well to these new
challenges, and I am very grateful to
them for their contribution to the
performance of the business.
We are continually focused on building
the infrastructure of the business for
the future. We have developed a strong
management team for La Tasca UK and
have invested heavily this year into the
appointment of a ‘Brand Champion’ for
each of the other three parts of our
business, La Tasca USA, La Viña and Sam
& Maxie’s. We have also increased the
number of single site managers
operating on the Managing Partner
scheme and have improved our
retention of management by 8%.
People are key to the restaurant
business and we continue to make
significant strides in improving the
training that our employees receive 
and the standards that our customers
enjoy. In recognition of this work, the
Company received ‘The Best Place to
Work in Hospitality’ Award in April this
year. This accolade is a credit to all of
our team.
La Tasca UK
La Tasca UK remains the major profit
and growth contributor within the
Group and at the year end we had 
54 La Tasca restaurants in the UK.
Maintaining and evolving our brands 
is of paramount importance and
throughout the year, La Tasca UK has
seen many areas of product and brand
development including design
enhancements in our restaurants and 
a new menu style and presentation. 
We are particularly pleased with the
performance of the mature restaurants
in the portfolio. Once again this year,
our oldest restaurant, in Deansgate,
Manchester (13 years), has enjoyed
both increased turnover and increased
profitability compared to last year and,
like the majority of older La Tasca
restaurants, is able to deliver solid
results with little ongoing capital,
thereby improving the cash on cash
returns on capital. 
We have sought to increase the
geographic representation of La Tasca
UK, particularly in the South East. This
year we have increased the number of
sites we operate in London and believe
there remains considerable potential 
in the London market. We now have 
six Central London La Tasca restaurants
and believe that there are many
opportunities to open further
restaurants in high footfall areas, 
where ‘daisy chaining’ is evident and
where we can also build our brand
awareness through strategically
increasing our exposure. 
Overall, we continue to remain focused
on maintaining our core offering of
serving good quality Spanish tapas in 
a fun and vibrant Spanish atmosphere. 05
La Tasca Group plc
Annual Report and Accounts 2006
“We have a proven business that
has much potential to grow in an
expanding marketplace. We have
the infrastructure in place and
have nurtured our people to 
take advantage of this highly
attractive environment.”
James Horler – Chief Executive
54 La Tasca restaurants in the UK 06
La Tasca Group plc
Annual Report and Accounts 2006
Chief Executive’s overview
continued
Expansion
The Company opened 14 new restaurants throughout the year and concluded the
year with 64 restaurants trading. Of this, the breakdown was; 
New restaurants
La T asca UK 8
La T asca USA 1
La Viña 4
Sam & Maxie’s 1
The Company continues to operate in different styles of properties in differing
locations. I have updated the sub sector breakdown of these with the addition 
of the newly opened restaurants. Within the UK, the breakdown is currently;
Restaurants
City/Town mixed use 32
High Streets 14
Shopping Centres 6
Leisure Parks 6
Suburbs 3
Total UK restaurants 61
The openings in the year were heavily weighted towards the end of the year, with five
out of the 14 opening within the last seven weeks of the financial year. 
“We have further developed La Viña
and are excited about the prospects
for this brand which we intend to
expand. Sam & Maxie’s has
progressed from concept to reality.”
Expanding the La Viña brand
New Bar, Grill & Smokehouse concept La Tasca USA
La Tasca USA also had a good year. The
restaurants in both Washington DC and
Clarendon, Virginia have performed
well, with Washington DC continuing to
be in the top five turnover restaurants
within the Group and enjoying the
largest like for like sales growth within
our portfolio. Both restaurants make
significant contribution to the
Company’s operating profit. The
opening of our restaurant in Baltimore
was delayed until March 2006 due to
vacant possession being achieved later
than was originally anticipated,
however the restaurant is now open
and is trading in line with our
expectations. Our USA strategy is
unchanged, and is to build up to seven
restaurants, prove that we have a
successful and proven business model
and then explore ways of creating
shareholder value with the structuring
of a financial partner with the local
management experience and resources
to further develop the USA market.
La Viña Bar and Restaurant
La Viña Bar and Restaurant has had 
a very good year. We opened four 
new La Viña restaurants, in Leeds,
Newcastle, Sheffield and Manchester.
There is plenty of scope to have a
second, more premium style and priced
Spanish brand, offering a different
menu to a different audience and
thereby strengthening our position as
the only national operator of Spanish
restaurants within the UK. La Tasca and
La Viña are complementary to each
other. During the year we have
developed La Viña in terms of menu,
service standards, design and brand
values and we remain confident that
there is significant opportunity for 
La Viña nationwide. We are currently
looking at opportunities to expand 
La Viña into London where there is
considerable scope for this brand.
Sam & Maxie’s Bar, Grill and
Smokehouse
We have created a third concept, 
Sam & Maxie’s. This new Bar, Grill and
Smokehouse concept opened in April
2006 in Stevenage Leisure Park. Whilst
it is still at an early stage in its
development, we are very confident
that with Sam & Maxie’s we have
created a concept that has the potential
to become a brand, to open in many
formats and locations nationwide 
and deliver high returns on investment
and strong shareholder value. Two
further Sam & Maxie’s will open prior 
to Christmas this year, one in the 
highly successful Trafford Centre 
in Manchester and the other in 
Milton Keynes.
Outlook
The new financial year has begun
slowly, affected primarily by the greater
than anticipated impact of the football
World Cup falling in what is a
traditionally busy few weeks for the
Company. Coupled with this, our
opening programme for the current
year is again predominantly late second
half weighted. As a result, we anticipate
there being little contribution from
these restaurants in the current year
whilst the pre-opening costs will have
been incurred in the year. In total, we
aim to open up to 14 new restaurants;
two will be in the USA and the
remainder split between our three 
UK brands, La Tasca, La Viña and 
Sam & Maxie’s. 
We are operating in the buoyant 
casual dining sector and anticipate 
that trading will return to normal levels
following the end of the World Cup. 
We have an excellent business that
generates good returns and we have
developed new income streams and
brands that augur well for the future.
We have put in place the infrastructure
for the business to grow; people,
management and systems to build a
bigger business. We are confident of
delivering further progress in the
current year.
James Horler
Chief Executive
4 July 2006
07
La Tasca Group plc
Annual Report and Accounts 2006 08
La Tasca Group plc
Annual Report and Accounts 2006
1 ,07 5 ,000
bottles of wine served
La Tasca is the UK’s leading Spanish
casual dining restaurant offer. 
