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Registered number: 12444519










ETM PREMIUM SPORTS BARS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 25 FEBRUARY 2024

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
COMPANY INFORMATION


Directors
T R E Martin 
E W J Martin 
L R Prescott-Brann 




Registered number
12444519



Registered office
10 Queen Street Place

London

United Kingdom

EC4R 1AG




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
ETM PREMIUM SPORTS BARS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 23


 
ETM PREMIUM SPORTS BARS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 FEBRUARY 2024

Introduction
 
The Directors present the strategic report and financial statements for the period ended 25 February 2024. 
The comparative period is from 28 February 2022 to 26 February 2023.
The principal activity of the Company is the operation of four sports pubs and kitchens in London.

Business review
 
For the period ended 25 February 2024 the Company reported turnover of £12.7m (vs £13.2m in 2022/23, -3.7%). Gross profit margin on sales was remained strong at 77.2% compared with 77.7% in 2022/23.
As a result, the business reported EBITDA of £1.1m (vs £1.6m in 2022/23).
Despite the above, the company shows net liabilities of £0.3m (vs net assets of £0.3m in 2022/23) as a result of the loss for the year of £0.5m (vs £0.3m profit in 2022/23). 

Principal risks and uncertainties
 
The Company recognises the potential market, operational and financial risks that it faces in the current economic environment. The Board regularly considers the key risks facing the Company in turn, to ensure that they are mitigated as far as possible. As part of this process, the Company undertakes a regular and robust review of its business plan and will adjust it if deemed necessary.
The continual focus on innovation, both in technology and menus, along with the customer satisfaction surveys and reviews, helps diminish business risks. The Directors remain committed to delivering a relevant and unique customer experience which combines a very high-quality product and a distinctive experience with a competitive price point.
The key risks facing the Company in the opinion of the Board are:
Macro-economic pressures including: 
 
Rising inflationary driven cost base
Falling consumer confidence in light of cost of living and interest rate increases
Further transport strikes

In order to retain margins and attract customers, the business continues to innovate, re-align pricing, simplify menus, and optimise processes and procedures. 

Changes in working patterns:  
The move to more working from home reduces footfall in the City that in turn impacts revenue. The Company has successfully pivoted in its business to optimise weekends and increase spend per head.
Staff recruitment and retention: 
In order to recruit and retain staff, pay rates and benefits are continually reviewed and adjusted to be industry leading, alongside the implementation of key development, cultural and training initiatives.
Changes in customer tastes: 
The Company regularly conducts research, monitors UK and global trends and reviews customer satisfaction surveys to ensure we stay relevant and contemporary and can predict customer tastes.

 
Page 1

 
ETM PREMIUM SPORTS BARS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024

Liquidity risk: 
The Company’s commitment to repay loans and comply with its borrowing covenants is carefully monitored to ensure sufficient operational cash flows will be available to both meet the existing liabilities and provide funds for future growth. The Directors consider that the Company is well placed to manage both of these.
Expansion risk: 
The Directors are aware of the risks associated with expansion and the opening of new bars and restaurants. Any new venture is thoroughly considered to reduce any associated risks.
Financial risk management: 
The Company’s activities expose it to financial risk that include liquidity and cash flow risk. The Directors monitor these on a regular basis through cash flow modelling and forecasting.

Financial key performance indicators
 
The Directors have a wide range of management information to monitor the performance of each site, and regularly review the output to ensure the Company is in a good financial position. They consider the principal KPIs to be:

2024
2023
Sales
£12.7m
£13.2m
Gross profit margin
77.2%
77.7%
EBITDA
£1.1m
£1.6m



This report was approved by the board and signed on its behalf.



................................................
E W J Martin
Director

Date: 19 November 2024

Page 2

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 FEBRUARY 2024

The directors present their report and the financial statements for the period ended 25 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the period, after taxation, amounted to £565k (2023: profit £276k).

The directors do not propose a dividend for the period (2023: £nil).

Directors

The directors who served during the period were:

T R E Martin 
E W J Martin 
L R Prescott-Brann 

Future developments

The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's Strategic Report, information relating to future development and financial risk management.

Page 3

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

On 19 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP. 

