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COMPANY REGISTRATION NUMBER: 14126895
Blackrose Lochside Limited
Filleted Financial Statements
31 March 2024
Blackrose Lochside Limited
Financial Statements
Period from 1 January 2023 to 31 March 2024
Contents
Page
Directors' report
1
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
Blackrose Lochside Limited
Directors' Report
Period from 1 January 2023 to 31 March 2024
The directors present their report and the financial statements of the company for the period ended 31 March 2024 .
Principal activities
The principal activity of the company during the period was ownership and operating a public house and bar.
Accounting period
The company has changed its accounting period from 31 December to 31 March. These accounts have been prepared for 15 months.
Directors
The directors who served the company during the period were as follows:
Mansukhlal Gudka
Suraj Shah
(Appointed 21 November 2023)
Darren Peter Knipe
(Resigned 21 November 2023)
Manish Gudka
(Resigned 21 November 2023)
Dividends
The profit for this reporting period amounted to £15,395 (31.12.2022 - Loss £7,037). This profit has been transferred to reserves. The director does not recommend the payment of a dividend for this reporting period (2022 - Nil).
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 1 October 2024 and signed on behalf of the board by:
Mansukhlal Gudka Director
Blackrose Lochside Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
Fixed assets
Tangible assets
5
210,000
481,967
Current assets
Stock
10,010
9,220
Debtors
6
39,420
73,366
Cash at bank and in hand
28,942
40,147
--------
---------
78,372
122,733
Creditors: amounts falling due within one year
7
280,011
611,736
---------
---------
Net current liabilities
201,639
489,003
---------
---------
Total assets less current liabilities
8,361
( 7,036)
-------
-------
Net assets/(liabilities)
8,361
( 7,036)
-------
-------
Capital and reserves
Share capital
8
3
1
Profit and loss account
8,358
( 7,037)
-------
-------
Shareholders funds/(deficit)
8,361
( 7,036)
-------
-------
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 1 October 2024 , and are signed on behalf of the board by:
Mansukhlal Gudka
Director
Company registration number: 14126895
Blackrose Lochside Limited
Statement of Changes in Equity
Period from 1 January 2023 to 31 March 2024
Share capital
Profit and loss account
Total
£
£
£
At 24 May 2022
Loss for the period
( 7,037)
( 7,037)
----
-------
-------
Total comprehensive income for the period
( 7,037)
( 7,037)
Issue of shares
1
1
----
-------
-------
Total investments by and distributions to owners
1
1
At 31 December 2022
1
( 7,037)
( 7,036)
Profit for the period
15,395
15,395
----
--------
--------
Total comprehensive income for the period
15,395
15,395
Issue of shares
2
2
----
----
----
Total investments by and distributions to owners
2
2
----
-------
-------
At 31 March 2024
3
8,358
8,361
----
-------
-------
Blackrose Lochside Limited
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 88 Baker Street, London, W1U 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
In preparing the financial statements, the directors have made an assessment of the entity's ability to continue as a going concern. The directors have prepared cash forecasts for the company taking account of post year end trade and the forecasts show that the company has the required cash to meet its liabilities. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 measured as the fair value of the consideration received or receivable and is recognised net of discounts and Value Added Tax. Turnover from the sale of food and beverages is recognised at the point of sale and turnover from the letting of rooms is recognised on the date of stay.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
4% straight line
Fixtures and fittings
-
33% straight line
Leasehold improvements
-
10% 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.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price. 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method. less any impairment
4. Employee numbers
The average number of persons employed by the company during the period amounted to 18 (2022: 22 ).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Leasehold improvements
Total
£
£
£
£
Cost
At 1 January 2023
160,611
83,210
257,486
501,307
Additions
32,657
11,700
44,357
Transfers
( 16,500)
( 16,500)
---------
---------
---------
---------
At 31 March 2024
144,111
115,867
269,186
529,164
---------
---------
---------
---------
Accumulated Depreciation
At 1 January 2023
3,212
7,864
8,264
19,340
Charge for the period
6,875
34,964
33,942
75,781
Impairment losses
69,180
37,701
117,162
224,043
---------
---------
---------
---------
At 31 March 2024
79,267
80,529
159,368
319,164
---------
---------
---------
---------
Carrying amount
At 31 March 2024
64,844
35,338
109,818
210,000
---------
---------
---------
---------
At 31 December 2022
157,399
75,346
249,222
481,967
---------
---------
---------
---------
6. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
1,437
38,207
Other debtors
37,983
35,159
--------
--------
39,420
73,366
--------
--------
7. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Trade creditors
85,193
81,302
Amounts owed to group undertakings and undertakings in which the company has a participating interest
155,000
491,292
Social security and other taxes
9,141
5,384
Other creditors
30,677
33,758
---------
---------
280,011
611,736
---------
---------
The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8. Share capital
Issued, called up and fully paid
31 Mar 24
31 Dec 22
No.
£
No.
£
Ordinary shares of £ 0.001 (2022 - £ 1) each
3,000
3
1
1
-------
----
----
----
On 27 December 2023, the share capital was subdivided into 1,000 Ordinary shares of £0.001 each. On the same date, a further 2,000 shares of £0.001 each were also issued.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
31 Dec 22
£
£
Not later than 1 year
55,000
50,417
Later than 1 year and not later than 5 years
228,750
222,500
Later than 5 years
1,095,000
1,170,000
------------
------------
1,378,750
1,442,917
------------
------------
10. Summary audit opinion
The auditor's report for the period dated 1 October 2024 was unqualified .
The senior statutory auditor was Mr Jayantkumar Maganlal Mistry , for and on behalf of Asta Accountants Ltd .
11. Ultimate controlling party
During the period , Blackrose Management Limited, registered in the UK was the controlling party owning 100% of the share capital of the company up until 22 November 2023. From 22 November 2023 to 27 December 2023 the company was owned by Aprirose Holding Limited 1st Floor, 88 Baker Street London W1U 6TQ, a UK registered entity.
Since this date, the ownership of the company changed again and in the opinion of the directors, there is no controlling party.
12. Post balance sheet event
In September 2024, the company exchanged on the sale of its pub asset with completion scheduled later in the year.