REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023 |
FOR |
THE HEAD OF STEAM LIMITED |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Long leasehold | - |
Fixtures and fittings | - |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 2 January 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 1 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 1.1.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 1.1.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 1.1.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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. |
for and on behalf of |
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. |