Company registration number 03859834 (England and Wales)
EVER 1209 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
EVER 1209 LIMITED
COMPANY INFORMATION
Directors
B Ladhar
M Ladhar
Company number
03859834
Registered office
Earl Grey Properties
2nd Floor
Adelphi Chambers
20 Shakespeare Street
Newcastle Upon Tyne
Tyne and Wear
NE1 6AQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
EVER 1209 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 24
EVER 1209 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present the strategic report for the year ended 31 October 2023.

Review of the business

Ever 1209 Limited is a family owned operator of licenced premises based in the North East of England.

 

Turnover fell to £14.56m from £15.65m in 2022. Overall the business recorded a profit before tax of £0.673m against a profit of £1.318m in the previous year.

 

Future Outlook

The directors are satisfied with the performance of the company for the year ended 31 October 2023 and expect growth in revenue and profitability in future years.

Principal risks and uncertainties

Financial Risk Management

The company is subject to a number of financial risks, in particular liquidity, interest rate, and credit risk.

 

Liquidity risk

During the year the management took steps to substantially reduce the company's exposure to external debt, and entered into a new term loan facility to provide sufficient funds for ongoing operations.

 

Interest rate risk

The company has used interest rate swaps in the past to minimise the risk of part of the term debt. Following repayment of a large part of the term debt during the prior year, management no longer consider interest rate risk to be significant enough to warrant entering into swap agreements.

 

Credit risk

The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are shown net of provisions for impairment where it is considered the company will not be able to collect all amounts due. Management consider that the company has no significant concentration on credit risk as the majority of its turnover is generated from cash sales.

On behalf of the board

M Ladhar
Director
11 July 2024
EVER 1209 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the company and group continued to be the operating of restaurants and licensed premises, primarily licensed bars and nightclubs.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B Ladhar
M Ladhar
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

EVER 1209 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
On behalf of the board
M Ladhar
Director
11 July 2024
EVER 1209 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVER 1209 LIMITED
- 4 -
Opinion

We have audited the financial statements of Ever 1209 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EVER 1209 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVER 1209 LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit be performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;

 

The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EVER 1209 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVER 1209 LIMITED
- 6 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
11 July 2024
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
EVER 1209 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
14,560,643
15,653,439
Cost of sales
(4,436,612)
(4,854,874)
Gross profit
10,124,031
10,798,565
Administrative expenses
(9,115,918)
(9,405,060)
Other operating income
100,000
160,000
Operating profit
3
1,108,113
1,553,505
Interest payable and similar expenses
6
(435,366)
(235,982)
Profit before taxation
672,747
1,317,523
Tax on profit
7
(444,387)
(175,753)
Profit for the financial year
228,360
1,141,770
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EVER 1209 LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
8
261,157
282,242
Tangible assets
9
19,967,267
20,966,702
20,228,424
21,248,944
Current assets
Stocks
12
305,915
266,318
Debtors
13
4,094,456
4,785,335
Cash at bank and in hand
889,832
1,347,337
5,290,203
6,398,990
Creditors: amounts falling due within one year
14
(13,016,387)
(15,000,955)
Net current liabilities
(7,726,184)
(8,601,965)
Total assets less current liabilities
12,502,240
12,646,979
Creditors: amounts falling due after more than one year
15
(5,688,512)
(6,042,819)
Provisions for liabilities
Deferred tax liability
17
1,761,884
1,780,676
(1,761,884)
(1,780,676)
Net assets
5,051,844
4,823,484
Capital and reserves
Called up share capital
19
70,000
70,000
Revaluation reserve
4,491,986
4,567,674
Capital redemption reserve
5,000
5,000
Profit and loss reserves
484,858
180,810
Total equity
5,051,844
4,823,484

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
11 July 2024
M Ladhar
Director
Company registration number 03859834 (England and Wales)
EVER 1209 LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
1,300,000
1,300,000
Current assets
Debtors
13
189,580
189,580
Cash at bank and in hand
130
130
189,710
189,710
Creditors: amounts falling due within one year
14
(1,000)
(1,000)
Net current assets
188,710
188,710
Net assets
1,488,710
1,488,710
Capital and reserves
Called up share capital
19
70,000
70,000
Profit and loss reserves
1,418,710
1,418,710
Total equity
1,488,710
1,488,710

