Company registration number 12661117 (England and Wales)
SALLY CLARKE (WESTBOURNE GROVE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
SALLY CLARKE (WESTBOURNE GROVE) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
SALLY CLARKE (WESTBOURNE GROVE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
105,800
155,745
Current assets
Stocks
4,923
4,617
Debtors
5
37,688
41,943
Cash at bank and in hand
1,736
747
44,347
47,307
Creditors: amounts falling due within one year
6
(175,456)
(163,447)
Net current liabilities
(131,109)
(116,140)
Total assets less current liabilities
(25,309)
39,605
Provisions for liabilities
-
0
(21,791)
Net (liabilities)/assets
(25,309)
17,814
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(25,310)
17,813
Total equity
(25,309)
17,814

The directors of the company have elected not to include a copy of the income statement 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 11 June 2024 and are signed on its behalf by:
S V Clarke
Director
Company Registration No. 12661117
SALLY CLARKE (WESTBOURNE GROVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Sally Clarke (Westbourne Grove) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company incurred a loss of £43,123 in the year (2022 - profit £42,262) and the directors have taken steps to review the company’s performance. The latest management accounts show a return to profitability in 2024 and, with the continued support of the immediate parent company, the directors are satisfied that the accounts can be appropriately prepared on a going concern basis.”

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

The company recognises revenue when:

 

The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

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 improvements
Over the period of the lease
Plant and machinery
25% 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.

SALLY CLARKE (WESTBOURNE GROVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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.

1.7
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 statement of financial position 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.

1.8
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.

SALLY CLARKE (WESTBOURNE GROVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
5,950
3
Employees

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

2023
2022
Number
Number
Food production
2
5
Restaurant
1
-
Retail
1
-
Total
4
5
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
77,335
179,161
256,496
Depreciation and impairment
At 1 September 2022
11,169
89,582
100,751
Depreciation charged in the year
5,155
44,790
49,945
At 31 August 2023
16,324
134,372
150,696
Carrying amount
At 31 August 2023
61,011
44,789
105,800
At 31 August 2022
66,166
89,579
155,745
SALLY CLARKE (WESTBOURNE GROVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
24,696
23,900
Prepayments and accrued income
12,992
18,043
37,688
41,943
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,937
18,879
Amounts owed to group undertakings
132,004
125,623
Taxation and social security
18,229
12,363
Other creditors
1,261
595
Accruals and deferred income
6,025
5,987
175,456
163,447
7
Deferred taxation

The following are the deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
-
21,791
2023
Movements in the year:
£
Liability at 1 September 2022
21,791
Credit to profit or loss
(21,791)
Liability at 31 August 2023
-
SALLY CLARKE (WESTBOURNE GROVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
8
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:
John Howard
Statutory Auditor:
Azets Audit Services
9
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
£
£
985,000
1,095,000
10
Related party transactions
Transactions with related parties

During the financial year the company, which is a wholly owned subsidiary of Sally Clarke Limited, entered into the following transactions with the parent and other group companies.

 

Transactions entered into during the period are as follows:

Purchases
Purchases
2023
2022
£
£
Notting Hill Bakery Limited
162,212
187,474
Sally Clarke Kitchen Limited
141,849
163,593
11
Parent company

The company‘s immediate parent is Sally Clarke Limited, incorporated in England and Wales.

The ultimate controlling party is Samuel Morton Morris.

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