Company registration number 09360956 (England and Wales)
A H TAVISTOCK STREET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
A H TAVISTOCK STREET LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
A H TAVISTOCK STREET LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
505,153
516,452
Investments
5
-
0
5,000
505,153
521,452
Current assets
Stocks
24,497
24,102
Debtors
6
195,287
223,066
Cash at bank and in hand
302,286
201,598
522,070
448,766
Creditors: amounts falling due within one year
7
(1,035,509)
(1,135,551)
Net current liabilities
(513,439)
(686,785)
Total assets less current liabilities
(8,286)
(165,333)
Creditors: amounts falling due after more than one year
8
(136,428)
(199,993)
Provisions for liabilities
(25,504)
-
0
Net liabilities
(170,218)
(365,326)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
(170,219)
(365,327)
Total equity
(170,218)
(365,326)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

A H TAVISTOCK STREET LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
G T J Warnes
Director
Company Registration No. 09360956
A H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

A H Tavistock Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashcombe Court, Woolsack Way, Godalming, Surrey, United Kingdom, GU7 1LQ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

At the balance sheet date the company has net current liabilities of £513,439 (2022 - £686,785) and net liabilities of £170,218 (2022 - £365,326).

After reviewing forecasts and projections and taking into account the economic conditions, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the support received from its creditors. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents net sales of food and drink, excluding value added tax and is recognised on a point of sales basis. Recharges of expenses are recognised in relation to the period in which they were incurred.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, was being amortised evenly over its useful life of fifteen years and idue to impairment is now fully amortised.

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
Straight line over life of lease
Plant and equipment
20% on cost
Fixtures and fittings
25% on reducing balance
Office Equipment
20% on cost

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
Fixed asset investments

Interests in associates 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 H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets

At each reporting period end date, the company 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). 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.

1.8
Stocks

Stocks are stated at the lower of cost and selling price less provision for wastage and slow moving items.

1.9
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.

1.10
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.

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.

A H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

1.11
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.

 

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.

1.12
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

A H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
63
53
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
150,000
Amortisation and impairment
At 1 November 2022 and 31 October 2023
150,000
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
-
0
4
Tangible fixed assets
Short leasehold
Plant and equipment
Fixtures and fittings
Office Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
892,890
261,218
272,788
25,701
1,452,597
Additions
7,201
42,546
18,964
2,025
70,736
Disposals
-
0
(37,507)
-
0
(970)
(38,477)
At 31 October 2023
900,091
266,257
291,752
26,756
1,484,856
Depreciation and impairment
At 1 November 2022
441,705
239,031
230,942
24,468
936,146
Depreciation charged in the year
61,806
8,129
11,392
707
82,034
Eliminated in respect of disposals
-
0
(37,507)
-
0
(970)
(38,477)
At 31 October 2023
503,511
209,653
242,334
24,205
979,703
Carrying amount
At 31 October 2023
396,580
56,604
49,418
2,551
505,153
At 31 October 2022
451,185
22,187
41,846
1,234
516,452
A H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Investments
-
5,000
Movements in fixed asset investments
Interest  in associate
£
Cost or valuation
At 1 November 2022
5,000
Impairment
(5,000)
At 31 October 2023
-
Carrying amount
At 31 October 2023
-
At 31 October 2022
5,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
255
Other debtors
195,287
195,690
195,287
195,945
Deferred tax asset
-
0
27,121
195,287
223,066
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
63,565
63,565
Trade creditors
129,871
117,550
Taxation and social security
54,517
46,751
Other creditors
787,556
907,685
1,035,509
1,135,551
A H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
136,428
199,993
9
Loans and overdrafts
2023
2022
£
£
Bank loans
199,993
263,558
Payable within one year
63,565
63,565
Payable after one year
136,428
199,993

The long-term loans are secured by a floating charge over the company's leasehold property and other assets in favour of Coutts & Company.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
11
Operating lease commitments
Lessee

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

2023
2022
£
£
2,108,333
2,287,938
12
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

At the year end included in other debtors is a balance of £49,463 (2022 - £452 creditor) due from a company in which the entity holds a participating interest. The balance is interest free and repayable on demand.

At the year end included in other debtors is a balance of £11,418 (2022 - £94,967) due from companies under common control. The balance is interest free and repayable on demand.

At the year end included in other creditors is a balance of £383,294 (2022 - £529,000) due to companies under common control. The balance is interest free and repayable on demand.

A H TAVISTOCK STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
13
Parent company

The company's immedate and ultimate parent company is Cafe Murano Limited. The registered office address of the ultimate parent company is 20 Queen Street, Mayfair, London, England W1J 5PP.

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