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Registration number: 11750216

Soho Bars and Clubs Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Soho Bars and Clubs Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Soho Bars and Clubs Ltd

Company Information

Directors

Eldin Skuraj

Orinta Kilaite

Registered office

2nd floor
Northumberland House
303-306 High Holborn
London
WC1V 7JZ

Accountants

First Class Accounting Limited
91A Church Lane
Bulphan
Upminster
RM14 3TR

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Soho Bars and Clubs Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Soho Bars and Clubs Ltd for the year ended 31 December 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Soho Bars and Clubs Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Soho Bars and Clubs Ltd and state those matters that we have agreed to state to the Board of Directors of Soho Bars and Clubs Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Soho Bars and Clubs Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Soho Bars and Clubs Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Soho Bars and Clubs Ltd. You consider that Soho Bars and Clubs Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Soho Bars and Clubs Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

First Class Accounting Limited
91A Church Lane
Bulphan
Upminster
RM14 3TR

20 September 2024

 

Soho Bars and Clubs Ltd

(Registration number: 11750216)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

443,483

508,383

Tangible assets

5

335,600

275,797

Investments

6

1

-

 

779,084

784,180

Current assets

 

Debtors

7

510,283

483,974

Cash at bank and in hand

 

100

95,861

 

510,383

579,835

Creditors: Amounts falling due within one year

8

(825,285)

(858,737)

Net current liabilities

 

(314,902)

(278,902)

Total assets less current liabilities

 

464,182

505,278

Creditors: Amounts falling due after more than one year

8

(543,784)

(544,606)

Net liabilities

 

(79,602)

(39,328)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(79,702)

(39,428)

Shareholders' deficit

 

(79,602)

(39,328)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Soho Bars and Clubs Ltd

(Registration number: 11750216)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Orinta Kilaite
Director

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd floor
Northumberland House
303-306 High Holborn
London
WC1V 7JZ

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

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.

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.

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

10% straight line

Plant and Equipment

25% straight line

Fixtures and Fittings

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

649,000

649,000

At 31 December 2023

649,000

649,000

Amortisation

At 1 January 2023

140,617

140,617

Amortisation charge

64,900

64,900

At 31 December 2023

205,517

205,517

Carrying amount

At 31 December 2023

443,483

443,483

At 31 December 2022

508,383

508,383

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

157,966

206,195

364,161

Additions

85,770

66,607

152,377

At 31 December 2023

243,736

272,802

516,538

Depreciation

At 1 January 2023

15,797

72,567

88,364

Charge for the year

24,373

68,201

92,574

At 31 December 2023

40,170

140,768

180,938

Carrying amount

At 31 December 2023

203,566

132,034

335,600

At 31 December 2022

142,169

133,628

275,797

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £203,566 (2022 - £142,169) in respect of long leasehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 December 2023

1

7

Debtors

Current

2023
£

2022
£

Trade debtors

293,020

250,627

Prepayments

155,163

161,747

Other debtors

62,100

71,600

 

510,283

483,974

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

253,751

128,921

Trade creditors

 

101,098

163,155

Taxation and social security

 

13,654

24,749

Accruals and deferred income

 

-

92,750

Other creditors

 

456,782

449,162

 

825,285

858,737

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

543,784

544,606

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

486,608

544,606

Finance lease liabilities

57,176

-

543,784

544,606

 

Soho Bars and Clubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Current loans and borrowings

2023
£

2022
£

Bank borrowings

69,258

128,921

Bank overdrafts

44,493

-

Finance lease liabilities

40,000

-

Other borrowings

100,000

-

253,751

128,921

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Later than five years

1,125,000

1,375,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £431,946 (2022 - £375,911).

The company held a leasehold interest in a property during the accounting period.

The property lease has a fixed term with a remaining term of 8 years and 8 months which commenced on 30 October 2020.

Soho Bars & Clubs Ltd has an annual obligation to pay £250,000 to the lessor for the duration of the lease, subject to 5 yearly rent reviews.