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Registration number: 05835180

Hache Trading Ltd

Filleted Financial Statements

for the Period from 27 December 2021 to 25 December 2022

 

Hache Trading Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Hache Trading Ltd

Company Information

Directors

J L Barber

E J F Standring

S Marsh

Registered office

C/o Sterlings Ltd Lawford House
Albert Place
London
N3 1QA

Auditors

Sterlings Ltd
Chartered Accountants and Registered Auditors
Lawford House
Albert Place
London
N3 1QA

 

Hache Trading Ltd

(Registration number: 05835180)
Balance Sheet as at 25 December 2022

Note

25 December
2022
£

26 December
2021
£

Fixed assets

 

Tangible assets

5

146,727

152,177

Current assets

 

Stocks

25,127

19,883

Debtors

6

111,659

126,646

Cash at bank and in hand

 

143,822

97,121

 

280,608

243,650

Creditors: Amounts falling due within one year

7

(684,970)

(676,019)

Net current liabilities

 

(404,362)

(432,369)

Total assets less current liabilities

 

(257,635)

(280,192)

Creditors: Amounts falling due after more than one year

7

(3,679)

-

Net liabilities

 

(261,314)

(280,192)

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

3,027

3,027

Profit and loss account

(264,541)

(283,419)

Shareholders' deficit

 

(261,314)

(280,192)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:

.........................................

J L Barber
Director

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o Sterlings Ltd Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. The directors have considered the impact of ongoing challenges facing the hospitality industry in London. The company’s forecasts and projections have been prepared based on management’s best estimate of customer behaviour and an increasing level of tourism and footfall. The projections also include management’s judgements in respect of the timing of settlement of historic liabilities. Furthermore, the forecasts also reflect the expectation that the inflation experienced during 2022 and 2023 has abated and a stability is returning to the economy and therefore to the hospitality industry. However, the timing and extent to which the consumer spending will increase, together with the uncertainty of negotiations with creditors regarding historic debts, make precise forecasting extremely difficult and therefore the directors consider there to be a material uncertainty that casts significant doubt on the company’s ability to continue as a going concern.

Nevertheless, having considered the financial results, cash reserves and current forecasts, which include the estimations described above, the directors believe the company will have adequate resources to continue in operational existence and meet its liabilities as they fall due for a period of at least twelve months from the date these financial statements are approved. Accordingly, the directors consider the going concern basis to be appropriate for preparing the financial statements.

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

Audit report

The Independent Auditor's Report was unqualified but contained a material uncertainty related to going concern and other matter as follows:
Material uncertainty related to going concern
We draw attention to Note 2 in the financial statements, which indicates that the company’s ability to continue as a going concern is based on forecasts and projections that involve management’s judgements regarding customer behaviour, economic conditions and negotiations with suppliers regarding historic liabilities. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other matter
The comparative figures are unaudited.

The name of the Senior Statutory Auditor who signed the audit report on 13 March 2024 was Stephen Fenton FCA, who signed for and on behalf of Sterlings Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short-term leasehold property

Over the term of the lease

Fixtures and fittings

10-33% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 18 (2021 - 13).

4

Auditors' remuneration

25 December
2022
£

26 December
2021
£

Audit of the financial statements

3,000

-


 

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 27 December 2021

83,089

89,499

172,588

Additions

-

19,296

19,296

At 25 December 2022

83,089

108,795

191,884

Depreciation

At 27 December 2021

11,995

8,416

20,411

Charge for the period

14,105

10,641

24,746

At 25 December 2022

26,100

19,057

45,157

Carrying amount

At 25 December 2022

56,989

89,738

146,727

At 26 December 2021

71,094

81,083

152,177

Included within the net book value of land and buildings above is £56,989 (2021 - £71,094) in respect of short leasehold land and buildings.
 

6

Debtors

Note

25 December
2022
£

26 December
2021
£

Trade debtors

 

10,142

3,159

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13

7,022

114,482

Prepayments and accrued income

 

94,495

9,005

 

111,659

126,646

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

25 December
2022
£

26 December
2021
£

Due within one year

 

Loans and borrowings

9

4,416

-

Trade creditors

 

219,836

72,567

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

266,370

490,197

Taxation and social security

 

44,599

18,125

Other creditors

 

2,700

155

Accruals and deferred income

 

147,049

94,975

 

684,970

676,019

Creditors: amounts falling due after more than one year

Note

25 December
2022
£

26 December
2021
£

Due after one year

 

Loans and borrowings

9

3,679

-

8

Share capital

Allotted, called up and fully paid shares

 

25 December
2022

26 December
2021

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         
 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

9

Loans and borrowings

25 December
2022
£

26 December
2021
£

Non-current loans and borrowings

Hire purchase contracts

3,679

-

25 December
2022
£

26 December
2021
£

Current loans and borrowings

Hire purchase contracts

4,416

-

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

25 December 2022
 £

26 December
2021
£

Not later than 1 year

105,000

105,000

Later than 1 year and not later than 5 years

278,466

383,466

383,466

488,466

11

Pension commitments

The company operates 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 £4,886 (2021: £1,896). Contributions totalling £Nil (2021: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

12

Other financial commitments

There are fixed and floating charges over the assets of the company in favour of HSBC Bank PLC and Yoginvest Ltd.

13

Controlling party

The immediate and ultimate parent company is Hush Brasseries Limited.

The largest and smallest group in which the results of the company are consolidated is that headed by Hush Brasseries Limited. The consolidated accounts of this company are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

Hache Trading Ltd

Notes to the Financial Statements for the Period from 27 December 2021 to 25 December 2022

14

Summary of transactions with other related parties

The company has taken advantage of the exemption contained in FRS 102 section 33 ‘Related Party Disclosures’ from disclosing transactions with entities which are a wholly owned part of the group.