Company registration number 05068128 (England and Wales)
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
COMPANY INFORMATION
Directors
Michael Elghanayan
Sassan Mokhtarzadeh
Joseph Shashou
Mourad Dine
Company number
05068128
Registered office
Gable House
239 Regents Park Road
Finchley
London
United Kingdom
N3 3LF
Auditor
SPW (UK) LLP
Gable House
239 Regents Park Road
London
N3 3LF
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 27
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.
Principal risks and uncertainties

The principal risks and uncertainties facing the company are the current economic climate and varying exchange rates.

Key performance indicators

The parent company monitors business performance based on key performance indicators focusing on increasing profitability, improving market share to yield positive economic effect.

On behalf of the board

.............................................
Michael Elghanayan
Director
Date: .............................................
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of operating restaurants.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,119,998 (2022: £1,200,501). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Michael Elghanayan
Sassan Mokhtarzadeh
Joseph Shashou
Mourad Dine
Auditor

In accordance with the company's articles, a resolution proposing that SPW (UK) LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Michael Elghanayan
Director
31 July 2024
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTRECOTE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Entrecote Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTRECOTE HOLDINGS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit, in respect to detecting irregularities including fraud, are;

 

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENTRECOTE HOLDINGS LIMITED (CONTINUED)
- 6 -

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).

We understood how the company complies with laws and regulations by making enquiries of management, internal audit, those responsible for legal and compliance procedures. We made enquiries through our review of board minutes and internal controls process documentation and considered the results of our audit procedures.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to discuss areas where we considered there was susceptibility to fraud. We considered the internal controls that the company has implemented to address any risks identified, or to prevent, deter and detect fraud, and how senior management monitor them.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

 

The key audit areas identified at planning included revenue recognition, accounting estimates, and testing manual journals. We planned and designed our work to provide reasonable assurance that the financial statements were free from fraud or error. However due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected an irregularity or fraud that could result in a material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

Paul Winter
Senior Statutory Auditor
For and on behalf of SPW (UK) LLP
31 July 2024
2025-02-11
Chartered Accountants
Statutory Auditor
Gable House
239 Regents Park Road
London
N3 3LF
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
11,051,571
8,667,393
Cost of sales
(3,546,067)
(2,748,154)
Gross profit
7,505,504
5,919,239
Administrative expenses
(5,094,626)
(4,677,468)
Other operating income
951
6,000
Operating profit
4
2,411,829
1,247,771
Interest receivable and similar income
6
5,737
1,077
Interest payable and similar expenses
7
(12,573)
(27,056)
Profit before taxation
2,404,993
1,221,792
Tax on profit
10
(633,413)
(259,759)
Profit for the financial year
1,771,580
962,033
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
524,312
573,409
Current assets
Stocks
14
215,999
164,773
Debtors
15
1,360,788
1,122,331
Cash at bank and in hand
2,456,943
1,690,846
4,033,730
2,977,950
Creditors: amounts falling due within one year
16
(2,595,908)
(1,986,728)
Net current assets
1,437,822
991,222
Total assets less current liabilities
1,962,134
1,564,631
Creditors: amounts falling due after more than one year
17
-
(273,094)
Provisions for liabilities
Deferred tax liability
52,650
33,635
(52,650)
(33,635)
Net assets
1,909,484
1,257,902
Capital and reserves
Called up share capital
19
34,722
34,722
Share premium account
268,750
268,750
Profit and loss reserves
1,606,012
954,430
Total equity
1,909,484
1,257,902
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:
31 July 2024
Michael Elghanayan
Sassan Mokhtarzadeh
Director
Director
Company registration number 05068128 (England and Wales)
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
103
103
Current assets
Debtors
15
550,955
551,131
Cash at bank and in hand
-
0
108,115
550,955
659,246
Creditors: amounts falling due within one year
16
(16,463)
(16,103)
Net current assets
534,492
643,143
Net assets
534,595
643,246
Capital and reserves
Called up share capital
19
34,722
34,722
Share premium account
268,750
268,750
Profit and loss reserves
231,123
339,774
Total equity
534,595
643,246

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,011,346 (2022 - £790,455 profit).

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

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:
31 July 2024
Michael Elghanayan
Sassan Mokhtarzadeh
Director
Director
Company registration number 05068128 (England and Wales)
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
34,722
268,750
1,192,398
1,495,870
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
962,033
962,033
Dividends
9
-
-
(1,200,001)
(1,200,001)
Balance at 31 December 2022
34,722
268,750
954,430
1,257,902
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,771,580
1,771,580
Dividends
9
-
-
(1,119,998)
(1,119,998)
Balance at 31 December 2023
34,722
268,750
1,606,012
1,909,484
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
34,722
268,750
749,320
1,052,792
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
790,455
790,455
Dividends
9
-
-
(1,200,001)
(1,200,001)
Balance at 31 December 2022
34,722
268,750
339,774
643,246
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,011,347
1,011,347
Dividends
9
-
-
(1,119,998)
(1,119,998)
Balance at 31 December 2023
34,722
268,750
231,123
534,595
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,525,297
2,273,105
Interest paid
(12,573)
(27,056)
Income taxes paid
(229,648)
(248,576)
Net cash inflow from operating activities
2,283,076
1,997,473
Investing activities
Purchase of tangible fixed assets
(129,624)
(251,852)
Interest received
5,737
1,077
Net cash used in investing activities
(123,887)
(250,775)
Financing activities
Repayment of borrowings
(273,094)
(524,265)
Dividends paid to equity shareholders
(1,119,998)
(1,200,001)
Net cash used in financing activities
(1,393,092)
(1,724,266)
Net increase in cash and cash equivalents
766,097
22,432
Cash and cash equivalents at beginning of year
1,690,846
1,668,414
Cash and cash equivalents at end of year
2,456,943
1,690,846
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(1,117)
507,616
Investing activities
Dividends received
1,013,000
800,500
Net cash generated from investing activities
1,013,000
800,500
Financing activities
Dividends paid to equity shareholders
(1,119,998)
(1,200,001)
Net cash used in financing activities
(1,119,998)
(1,200,001)
Net (decrease)/increase in cash and cash equivalents
(108,115)
108,115
Cash and cash equivalents at beginning of year
108,115
-
0
Cash and cash equivalents at end of year
-
0
108,115
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Judgements and key sources of estimation uncertainty

In the application of the group’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.