By far the largest part of our business
and now trading throughout the UK
From as far north as Aberdeen to as
west as Swansea and Plymouth as south
as Brighton and Portsmouth and as east
as Norwich, La Tasca is the biggest
national group of Spanish restaurants. 
La Tasca likes to put tapas on a ‘big
stage’. In fun, friendly and vibrant
environments, La Tasca gives you a
feeling of being away on holiday, and
with over 20 million people visiting
Spain from the UK every year, there’s 
a lot of reminiscing to be done! Suitable
for small or large groups and offering
excellent value for money, La Tasca is 
a great casual dining experience.
8 new La Tasca restaurants opened in
the year and we are looking to continue
this growth with a specific emphasis on
expanding in the London area, where
we believe there to be considerable
opportunity.
La Tasca
Serving tapas on a big stage
Just like being on holiday!
87 ,000kg
of olives used 09
La Tasca Group plc
Annual Report and Accounts 2006
+9
new 
restaurants 
opened 
this year
550
tonnes of potatoes used
Wish you were here – Clarendon xx
Bienvenido from Baltimore!
6 0,00 0kg
of Chorizo served 10
La Tasca Group plc
Annual Report and Accounts 2006
We created La Viña in the summer of
2004 and opened the first one in Hale,
on the outskirts of Manchester.
La Viña is complementary to La Tasca
and strengthens our position as the
leading Spanish restaurant operator in
the country. In design terms, La Viña
feels like it originates from Seville. The
ambience is a combination of quality,
combined with a feeling of being 
able to relax.
Whilst the main menu concentrates 
on tapas, we also have a selection 
of raciones.
During the year, we opened 4 new 
La Viña locations in Leeds, Newcastle,
Sheffield and Manchester and are very
excited for the potential for this brand
on a nationwide roll out. 
La Viña
La Viña – feels like Seville
Tapas and raciones – great!! 11
La Tasca Group plc
Annual Report and Accounts 2006
In the second half of the year, we
created the Sam & Maxie’s Bar, Grill and
Smokehouse concept and successfully
opened the first one in Stevenage in
April 2006. 
This concept is aimed at targeting the
family market with a new ‘premium but
affordable’ casual dining restaurant and
bar. Sam & Maxie’s specialises in freshly
smoked products, like chicken, ribs, and
salmon, although the menu has many
other great alternatives as well!
We are already building the second 
Sam & Maxie’s in the highly successful
Trafford Centre which is scheduled to
open this September and then in Milton
Keynes in the Autumn.
Sam & Maxie’s
Freshly smoked food a speciality
Milton Keynes opening soon 12
La Tasca Group plc
Annual Report and Accounts 2006
Report of the directors
The directors present their report together with the financial statements for the year ended 30 April 2006.
Principal activity
The principal activity of the Group is the operation of licensed restaurants.
Results and review of business
During the year the Group operated sixty four licensed restaurants with further openings planned in the coming year.
Operating profit amounted to £6,032,000 (2005: £5,015,000). The profit after tax was £3,012,000 (2005: £1,201,000).
Dividends of £182,000 (2005: £506,000) were paid in the year. Further information relating to the business is given in the
Chief Executive’s overview on pages 4 to 7. 
Resolution 2 of the notice of Annual General Meeting (set out on page 32 of this document) is an ordinary resolution to declare a
final dividend of 0.74p per ordinary share, which would give an aggregate dividend per ordinary share for the financial year ended
30 April 2006 of 1.11p (aggregate dividend per ordinary share for the financial year ended 30 April 2005 – Nil). The proposed final
dividend of 0.74p per ordinary share, which is recommended by the directors, will, subject to shareholder approval, be paid on 
29 September 2006 to shareholders on the company’s share register as at the close of business on 1 September 2006.
Directors
The interests of the directors and their families in the shares of the Company, all being beneficially owned at 1 May 2005 and
at 30 April 2006, were as follows. The directors were in office throughout the year.
Ordinary shares
of 5p each
30 April 1 May
2006 2005
J M A Horler 900,000 900,000
M J Evans 405,000 405,000
M C Mclaughlin 330,000 330,000
M J Barnes 300,000 300,000
I Edwards 68,182 68,182
In addition John Barnes is a limited partner in Penta Network Fund 1 Limited Partnership which is itself a limited partner in
Penta Fund 1 Limited Partnership. John Barnes therefore has an interest in 11,149,340 ordinary shares held by Penta Fund 1
Limited Partnership. 
John Barnes (who was originally appointed as a director of the company on 10 September 2001 and was re-elected at last
year’s AGM) and James Horler (who was originally appointed as a director of the company on 10 October 2001 and was also
re-elected at last year’s AGM) will each be offering himself for re-election at the forthcoming Annual General Meeting in
accordance with the requirements of the company’s articles of association. The re-election of each of these directors is
strongly commended by their colleagues on the board and shareholders are urged to vote in favour of their re-election 
(see resolutions 3 and 4 of the notice of Annual General Meeting set out on page 32 of this document).
The company has agreed to indemnify its directors against third party claims which may be brought against them and has
put in place a Directors and Officers insurance policy. 13
La Tasca Group plc
Annual Report and Accounts 2006
Directors share options
At 30 April 2006 the following options granted under La Tasca Group Unapproved Share Option Scheme 2005 (“Unapproved
2005”), La Tasca Group Approved Company Share Option Scheme 2006 (“Approved 2006”) and La Tasca Group Unapproved
Share Option Scheme 2006 (“Unapproved 2006”) to subscribe for 5p ordinary shares in the Company were outstanding:
Number of Options Number of 
options at granted options at Exercise Period
1 May 2005 in year 30 April 2006 price of option
J M A Horler Unapproved 2005 981,541 – 981,541 88p 2006–2015
Approved 2006 27,272 – 27,272 110p 2008–2015
Unapproved 2006 1,420,502 – 1,420,502 110p 2008–2015
M J Evans Unapproved 2005 883,387 – 883,387 88p 2006–2015
Approved 2006 27,272 – 27,272 110p 2008–2015
Unapproved 2006 929,731 – 929,731 110p 2008–2015
M C McLaughlin Unapproved 2005 638,002 – 638,002 88p 2006–2015
Approved 2006 27,272 – 27,272 110p 2008–2015
Unapproved 2006 856,115 – 856,115 110p 2008–2015
I Edward Unapproved 2006 90,909 – 90,909 110p 2008–2015
No options were exercised or lapsed during the year. 
The market price of the Company’s shares at the end of the financial year was 139p and the range of the market price during
the year was between 115p and 143.5p.
Substantial interests
At 20 June 2006 the Company had been notified of the following interests of 3% or more in the issued ordinary share capital
of the Company.
Ordinary Percentage
shares of of issued
5p each share capital
Penta Fund 1 Limited Partnership 11,149,340 22.72%
Morley Fund Management 4,581,651 9.34%
F&C Asset Management 3,402,144 6.93%
Rensburg Sheppards Investment Management 3,155,074 6.43%
Standard Life 2,859,416 5.83%
Artemis Fund Managers 2,454,500 5.00%
Amvescap 1,953,350 3.98%
Universities Superannuation Scheme 1,878,000 3.83%
Baillie Gifford & Co 1,604,500 3.27%
Corporate Governance
This report sets out how the company complies with the Principles of Good Corporate Governance.
The Board
The Board currently comprises two non–executives and three executive directors as detailed on page 33. Under the
Combined Code however, as I Edwards has share options and owns shares and M J Barnes owns shares in the Company they
may be deemed not to be independent. However, notwithstanding this the Board considers the advice and leadership given
by M J Barnes and I Edwards to be independent. M J Barnes is the senior non–executive director. The Board meets formally at
least 10 times a year with additional meetings as and when required and these meetings are attended by all the directors.
The Board receives briefing papers prior to meetings as is required to properly fulfil its duties. The Board also receives 
details of financial and operational matters on a monthly basis. The Board is responsible for policy and strategy of the 
Group. Operational matters are delegated to the executive directors.
The Board considers that the calibre and number of the non–executive directors is sufficient to provide an independent
influence to the Board. 14
La Tasca Group plc
Annual Report and Accounts 2006
Report of the directors
continued
Board committees
Audit and Remuneration committees
The audit and remuneration committees of the Board are an important part of the implementation of the principles of good
corporate governance as set out in the Combined Code.
The audit committee is chaired by I Edward and also comprises M J Barnes. It is formally constituted with written terms of
reference and comprises two non–executive directors. The executive directors are not members of the committee but the
executive directors may be invited to attend its meetings. The committee meets at least three times per year. The external
auditors attend these meetings as invited but have direct access to the non–executive directors for independent discussions
without the presence of executive directors. The audit committee is responsible for reviewing matters relating to financial
reporting, accounting policies, compliance with accounting standards, ensuring the objectivity and independence of the
external auditors, keeping under review the company’s internal controls and risk management systems, the appointment 
of external auditors and approval of their fees and other functions as the Board may request.
The remuneration committee is formally constituted with written terms of reference and comprises two non–executive
directors and is chaired by M J Barnes. The committee determines the remuneration policies of the Group which include 
the terms and conditions, including annual remuneration and incentive awards, of the executive directors. 
Communication with shareholders
The Company communicates with its shareholders through the Annual Report and Interim Report and maintains an ongoing
dialogue with institutional investors. The Board welcomes all shareholders at the Annual General Meeting where they are
able to put questions to the Board.
Internal control
The Directors acknowledge they are responsible for the Group’s systems of internal control and for reviewing the effectiveness
of these systems. The risk management process and systems of internal control are designed to manage rather than
eliminate the risk of the Group failing to achieve its strategic objectives. It should be recognised that such systems can only
provide reasonable and not absolute assurance against material misstatement or loss.
The Group has well established procedures which have been developed over many years which meet the requirements of
the Turnbull Guidance. 
Internal audit
The Board has considered the need for an internal audit function, but has decided that the size of the Group renders this
inappropriate at this time. The Board will continue to review this decision going forward.
Going concern
After making enquiries, the Directors have a reasonable expectation that the Group will continue in operational existence for
the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Statement of directors’ responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the directors to prepare financial statements for each financial year which 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 and then apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, 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 and
Group will continue in business. 15
La Tasca Group plc
Annual Report and Accounts 2006
The directors are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time
the financial position of the Group and enable them to ensure that the financial statements comply with the Companies Act
1985. They are also responsible for safeguarding the assets of the Group and for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
In so far as the directors are aware:
• there is no relevant audit information of which the company’s auditors are unaware; and
• the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of that information.
The directors’ are responsible for the maintenance and integrity of the corporate and financial information included on the
company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Transition to International Financial Reporting Standards (“IFRS”)
The Board has considered the Group’s transition to IFRS in 2008. A transition plan is currently in progress covering two
phases – preliminary assessment and implementation.
Supplier payment policy
The Group’s and Company’s policy concerning the payment of creditors is to pay in accordance with the contractual and
other legal obligations as advised to and agreed with the creditors prior to any transactions taking place.
The Group’s average creditor payment period at 30 April 2006 was 47 days (2005: 47 days).
Charitable donations
During the period, the Group made charitable donations of £Nil (2005: £5,000).
Employee involvement
The Group has continued its practice of keeping employees informed of matters affecting them as employees and the
financial and economic factors affecting the performance of the Group. This is achieved through regular meetings with
employees and through the Group newsletter.
Disabled employees
Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with
their particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retain them 
in order that their employment with the Group may continue.
Financial risk management objectives and policies
Details of the Group’s financial risk management objectives and policies are set out in note 16 to these financial statements.
Auditors
Grant Thornton UK LLP have indicated their willingness to continue as auditors.
By order of the Board
M J Evans
Secretary
4 July 2006 16
La Tasca Group plc
Annual Report and Accounts 2006
Report of the independent auditors to the 
members of La Tasca Group plc
We have audited the group and parent company financial statements (the “financial statements”) of La Tasca Group plc for
the year ended 30 April 2006 which comprise the principal accounting policies, the group profit and loss account, the group 
and company balance sheets, the group cash flow statement, the group statement of total recognised gains and losses 
and notes 1 to 26. These financial statements have been prepared under the accounting policies set out therein. 
This report is made solely to the company’s members, as a body, in accordance with Section 235 of the Companies Act 1985.
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.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with United
Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in
accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent
with the financial statements, if the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration
and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited financial
statements. This other information comprises only the Chairman’s Statement, Chief Executive’s Review and the Directors’
Report. We consider the implications for our report if we become aware of any apparent misstatements or material
inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the
preparation of the financial statements, and of whether the accounting policies are appropriate to the group’s and company’s
circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all 
the information and explanations which we considered necessary in order to provide us with sufficient evidence to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. 
In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. 
Opinion
In our opinion:
• the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the group’s and the parent company’s affairs as at 30 April 2006 and of the group’s profit for the
year then ended; 
• the financial statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the Directors’ Report is consistent with the financial statements for the year ended 30 April 2006.