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
11 July 2024
M Ladhar
Director
Company registration number 03859834 (England and Wales)
EVER 1209 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2021
70,000
4,643,362
5,000
(1,036,648)
3,681,714
Year ended 31 October 2022:
Profit and total comprehensive income
-
-
-
1,141,770
1,141,770
Transfers
-
(75,688)
-
75,688
-
Balance at 31 October 2022
70,000
4,567,674
5,000
180,810
4,823,484
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
228,360
228,360
Transfers
-
(75,688)
-
75,688
-
Balance at 31 October 2023
70,000
4,491,986
5,000
484,858
5,051,844
EVER 1209 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
70,000
1,418,710
1,488,710
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 October 2022
70,000
1,418,710
1,488,710
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
0
Balance at 31 October 2023
70,000
1,418,710
1,488,710
EVER 1209 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,200,195
1,921,981
Interest paid
(435,366)
(235,982)
Income taxes paid
(509,649)
(153,539)
Net cash inflow from operating activities
255,180
1,532,460
Investing activities
Proceeds from disposal of intangibles
-
23,160
Purchase of tangible fixed assets
(492,580)
(3,831,349)
Proceeds from disposal of tangible fixed assets
-
4,339
Net cash used in investing activities
(492,580)
(3,803,850)
Financing activities
Repayment of bank loans
(220,105)
(97,039)
Net cash used in financing activities
(220,105)
(97,039)
Net decrease in cash and cash equivalents
(457,505)
(2,368,429)
Cash and cash equivalents at beginning of year
1,347,337
3,715,766
Cash and cash equivalents at end of year
889,832
1,347,337
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
1
Accounting policies
Company information

Ever 1209 Limited (the parent company) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Earl Grey Properties Limited, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle Upon Tyne, Tyne and Wear, NE1 6AQ,

 

The group consists of Ever 1209 Limited and all of its subsidiaries.

 

The company's and the group's principal activities and nature of its operations are disclosed in the Directors' Report.

 

 

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ever 1209 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of Value Added Tax.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the sale of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

1.5
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an intangible fixed asset, less its estimated residual value, over the useful economic life of that asset as follows:

 

Goodwill         between 3 and 20 years

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
over 50 years straight line
Leasehold land and buildings
over the life of the lease or 50 years if shorter
Fixtures and fittings
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

1.7
Fixed asset investments

In the separate accounts of the company, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -
1.9
Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

 

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.14
Retirement benefits

For defined contribution schemes the amount charged to the profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Hospitality and leisure
14,560,643
15,653,439
2023
2022
£
£
Other revenue
Grants received
-
60,000
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(60,000)
Depreciation of owned tangible fixed assets
1,492,015
1,595,136
(Profit)/loss on disposal of tangible fixed assets
-
8,727
Amortisation of intangible assets
21,085
23,452
Operating lease charges
438,177
550,876
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,700
2,600
Audit of the financial statements of the company's subsidiaries
13,300
12,700
16,000
15,300
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
248
273
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,594,383
4,002,935
-
0
-
0
Social security costs
248,974
265,911
-
-
Pension costs
48,132
41,466
-
0
-
0
3,891,489
4,310,312
-
0
-
0
6
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
435,366
235,982
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
457,777
537,581
Deferred tax
Origination and reversal of timing differences
(13,390)
(361,828)
Total tax charge
444,387
175,753

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
672,747
1,317,523
Expected tax charge based on the standard rate of corporation tax in the UK of 22.52% (2022: 19.00%)
151,503
250,329
Adjustments in respect of prior years
60
(316,489)
Effect of change in corporation tax rate
(1,762)
(1,923)
Permanent capital allowances in excess of depreciation
288,276
251,944
Fixed asset differences
1,085
-
0
Additional deduction for land remediation expenditure
5,225
(8,108)
Taxation charge
444,387
175,753
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
2,102,759
Amortisation and impairment
At 1 November 2022
1,820,517
Amortisation charged for the year
21,085
At 31 October 2023
1,841,602
Carrying amount
At 31 October 2023
261,157
At 31 October 2022
282,242
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 November 2022
14,431,734
3,790,456
13,788,010
32,010,200
Additions
-
0
-
0
492,580
492,580
At 31 October 2023
14,431,734
3,790,456
14,280,590
32,502,780
Depreciation and impairment
At 1 November 2022
1,209,502
1,999,112
7,834,884
11,043,498
Depreciation charged in the year
252,058
57,835
1,182,122
1,492,015
At 31 October 2023
1,461,560
2,056,947
9,017,006
12,535,513
Carrying amount
At 31 October 2023
12,970,174
1,733,509
5,263,584
19,967,267
At 31 October 2022
13,222,232
1,791,344
5,953,126
20,966,702
The company had no tangible fixed assets at 31 October 2023 or 31 October 2022.

