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REGISTERED NUMBER: 01462504 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

FOR

THE HEAD OF STEAM LIMITED

THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 6


THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 1.1.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,386,803 1,440,745

CURRENT ASSETS
Stocks 99,300 107,831
Debtors 6 1,324,269 381,399
Cash at bank and in hand 228,526 355,311
1,652,095 844,541
CREDITORS
Amounts falling due within one year 7 (1,008,184 ) (836,639 )
NET CURRENT ASSETS 643,911 7,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,030,714

1,448,647

PROVISIONS FOR LIABILITIES (113,737 ) (75,112 )
NET ASSETS 1,916,977 1,373,535

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 1,906,977 1,363,535
SHAREHOLDERS' FUNDS 1,916,977 1,373,535

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

These financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




J R Foots - Director



C D Soley - Director


THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

The Head of Steam Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01462504

Registered office: Main Gate House
Waldon Street
Hartlepool
Cleveland
TS24 7QS

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the notes to the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Revenue recognition
Turnover is the fair value of consideration received or receivable for goods and services provided in the normal course of the business, net of discounts, volume rebates and VAT. Sales of beverages and food are recognised when these goods are delivered to our patrons. Property rental income is recognised on a straight line basis over the life of the lease. Amusement machine royalties are recognised in the accounting period to which the income relates.

THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - straight line over the life of the lease
Long leasehold - straight line over the life of the lease
Fixtures and fittings - 20% straight line

Tangible fixed assets are stated at cost less accumulated depreciation. Such cost includes the costs directly attributable to preparing a public house for opening to the public. In the period prior to a public house opening, all costs relevant to preparing the site are included in tangible fixed assets.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

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 are either assessed individually or grouped on the basis of similar credit risk characteristics.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Going concern
The financial statements have been prepared on a going concern basis. The company meets its day to day working capital obligations from cash generated by its operations and it also relies on the financial support of its parent company, Camerons Brewery Limited. After reviewing the company's and the parent company’s forecasts and projections, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 94 (2023 - 97 ) .

4. AUDITORS' REMUNERATION
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

7,117

6,000
Total audit fees 7,117 6,000

THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short Long and
leasehold leasehold fittings Totals
£    £    £    £   
COST
At 2 January 2023 1,223,991 46,632 1,902,138 3,172,761
Additions - - 56,020 56,020
At 31 December 2023 1,223,991 46,632 1,958,158 3,228,781
DEPRECIATION
At 2 January 2023 320,324 16,462 1,395,230 1,732,016
Charge for period 52,468 593 56,901 109,962
At 31 December 2023 372,792 17,055 1,452,131 1,841,978
NET BOOK VALUE
At 31 December 2023 851,199 29,577 506,027 1,386,803
At 1 January 2023 903,667 30,170 506,908 1,440,745

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 1.1.23
£    £   
Amounts owed by group undertakings 1,156,501 150,581
Other debtors 167,768 230,818
1,324,269 381,399

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 1.1.23
£    £   
Trade creditors 535,397 499,500
Taxation and social security 194,215 157,710
Other creditors 278,572 179,429
1,008,184 836,639

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 1.1.23
£    £   
Within one year 441,481 441,859
Between one and five years 1,764,844 1,765,114
In more than five years 1,950,683 2,392,398
4,157,008 4,599,371

THE HEAD OF STEAM LIMITED (REGISTERED NUMBER: 01462504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


9. SECURED DEBTS

A fixed charge and negative pledge exists in favour of HSBC Plc secured against the ground floor and basement premises at 6-7 Park Row, Leeds. Created on 22 October 2019.

A fixed charge and negative pledge exists in favour of HSBC Plc secured against Units 3&4, Fairfax House, Cardiff . Created on 3 August 2018.

A fixed charge and negative pledge exists in favour of HSBC Plc secured against The Station Buildings, Huddersfield; 2 Neville Street, Newcastle upon Tyne; and 3 Reform Place, Durham. Created on 29 December 2015.

A fixed charge and negative pledge exists in favour of HSBC Plc secured against all land and intellectual property owned by the company, created on 29 December 2015.

A Composite Company Limited Multilateral Guarantee exists dated 29 December 2015 by the ultimate parent undertaking Camerons Brewery Limited and The Head of Steam Limited.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

11. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

12. ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking is Camerons Brewery Limited, a company registered in England and Wales. Camerons Brewery Limited is the only group company that prepares consolidated financial statements, including the accounts of this company. A copy of the financial statements can be obtained from the registered office; being Main Gate House, Waldon Street, Hartlepool, Cleveland, TS24 7QS.