The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
E W J Martin
Director

Date: 19 November 2024

Page 4

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM PREMIUM SPORTS BARS LIMITED
 

Opinion


We have audited the financial statements of ETM Premium Sports Bars Limited (the 'Company') for the period ended 25 February 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 25 February 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM PREMIUM SPORTS BARS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM PREMIUM SPORTS BARS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we have identified the principal risks of non-compliance with laws and regulations, particularly in respect of minimum wage legislation and alcohol licencing regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing all journals, in particular journal entries posted with keywords, unusual or round sum values and backdated; and
Challenging assumptions and judgements made by management in their critical accounting estimates, particularly in respect of the estimated useful lives of tangible fixed assets and the recoverability of debtors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETM PREMIUM SPORTS BARS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jessica Edwards (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

19 November 2024
Page 8

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 FEBRUARY 2024

52 weeks ended 25 February 2024
52 weeks ended 26 February 2023
£000
£000

Turnover
  
12,698
13,189

Cost of sales
  
(2,890)
(2,945)

Gross profit
  
9,808
10,244

Administrative expenses
  
(9,711)
(9,888)

Exceptional administrative expenses
  
(521)
-

Operating (loss)/profit
  
(424)
356

Interest payable and similar expenses
  
(240)
(105)

(Loss)/profit before tax
  
(664)
251

Tax on (loss)/profit
 9 
99
25

(Loss)/profit for the financial period
  
(565)
276

There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Comprehensive Income.

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
ETM PREMIUM SPORTS BARS LIMITED
REGISTERED NUMBER: 12444519

STATEMENT OF FINANCIAL POSITION
AS AT 25 FEBRUARY 2024

25 February 2024
26 February 2023
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
5,503
6,178

  
5,503
6,178

Current assets
  

Stocks
 12 
109
99

Debtors
 13 
750
373

Cash at bank and in hand
 14 
375
987

  
1,234
1,459

Creditors: amounts falling due within one year
 15 
(4,444)
(4,922)

Net current liabilities
  
 
 
(3,210)
 
 
(3,463)

Total assets less current liabilities
  
2,293
2,715

Creditors: amounts falling due after more than one year
 16 
(2,159)
(1,917)

Provisions for liabilities
  

Deferred tax
 18 
(423)
(522)

  
 
 
(423)
 
 
(522)

Net (liabilities)/assets
  
(289)
276


Capital and reserves
  

Called up share capital 
 19 
-
-

Profit and loss account
  
(289)
276

  
(289)
276


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
E W J Martin
Director

Date: 19 November 2024

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
ETM PREMIUM SPORTS BARS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 FEBRUARY 2024


Profit and loss account
Total equity

£000
£000



Profit for the period
276
276



At 26 February 2023
276
276



Loss for the period
(565)
(565)


At 25 February 2024
(289)
(289)


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

1.


General information

ETM Premium Sports Bars Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 12444519 and registered office address is 10 Queen Street Place, London, United Kingdom, EC4R 1AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of ETM Group Holdings Limited as at 25 February 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

Notwithstanding net liabilities of £289,000 at 25 February 2024, the financial statements have been prepared on a going concern basis.
The directors have prepared detailed forecasts and cash flow analysis models for a period of 12 months from the date of approval of the financial statements which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for that period.
Management also undergo a continuous improvement program across all areas of the business and are therefore able to ensure on-going operating efficiency.

Page 12

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other taxes.
Revenue primarily consists of sales of food and beverages which are recognised at the point of sale to the customer. Other revenue is recognised over the period to which the related service is provided.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the life of the lease
Fixtures and fittings
-
20%
Computer equipment
-
20%
Smallwares
-
33%

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.

 
2.12

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct purchase costs that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.14

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. The Directors consider the following items to be areas subject to estimation and judgement.
Useful lives of tangible fixed assets
The estimated useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of property, plant and equipment investment to the Company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Bar and restaurant takings
12,698
13,189


All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£000
£000

Depreciation
1,028
1,236

Extraordinary items
521
-

Other operating lease rentals
1,783
1,098


6.


Auditors' remuneration

The Company bears the cost of the audit fees incurred by other companies within the group that it is part of.

Page 16

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

7.


Employees

Staff costs were as follows:


2024
2023
£000
£000

Wages and salaries
2,665
2,862

Social security costs
183
177

Cost of defined contribution scheme
35
33

2,883
3,072


The Company has no employees other than the directors, as they are employed by another group company, in which the costs disclosed have been recharged to.


8.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
240
105


9.


