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Company registration number: 08640660







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023


SHERSTON LIMITED






































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SHERSTON LIMITED
 


 
COMPANY INFORMATION


Directors
Mr B Shedden 
Mr J Shedden 




Company secretary
Mrs C Shedden



Registered number
08640660



Registered office
2nd Floor, Magna House
18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


SHERSTON LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


SHERSTON LIMITED
REGISTERED NUMBER:08640660



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
25 December
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
87,796
97,116

Tangible assets
 5 
338,026
407,993

  
425,822
505,109

Current assets
  

Stocks
  
33,390
37,597

Debtors: amounts falling due within one year
 6 
2,024,719
1,798,655

  
2,058,109
1,836,252

Creditors: amounts falling due within one year
 7 
(351,732)
(360,619)

Net current assets
  
 
 
1,706,377
 
 
1,475,633

Total assets less current liabilities
  
2,132,199
1,980,742

Provisions for liabilities
  

Deferred tax
  
(20,350)
(8,576)

Net assets
  
2,111,849
1,972,166


Capital and reserves
  

Called up share capital 
  
400
400

Profit and loss account
  
2,111,449
1,971,766

  
2,111,849
1,972,166


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
Mr B Shedden
Director
Date: 22 August 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Sherston Limited is a  private  company  limited by shares  incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The principal place of business is Unit 5, The Forum, Hanworth Lane, Chertsey, Surrey, KT16 9JX.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling GBP which is the functional currency of the company and
rounded to the nearest £.

 
2.2

Turnover

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 generated via the operation of fast food outlets and is
measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

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.

Page 2

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill arising on the acquisition of branches, represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired.
Goodwill is being written off over twenty years on the basis that the company has the option, as stipulated in its franchise agreements, to renew the existing franchises for further ten year terms at the end of the initial ten year term. As the directors are likely to take up the option and due to the company being in a good standing with regards to the terms of the franchise agreement, the directors believe amortisation over the full 20 years reflects the likely consumption of economic benefits.

Other 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.

             Franchise rights                  -  10 years straight line

 
2.6

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.

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:

Plant and machinery
-
10 years straight line
Computer equipment
-
5 years straight line

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.

 
2.7

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.

Page 3

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees during the period was 162 (2022 - 163). The prior period average number of employees has been recalculated and restated from 169 to 163.

Page 4

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets






Franchise rights
Goodwill
Total

£
£
£



Cost


At 26 December 2022
24,643
156,393
181,036



At 31 December 2023

24,643
156,393
181,036



Amortisation


At 26 December 2022 
15,643
68,277
83,920


Charge for the period on owned assets
1,500
7,820
9,320



At 31 December 2023

17,143
76,097
93,240



Net book value



At 31 December 2023
7,500
80,296
87,796



At 25 December 2022 
9,000
88,116
97,116



Page 5

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 26 December 2022
848,629
81,289
929,918


Additions
7,420
-
7,420


Disposals
(119,999)
-
(119,999)



At 31 December 2023

736,050
81,289
817,339



Depreciation


At 26 December 2022 
464,409
57,516
521,925


Charge for the period on owned assets
66,984
10,403
77,387


Disposals
(119,999)
-
(119,999)



At 31 December 2023

411,394
67,919
479,313



Net book value



At 31 December 2023
324,656
13,370
338,026



At 25 December 2022
384,220
23,773
407,993


6.


Debtors

31 December
25 December
2023
2022
£
£


Amounts owed by group undertakings
1,756,388
1,604,427

Prepayments and accrued income
268,331
194,228

2,024,719
1,798,655


Page 6

 


SHERSTON LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

31 December
25 December
2023
2022
£
£

Trade creditors
166,104
180,712

Corporation tax
71,038
95,147

Accruals and deferred income
114,590
84,760

351,732
360,619



8.


Guarantees

There is in place a Composite Company Unlimited Unilateral Guarantee in place, dated 7 February 2012, given  to HSBC plc by this company, Full House Restaurants Holdings Limited, Full House Restaurants Limited, House Special Limited, Classic Crust Limited, The Woodpecker Inn  Limited, Sunmead Limited, JJE Enterprises Limited and Surrey Pizzas Limited.


9.


Parent company

Full House Restaurants Holdings Limited, a Company incorporated in the United Kingdom, is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The Company's registered office is 2nd Floor, Magna House, 18-32 London Road, Staines-upon-Thames, Surrey, TW18 4BP.


10.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 22 August 2024 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7