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Registered number: 08546570












LOBSTER ROLL BINNEY STREET LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023


LOBSTER ROLL BINNEY STREET LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 9


LOBSTER ROLL BINNEY STREET LIMITED
 
COMPANY INFORMATION


Director
G Bukhov 




Registered number
08546570



Registered office
37-41 Bedford Row

London

WC1R 4JH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





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        REGISTERED NUMBER:08546570
LOBSTER ROLL BINNEY STREET LIMITED

BALANCE SHEET
AS AT 1 JANUARY 2023

1 January
2 January
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
8,815

  
-
8,815

Current assets
  

Stocks
 6 
-
10,052

Cash at bank and in hand
  
537,713
537,746

  
537,713
547,798

Amounts owed to group companies
 7 
(537,613)
(2,075,554)

Net current assets/(liabilities)
  
 
 
100
 
 
(1,527,756)

Total assets less current liabilities
  
100
(1,518,941)

  

Net assets/(liabilities)
  
100
(1,518,941)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
-
(1,519,041)

Total equity
  
100
(1,518,941)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved, authorised for issue and signed by the sole director.




G Bukhov
Director

Date: 2 October 2023

The notes on pages 3 to 9 form part of these financial statements.


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LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

1.


General information

Lobster Roll Binney Street Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 37-41 Bedford Row, London, WC1R 4JH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared for the 52 week period from 3 January 2022 to 1 January 2023. Comparative amounts represent the 52 week period from 4 January 2021 to 2 January 2022.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The director has reviewed the financial ability of the company, including the financial arrangements with group undertakings, and believe that it remains appropriate to prepare the financial statements on a going concern basis. Burger & Lobster Restaurant Group Limited, the immediate parent undertaking, has indicated its willingness and ability to support the company for a period of at least 12 months following the date of approval of these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.


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LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

  
2.5

Other operating income

Other operating income is in relation to recharged property costs, which is recognised in line with the costs incurred on the lease agreement.
Sundry income relates to the write off of amounts owed to group undertakings.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


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LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including cash and bank balances and intercompany working capital balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including intercompany financing, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 

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LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

2.Accounting policies (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
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 profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.10

Share capital

Ordinary shares are classified as equity. 


- 6 -



LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Other operating income

Period ended
1 January
Period ended
2 January
2023
2022
£
£

Other operating income
309,882
162,797

Sundry income
1,521,624
-

1,831,506
162,797


Other operating income relates to income from the parent company to cover expenses in the year. 
Sundry income relates to the write off of amounts owed to group undertakings.


4.


Employees

The company has no employees other than the director, who did not receive any remuneration.


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LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

5.


Tangible fixed assets







Fixtures and fittings
Equipment
Total

£
£
£



Cost


At 3 January 2022
6,498
7,808
14,306


Transfers intra group
(6,498)
(7,808)
(14,306)



At 1 January 2023

-
-
-





At 3 January 2022
3,731
1,760
5,491


Transfers intra group
(3,731)
(1,760)
(5,491)



At 1 January 2023

-
-
-



Net book value



At 1 January 2023
-
-
-



At 2 January 2022
2,767
6,048
8,815


6.


Stocks

1 January
2 January
2023
2022
£
£

Finished goods and goods for resale
-
10,052



7.


Creditors: amounts falling due within one year

1 January
2 January
2023
2022
£
£

Amounts owed to group undertakings
537,613
2,075,554



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LOBSTER ROLL BINNEY STREET LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023

8.


Share capital

1 January
2 January
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Restatement of comparatives

The comparative financial information was restated to better reflect wages and salaries costs incurred for certain employees as at 2 January 2022. These amounts have been reclassified to cost of sales rather than administrative expenses as previously recorded. This was done to better reflect the nature of these expenses and there is no impact on profit or loss, or on net assets as a result of the restatement. 


10.


Commitments under operating leases

At 1 January 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

1 January
2 January
2023
2022
£
£


Not later than 1 year
225,000
225,000

Later than 1 year and not later than 5 years
900,000
900,000

Later than 5 years
184,426
409,426

1,309,426
1,534,426


11.


Parent undertaking

The smallest group for which group accounts are drawn up, and of which the company is a member, is Burger & Lobster Restaurant Group Limited. The consolidated accounts of this company are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The largest group for which group accounts are drawn up, and of which the company is a member, is Project Ocean Ltd, an entity in the BVI. The consolidated accounts of this company are not publicly available.


12.


Auditor's information

The auditor's report on the financial statements for the period ended 1 January 2023 was unqualified. Those financial statements were audited by Blick Rothenberg Audit LLP and the auditor's report thereon was signed by Daniel Burke (senior statutory auditor).

The audit report was signed on 2 October 2023 by Daniel Burke (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 

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