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Manchester
4 July 2006 17
La Tasca Group plc
Annual Report and Accounts 2006
Principal accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with applicable 
United Kingdom Accounting Standards.
The principal accounting policies of the Group set out below have remained unchanged from the previous year with the
exception of the adoption of Financial Reporting Standard No.21 (Events after the Balance Sheet Date), Financial Reporting
Standard No.22 (Earnings per Share), the presentation requirements of Financial Reporting Standard No.25 (Financial
Instruments: Disclosure and Presentation) and Financial Reporting Standard No.28 (Corresponding Amounts). There has
been no material impact on the Group on the adoption of these new standards.
Basis of consolidation
The Group financial statements consolidate those of the Company and of its subsidiary undertakings drawn up to 30 April 2006
(a 52 week period). The financial statements for the year ended 30 April 2005 represented a 53 week period.
All intra Group profits are eliminated on consolidation. On acquisition of a subsidiary, all of the subsidiary’s assets and
liabilities which exist at the date of acquisition are recorded at their fair value reflecting their condition at that date. 
Goodwill
Goodwill arising on consolidation representing the excess of the fair value of the consideration given over the fair value of
the identifiable net assets acquired is capitalised and amortised over its useful economic life, up to a maximum of 20 years
which the directors believe is the most appropriate amortisation period. 
Turnover
Turnover is the total amount receivable by the Group for goods supplied and services provided, excluding VAT.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost, including any incidental costs of acquisition, less depreciation. Depreciation is
calculated to write down the cost less estimated residual value of all tangible fixed assets on a straight line basis over their
expected useful lives. The expected useful lives are as follows:
Leasehold buildings and improvements Term of lease
Equipment, fixtures and fittings 7 to 10 years
Computer equipment 5 years
Motor vehicles 5 years 
Stocks
Stocks are stated at the lower of cost and net realisable value.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the Group an obligation to pay
more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets
are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that
have been enacted or substantively enacted by the balance sheet.
Financial instruments
The Group’s financial instruments comprise cash, bank deposits, borrowings and various items such as trade debtors and
trade creditors that arise from its operations.
Financial assets are recognised in the balance sheet at the lower of cost and net realisable value. Provision is made for
diminution in value where appropriate. Income and expenditure arising in the financial statements is recognised on the
accruals basis and credited or charged to the profit and loss account in the financial period to which it relates. 18
La Tasca Group plc
Annual Report and Accounts 2006
Principal accounting policies
continued
Leased assets
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and depreciated over their
expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance
outstanding and is charged to the profit and loss account over the term of the lease.
Reverse premiums and similar benefits are spread on a straight line basis over the period to the date at which the rent is
reviewed to market levels.
All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss
account on a straight line basis over the lease term.
Contribution to pension funds
The pension costs charged against profits represent the amount of the contributions payable to personal pension plans in
respect of the accounting year.
Foreign currency
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at
that date, and the gains or losses on transactions are included in the profit and loss account. 
The results of overseas operations are translated at the average rates of exchange during the year and their balance sheets 
at the rates ruling at the balance sheet date.
The exchange differences arising from the retranslation of the opening net investment in subsidiaries are taken directly 
to reserves. 19
La Tasca Group plc
Annual Report and Accounts 2006
Consolidated profit and loss account
for the year ended 30 April 2006
2006 2005
Note £000 £000
Turnover 1 55,574 48,817
Increase in stocks 222 79
55,796 48,896
Staff costs 2 (17,316) (15,033)
Depreciation of tangible fixed assets (2,891) (2,354)
Other operating charges (29,557) (26,494)
Operating costs (49,764) (43,881)
Operating profit before amortisation of goodwill 7,079 6,062
Amortisation of goodwill (1,047) (1,047)
Operating profit 6,032 5,015
Interest payable before exceptional items (1,048) (2,195)
Exceptional write off of deferred arrangement costs – (470)
Interest payable 3 (1,048) (2,665)
Interest receivable 27 34
Profit on ordinary activities before taxation 1 5,011 2,384
T ax on profit on ordinary activities 4 (1,999) (1,183)
Profit for the financial year 19 3,012 1,201
Earnings per share
– Basic 5 6.14p 6.20p
– Diluted 5 5.84p 6.20p
The above results are derived from continuing activities. 
The accompanying notes form part of these financial statements.
2006 2005
£000 £000
Profit for the financial year 3,012 1,201
Currency translation differences on foreign currency net investment 25 (45)
Total recognised gains and losses for the year 3,037 1,156
Consolidated statement of total recognised gains and losses
for the year ended 30 April 2006 20
La Tasca Group plc
Annual Report and Accounts 2006
Consolidated balance sheet
at 30 April 2006
2006 2005 
Note £000 £000
Fixed assets
Intangible assets 8 16,060 17,107
T angible assets 9 35,206 26,619
51,266 43,726
Current assets
Stocks 11 758 536
Debtors 12 3,117 2,300
Cash at bank and in hand 277 2,420
4,152 5,256
Creditors: amounts falling due within one year 13 (12,405) (8,931)
Net current liabilities (8,253) (3,675)
Total assets less current liabilities 43,013 40,051
Creditors: amounts falling due after more than one year 14 (16,472) (16,973)
Provisions for liabilities 17 (2,045) (1,500)
Net assets 24,496 21,578
Capital and reserves
Called up share capital 18 2,454 2,454
Share premium account 19 17,829 17,766
Capital redemption reserve 19 589 589
Profit and loss account 19 3,624 769
Shareholders’ funds 20 24,496 21,578
The financial statements were approved by the Board of Directors on 4 July 2006.
J M A Horler M J Evans
Director Director
The accompanying notes form part of these financial statements. 21
La Tasca Group plc
Annual Report and Accounts 2006
Company balance sheet
at 30 April 2006
2006 2005 
Note £000 £000
Fixed assets
Investments 10 23,455 23,455
Current assets
Debtors: due within one year 12 1,101 1,555
Debtors: due after more than one year 12 14,202 12,960
Cash at bank and in hand 27 1
15,330 14,516
Creditors: amounts falling due within one year 13 (734) (136)
Net current assets 14,596 14,380
Total assets less current liabilities 38,051 37,835
Creditors: amounts falling due after more than one year 14 (16,445) (16,876)
Net assets 21,606 20,959
Capital and reserves
Called up share capital 18 2,454 2,454
Share premium account 19 17,829 17,766
Capital redemption reserve 19 589 589
Profit and loss account 19 734 150
Shareholders’ funds 21,606 20,959
The financial statements were approved by the Board of Directors on 4 July 2006.
