Company registration number 03961257 (England and Wales)
SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,907,747
1,949,039
Current assets
Stocks
12,329
11,204
Debtors
5
31,338
259,334
Cash at bank and in hand
251,941
283,522
295,608
554,060
Creditors: amounts falling due within one year
6
(727,131)
(124,269)
Net current (liabilities)/assets
(431,523)
429,791
Total assets less current liabilities
1,476,224
2,378,830
Creditors: amounts falling due after more than one year
7
(6,100)
(12,318)
Provisions for liabilities
(164,222)
(163,535)
Net assets
1,305,902
2,202,977
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,221,904
1,263,197
Profit and loss reserves
83,898
939,680
Total equity
1,305,902
2,202,977

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 8 August 2024 and are signed on its behalf by:
Mr J R Specht
Director
Company Registration No. 03961257
SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Spearmint Rhino Companies (Birmingham) Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is 64 Hagley Road, Birmingham, United Kingdom, B16 8PF.

 

The principal trading address is 64 Hagley Rd, Birmingham, B16 8PF.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

After 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. Spearmint Rhino Companies Worldwide continues to be supportive of the company and its business. The company therefore continues to adopt the going concern basis in preparing its financial statements.true

 

On an operational level, the company also relies upon the Entertainment license it holds remaining in place. The directors are confident that the license will not be revoked in the foreseeable future and on this basis consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover comprise revenue recognised by the company in respect of nightclub services and related goods supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the date of supply.

1.4
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:

Leasehold land and buildings
over the remaining life of the lease
Fixtures and fittings
20% straight line
Motor vehicles
over life of the lease

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.

SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
Financial instruments
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.

Basic financial liabilities

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

1.9
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.

SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.10
Retirement benefits

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

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded them to be appropriate.

Deferred taxation

Deferred tax assets are raised to the extent that is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.

3
Employees

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

2023
2022
Number
Number
Total
17
17
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,600,000
378,104
18,575
2,996,679
Depreciation and impairment
At 1 January 2023
669,536
378,104
-
0
1,047,640
Depreciation charged in the year
41,292
-
0
-
0
41,292
At 31 December 2023
710,828
378,104
-
0
1,088,932
Carrying amount
At 31 December 2023
1,889,172
-
0
18,575
1,907,747
At 31 December 2022
1,930,464
-
0
18,575
1,949,039
SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,258
18,277
Amounts owed by group undertakings
-
0
235,360
Other debtors
80
5,697
31,338
259,334
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
8
6,287
5,742
Trade creditors
52,095
50,970
Amounts owed to group undertakings
586,850
-
0
Taxation and social security
57,561
40,716
Other creditors
14,652
17,561
Accruals and deferred income
9,686
9,280
727,131
124,269
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
8
6,100
12,318
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
6,287
5,742
In two to five years
6,100
12,318
12,387
18,060

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SPEARMINT RHINO COMPANIES (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
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:
Paul Creasey
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities

At the year end the company is party to a cross guarantee with members of its group headed by Spearmint Rhino Ventures (UK) Limited and associated group headed by Spearmint Rhino JSUK Limited. In the event of the cross guarantee being enforced the company is contingently liable for the amounts due to the bank at that time. The directors do not expect this liability to crystallise in the foreseeable future.

11
Ultimate controlling party

The immediate parent company is Spearmint Rhino Ventures (UK) Limited, a company incorporated in England and Wales. The registered office is 64 Hagley Road, Birmingham, B16 8PF.

 

The ultimate controlling party is J Gray.

12
Related Party Disclosures

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.

2023-12-312023-01-01false09 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMs K J VercherMr J R SpechtSpearmint Rhino Secretarial Services Ltdfalsefalse039612572023-01-012023-12-31039612572023-12-31039612572022-12-3103961257core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3103961257core:FurnitureFittings2023-12-3103961257core:MotorVehicles2023-12-3103961257core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103961257core:FurnitureFittings2022-12-3103961257core:MotorVehicles2022-12-3103961257core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103961257core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103961257core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103961257core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103961257core:CurrentFinancialInstruments2023-12-3103961257core:CurrentFinancialInstruments2022-12-3103961257core:ShareCapital2023-12-3103961257core:ShareCapital2022-12-3103961257core:RevaluationReserve2023-12-3103961257core:RevaluationReserve2022-12-3103961257core:RetainedEarningsAccumulatedLosses2023-12-3103961257core:RetainedEarningsAccumulatedLosses2022-12-3103961257bus:Director22023-01-012023-12-3103961257core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3103961257core:FurnitureFittings2023-01-012023-12-3103961257core:MotorVehicles2023-01-012023-12-31039612572022-01-012022-12-3103961257core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103961257core:FurnitureFittings2022-12-3103961257core:MotorVehicles2022-12-31039612572022-12-3103961257core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3103961257core:WithinOneYear2023-12-3103961257core:WithinOneYear2022-12-3103961257core:Non-currentFinancialInstruments2023-12-3103961257core:Non-currentFinancialInstruments2022-12-3103961257core:BetweenTwoFiveYears2023-12-3103961257core:BetweenTwoFiveYears2022-12-3103961257bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103961257bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103961257bus:FRS1022023-01-012023-12-3103961257bus:Audited2023-01-012023-12-3103961257bus:Director12023-01-012023-12-3103961257bus:CompanySecretary12023-01-012023-12-3103961257bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP