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Registered number: 08144577
















CHAPEAU BERMONDSEY LIMITED




DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JULY 2023

































CHAPEAU BERMONDSEY LIMITED

 
COMPANY INFORMATION


DIRECTOR
R Marcelin-Horne 




REGISTERED NUMBER
08144577



REGISTERED OFFICE
36 Maltby Street

London

SE1 3PA




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






CHAPEAU BERMONDSEY LIMITED


CONTENTS



Page
Director's report
1
Director's responsibilities statement
2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Notes to the financial statements
9 - 20



CHAPEAU BERMONDSEY LIMITED

 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 JULY 2023

The director presents his report and the financial statements for the period ended 30 July 2023.

DIRECTOR

The director who served during the period was:

R Marcelin-Horne 

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's report is approved has confirmed that:
 
so far as the directors are aware , there is no relevant audit information of which the Company's auditors are unaware, and

has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANIES NOTE

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






R Marcelin-Horne
Director

Date: 24 July 2024

36 Maltby Street
London
SE1 3PA
Page 1


CHAPEAU BERMONDSEY LIMITED

 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JULY 2023

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2


CHAPEAU BERMONDSEY LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPEAU BERMONDSEY LIMITED
OPINION


We have audited the financial statements of Chapeau Bermondsey Limited (the 'Company') for the period ended 30 July 2023, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 July 2023 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 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 director 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 Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Page 3


CHAPEAU BERMONDSEY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPEAU BERMONDSEY LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Director's report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4


CHAPEAU BERMONDSEY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPEAU BERMONDSEY LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non
compliance with laws and regulations, we have considered the following:

The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In additions we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company's ability to operate or avoid a material penalty. These included food hygiene legislation, health and safety regulations, employment legislation and data protection laws. Our audit procedures performed to respond to the risks identified included, but were not limited to:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; Challenging assumptions and judgments made by management in their significant accounting estimates;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes; and
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk
Page 5


CHAPEAU BERMONDSEY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAPEAU BERMONDSEY LIMITED (CONTINUED)

of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 2006Our 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 Auditors' 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.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

24 July 2024
Page 6


CHAPEAU BERMONDSEY LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JULY 2023

Period ended
30 July
Period ended
27 July
2023
2022
Note
£
£

  

Turnover
  
9,488,741
6,524,811

Cost of sales
  
(7,560,868)
(5,673,640)

Gross profit
  
1,927,873
851,171

Administrative expenses
  
(3,996,114)
(2,227,822)

Operating loss
  
(2,068,241)
(1,376,651)

Interest payable and similar expenses
  
(307,547)
(64,842)

Loss before tax
  
(2,375,788)
(1,441,493)

Loss for the financial period
  
(2,375,788)
(1,441,493)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 9 to 20 form part of these financial statements.
Page 7


CHAPEAU BERMONDSEY LIMITED
REGISTERED NUMBER:08144577

STATEMENT OF FINANCIAL POSITION
AS AT 30 JULY 2023

30 July
27 July
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
114,243
87,609

Tangible assets
 5 
4,324,221
3,288,467

  
4,438,464
3,376,076

Current assets
  

Stocks
  
318,485
268,911

Debtors: amounts falling due within one year
 6 
795,420
516,719

Cash at bank and in hand
 7 
963,050
78,293

  
2,076,955
863,923

Creditors: amounts falling due within one year
 8 
(7,936,542)
(3,199,406)

Net current liabilities
  
 
 
(5,859,587)
 
 
(2,335,483)

Total assets less current liabilities
  
(1,421,123)
1,040,593

Creditors: amounts falling due after more than one year
  
(704,995)
(770,127)

  

Net (liabilities)/assets
  
(2,126,118)
270,466


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(2,126,120)
270,464

  
(2,126,118)
270,466


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





R Marcelin-Horne
Director

Date: 24 July 2024

The notes on pages 9 to 20 form part of these financial statements.

Page 8


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

1.


GENERAL INFORMATION

Chapeau Bermondsey Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

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

This information is included in the consolidated financial statements of WatchHouse Coffee Holdings Limited as at 30 July 2023 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Page 9


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

These financial statements have been prepared on a going concern basis.

The director has carefully considered these risks including an assessment of uncertainty of future trading projection and financing for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

The Company has continued to expand, with turnover for FY24 increasing by 56.8%. The increase in turnover has been aided by strong like-for-like House sales along with increasing ecommerce sales.

At the end of FY24 the Company has 19 Houses which are trading and 3 under construction. The increasing number of Houses continues to improve the contribution to central overheads which is resulting in improved EBITDA performance.

Based on this assessment, budgets and forecasts prepared for the period to July 2027 and additional funding raised post year end, the Company has the appropriate level of support in place.

