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Registered number: 06362354










THE MODERN PANTRY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
THE MODERN PANTRY LIMITED
REGISTERED NUMBER: 06362354

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Tangible assets
 4 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 5 
85,336
95,967

  
85,336
95,967

Creditors: amounts falling due within one year
 6 
(1,247,690)
(1,225,772)

Net current liabilities
  
 
 
(1,162,354)
 
 
(1,129,805)

Total assets less current liabilities
  
(1,162,354)
(1,129,805)

  

Net liabilities
  
(1,162,354)
(1,129,805)


Capital and reserves
  

Called up share capital 
  
150,000
150,000

Profit and loss account
  
(1,312,354)
(1,279,805)

  
(1,162,354)
(1,129,805)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




G E Cox
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is 16 Kirby Street, London, EC1N 8TS.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

Subsequent to the 30 September 2022, during October 2023, the decision was taken by the Directors not to reopen the Company's only restaurant post Covid. The Directors intend to cease trade of the Company and as a result the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the Directors have prepared the financial statements on a basis other than going concern. No adjustments to the financial statements have been required as a result of preparing them on a basis other than that of a going concern. 

 
2.3

Revenue

Revenue represents sales to outside customers at invoiced amounts excluding discretionary service charge and Value Added Tax.
Revenue is recognised when the significant risks and benefits of ownership of the products have transferred to the buyer. This will occur through the provision of restaurant services and sale of goods, and will be upon the completion of a sale to customers.

 
2.4

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.

 
2.5

Pensions

The Company does not operate its own pension scheme. The Company makes contributions to certain senior employees’ personal pension schemes, which are charged to the profit and loss account as they fall due. The Group operates a defined contribution scheme. The assets of the plan attributable to individuals participating in the plan are independently administered and managed by The People’s Pension. The amounts charged against profit represent the contributions payable to the scheme in respect of the accounting period.

Page 2

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.7

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.

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.8
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 shorter of the lease period and 25 years , having consideration to provisions contained in the lease for future potential lease renewals.
Plant and machinery
-
Over 4 years
Fixtures, fittings, and equipment
-
Over 10 years

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.

Fixed assets are measured at each reporting date to determine whether there is any indication that the assets are impaired. Where there is an indication than an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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 4

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 5

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Hospitality
1
2

Page 6

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures, fittings, and equipment
Total

£
£
£
£



Cost


At 1 October 2022
413,622
17,735
15,025
446,382



At 30 September 2023

413,622
17,735
15,025
446,382



Depreciation


At 1 October 2022
413,622
17,735
15,025
446,382



At 30 September 2023

413,622
17,735
15,025
446,382



Net book value



At 30 September 2023
-
-
-
-



At 30 September 2022
-
-
-
-


5.


Debtors

2023
2022
£
£


Trade debtors
-
20,389

Other debtors
13,134
3,576

Prepayments and accrued income
27,500
27,500

Amounts owed by group undertakings
38,024
37,824

Deferred taxation
6,678
6,678

85,336
95,967


Page 7

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
815,156

Trade creditors
22,213
27,448

Amounts owed to group undertakings
919,116
52,978

Other taxation and social security
14,205
14,365

Other creditors
42
225

Accruals and deferred income
292,114
315,600

1,247,690
1,225,772



7.


Deferred taxation




2023


£






At beginning of year
6,678



At end of year
6,678

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
6,678
6,678


8.


Contingent liabilities

The Company, together with its fellow subsidiaries, were party to an intercompany guarantee dated 11 October 2016 in favour of Santander UK Plc (as security agent for HSBC Bank Plc and Santander UK Plc) given as security for debt facilities provided to the parent undertaking and its subsidiaries. As at the balance sheet date the net amount due under these facilities was £42,304,000 (2022: £39,275,000). As per note 9 this amount has been refinanced on the 17 October 2023 and the net amount now due under the facilities is £47,775,000.

Page 8

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Post balance sheet events

On 17 October 2023 CGL Restaurant Holdings Limited and its subsidiaries was acquired by a newly formed investor vehicle, Bresand Leisure Limited as part of a prepacked arrangement. The former ultimate owner, Panther Partners Limited was placed into administration. There has been no impact upon trade creditors or employees as part of the transaction. As part of the transaction senior debt held by the former group was refinanced with the term date extended until September 2027 and with cash interest payments until 31 March 2025 deferred. Additional investment was also put in via new secured investor loan notes for the amount of £9.2m. The new structure and financing arrangements have allowed the group to focus on growing the business, maximising operational effectiveness, rationalising the cost base of the group, including closing sites which are not offering a meaningful return, and making the most of opportunities as they arise. 


10.


Controlling party

CGL Restaurant Holdings Limited is the smallest group entity into which the results of the Company are
consolidated. Copies of the financial statements of CGL Restaurant Holdings Limited can be obtained
from 16 Kirby Street, London EC1N 8TS.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the decision was taken by the Directors to cease trade within the Company. Therefore, the directors do not deem it appropriate to adopt the going concen basis of accounting in preparing the financial statements. Accordingly, the finacial statements have been prepared on a basis other than that of going concern as described in Note 2.2. Our opinion is not modified in respect of this matter. 

The audit report was signed on 29 November 2024 by Daryush Farshchi-Heidari FCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

Page 9