J M A Horler M J Evans
Director Director
The accompanying notes form part of these financial statements. 22
La Tasca Group plc
Annual Report and Accounts 2006
Consolidated cash flow statement
for the year ended 30 April 2006
2006 2005
Note £000 £000
Net cash inflow from operating activities 21 10,782 9,263
Returns on investments and servicing of finance
Interest received 27 34
Interest paid (912) (5,456)
Non equity dividends paid – (256)
Net cash outflow from returns on investments and servicing of finance (885) (5,678)
Taxation
T ax paid (1,166) (574)
Capital expenditure and financial investment
Sale of tangible fixed assets 14 54
Purchase of tangible fixed assets (10,672) (6,145)
Net cash outflow from capital expenditure and financial investment (10,658) (6,091)
Dividends
Dividends paid (182) (250)
Cash outflow before financing (2,109) (3,330)
Financing
Issue of share capital – 20,114
Refund/(payment) of costs of share issue 63 (1,482)
Issue of loan capital – 8,059
Repayment of loan capital – (20,918)
Capital element of finance leases and hire purchase repayments (97) (137)
Net cash (outflow)/inflow from financing (34) 5,636
(Decrease)/increase in cash in the year 22 (2,143) 2,306
The accompanying notes form part of these financial statements. 23
La Tasca Group plc
Annual Report and Accounts 2006
Notes to the financial statements
1. Turnover and profit on ordinary activities before taxation
The turnover and profit on ordinary activities before taxation are attributable to one activity, that of the operation of licensed
restaurants. 
2006 2005
£000 £000
The profit on ordinary activities before taxation is stated after charging:
Auditors’ remuneration
– audit fees 23 20
– non–audit fees 16 40
Operating lease rentals
– land and buildings 5,106 4,211
– other 10 43
Depreciation
– of owned assets 2,811 2,269
– of assets held under finance lease and hire purchase contracts 80 85
Fees for non audit services charged to the profit and loss account are in respect of tax compliance. 
2. Directors and employees
2006 2005
£000 £000
Staff costs during the year were as follows:
Wages and salaries 15,969 13,880
Social security costs 1,282 1,096
Pension costs 65 57
17,316 15,033
The wages and salaries costs for the company amounted to £Nil as salary costs are borne by other group companies.
2006 2005
Number Number
The average number of employees during the year was:
Management and administration 38 33
Bar and restaurant staff 1,417 1,219
1,455 1,252
2006 2005
£000 £000
Staff costs include remuneration in respect of directors as follows:
Emoluments 548 678
Pension contributions to money purchase pension schemes 42 48
590 726
2006 2005
£000 £000
The amounts set out above include remuneration in respect of the highest paid director:
Emoluments 211 195
Pension contributions to money purchase pension schemes 21 22
232 217
Retirement benefits are accruing to 3 (2005: 3) directors in respect of money purchase pension schemes. 2. Directors and employees (continued)
Options under the Company’s share option schemes during the year were as follows:
1 May 30 April Weighted Date of Exercise Exercise
Scheme 2005 Lapsed 2006 average grant period price
Unapproved 2005 2,699,240 – 2,699,240 2,699,240 21 January 2006 2006–2015 88p
Approved 2006 310,216 (64,768) 245,448 286,447 16 February 2006 2008–2015 110p
Unapproved 2006 4,465,504 (27,250) 4,438,254 4,450,623 9 February 2006 2008–2015 110p
3. Interest payable 
2006 2005
£000 £000
Bank interest 1,016 1,372
Amortisation of deferred arrangement costs 22 67
Loan notes – 20
Loan stock – 722
Finance leases and hire purchase contracts 10 14
1,048 2,195
Exceptional write off of deferred arrangement costs – 470
1,048 2,665
4. Tax on profit on ordinary activities
2006 2005
£000 £000
The taxation charge represents:
UK corporation tax at 30% (2005: 30%)
Current 1,457 784
Adjustment in respect of prior years (3) (11)
Total current tax 1,454 773
Deferred tax
– origination and reversal of timing differences 539 371
– adjustments in respect of prior year 6 39
Total deferred tax 545 410
T ax on profit on ordinary activities 1,999 1,183
Factors affecting the tax charge for the year
The tax assessed for the year is higher than the standard rate of corporation tax in the United Kingdom of 30% (2005: 30%). The
differences are explained as follows:
2006 2005
£000 £000
Profit on ordinary activities before taxation 5,011 2,384
Profit on ordinary activities before taxation multiplied by standard rate of 
corporation tax in the United Kingdom of 30% 1,503 715
Effect of:
Expenses not deductible for tax purposes 179 127
Capital allowances for the year in excess of depreciation (539) (372)
Consolidation adjustment – goodwill amortisation 314 314
Adjustment in respect of prior year (3) (11)
1,454 773
24
La Tasca Group plc
Annual Report and Accounts 2006
Notes to the financial statements
continued 25
La Tasca Group plc
Annual Report and Accounts 2006
5. Earnings per share
2006 2005
Basic 6.14p 6.20p
Diluted 5.84p 6.20p
Adjusted diluted 7.88p 5.25p
The calculation of basic earnings per share is based on profit attributable to ordinary shareholders divided by the weighted average
number of ordinary shares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings per
share to allow for the assumed conversion of dilutive options. 
The calculation of the adjusted diluted earning per share is as illustrated in the table below:
Year ended 30 April 2006
Weighted
average Earnings
Earnings number per share
£000 of shares pence
Basic earnings per share 3,012 49,077,092 6.14
Dilutive effect of share options – 2,460,981 –
Diluted earnings per share 3,012 51,538,073 5.84
Amortisation of goodwill 1,047 – –
Adjusted diluted earnings per share 4,059 51,538,073 7.88
Year ended 30 April 2005
Weighted
average Earnings
Earnings number per share
£000 of shares pence
Profit attributable to shareholders 1,201
Less: preference dividends (256)
Basic and diluted earnings per share 945 15,244,965 6.20
Impact of share conversion in year 33,832,127
49,077,092
Amortisation of goodwill 1,047
Exceptional interest charge 470
T axation in respect of the exceptional interest charge (141)
Preference dividends 256
Adjusted diluted earnings per share 2,577 49,077,092 5.25
In 2005 the diluted earnings per share was the same as the basic earnings per share as the conversion of the company’s options in
existence in 2005 was dependent upon the achievement of future performance criteria. Therefore nil conversion was assumed.