The Group successfully raised £7.04m in December 2023 through a number of direct investors.  In addition, the Company raised £7.13m on the Crowdcube platform in June 2024, of which £3.33m is primary funding.  The director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 10


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

2.ACCOUNTING POLICIES (continued)

 
2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over 3 to 10 years
Plant and machinery
-
Straight line over 7 years
Motor vehicles
-
Straight line over 4 years
Fixtures and fittings
-
Straight line over 3 to 10 years
Equipment
-
Straight line over 3 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

FINANCIAL INSTRUMENTS

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

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Page 12


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

2.ACCOUNTING POLICIES (continued)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

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

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 13


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

2.ACCOUNTING POLICIES (continued)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 210 (2022: 167).

Page 14


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

4.


INTANGIBLE ASSETS






Development expenditure

£



COST


At 28 July 2022
87,609


Additions
27,881



At 30 July 2023

115,490



AMORTISATION


Charge for the period on owned assets
1,247



At 30 July 2023

1,247



NET BOOK VALUE



At 30 July 2023
114,243



At 27 July 2022
87,609



Page 15


CHAPEAU BERMONDSEY LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023
 
  



5.


TANGIBLE FIXED ASSETS









Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



COST OR VALUATION


At 28 July 2022
1,589,755
399,953
19,808
1,504,812
924,208
4,438,536


Additions
920,400
-
61,529
324,974
526,773
1,833,676



At 30 July 2023

2,510,155
399,953
81,337
1,829,786
1,450,981
6,272,212



DEPRECIATION


At 28 July 2022
296,198
104,933
14,028
354,833
380,077
1,150,069


Charge for the period
245,906
61,898
13,854
184,461
291,803
797,922



At 30 July 2023

542,104
166,831
27,882
539,294
671,880
1,947,991



NET BOOK VALUE



At 30 July 2023
1,968,051
233,122
53,455
1,290,492
779,101
4,324,221



At 27 July 2022
1,293,557
295,020
5,780
1,149,979
544,131
3,288,467

Page 16


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

           5.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


30 July
27 July
2023
2022
£
£



Short-term leasehold property
876,617
981,109

Motor vehicles
61,529
-

Office equipment
31,934
-

970,080
981,109

FINANCE LEASES

Capital contributions are made by the landlords of the short-term leasehold properties when improvements are made. The amounts disclosed above as the NBV of assets held under finance leases or hire purchase contracts are excluding these capital contributions.


6.


DEBTORS

30 July
27 July
2023
2022
£
£


Trade debtors
97,445
79,513

Amounts owed by group undertakings
-
112,305

Other debtors
189,634
66,184

Prepayments and accrued income
508,341
258,717

795,420
516,719



7.


CASH AND CASH EQUIVALENTS

30 July
27 July
2023
2022
£
£

Cash at bank and in hand
963,050
78,293

963,050
78,293


Page 17


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30 July
27 July
2023
2022
£
£

Bank loans
18,182
11,751

Other loans
9,895
-

Trade creditors
1,460,069
1,026,788

Amounts owed to group undertakings
4,313,577
790,435

Corporation tax
27,035
-

Other taxation and social security
471,683
448,121

Obligations under finance lease and hire purchase contracts
225,274
211,073

Other creditors
1,057,614
519,995

Accruals and deferred income
353,213
191,243

7,936,542
3,199,406



9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30 July
27 July
2023
2022
£
£

Bank loans
40,909
59,091

Net obligations under finance leases and hire purchase contracts
664,086
711,036

704,995
770,127


Page 18


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

10.


LOANS


Analysis of the maturity of loans is given below:


30 July
27 July
2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
18,182
11,751

Other loans
9,895
-


28,077
11,751

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
18,182
18,182


18,182
18,182

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
22,727
40,909


22,727
40,909


68,986
70,842



11.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

30 July
27 July
2023
2022
£
£


Within one year
225,274
211,073

Between 1-5 years
664,086
711,036

889,360
922,109


12.


SHARE CAPITAL

30 July
27 July
2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2022: 2) Ordinary shares of £1.00 each
2
2


Page 19


CHAPEAU BERMONDSEY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JULY 2023

13.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior period profits and losses.


14.


PENSION COMMITMENTS

Defined contribution plans
The amount recognised in the profit or loss in relation to defined contribution plans was £68,901 (2022: £56,597).
Contributions totalling £15,369 (2022: £11,812) were payable to the fund at the period end and are included in other creditors.


15.


COMMITMENTS UNDER OPERATING LEASES

At 30 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 July
27 July
2023
2022
£
£


Not later than 1 year
8,580
8,580

Later than 1 year and not later than 5 years
27,170
34,320

Later than 5 years
-
1,430

35,750
44,330


16.


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 dsclose related party transactions with wholly owned subsidaries within the group.
During the year, the Company paid consultancy fees of £Nil (2022: £70,000) to Verum Domus Ltd, a company related by virtue of a common director.
During the year, the Company paid rental fees of £38,000 (2022: £Nil) to Dockhead Wharf Ltd, a company related by virtue of a common director.
Included within other debtors is an amount loaned to a director of £83,229 (2022: £3,126).


17.


CONTROLLING PARTY

The immediate parent of the Company is Watchhouse Coffee Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party is Roland Marcelin-Horne.

 
Page 20