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Company registration number: 08640660







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
25 DECEMBER 2022


SHERSTON LIMITED






































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SHERSTON LIMITED
 


 
COMPANY INFORMATION


Directors
Mr B Shedden 
Mr J Shedden 




Company secretary
Mrs C Shedden



Registered number
08640660



Registered office
2nd Floor, Magna House
18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


SHERSTON LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 8


 


SHERSTON LIMITED
REGISTERED NUMBER:08640660



STATEMENT OF FINANCIAL POSITION
AS AT 25 DECEMBER 2022

25 December
As restated
26 December
2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
97,116
106,436

Tangible assets
 5 
407,993
468,343

  
505,109
574,779

Current assets
  

Stocks
  
37,597
27,163

Debtors: amounts falling due within one year
 6 
1,798,655
1,484,415

  
1,836,252
1,511,578

Creditors: amounts falling due within one year
 7 
(360,619)
(363,327)

Net current assets
  
 
 
1,475,633
 
 
1,148,251

Total assets less current liabilities
  
1,980,742
1,723,030

Provisions for liabilities
  

Deferred tax
  
(8,576)
(8,087)

Net assets
  
1,972,166
1,714,943


Capital and reserves
  

Called up share capital 
  
400
400

Profit and loss account
  
1,971,766
1,714,543

  
1,972,166
1,714,943


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 income and retained earnings 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 by: 




................................................
Mr B Shedden
Director
Date: 13 October 2023

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

1.


General information

Sherston Limited is a  private  company  limited by shares  incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The principal place of business is Unit 5, The Forum, Hanworth Lane, Chertsey, Surrey, KT16 9JX.

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.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and
the turnover can be reliably measured. Turnover is generated via the operation of fast food outlets and is
measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

 
2.3

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.

 
2.4

Intangible assets

Goodwill

Goodwill arising on the acquisition of branches, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired.
Goodwill is being written off over twenty years on the basis that the company has the option, as stipulated in its franchise agreements, to renew the existing franchises for further ten year terms at the end of the initial ten year term. As the directors are likely to take up the option and due to the company being in a good standing with regards to the terms of the franchise agreement, the directors believe amortisation over the full 20 years reflects the likely consumption of economic benefits.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

             Franchise rights                  -  10 years straight line

Page 2

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

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:

Plant and machinery
-
10 years straight line
Computer equipment
-
5 years 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.

 
2.6

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 reporting 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.

 
2.7

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 non-puttable ordinary shares.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the period was 169 (2021 - 148).

Page 4

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

4.


Intangible assets






Franchise rights
Goodwill
Total

£
£
£



Cost


At 27 December 2021 (as restated)
24,643
156,393
181,036



At 25 December 2022

24,643
156,393
181,036



Amortisation


At 27 December 2021 (as restated)
14,143
60,457
74,600


Charge for the period on owned assets
1,500
7,820
9,320



At 25 December 2022

15,643
68,277
83,920



Net book value



At 25 December 2022
9,000
88,116
97,116



At 26 December 2021 (as restated)
10,500
95,936
106,436



Page 5

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

5.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 27 December 2021 (as restated)
839,461
75,589
915,050


Additions
9,168
5,700
14,868



At 25 December 2022

848,629
81,289
929,918



Depreciation


At 27 December 2021 (as restated)
400,717
45,990
446,707


Charge for the period on owned assets
63,692
11,526
75,218



At 25 December 2022

464,409
57,516
521,925



Net book value



At 25 December 2022
384,220
23,773
407,993



At 26 December 2021 (as restated)
438,744
29,599
468,343


6.


Debtors

25 December
As restated
26 December
2022
2021
£
£


Amounts owed by group undertakings
1,604,427
1,347,167

Prepayments and accrued income
194,228
137,248

1,798,655
1,484,415


Page 6

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

25 December
As restated
26 December
2022
2021
£
£

Trade creditors
180,712
126,415

Corporation tax
95,147
161,036

Accruals and deferred income
84,760
75,876

360,619
363,327



8.


Prior year adjustment

The details of the correction of a prior period error are given below:
The following adjustments have been made due to the error in accounting for one store in fellow subsidiary, The Woodpecker Inn Limited, rather than Sherston Limited and the fixed assets for one store in the same fellow subsidiary.
i) Sales for the year 2021 have increased from £4,635,512 to £5,840,708 after an adjustment of £1,205,196.
ii) Cost of sales for the year 2021 have increased from £2,875,060 to £3,598,693 after an adjustment of £723,633.
iii) Administration expenses for the year 2021 have increased from £840,857 to £1,058,418 after an adjustment of £217,561.
iv) Tax on profit for the year 2021 has increased from £187,484 to £242,215 after an adjustment of £54,731.
v) The previously reported brought forward Profit and Loss Reserves as at 28 December 2020 of £927,217 have been adjusted by £245,944 and resulting in the restated amount of £1,173,161.
vi) The net book value of fixed assets at 26 December 2021 have increased from £227,418 to £574,779 after an adjustment of £347,361.
vii) Current assets at 26 December 2021 have increased from £1,336,093 to £1,511,578 after an adjustment of £175,485. 
viii) Creditors at 26 December 2021 have increased from £295,696 to £363,327 after an adjustment of £67,631.
The overall impact on net assets at 26 December 2021 has meant an increase from £1,259,728 to £1,714,543 after the adjustments totalling £455,215. Retained earnings at 26 December 2021 has also increased by £455,215 from £1,259,328 to £1,714,543 due to the error in recognising the store and the fixed assets for one store in the fellow subsidiary.


9.


Guarantees

There is in place a Composite Company Unlimited Unilateral Guarantee in place, dated 7 February 2012, given  to HSBC plc by this company, Full House Restaurants Holdings Limited, Full House Restaurants Limited, House Special Limited, Classic Crust Limited, The Woodpecker Inn  Limited, Sunmead Limited and Surrey Pizzas Limited.


10.


Parent company

Full House Restaurants Holdings Limited, a Company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The Company's registered office is 2nd Floor, Magna House, 18-32 London Road, Staines-upon-Thames, Surrey, TW18 4BP.

Page 7

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 DECEMBER 2022

11.


Auditors' information

The auditors' report on the financial statements for the period ended 25 December 2022 was unqualified.

The audit report was signed on 15 October 2023 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8