6. Dividends
2006 2005
£000 £000
Ordinary shares (equity) dividends
Dividend paid of 0.37p (2005: 0.83p) per share 182 250
Preference shares (non–equity) dividends
5% Dividend paid on cumulative convertible redeemable participating preferred ordinary shares of £1 each – 256
182 506 7. Profit for the financial year
The parent Company has taken advantage of Section 230 of the Companies Act 1985 and has not included its own profit and loss
account in these financial statements. The Group profit for the year includes a profit of £766,000 (2005: £5,146,000) which is dealt
with in the financial statements of the Company.
8. Intangible fixed assets 
Goodwill
Group £000
Cost
At 1 May 2005 and at 30 April 2006 20,949
Aggregate amortisation
At 1 May 2005 3,842
Charge for the year 1,047
At 30 April 2006 4,889
Net book amount at 30 April 2006 16,060
Net book amount at 30 April 2005 17,107
Goodwill, which relates to the acquisition of La T asca Restaurant Holdings Limited, is being amortised over its estimated useful
economic life of twenty years.
9. Tangible fixed assets
Leasehold Equipment,
buildings and fixtures Motor 
improvements and fittings vehicles Total
Group £000 £000 £000 £000
Cost
At 1 May 2005 22,758 11,030 436 34,224
Additions 8,056 3,285 95 11,436
Disposals – (36) (78) (114)
Difference on exchange 47 14 – 61
At 30 April 2006 30,861 14,293 453 45,607
Depreciation
At 1 May 2005 2,668 4,785 152 7,605
Provided during the year 1,096 1,708 87 2,891
Disposals – (36) (64) (100)
Difference on exchange 2 3 – 5
At 30 April 2006 3,766 6,460 175 10,401
Net book amount
At 30 April 2006 27,095 7,833 278 35,206
At 30 April 2005 20,090 6,245 284 26,619
The net book amount of tangible fixed assets includes an amount of £192,000 (2005: £286,000) in respect of assets held under
finance leases and hire purchase contracts. The related depreciation charge for the year was £80,000 (2005: £85,000).
26
La Tasca Group plc
Annual Report and Accounts 2006
Notes to the financial statements
continued 27
La Tasca Group plc
Annual Report and Accounts 2006
10. Fixed asset investments
Total
Company £000
Cost
At 1 May 2005 and 30 April 2006 23,455
Net book amount
At 30 April 2005 and 30 April 2006 23,455
The Group comprises the following principal subsidiary undertakings:
Country of Class of share Proportion held by the
incorporation capital held by the Company Group Nature of business
La T asca Restaurants Holdings Limited England and Wales Ordinary shares 100% 100% Holding Company
La T asca Restaurants Limited England and Wales Ordinary shares – 100% Operation of licensed 
restaurants 
La T asca, Inc. USA Ordinary shares – 100% Operation of licensed 
restaurants 
11. Stocks
Group
2006 2005
£000 £000
Raw materials 758 536
12. Debtors
Group Company
2006 2005 2006 2005
£000 £000 £000 £000
Amounts due within one year:
Trade debtors 44 127 – –
Corporation tax recoverable – – 1,101 1,549
Prepayments and other debtors 3,073 2,173 – 6
3,117 2,300 1,101 1,555
Amounts due after more than one year:
Amounts due from subsidiary undertakings – – 14,202 12,960
13. Creditors: amounts falling due within one year
Group Company
2006 2005 2006 2005
£000 £000 £000 £000
Bank loans (note 15) 500 – 500 –
Less: deferred arrangement costs (22) (22) (22) (22)
478 (22) 478 (22)
Trade creditors 7,532 4,910 – –
Corporation tax payable 556 268 – –
Social security and other taxes 816 883 – –
Amounts due under finance lease and hire purchase contracts 70 98 – –
Accruals and deferred income 2,953 2,794 256 158
12,405 8,931 734 136 14. Creditors : amounts falling due after more than one year
Group Company
2006 2005 2006 2005
£000 £000 £000 £000
Bank loans (note 15) 16,506 16,959 16,506 16,959
Less: deferred arrangement costs (61) (83) (61) (83)
16,445 16,876 16,445 16,876
Amounts due under finance lease and hire purchase contracts 27 97 – –
16,472 16,973 16,445 16,876
15. Borrowings
Borrowings are repayable as follows:
2006 2005
Finance Finance
lease lease
Bank loans and hire Bank loans and hire
and purchase and purchase
overdrafts obligations overdrafts obligations
£000 £000 £000 £000
Group
Amounts falling due:
– within one year 500 70 –98
– within one – two years 1,000 27 500 69
– within two – five years 15,506 – 16,459 28
– after five years –– ––
17,006 97 16,959 195
Company
Amounts falling due:
– within one year 500 – ––
– within one – two years 1,000 – 500 –
– within two – five years 15,506 – 16,459 –
– after five years –– ––
17,006 – 16,959 –
Bank loans are secured by fixed and floating charges over the Group’s assets. The loans carry an interest rate of 1.25% above base 
or LIBOR. The bank loans are repayable by half yearly instalments commencing 31 October 2006. 
The assets held under finance leases and hire purchase contracts are secured on the assets to which they relate.
16. Financial instruments
The Board of Directors regularly reviews the financial requirements of the Group and the risks associated therewith. The main risks
arising from the Group’s financial instruments are as follows:
Interest rate risk
The Group finances its operations through a mixture of trading cash flows and bank borrowings. Borrowings are in sterling and US
dollars and are at floating rates of interest. The Group seeks to minimise the cost of borrowings and reduce the impact of interest
rate fluctuations.
Liquidity risk
The Group seeks to manage financial risk to ensure sufficient liquidity is available to meet foreseeable needs. Surplus funds are
placed on deposit and are available at short notice.
Currency risk
The vast majority of the Group’s revenues and costs are in sterling and involve no currency risk. The Group reviews its currency
exposure on a continual basis and will enter into hedges if considered necessary. 
28
La Tasca Group plc
Annual Report and Accounts 2006
Notes to the financial statements
continued 29
La Tasca Group plc
Annual Report and Accounts 2006
16. Financial instruments (continued)
Credit risk
The Group’s principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited, and given the
immaterial value of the Group’s trade debtors, the credit risk associated with these is minimal.
Short term debtors and creditors
Short term debtors and creditors have been excluded from all of the following disclosures.
Interest rate risk profile as at 30 April 2006
Sterling cash deposits are placed on deposit at floating bank deposit interest rates.
