Company registration number 04306683 (England and Wales)
CHEYNE WALK BRASSERIE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CHEYNE WALK BRASSERIE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
CHEYNE WALK BRASSERIE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
4
3,580,000
3,115,625
Current assets
Debtors
5
204,577
59,656
Cash at bank and in hand
283,773
241,717
488,350
301,373
Creditors: amounts falling due within one year
6
(3,614,699)
(3,500,786)
Net current liabilities
(3,126,349)
(3,199,413)
Total assets less current liabilities
453,651
(83,788)
Creditors: amounts falling due after more than one year
7
(1,813,054)
(1,808,435)
Net liabilities
(1,359,403)
(1,892,223)
Capital and reserves
Called up share capital
9
1
1
Other reserves
449,125
-
0
Profit and loss reserves
(1,808,529)
(1,892,224)
Total equity
(1,359,403)
(1,892,223)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 28 September 2023
B Bourne
Director
Company Registration No. 04306683
CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Cheyne Walk Brasserie Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ. The trading address is 50 Cheyne Walk, London, SW3 5LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of B C Leisure Management Limited. These consolidated financial statements are available from Companies House.

1.2
Going concern

The company has net liabilities of £1,359,403 as at 31 December 2022. Having reviewed the company's financial forecasts and expected future cash flows, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On 1 July 2021 the company sold its restaurant trade for a consideration of £1 and entered into an agreement to grant to the buyer a commercial lease for a period of five years with an annual rent payable of £200,000. On this basis the company has a more stable and secure source of income and should continue to be profitable going forward. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2022.

1.3
Turnover

Turnover represents rent receivable and is recognised on a straight line basis over the term of the lease for the year ended 31 December 2022.

 

For the comparative period 1 January 2021 to 30 June 2021, turnover represented amounts receivable for goods and services net of VAT and restaurant sales were recognised on the provision of the service.

CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

Deferred taxation is provided on gains at the rate expected to apply when the properties are sold.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and a bank loan, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

Unrelieved tax losses and other deferred tax assets are recognised only 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 balances are not discounted.

1.9
Employee benefits

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13

Capitalisation of finance charges

The direct costs incurred in connection with the issue of capital instruments are deducted from the proceeds of the issue, where material. Finance costs associated with debt are allocated at a constant rate over the term of the loan. Otherwise, such costs are charged to the profit and loss account when incurred.

CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property

The company's investment property, which is a property held to earn rentals and/or capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting date. The director has used his experience of the property market and with reference to formal advice from suitably qualified chartered surveyors and market evidence of transaction prices of similar properties, has assessed an appropriate value as at the reporting date, which he feels is reliable and on a conservative basis.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Restaurant staff
-
0
16
4
Investment property
2022
£
Fair value
At 1 January 2022
3,115,625
Additions
15,250
Net gains or losses through fair value adjustments
449,125
At 31 December 2022
3,580,000

The investment property was externally valued in September 2022 at £3.58m by professional surveyors and valuers and the director is of the opinion that the value as at 31 December 2022 is as stated above. The external valuation was carried out on behalf of the company's bankers for lending purposes.

CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
17,935
-
0
Other debtors
186,642
54,817
Prepayments and accrued income
-
0
4,839
204,577
59,656
6
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
8
9,837
-
0
Obligations under finance leases
2,283
2,561
Trade creditors
18,429
3,380
Amounts owed to group undertakings
3,311,953
3,025,457
Taxation and social security
8,391
17,198
Other creditors
175,000
174,914
Accruals and deferred income
88,806
277,276
3,614,699
3,500,786
7
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
8
1,813,054
1,808,435
8
Loans and overdrafts
2022
2021
£
£
Bank loans
1,822,891
1,808,435
Payable within one year
9,837
-
0
Payable after one year
1,813,054
1,808,435
CHEYNE WALK BRASSERIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Loans and overdrafts
(Continued)
- 8 -

In April 2020, the company secured a loan of £1.86m with Deutsche Bank Luxembourg S.A. which is fully repayable 6 years after the first drawdown. This loan is secured by a first legal charge over the assets and property of the company and a personal guarantee of R A Bourne. Interest is charged at an aggregate of the LIBOR rate and 2% per annum.

 

The above includes unamortised arrangement fees of £72,869.

 

In June 2020, a bounce back loan facility of £50,000 was secured with HSBC Bank Plc. The termination date for this facility is 6 years after the first drawdown. Interest is charged at a rate of 2.5% per annum. Repayment of the loan is interest only for the first 12 months after the first drawdown, followed by capital repayments by monthly instalments until the termination date.

9
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Howard Woolf FCA
Statutory Auditor:
Gerald Edelman LLP
11
Related party transactions

The company has taken advantage of the exemption available under FRS102 whereby it has not disclosed transactions and balances with any wholly owned group companies.

 

R A Bourne has provided a personal guarantee in relation to a bank facility granted to this company.

12
Ultimate controlling party

Ultimate parent company

 

The immediate parent company is B C Leisure Management Limited, a company registered in England and Wales. The ultimate parent company is Zinzendorf Holdings Limited, a company registered at Palm Grove House, PO Box 438 Road Town, Tortola, British Virgin Islands.

 

B C Leisure Management Limited prepares group financial statements and copies can be obtained from Companies House.

 

Ultimate controlling party

 

During the year, the ultimate controlling party is R A Bourne by virtue of his beneficial interest in the ultimate parent company.

2022-12-312022-01-01false29 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedB BourneA Davies043066832022-01-012022-12-31043066832022-12-31043066832021-12-3104306683core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104306683core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104306683core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3104306683core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3104306683core:CurrentFinancialInstruments2022-12-3104306683core:CurrentFinancialInstruments2021-12-3104306683core:ShareCapital2022-12-3104306683core:ShareCapital2021-12-3104306683core:OtherMiscellaneousReserve2022-12-3104306683core:OtherMiscellaneousReserve2021-12-3104306683core:RetainedEarningsAccumulatedLosses2022-12-3104306683core:RetainedEarningsAccumulatedLosses2021-12-3104306683bus:Director12022-01-012022-12-31043066832021-01-012021-12-31043066832021-12-3104306683core:Non-currentFinancialInstruments2022-12-3104306683core:Non-currentFinancialInstruments2021-12-3104306683bus:PrivateLimitedCompanyLtd2022-01-012022-12-3104306683bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3104306683bus:FRS1022022-01-012022-12-3104306683bus:Audited2022-01-012022-12-3104306683bus:CompanySecretary12022-01-012022-12-3104306683bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP