Company registration number 08098285 (England and Wales)
WHARFSTORM LIMITED
FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
PAGES FOR FILING WITH REGISTRAR
WHARFSTORM LIMITED
BALANCE SHEET
- 1 -
30 July 2023
31 July 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,821,034
1,982,290
Current assets
Stocks
5
203,749
177,583
Debtors
6
1,550,794
814,794
Cash at bank and in hand
244,679
130,252
1,999,222
1,122,629
Creditors: amounts falling due within one year
7
(3,071,142)
(2,741,812)
Net current liabilities
(1,071,920)
(1,619,183)
Total assets less current liabilities
749,114
363,107
Creditors: amounts falling due after more than one year
8
(211,639)
(251,267)
Net assets
537,475
111,840
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
537,375
111,740
Total equity
537,475
111,840
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
P Corrett
Director
Company registration number 08098285 (England and Wales)
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 2 -
1
Accounting policies
Company information
Wharfstorm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL, and its place of business is Park Level, Crossrail Place, Canary Wharf, London E14 5AR.
1.1
Reporting period
The reporting period for these financial statements is 52 weeks to 30 July 2023 with corresponding figures reported for the 52 weeks to 31 July 2022. The company's financial statements are prepared for a 52 or 53 week period ending on a date 7 days either side of 31 July.
1.2
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This 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:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Topstorm Limited, whose registered office is Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL. These consolidated financial statements are available from Companies House.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
The directors have confidence in its current and future trading which continues to improve and perform well.true
The company continues to trade profitably and the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Turnover
Turnover represents the total amounts receivable by the company in respect of sales to customers, net of VAT, derived from the company's ordinary activities and is recognised in the profit and loss account at the point of sale.
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 at the point of sale), 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
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:
Short leasehold land and buildings
In equal annual instalments over the lease term from when the assets are brought into use
Fixtures, fittings & equipment
5 years to 15 years - straight line
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 profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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 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 company 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 company’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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the 52 week period of trading was:
2023
2022
Number
Number
Staff
101
113
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 7 -
4
Tangible fixed assets
Short leasehold land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 August 2022
1,625,430
3,352,695
4,978,125
Additions
7,750
110,946
118,696
At 30 July 2023
1,633,180
3,463,641
5,096,821
Depreciation and impairment
At 1 August 2022
773,590
2,222,245
2,995,835
Depreciation charged in the 52 week period
115,779
164,173
279,952
At 30 July 2023
889,369
2,386,418
3,275,787
Carrying amount
At 30 July 2023
743,811
1,077,223
1,821,034
At 31 July 2022
851,840
1,130,450
1,982,290
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
5
Stocks
2023
2022
£
£
Raw materials and consumables
203,749
177,583
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
137,503
95,175
Other debtors
1,207,735
186,670
Prepayments and accrued income
186,743
504,887
1,531,981
786,732
Deferred tax asset (note 9)
18,813
28,062
1,550,794
814,794
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
684,045
1,193,479
Amounts owed to group undertakings
1,505,799
905,656
Corporation tax
96,089
Other taxation and social security
190,170
201,882
Deferred income
10
39,628
39,628
Other creditors
203,442
9,687
Accruals and deferred income
351,969
391,480
3,071,142
2,741,812
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Deferred income
10
211,639
251,267
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
18,813
28,062
2023
Movements in the 52 week period:
£
Asset at 1 August 2022
(28,062)
Charge to profit or loss
15,128
Effect of change in tax rate - profit or loss
(5,879)
Asset at 30 July 2023
(18,813)
The deferred tax asset set out above is not expected to wholly or partly reverse within 12 months.
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 9 -
10
Deferred income
2023
2022
£
£
Other deferred income
251,267
290,895
Included in the financial statements as follows:
Current liabilities
39,628
39,628
Non-current liabilities
211,639
251,267
251,267
290,895
11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Wright FCA
Statutory Auditor:
Littlestone Golding
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
613,448
613,448
Between two and five years
2,453,792
2,453,792
In over five years
870,592
1,484,040
3,937,832
4,551,280
WHARFSTORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JULY 2023
- 10 -
14
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,505,799
905,656
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
1,207,735
186,670
Other information
The bank facilities of other group companies secured over the assets of the company at 30 July 2023 amounted to £1,560,000 (2022: £2,253,333).
15
Ultimate controlling party
The company's immediate parent company is Big Easy Restaurants Limited, whose registered office is Eden House, Reynolds Road, Beaconsfield, HP9 2FL, and its ultimate parent company is Topstorm Limited, whose registered office is Eden House, Reynolds Road, Beaconsfield, HP9 2FL.
The company's ultimate controlling party is Mr P Corrett, the sole shareholder of Topstorm Limited.
The parent undertaking of the only group to which the company belongs for which group accounts are prepared is Topstorm Limited, a company registered in England and Wales, Group accounts for Topstorm Limited can be obtained from Companies House.
2023-07-302022-08-01false30 July 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedP CorrettJ Corrett080982852022-08-012023-07-30080982852023-07-30080982852022-07-3108098285core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-3008098285core:FurnitureFittings2023-07-3008098285core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-3108098285core:FurnitureFittings2022-07-3108098285core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3008098285core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3108098285core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3008098285core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3108098285core:CurrentFinancialInstruments2023-07-3008098285core:CurrentFinancialInstruments2022-07-3108098285core:ShareCapital2023-07-3008098285core:ShareCapital2022-07-3108098285core:RetainedEarningsAccumulatedLosses2023-07-3008098285core:RetainedEarningsAccumulatedLosses2022-07-3108098285bus:Director12022-08-012023-07-3008098285core:LandBuildingscore:LongLeaseholdAssets2022-08-012023-07-3008098285core:FurnitureFittings2022-08-012023-07-30080982852021-08-022022-07-3108098285core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-3108098285core:FurnitureFittings2022-07-31080982852022-07-3108098285core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-08-012023-07-3008098285core:Non-currentFinancialInstruments2023-07-3008098285core:Non-currentFinancialInstruments2022-07-3108098285core:WithinOneYear2023-07-3008098285core:WithinOneYear2022-07-3108098285core:BetweenTwoFiveYears2023-07-3008098285core:BetweenTwoFiveYears2022-07-3108098285core:MoreThanFiveYears2023-07-3008098285core:MoreThanFiveYears2022-07-3108098285core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-07-3008098285bus:PrivateLimitedCompanyLtd2022-08-012023-07-3008098285bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3008098285bus:FRS1022022-08-012023-07-3008098285bus:Audited2022-08-012023-07-3008098285bus:Director22022-08-012023-07-3008098285bus:FullAccounts2022-08-012023-07-30xbrli:purexbrli:sharesiso4217:GBP