Taxation


2024
2023
£000
£000

Total current tax
 
-
 
-

Deferred tax


Charges to profit and loss
(99)
(25)

Total deferred tax
(99)
(25)

Tax on (loss)/profit
 
(99)
 
(25)
Page 17

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 24.5% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


(Loss)/profit on ordinary activities before tax
(664)
251


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 - 19%)
(162)
48

Effects of:


Fixed asset timing differences
57
41

Remeasurement of deferred tax for changes
in tax rates
(2)
(4)

Movement in deferred tax not recognised
8
(9)

Group relief
-
(101)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Exceptional items

2024
2023
£000
£000


Rent relating to prior periods
521
-

521
-

Page 18

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

11.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer equipment
Smallwares
Total

£000
£000
£000
£000
£000



Cost


At 27 February 2023
5,596
1,453
266
99
7,414


Additions
35
256
26
36
353



At 25 February 2024

5,631
1,709
292
135
7,767



Depreciation


At 27 February 2023
502
571
128
35
1,236


Charge for the period
513
405
75
35
1,028



At 25 February 2024

1,015
976
203
70
2,264



Net book value



At 25 February 2024
4,616
733
89
65
5,503



At 26 February 2023
5,094
882
138
64
6,178


12.


Stocks

2024
2023
£000
£000

Finished goods and goods for resale
109
99


Page 19

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

13.


Debtors

2024
2023
£000
£000

Trade debtors
5
-

Amounts owed by group undertakings
164
48

Other debtors
306
130

Prepayments and accrued income
275
195

750
373


Included within in other debtors is £306k (2023: £130k) relating to rent deposits due in more than one year. 


14.


Cash

2024
2023
£000
£000

Cash at bank and in hand
375
987



15.


Creditors: amounts falling due within one year

2024
2023
£000
£000

Trade creditors
1,767
1,169

Amounts owed to group undertakings
-
572

Amounts owed to other participating interests
189
309

Other taxation and social security
348
388

Other creditors
112
132

Accruals and deferred income
2,028
2,352

4,444
4,922



16.


Creditors: amounts falling due after more than one year

2024
2023
£000
£000

Bank loans
1,960
1,917

Trade creditors
199
-


Page 20

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

Amounts falling due 2-5 years

Bank loans
1,960
1,917


Bank loans include the refinanced £1.96m revolving facility, which is secured against the assets of the Company. The loan is repayable in July 2027 and interest is charged at 6.75% plus the Bank of England base rate.


18.


Deferred taxation




2024


£000



At beginning of year
(522)


Charged to profit or loss
99



At end of year
(423)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(481)
(522)

Tax losses carried forward
58
-

(423)
(522)


19.


Share capital

2024
2023
£000
£000
Allotted, called up and partly paid



1 (2023: 1) Ordinary share of £1.00
-
-


Page 21

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

20.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses less dividends paid.


21.


Pension commitments

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the holding company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £35k (2023: £33k). Contributions totaling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors. There are no pension commitments other than those included in liabilities.


22.


Commitments under operating leases

At 25 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
1,780
1,780

Later than 1 year and not later than 5 years
7,122
7,122

Later than 5 years
9,339
11,119

18,241
20,021

Page 22

 
ETM PREMIUM SPORTS BARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024

23.


Related party transactions

The Company has taken advantage of exemptions from disclosing transactions with wholly owned group companies under the provisions of Section 33 of Financial Reporting Standard 102.
During the period the Company incurred recharged costs of £119k (2023: incurred costs of £303k) with The Botanist Sloane Square Limited, a company under common control. As at 25 February 2024 an amount of £189k (2023: £309k) is owing to The Botanist Sloane Square Limited.
During the period the Company recharged costs of £nil (2023: £1k) to Maven Premium Bars & Restaurants Ltd, a company under common control. As at 25 February 2024 an amount of £nil (2023: £1k) is owing from Maven Premium Bars & Restaurants Ltd.
During the period the Company incurred costs of £1k (2023: £nil) to Maven Premium Sports Bars Ltd, a company under common control. As at 25 February 2024 an amount of £nil (2023: £nil) is owing from Maven Premium Sports Bars Ltd.
During the period the Company incurred costs of £21k (2023: £60k) and recharged costs of £1k (2023: £nil) with Maven Leisure Ltd, a company under common control. As at 25 February 2024 an amount of £3k (2023: £60k) is owing from Maven Leisure Ltd.
During the period the Company recharged costs of £15k (2023: £nil) to Ludo (Bath) Limited, a company under common control. As at 25 February 2024 an amount of £nil (2023: £1k) is owing from Maven Premium Bars & Restaurants Limited.


24.


Controlling party

The immediate parent undertaking is ETM Group Limited.
The parent of the smallest and largest group preparing consolidated accounts is ETM Group Holdings Limited, a company registered in England and Wales. Consolidated financial statements are available from their registered office, 10 Queen Street Place, London, EC4R 1AG. .
There is no ultimate controlling party.

Page 23