The freehold properties were valued on 31 October 2020 on the basis of an open market valuation carried out by Lambert Smith Hampton. The directors believe that these valuations, together with any additions reflect the current value of the freehold establishments as at the balance sheet date.

 

The groups leasehold arrangements were valued by external valuers, Sanderson Weatherall, between 21 January 2009 and 3 March 2009 on an open market basis. In the directors opinion there has been no material change in value in the year and as such they are stated at their current value as at the balance sheet date.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2023
2022
£
£
Group
Cost
4,831,748
4,831,748
Accumulated depreciation
(1,652,855)
(1,577,167)
Carrying value
3,178,893
3,254,581
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
1,300,000
1,300,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
1,300,000
Carrying amount
At 31 October 2023
1,300,000
At 31 October 2022
1,300,000
11
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Crafted Projects Ltd
1
Development and operation of restuarants and licenced premises.
Ordinary
-
100.00
Easteye Limited
1
Operation of licenced bars and restaurants
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
C/O Earl Grey Properties Ltd, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ
12
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
305,915
266,318
-
0
-
0
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
350,215
721,455
-
0
-
0
Amounts owed by group undertakings
-
-
189,580
189,580
Other debtors
3,460,618
3,768,065
-
0
-
0
Prepayments and accrued income
283,623
295,815
-
0
-
0
4,094,456
4,785,335
189,580
189,580
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
16
736,652
602,450
-
0
-
0
Trade creditors
1,538,850
2,577,894
-
0
-
0
Corporation tax payable
457,777
504,247
-
0
-
0
Other taxation and social security
309,819
366,690
-
-
Other creditors
9,295,194
10,299,416
-
0
-
0
Accruals and deferred income
678,095
650,258
1,000
1,000
13,016,387
15,000,955
1,000
1,000
15
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
16
5,688,512
6,042,819
-
0
-
0
Amounts included above which fall due after five years are as follows:
Payable by instalments
118,767
143,811
-
-
16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
6,425,164
6,645,269
-
0
-
0
Payable within one year
736,652
602,450
-
0
-
0
Payable after one year
5,688,512
6,042,819
-
0
-
0
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
16
Loans and overdrafts
(Continued)
- 22 -

Bank loans are secured by first legal charges over the company's freehold and leasehold property interests and directors' loan accounts, assignment of a reducing life assurance policy in the directors names and an unlimited inter-company bank guarantee and mortgage debenture between Easteye Limited, Ever 1209 Limited, Crafted Projects Ltd, Dean Venture Limited, Movesun Limited, Ladhar Betting & Gambling Ltd and Ladhar Leisure LLP.

 

The group has two loans that were taken out under the bounce back scheme. These loans attract no interest during the first twelve months but will incur interest over the remaining term. They are repayable by monthly instalments.

 

All other bank loans are repayable in quarterly instalments with interest payable, linked to the Bank of England's base rate.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
510,976
529,781
Revaluations
1,251,777
1,251,777
Short term timing differences
(869)
(882)
1,761,884
1,780,676
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
1,780,676
-
Credit to profit or loss
(18,792)
-
Liability at 31 October 2023
1,761,884
-
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,132
41,466
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
18
Retirement benefit schemes
(Continued)
- 23 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
70,000
70,000
70,000
70,000
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
469,700
534,200
-
-
Between two and five years
1,280,300
1,378,300
-
-
In over five years
2,310,000
1,736,504
-
-
4,060,000
3,649,004
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
100,000
150,000
-
-

The operating leases where the company is a lessor represent leases of one property to a related party.

21
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
7,295,682
8,301,507
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
21
Related party transactions
(Continued)
- 24 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
3,309,611
3,696,504
22
Controlling party

The directors consider that the ultimate controlling parties are B S Ladhar and M S Ladhar by virtue of their ownership of 100% of the share capital.

23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
228,360
1,141,770
Adjustments for:
Taxation charged
444,387
175,753
Finance costs
435,366
235,982
(Gain)/loss on disposal of tangible fixed assets
-
8,727
Amortisation and impairment of intangible assets
21,085
23,452
Depreciation and impairment of tangible fixed assets
1,492,015
1,595,136
Movements in working capital:
(Increase)/decrease in stocks
(39,597)
11,745
Decrease in debtors
690,879
202,215
Decrease in creditors
(2,072,300)
(1,472,799)
Cash generated from operations
1,200,195
1,921,981
24
Analysis of changes in net debt - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
1,347,337
(457,505)
889,832
Borrowings excluding overdrafts
(6,645,269)
220,105
(6,425,164)
(5,297,932)
(237,400)
(5,535,332)
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