Financial liabilities
2006 2005
Fixed rate Floating rate Fixed rate Floating rate
financial financial financial financial
liabilities liabilities Total liabilities liabilities Total
£000 £000 £000 £000 £000 £000
Sterling 97 13,727 13,824 195 14,815 15,010
US dollars – 3,279 3,279 – 2,144 2,144
97 17,006 17,103 195 16,959 17,154
Liquidity profile of financial liabilities as at 30 April 2006
The maturity profile of the Group’s borrowings is given in note 15. The Group has undrawn committed borrowing facilities of
£3,000,000 (2005: £3,000,000) which are sufficient for its current expansion plans and which are due to expire in February 2010.
Foreign currency exposure profile as at 30 April 2006
The table below shows the extent to which Group companies have monetary assets and liabilities in currencies other than their 
local currency. Foreign exchange differences on retranslation of these assets and liabilities are taken to the profit and loss account 
of the Group companies and the Group.
Net foreign currency monetary (liabilities)/assets 
Functional currency of the operation
US dollar Total
£’000 £’000
Sterling (3,279) (3,279)
Fair value
There were no material differences between the book values and fair values of the Group’s financial assets and liabilities at 30 April
2006 and 30 April 2005.
17. Provisions for liabilities
Deferred taxation
Group
2006 2005
£000 £000
Accelerated capital allowances 2,054 1,491
Short term timing differences (9) 9
2,045 1,500
Provision at 1 May 2005 1,500 1,090
Deferred tax charge in the profit and loss account (note 4) 545 410
Provision at 30 April 2006 2,045 1,500
Deferred taxation has been provided in full. 18. Share capital
2006 2005
£000 £000
Authorised
75,000,000 Ordinary shares of 5p each 3,750 3,750
Allotted, called up and fully paid
49,077,092 Ordinary shares of 5p each 2,454 2,454
19. Reserves
Share Capital
premium redemption Profit and 
account reserve loss account
Group £000 £000 £000
At 1 May 2005 17,766 589 769
Profit for the year – – 3,012
Dividends paid – – (182)
Refund of share issue costs 63 – –
Exchange movements – – 25
At 30 April 2006 17,829 589 3,624
Share Capital
premium redemption Profit and 
account reserve loss account
Company £000 £000 £000
At 1 May 2005 17,766 589 150
Profit for the year – – 766
Dividends paid – – (182)
Refund of share issue costs 63 – –
At 30 April 2006 17,829 589 734
20. Reconciliation of movements in shareholders’ funds
Group
2006 2005
£000 £000
Profit for the year 3,012 1,201
Dividends (182) (506)
2,830 695
Issue of shares (net of share issue costs) – 18,189
Redemption of preference shares – 589
Refund of share issue costs 63 –
Exchange differences on translation 25 (45)
Increase in shareholders’ funds in the year 2,918 19,428
Shareholders’ funds at 1 May 2005 21,578 2,150
Shareholders’ funds at 30 April 2006 24,496 21,578
30
La Tasca Group plc
Annual Report and Accounts 2006
Notes to the financial statements
continued 31
La Tasca Group plc
Annual Report and Accounts 2006
21. Reconciliation of operating profit to net cash inflow from operating activities
2006 2005
£000 £000
Operating profit 6,032 5,015
Depreciation 2,891 2,354
Loss on sale of fixed assets – 17
Amortisation of goodwill 1,047 1,047
Increase in stock (222) (79)
Increase in debtors (817) (391)
Increase in creditors 1,851 1,300
Net cash inflow from operating activities 10,782 9,263
22. Reconciliation of net cash flow to movement in net debt
2006 2005
£000 £000
(Decrease)/increase in cash in the year (2,143) 2,306
Cash outflow from movement in debt and lease financing 97 16,948
Change in net debt resulting from cash flows (2,046) 19,254
Amortisation of bank funding costs and accrued interest (69) (1,118)
New finance lease and hire purchase financing – (100)
Movement in net debt (2,115) 18,036
Net debt at 1 May 2005 (14,629) (32,665)
Net debt at 30 April 2006 (16,744) (14,629)
23. Analysis of changes in net debt
Other
At 1 May Cash flow non–cash At 30 April
2005 in year movements 2006
£000 £000 £000 £000
Cash at bank and in hand 2,420 (2,143) – 277
Borrowings (16,854) – (69) (16,923)
Finance leases and hire purchase contracts (195) 97 – (98)
(14,629) (2,046) (69) (16,744)
24. Capital commitments
The Group had capital commitments of £1,281,000 at 30 April 2006 (2005: £3,146,000).
25. Operating lease commitments
Operating lease payments due within one year are as follows:
2006 2005
Land and Land and
buildings Other buildings Other
£000 £000 £000 £000
Expiring between one and five years 59 6 44 16
Expiring after five years 6,902 – 4,970 –
6,961 6 5,014 16
26. Related party transactions
During the year the Group purchased marketing services to the value of £25,000 (2005: £27,000) from Marketing Judo Limited. 
M J Barnes is a director and shareholder of Marketing Judo Limited.
At 30 April 2006, £3,000 (2005: £2,000) was payable in respect of these purchases. 32
La Tasca Group plc
Annual Report and Accounts 2006
Notice of AGM
Notice is hereby given that the second Annual General Meeting of La Tasca Group plc will be held at College Hill, 78 Cannon Street, London EC4N 6HH on
Monday, 4 September 2006, at 10.00 a.m. for the purpose of transacting the following business. Resolutions 1 to 6 will be proposed as ordinary resolutions
and resolutions 7 and 8 will be proposed as special resolutions.
1. To receive the company’s annual accounts for the financial year ended 30 April 2006 together with the directors’ report and auditors’ report on those accounts.
2. That a final dividend of 0.74p per ordinary share be declared.
3. To re-elect Michael John Barnes, who retires by rotation, as a director.
4. To re-elect James Michael Alexander Horler, who retires by rotation, as a director.
5. To reappoint Grant Thornton UK LLP as auditors to hold office from the conclusion of the meeting to the conclusion of the next meeting at which
accounts are laid before the company and for their remuneration to be determined by the directors.
6. That, in substitution for any existing power under section 80 of the Companies Act 1985 (as amended) (the “Act”) but without prejudice to the exercise
of any such authority prior to the date of this resolution, the directors be and they are generally and unconditionally authorised for the purposes of
section 80 of the Act to exercise all the powers of the Company to allot relevant securities (as defined in section 80(2) of the Act) up to an aggregate
nominal amount of £817,951.53, such authority to expire on 4 December 2007 or, if earlier, at the conclusion of the Annual General Meeting of the
company to be held in 2007, unless previously revoked, varied or extended by the company in general meeting, save that the company may before 
the expiry of such authority make an offer or enter into an agreement which would or might require relevant securities to be allotted after the expiry 
of such authority and the directors may allot relevant securities pursuant to such offer or agreement notwithstanding that the authority conferred by
this resolution has expired.
