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Registered number: 13906984










DEAN STREET BAR LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
DEAN STREET BAR LIMITED
REGISTERED NUMBER: 13906984

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Tangible assets
 3 
19,628

  
19,628

Current assets
  

Debtors: amounts falling due within one year
 4 
332,393

Bank and cash balances
  
108

  
332,501

Creditors: amounts falling due within one year
 5 
(207,461)

Net current assets
  
 
 
125,040

Total assets less current liabilities
  
144,668

Creditors: amounts falling due after more than one year
  
(144,667)

  

Net assets
  
1


Capital and reserves
  

Called up share capital 
  
1

  
1


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2023.




D A Stirling
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
DEAN STREET BAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Dean Street Bar Limited is a private company, limited by shares, registered in England and Wales.
The registered office and trading address are disclosed on the Company information page.

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is reliant on the Group's cash resources to meet its obligations. The parent company, Inception Ventures Group ("IVG"), has signed a letter of support which confirms its intention to support its subsidiaries for at least 12 months from the date of signing these financial statements.
Based on the availability of support to date and the conclusion within IVG's group financial statements the directors also continue to adopt the going concern basis in the preparing the Company 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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Page 2

 
DEAN STREET BAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
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:

Long-term leasehold property
-
over lease term

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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3

 
DEAN STREET BAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

3.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


Additions
16,471



At 31 December 2022

16,471



Depreciation


Charge for the period on owned assets
(3,157)



At 31 December 2022

(3,157)



Net book value



At 31 December 2022
19,628


4.


Debtors

2022
£


Amounts owed by group undertakings
55,397

Other debtors
267,088

Prepayments and accrued income
9,908

332,393



5.


Creditors: Amounts falling due within one year

2022
£

Other loans
41,333

Amounts owed to group undertakings
33,672

Other taxation and social security
41,243

Accruals and deferred income
91,213

207,461


Page 4

 
DEAN STREET BAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due after more than one year

2022
£

Other loans
144,667

144,667


Other Loans with Entrecote (Dean Street) at the year end comprise of:
Dean Street Bar Ltd drew down a loan of £186,000 in the year, this is repayable in 9 monthly instalments commencing November 2023, incurring no interest and will be fully repaid July 2024. 


7.


Loans


Analysis of the maturity of loans is given below:


2022
£

Amounts falling due within one year

Other loans
41,333


41,333


Amounts falling due 2-5 years

Other loans
144,667


144,667


186,000



8.


Capital commitments


At 31 December 2022 the Company had capital commitments as follows:

2022
£


Contracted for but not provided in these financial statements
227,160

227,160

Page 5

 
DEAN STREET BAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

9.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
£


Not later than 1 year
310,000

Later than 1 year and not later than 5 years
1,240,000

Later than 5 years
2,376,667

3,926,667


10.


Related party transactions

The Company has taken advantage of exemptions from disclosing transactions with related companies under the provisions of Section 33 of Financial Reporting Standard 102.


11.


Controlling party

The ultimate controlling party is Inception Ventures Group Limited which is controlled by its directors.


12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 17 July 2023 by Emma Bernardez (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

Page 6