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2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 23.0 - FRS102_2023
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05515175
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05515175
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05515175
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2022-12-31
05515175
2022-12-31
05515175
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05515175
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2023-01-01
2023-12-31
05515175
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2023-01-01
2023-12-31
05515175
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2023-01-01
2023-12-31
05515175
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05515175
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05515175
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05515175
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2023-01-01
2023-12-31
05515175
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2023-01-01
2023-12-31
05515175
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2023-12-31
05515175
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2022-12-31
05515175
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2023-12-31
05515175
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2022-12-31
05515175
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05515175
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2022-12-31
05515175
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2023-12-31
05515175
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2022-12-31
05515175
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2023-12-31
05515175
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2022-12-31
05515175
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2023-12-31
05515175
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2022-12-31
05515175
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2023-12-31
05515175
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2023-12-31
Company registration number:
05515175
Bedales Enterprises Limited
Unaudited filleted abridged financial statements
31 December 2023
Bedales Enterprises Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Bedales Enterprises Limited
Directors and other information
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Directors |
Mr Robert Reynosa Dann (Managing Director) |
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Mr James Edward David Watts |
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Mr Adrian Michael Dann (Non Exec) |
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Mr Michael Dann (Non Exec) |
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Company number |
05515175 |
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Registered office |
5 Bedale Street |
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London |
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United Kingdom |
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SE1 9AL |
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Accountants |
Doshi & Co. Accountants |
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6th Floor |
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AMP House |
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Dingwall Road |
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Croydon |
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CR0 2LX |
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Bedales Enterprises Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Bedales Enterprises Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the abridged statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor
AMP House
Dingwall Road
Croydon
CR0 2LX
21 September 2024
Bedales Enterprises Limited
Abridged statement of financial position
31 December 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Intangible assets |
|
5 |
150,000 |
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150,000 |
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Tangible assets |
|
6 |
1,891,915 |
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|
2,223,281 |
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_______ |
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_______ |
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2,041,915 |
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2,373,281 |
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Current assets |
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Stocks |
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52,652 |
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37,337 |
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Debtors |
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247,431 |
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258,614 |
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Cash at bank and in hand |
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(
7,818) |
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(
12,315) |
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_______ |
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_______ |
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292,265 |
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283,636 |
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Creditors: amounts falling due |
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within one year |
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(
467,942) |
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(
672,348) |
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_______ |
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_______ |
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Net current liabilities |
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(
175,677) |
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(
388,712) |
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_______ |
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_______ |
Total assets less current liabilities |
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1,866,238 |
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1,984,569 |
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Creditors: amounts falling due |
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after more than one year |
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(
1,740,841) |
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(
1,862,471) |
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Provisions for liabilities |
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(
36,842) |
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(
33,383) |
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_______ |
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_______ |
Net assets |
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88,555 |
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88,715 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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639,466 |
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639,466 |
Share premium account |
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105,259 |
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105,259 |
Revaluation reserve |
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104,946 |
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104,946 |
Profit and loss account |
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(
761,116) |
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(
760,956) |
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_______ |
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_______ |
Shareholders funds |
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88,555 |
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88,715 |
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_______ |
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_______ |
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For the 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 financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
21 September 2024
, and are signed on behalf of the board by:
Mr Robert Reynosa Dann (Managing Director)
Director
Company registration number:
05515175
Bedales Enterprises Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Bedale Street, London, United Kingdom, SE1 9AL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value, excluding value added tax of sales made during the accounting period and derives from the provision of goods falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is recorded at the Directors estimate of the value of the business having regard to future earnings estimate of the business over the fair value of the net assets.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
The vintage VW Kombi van and the vintage bicycle are heritage classic items and hence they are assumed to be appreciating assets for which no depreciation charge is deemed necessary.
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Plant and machinery |
- |
25 % |
reducing balance |
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net reliasable value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Leasing and hire purchase commitments
The customised Bob's Lobster mobile kitchen are two classic 1957 and 1959 VW Kombi "split screen" camper-vans The capital value outstanding at 31st December 2023 is £60,000
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
34
(2022:
44
).
5.
Intangible assets
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£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
150,000 |
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_______ |
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Amortisation |
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At 1 January 2023 and 31 December 2023 |
- |
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_______ |
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Carrying amount |
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At 31 December 2023 |
150,000 |
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_______ |
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At 31 December 2022 |
150,000 |
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_______ |
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The new lease and current performance of Borough Market branch and outside interest in acquisition signal significant inherent goodwill. Shouldn't this be valued and capitalised on the balance sheet
6.
Tangible assets
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£ |
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Cost |
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At 1 January 2023 |
2,812,338 |
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Additions |
205,810 |
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Disposals |
(
511,722) |
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_______ |
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At 31 December 2023 |
2,506,426 |
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_______ |
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Depreciation |
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At 1 January 2023 |
589,056 |
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Charge for the year |
25,455 |
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_______ |
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At 31 December 2023 |
614,511 |
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_______ |
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Carrying amount |
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At 31 December 2023 |
1,891,915 |
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_______ |
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At 31 December 2022 |
2,223,282
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_______ |
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Tangible fixed assets are recorded at cost. Leasehold improvements are also recorded at cost or market value whichever is the lower. Depreciation is provided at rates calculated to write off the cost or valuation less the residual value over its expected useful life.Leasehold Properties Leasehold property has been reduced in 2023 as a result of the closure of the St Thomas Street branch and the writing off of the associated lease hold improvements. The pre-existing leasehold improvement at Leadenhall and Borough branches continue to be assessed by Directors as having a market value greater than the carrying value of the accounts. Accordingly, no depreciation is appropriate at this time. A decision will be made before the automatic renewal of leases or if any refurbishment is undertaken whichever is the earlier.
7.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
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2023 |
2022 |
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£ |
£ |
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Included in provisions (note ) |
|
36,842 |
33,383 |
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|
_______ |
_______ |
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The deferred tax account consists of the tax effect of timing differences in respect of:
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|
2023 |
2022 |
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|
£ |
£ |
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Accelerated capital allowances |
|
36,842 |
33,383 |
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|
_______ |
_______ |
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8.
Related party transactions
Shareholder LoansAs a condition of the CBILS (Covid) Loan Agreement dated 27th April 2020 no shareholder payment/ repayments can be made until the CBILS loan is fully cleared. The original term was for 6 years. As a result of this no payments were made to Dann family loan or other outstanding shareholder loans. In Jan 2023 The Dann family loans were consolidated under a renewal agreement with an outstanding balance of £1,205,000 over 10 years with interest accruing at 8.5%. No payment will be made until CBILS are cleared. Long term leases. In 2013 The Company entered into a lease arrangement for a classic 1957 split screen VW Camper van fitted with a mobile kitchen. There is no capital value outstanding at Dec 2023 and it is wholly owned by the company. A second classic split screen camper van has been deployed on company activities since June 2014. The van is owned by Robert Dann. On the 1st Jan 2018 the Company entered into a 5 year lease for Capital & Interest at a rate of 5%. The original capital value of the lease was £60,000. As at Dec 2023, the total capital sum of £60,000 is owed to Robert Dann.
9.
Controlling party
The company is controlled by the board of Directors of the company.