7. That, subject to the passing of the previous resolution and in substitution for any existing power under section 95 of the Companies Act 1985 
(as amended) (the “Act”), the directors be and they are empowered pursuant to section 95 of the Act to allot equity securities (within the meaning 
of section 94(2) of the Act) wholly for cash pursuant to the authority conferred by the previous resolution as if section 89(1) of the Act did not apply 
to any such allotment, provided that this power shall be limited to the allotment of equity securities:
(a) in connection with an issue of such securities in favour of holders of ordinary shares in the capital of the company in proportion (as nearly as may be
practicable) to their respective holdings of such shares, but subject to such exclusions or other arrangements as the directors may deem necessary
or expedient in relation to fractional entitlements or any legal or practical problems under the laws of any territory, or the requirements of any
regulatory body or stock exchange; and
(b) otherwise than pursuant to sub-paragraph (a) above, up to an aggregate nominal amount of £122,692.70, 
and shall expire on 4 December 2007 or, if earlier, at the conclusion of the Annual General Meeting of the company to be held in 2007, save that the
company may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the
directors may allot equity securities pursuant to any such offer or agreement notwithstanding that the power conferred by this resolution has expired.
8. That, in substitution for any existing authority, the company be and is generally and unconditionally authorised for the purposes of section 166 of the
Companies Act 1985 (the “Act”) to make one or more market purchases (within the meaning of section 163(3) of the Act) of ordinary shares in the
capital of the company provided that:
(a) the maximum aggregate number of ordinary shares authorised to be purchased is 7,356,656 (representing 14.99 per cent. of the company’s
issued ordinary share capital);
(b) the minimum price which may be paid for such shares is five pence per share;
(c) the maximum price (exclusive of expenses) which may be paid for an ordinary share shall not be more than the higher of (i) 5 per cent. above the
average of the middle market quotations for an ordinary share on the relevant recognised investment exchange on which the ordinary shares are
traded for the five business days immediately preceding the date on which the ordinary share is purchased and (ii) the higher of the last independent
trade and the highest current independent bid on the relevant recognised investment exchange on which the ordinary shares are traded;
(d) unless previously renewed, varied or revoked, the authority conferred by this resolution shall expire on 4 December 2007 or, if earlier, at the
conclusion of the Annual General Meeting of the company to be held in 2007, save that the company may, prior to such expiry, enter into a contract
to purchase ordinary shares under such authority which will or might be executed wholly or partly after the expiry of such authority and may make
a purchase of ordinary shares pursuant to any such contract.
By Order of the Board Registered Office:
Martin J Evans 4th Floor
Secretary Huntingdon House
4 July 2006 Princess Street
Bolton
Lancashire
BL1 1EJ
Notes:
1. A shareholder entitled to attend and vote is entitled to appoint a proxy (or proxies) to attend and, on a poll, vote on his/her behalf. Such a proxy need
not be a shareholder of the company.
2. A form of proxy is enclosed for use by shareholders. Completion and return of the form of proxy will not prevent a shareholder from subsequently
attending the meeting and voting in person if they so wish.
3. To be effective, a form of proxy, and any power of attorney or other authority under which it is signed (or a copy of any such authority certified notarially or
in some other way approved by the directors), must be deposited with the company’s registrars, Capita Registrars, The Registry, 34 Beckenham Road,
Beckenham, Kent BR3 4TU not less than 48 hours before the time appointed for holding the meeting or adjourned meeting or, in the case of a poll
taken more than 48 hours after it is demanded, not less than 24 hours before the time appointed for the taking of the poll at which it is to be used.
4. In the case of joint holders, the vote of the senior who tenders the vote shall be accepted to the exclusion of the votes of the other joint holders and, 
for this purpose, seniority shall be determined by the order in which the names stand in the Register of Members.
5. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the company specifies that only those shareholders registered in the
Register of Members of the company at 5.30pm on Saturday, 2 September 2006 shall be entitled to attend and vote at the meeting in respect of the
number of shares registered in their name at that time. Changes to the Register of Members after that time shall be disregarded in determining the
rights of any person to attend and vote at the meeting. La Tasca Group plc is the leading 
Spanish casual dining operator in the 
UK. There are 54 La Tasca restaurants 
in the UK, 3 in the USA, 6 La Viñas 
and the recently opened new concept
Sam & Maxie’s bar, grill and smokehouse.
Strategy
Feb 2005
Flotation
July 2005
La Vina, brand
development
finalised and roll
out commenced 
Nov 2005
Nominated for
Best Company 
in Manchester
Evening News and
La Tasca Wine
Club launched 
Jan 2006
‘Certificado de
Administration’
our internal
management
development
programme
launched and
maiden interim
dividend paid
Mar 2006
Company wins
‘Best Place to
Work in
Hospitality’ Award 
Apr 2006
Sam & Maxie’s
concept launched 
Locations
La Tasca
La Viña
Sam & Maxie’s
Contents
01 Highlights
02 Chairman’s statement
04 Chief Executive’s overview
08 Our brands
12 Report of the directors
16 Report of the independent auditors
17 Principal accounting policies
19 Consolidated profit and loss account
19 Consolidated statement of 
total recognised gains and losses
20 Consolidated balance sheet
21 Company balance sheet
22 Consolidated cash flow statement
23 Notes to the financial statements
32 Notice of Annual General Meeting
33 Company information
Company information
Company registration number: 4220541
Registered office: 4th Floor
Huntingdon House
Princess Street
Bolton
BL1 1EJ
Directors: J M A Horler 
M J Evans
M C McLaughlin
M J Barnes – Non–executive
I Edward – Non–executive
Secretary: M J Evans
Nominated Advisor and Broker: Altium Capital
30 St James’s Square
London
SW19 4AL
Registrars: Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Bankers: Bank of Scotland
4th Floor
New Uberior House
11 Earl Grey Street
Edinburgh
EH3 9BN
Solicitors: Dickson Minto WS
16 Charlotte Square
Edinburgh
EH2 4DF
Auditors: Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Heron House
Albert Square
Manchester
M60 8GT
Designed and produced by                             www.collegedesign.com
33
La Tasca Group plc
Annual Report and Accounts 2006 1
La Tasca Group plc
Annual Report and Accounts 2006 1
La Tasca Group plc
Annual Report and Accounts 2006
Annual Report 
and Accounts 2006