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Company registration number: 05515175
Bedales Enterprises Limited
Unaudited filleted abridged financial statements
31 December 2022
Bedales Enterprises Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Bedales Enterprises Limited
Directors and other information
Directors Mr Robert Reynosa Dann (Managing Director)
Mr James Edward David Watts
Mr Adrian Michael Dann
Mr Michael Dann
Company number 05515175
Registered office 5 Bedale Street
London
United Kingdom
SE1 9AL
Accountants Doshi & Co. Accountants
6th Floor
AMP House
Dingwall Road
Croydon
CR0 2LX
Bedales Enterprises Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Bedales Enterprises Limited
Year ended 31 December 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2022 which comprise the abridged statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor
AMP House
Dingwall Road
Croydon
CR0 2LX
29 September 2023
Bedales Enterprises Limited
Abridged statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 150,000 150,000
Tangible assets 6 2,223,281 2,247,067
_______ _______
2,373,281 2,397,067
Current assets
Stocks 37,486 48,669
Debtors 258,614 248,893
Cash at bank and in hand ( 12,315) 59,906
_______ _______
283,785 357,468
Creditors: amounts falling due
within one year ( 672,348) ( 661,192)
_______ _______
Net current liabilities ( 388,563) ( 303,724)
_______ _______
Total assets less current liabilities 1,984,718 2,093,343
Creditors: amounts falling due
after more than one year 7 ( 1,862,471) ( 2,034,332)
Provisions for liabilities ( 31,361) ( 29,222)
_______ _______
Net assets 90,886 29,789
_______ _______
Capital and reserves
Called up share capital 639,466 639,466
Share premium account 105,259 105,259
Revaluation reserve 104,946 104,946
Profit and loss account ( 758,785) ( 819,882)
_______ _______
Shareholders funds 90,886 29,789
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Mr Robert Reynosa Dann (Managing Director)
Director
Company registration number: 05515175
Bedales Enterprises Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Bedale Street, London, United Kingdom, SE1 9AL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value, excluding value added tax of sales made during the accounting period and derives from the provision of goods falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is recorded at the Directors estimate of the value of the business having regard to future earnings estimate of the business over the fair value of the net assets.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
The vintage VW Kombi van and the vintage bicycle are heritage classic items and hence they are assumed to be appreciating assets for which no depreciation charge is deemed necessary.
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net reliasable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Leasing and hire purchase commitments
The customised Bob's Lobster mobile kitchen are two classic 1957 and 1959 VW Kombi "split screen" camper-vans The capital value outstanding at 31st December 2022 is £60,000
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2021: 52 ).
5. Intangible assets
£
Cost
At 1 January 2022 and 31 December 2022 150,000
_______
Amortisation
At 1 January 2022 and 31 December 2022 -
_______
Carrying amount
At 31 December 2022 150,000
_______
At 31 December 2021 150,000
_______
RevaluationThe directors revalued goodwill to its fair value at 31 October 2012. The completion of the two major projects during the year warrant a review of goodwill based on the performance of the expanded business. This will be carried out in December 2023 after a full year trading at the two branches where major improvements have been undertaken. This is particularly relevant in the context of Borough Market given the enhanced lease term of 18 years, which has been granted by the landlord.
6. Tangible assets
£
Cost
At 1 January 2022 2,806,056
Additions 6,281
_______
At 31 December 2022 2,812,337
_______
Depreciation
At 1 January 2022 558,989
Charge for the year 30,067
_______
At 31 December 2022 589,056
_______
Carrying amount
At 31 December 2022 2,223,281
_______
At 31 December 2021 2,247,067
_______
Tangible fixed assets are recorded at cost. Leasehold improvements are also recorded at cost or market value whichever is the lower. Depreciation is provided at rates calculated to write off the cost or valuation less the residual value over its expected useful life.Leasehold Properties There were two major improvements projects undertaken in 2018 and 2019, one at a new branch in St Thomas Street costing in aggregate £625.000 and a major reconfiguration and improvement at the flagship Borough Market branch costing £1,150,000 in aggregate. Both projects took longer to complete and were thus more costly to implement than envisages at the outset. It was the Directors view that it is not possible to make an assessment of the market value of these improvement projects at this time until there is a full years of uninterrupted trading at those branches. Accordingly these improvements are shown at cost until the market review can be undertaken at the end of 2024 The pre existing leasehold improvements at Leadenhall continue to be assessed by Directors as having a market value greater than the carrying value of the accounts. Accordingly no depreciation is appropriate at this time. A decision will be made before the automatic renewal of the lease or if any refurbishment work is undertaken whichever is the earlier.
7. Creditors: amounts falling due after more than one year
Other creditors include secured bank loans of £77,146.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note ) 31,361 29,222
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances - 29,222
_______ _______
9. Related party transactions
Shareholder Loans As a condition to the CBILS (Covid) Loan agreement at 27th April 2020, no shareholder payments/ repayments can be made without first paying back in full the CBIL Loan. The terms were for 6 years.As an integral part of the financing for the oping of the St Thomas Street branch and the related leasehold improvements the Company entered into a five year loan agreement dated 18/10/2017 with Michael Dann for an advance of £200,000 at a rate of interest of 5%. When it became clear that the project at St Thomas Street going to overrun in terms of time and capital cost a further bridging loan of £115,000 was provided under a loan agreement dated 23/03/18Due to unforeseen delays on the Borough Market renovation project and continued delay to St Thomas Street the trading position of the Company was seriously impacted such that emergency finance was required. Michael Dann provided this emergency funding to a level of £860,000. These loans are unsecured. Note in Feb 2020 all of Michael Dann's loans were consolidated under a new agreement. The understanding is that this loan will be repaid a the earliest possible opportunity as trading and performance permits. No interest will be accrued until 01 January 2030. Long term leases In 2013 the company entered into a five-year lease arrangement for a classic 1957 split screen camper van VW Kombi fitted with mobile kitchen. There is no capital value outstanding at 31st December 2022 and is owned wholly by the Company. A second split screen classic van was deployed on company activities since June 2014. The van is owned by Robert Dann. In 01/01/2018 the Company entered into a five year lease for capital and interest at a rate of 5%. The original capital value in the lease is £60,000As at 31 December 2022 this is a total of £60,000 outstanding under the lease.
10. Controlling party
The company is controlled by the board of Directors of the company.