Company registration number 09293985 (England and Wales)
ENTRECOTE (DEAN STREET) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ENTRECOTE (DEAN STREET) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ENTRECOTE (DEAN STREET) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
33,212
Current assets
Debtors
5
671,694
745,102
Cash at bank and in hand
42,852
190,369
714,546
935,471
Creditors: amounts falling due within one year
6
(1,922,557)
(2,138,247)
Net current liabilities
(1,208,011)
(1,202,776)
Net liabilities
(1,208,011)
(1,169,564)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(1,208,111)
(1,169,664)
Total equity
(1,208,011)
(1,169,564)
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Michael Elghanayan
Director
Company registration number 09293985 (England and Wales)
ENTRECOTE (DEAN STREET) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(987,483)
(987,383)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(182,181)
(182,181)
Balance at 31 December 2022
100
(1,169,664)
(1,169,564)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(38,447)
(38,447)
Balance at 31 December 2023
100
(1,208,111)
(1,208,011)
ENTRECOTE (DEAN STREET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
1.1
Company information
Entrecote (Dean Street) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company has been advanced funds by group undertakings to support the business' working capitaltrue needs. At the year end, the net balance owed to group undertakings was £1,887,234 (2022: £2,105,554) and the directors of the company have received positive confirmation that support will continue to be made available as required.
The directors of the company have considered this alongside operational budgets and cash flow forecasts and have put in appropriate contingency measures and management strategies to ensure the company can meet its liabilities as they fall due from existing facilities.
Due to continued support from group undertakings and future management strategies, the directors therefore have a reasonable expectation that adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and consequently have adopted the going concern basis of accounting in preparing the non-statutory accounts.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income invoiced in the normal course of business, and is shown net of VAT and other sales related taxes.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
5% straight line basis
Plant and equipment
20% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
ENTRECOTE (DEAN STREET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Taxation
The tax expense represents tax currently payable.
ENTRECOTE (DEAN STREET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
There was no remuneration paid to the directors by the company during the year (2022: £Nil).
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
909,420
3,592
913,012
Depreciation and impairment
At 1 January 2023
876,208
3,592
879,800
Depreciation charged in the year
33,212
33,212
At 31 December 2023
909,420
3,592
913,012
Carrying amount
At 31 December 2023
At 31 December 2022
33,212
33,212
ENTRECOTE (DEAN STREET) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
526,754
526,755
Other debtors
144,940
218,347
671,694
745,102
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,960
27,960
Amounts owed to group undertakings
1,887,234
2,105,554
Other creditors
7,363
4,733
1,922,557
2,138,247
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
8
Parent company
The ultimate controlling and parent party is Entrecote (Holdings) Ltd, a company registered in England & Wales. The address of its registered office is Gable House, 239 Regents Park Road, Finchley, London, United Kingdom, N3 3LF.
Entrecote (Holdings) Ltd is the smallest and largest group to consolidate these financial statements. The consolidated financial statements of Entrecote (Holdings) Ltd may be obtained from Gable House, 239 Regents Park Road, Finchley, London, United Kingdom, N3 3LF.
9
Going concern
The Directors have considered whether it is appropriate to prepare the Company financial statements on a going concern basis. The Company is dependent on the ongoing support of its parent company Entrecote Holdings Limited and subsidiary companies (the Group).
In doing so, the Directors have considered the operation of the Group and prepared and cash flow forecasts to ascertain whether the Group can meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements.
The Directors therefore have a reasonable expectation the Group has adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and consequently have adopted the going concern basis of accounting in preparing the non-statutory accounts.