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Registered number: 07162732










NOBLEHEART LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 26 MARCH 2023

 
NOBLEHEART LIMITED
REGISTERED NUMBER: 07162732

BALANCE SHEET
AS AT 26 MARCH 2023

26 March
27 March
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,968
33,242

  
15,968
33,242

Current assets
  

Stocks
 6 
17,448
15,149

Debtors: amounts falling due within one year
 7 
1,375,361
1,636,942

Cash at bank and in hand
 8 
4,144
450

  
1,396,953
1,652,541

Creditors: amounts falling due within one year
 9 
(469,170)
(623,705)

Net current assets
  
 
 
927,783
 
 
1,028,836

Total assets less current liabilities
  
943,751
1,062,078

Creditors: amounts falling due after more than one year
 10 
(37,727)
(42,609)

  

Net assets
  
906,024
1,019,469


Capital and reserves
  

Called up share capital 
  
140,000
140,000

Profit and loss account
  
766,024
879,469

  
906,024
1,019,469

Page 1

 
NOBLEHEART LIMITED
REGISTERED NUMBER: 07162732
    
BALANCE SHEET (CONTINUED)
AS AT 26 MARCH 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




................................................
Hani Nakkach
Director
Date: 6 March 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

1.


General information

Nobleheart Limited is a private limited company which is incorporated and domiciled in the UK. The registered office address is 7 Moxon St, London, United Kingdom, W1U 4EP. 

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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Aubaine Limited as at 26/03/2023 and these financial statements may be obtained from Companies House.

 
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.

Page 3

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

 
2.8

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

2.Accounting policies (continued)

 
2.9

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 balance sheet 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 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, 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 balance sheet date.

 
2.10

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 - 33% straight line
Office equipment
-
20 - 33% straight line
Computer equipment
-
20 - 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.

Page 5

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

 
Page 6

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial
Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. On this background, the directors consider there to be judgments applied only on depreciation policy of the fixed assets and the depreciation rates are based upon the expected useful life of the assets. There are no other judgments in any other accounting policies that might have a material effect on the balances held at the Statement of Financial Position date.


4.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Employees
35
24

37
26

Page 8

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

5.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 28 March 2022
402,488
170,067
106,481
35,057
4,770


Additions
55,444
3,044
33,911
7,751
243


Disposals
(457,932)
(3,044)
(140,392)
(7,751)
(243)



At 26 March 2023

-
170,067
-
35,057
4,770



Depreciation


At 28 March 2022
399,503
162,674
102,289
17,763
3,391


Charge for the period on owned assets
2,129
3,737
2,986
7,264
508


Disposals
(401,632)
(270)
(105,275)
(1,125)
(16)



At 26 March 2023

-
166,141
-
23,902
3,883



Net book value



At 26 March 2023
-
3,926
-
11,155
887



At 27 March 2022
2,984
7,393
4,192
17,294
1,379
Page 9

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 28 March 2022
718,863


Additions
100,393


Disposals
(609,362)



At 26 March 2023

209,894



Depreciation


At 28 March 2022
685,620


Charge for the period on owned assets
16,624


Disposals
(508,318)



At 26 March 2023

193,926



Net book value



At 26 March 2023
15,968



At 27 March 2022
33,242


6.


Stocks

26 March
27 March
2023
2022
£
£

Finished goods and goods for resale
17,448
15,149

17,448
15,149


Page 10

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

7.


Debtors

26 March
27 March
2023
2022
£
£


Trade debtors
-
392,969

Amounts owed by group undertakings
1,351,347
1,227,548

Other debtors
6,530
-

Prepayments and accrued income
3,961
2,902

Deferred taxation
13,523
13,523

1,375,361
1,636,942



8.


Cash and cash equivalents

26 March
27 March
2023
2022
£
£

Cash at bank and in hand
4,144
450

Less: bank overdrafts
(1,811)
-

2,333
450



9.


Creditors: Amounts falling due within one year

26 March
27 March
2023
2022
£
£

Bank overdrafts
1,811
-

Bank loans
5,957
5,957

Trade creditors
127,893
54,865

Amounts owed to group undertakings
261,231
428,000

Other taxation and social security
40,593
103,058

Other creditors
10,697
15,532

Accruals and deferred income
20,988
16,293

469,170
623,705


Page 11

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

10.


Creditors: Amounts falling due after more than one year

26 March
27 March
2023
2022
£
£

Bank loans
37,727
42,609

37,727
42,609


Shareholder loans are secured by a fixed and floating charge over the undertaking and all property and assets present and future.


11.


Loans


Analysis of the maturity of loans is given below:


26 March
27 March
2023
2022
£
£

Amounts falling due within one year

Bank loans
5,957
5,957


5,957
5,957

Amounts falling due 1-2 years

Bank loans
5,460
5,957


5,460
5,957

Amounts falling due 2-5 years

Bank loans
18,367
17,870


18,367
17,870

Amounts falling due after more than 5 years

Bank loans
13,900
18,782

13,900
18,782

43,684
48,566


Page 12

 
NOBLEHEART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023

12.


Pension commitments

The Company contributes into a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,534 (2022 - £7,486). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date.


13.


Related party transactions

The company have taken advantage of the exemption under FRS102 section 33 paragraph 1a and
therefore have not reported the related party transactions or balances of companies within the group.


14.


Controlling party

Aubaine Limited is the immediate parent, and is the smallest and largest group for which consolidated
accounts including Nobleheart Limited are prepared. The consolidated accounts of Aubaine Limited are
available from its registered office, 7 Moxon Street, London, W1U 4EP.


15.


Auditors' information

The auditors' report on the financial statements for the period ended 26 March 2023 was unqualified.

The audit report was signed on 6 March 2024 by Mr Matthew Wyatt (Senior statutory auditor) on behalf of Wellers.

 
Page 13