Company registration number 13628066 (England and Wales)
BREWSKI CHESTER LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BREWSKI CHESTER LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BREWSKI CHESTER LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
918,419
17,320
Current assets
Stocks
10,000
-
Debtors
5
77,810
71,800
Cash at bank and in hand
162,657
250,467
71,800
Creditors: amounts falling due within one year
6
(1,442,742)
(157,037)
Net current liabilities
(1,192,275)
(85,237)
Total assets less current liabilities
(273,856)
(67,917)
Creditors: amounts falling due after more than one year
7
(128,579)
Net liabilities
(402,435)
(67,917)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(402,436)
(67,918)
Total equity
(402,435)
(67,917)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BREWSKI CHESTER LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
S J Stockton-King
Director
Company registration number 13628066 (England and Wales)
BREWSKI CHESTER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Brewski Chester Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 537-539 Wilbraham Road, Chorlton, Manchester, M21 0UE.
1.1
Reporting period
The financial statements have been prepared for the 16 month period ended 31 January 2024. This was done to align the year end with group companies.
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 and the principal accounting policies adopted are set out below.
1.3
Going concern
At the balance sheet date, the company had negative net assets of £true346,004. The restaurant was opened towards the end of the financial year and there were set up costs prior to opening. The directors have confirmed they will continue to support the business and there will be support from other group companies. The accounts have therefore been prepared on a going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided 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
15 years straight line
Fixtures and fittings
5 years straight line
Computers
3 years straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BREWSKI CHESTER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
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. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 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 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.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BREWSKI CHESTER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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 period was:
2024
2022
Number
Number
Total
21
2
BREWSKI CHESTER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
17,936
17,936
Additions
706,157
225,752
931,909
At 31 January 2024
724,093
225,752
949,845
Depreciation and impairment
At 1 October 2022
616
616
Depreciation charged in the period
15,362
15,448
30,810
At 31 January 2024
15,978
15,448
31,426
Carrying amount
At 31 January 2024
708,115
210,304
918,419
At 30 September 2022
17,320
17,320
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
77,810
71,800
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
191,989
Taxation and social security
123,675
Other creditors
1,127,078
157,037
1,442,742
157,037
7
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
128,579
Included within other creditors due in less than one year and more than one year are hire purchase loans totalling £175,116 which are secured over the assets to which they relate.
BREWSKI CHESTER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
1,356,250
1,496,250
9
Related party transactions
During the year, a loan of £200,000 was received from Michael Stockton who is a shareholder in the parent company, Destination Dining Ltd. This loan bears no interest and is repayable on demand. £200,000 is included in other creditors due in less than one year at the balance sheet date.
10
Parent company
The parent company is Destination Dining Ltd, their registered office is 537-539 Wilbraham Road, Chorlton, Manchester, M21 0UE.