2
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Restaurant income
11,051,571
8,667,393
2023
2022
£
£
Other revenue
Interest income
5,737
1,077
Grants received
-
6,000
3
Accounting policies
Company information

Entrecote Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Entrecote Holdings Ltd and all of its subsidiaries.

3.1
Accounting convention
The financial statements are prepared under the historical cost convention.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 15 -
3.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Entrecote Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

3.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 16 -
3.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

3.5
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:

Land and buildings Freehold
15% reducing balance method
Land and buildings Leasehold
Over the term of the lease
Plant and machinery
25% straight line method
Fixtures, fittings & equipment
25% straight line method

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 recognised in the profit and loss account.

3.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

3.7
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

3.8
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 18 -
3.9
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. Bank overdrafts are shown within borrowings in current liabilities.

3.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 19 -
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 group after deducting all of its 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.

 

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

3.11
Equity instruments

Equity instruments issued by the group 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 group.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

3.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

3.13
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.

3.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
5,728
5,792
Government grants
-
(6,000)
Depreciation of owned tangible fixed assets
178,720
162,987
Operating lease charges
552,598
438,363
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the company's subsidiaries
46,368
22,788
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,737
-
0
Other interest income
-
1,077
Total income
5,737
1,077
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,737
-
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
12,567
-
Other interest on financial liabilities
6
27,056
12,573
27,056
8
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2023
2022
Number
Number
Office and Management
7
15
Production and Sales
76
110
83
125
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,021,130
1,791,541
Social security costs
192,301
155,410
2,213,431
1,946,951
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
1,119,998
1,200,001
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
614,398
245,315
Deferred tax
Origination and reversal of timing differences
19,015
14,444
Total tax charge
633,413
259,759
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,404,993
1,221,792
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
601,248
232,140
Permanent capital allowances in excess of depreciation
(32,106)
(36,447)
Depreciation on assets not qualifying for tax allowances
30,268
25,396
Other permanent differences
1,135
24,229
Deferred tax adjustments in respect of prior years
24,564
14,443
Taxation charge
625,109
259,761
Taxation charge in the financial statements
633,413
259,759
Reconciliation - the current year tax charge does not reconcile to the above analysis.  Please review figures in the database.
(8,304)
-
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
103
103
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
103
Carrying amount
At 31 December 2023
103
At 31 December 2022
103
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Entrecote (City) Limited
England & Wales
Ordinary
100.00
Entrecote (Dean Street) Limited
England & Wales
Ordinary
100.00
Entrecote (Marylebone) Limited
England & Wales
Ordinary
100.00
Entrecote (Operations) Limited
England & Wales
Ordinary
100.00
Entrecote (La Baguette) Limited
England & Wales
Ordinary
100.00
13
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,055,700
1,861,355
1,257,930
596,802
4,771,787
Additions
-
0
-
0
40,162
89,462
129,624
At 31 December 2023
1,055,700
1,861,355
1,298,092
686,264
4,901,411
Depreciation and impairment
At 1 January 2023
954,138
1,609,504
1,152,737
482,000
4,198,379
Depreciation charged in the year
15,234
59,790
48,990
54,706
178,720
At 31 December 2023
969,372
1,669,294
1,201,727
536,706
4,377,099
Carrying amount
At 31 December 2023
86,328
192,061
96,365
149,558
524,312
At 31 December 2022
101,561
251,852
105,194
114,802
573,409
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
215,999
164,773
-
0
-
0
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
342,362
122,696
-
0
-
0
Amounts owed by group undertakings
10,848
-
218,564
218,740
Other debtors
857,435
761,910
332,391
332,391
Prepayments and accrued income
150,143
237,725
-
0
-
0
1,360,788
1,122,331
550,955
551,131
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,071,484
357,313
360
-
0
Corporation tax payable
488,358
103,608
303
303
Other taxation and social security
287,147
597,612
-
-
Other creditors
262,855
155,355
20,000
20,000
Accruals and deferred income
486,064
772,840
(4,200)
(4,200)
2,595,908
1,986,728
16,463
16,103
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
18
-
0
273,094
-
0
-
0
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
-
0
273,094
-
0
-
0
Payable after one year
-
0
273,094
-
0
-
0
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares 'A' of 25p each
125,000
125,000
31,250
31,250
Ordinary shares 'B' of 25p each
13,889
13,889
3,472
3,472
138,889
138,889
34,722
34,722
20
Controlling party

The group is owned by the parent company Entrecote Holdings Limited, a company registered in England & Wales.

 

21
Going concern

The Directors have considered whether it is appropriate to prepare the Group financial statements on a going concern basis.

 

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.

 

In this forecast, the Directors have taken account of the implications of COVID-19 which could impact the future.

 

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.

22
Cash generated from group operations
2023
2022
£
£
Profit after taxation
1,771,580
962,033
Adjustments for:
Taxation charged
633,413
259,759
Finance costs
12,573
27,056
Investment income
(5,737)
(1,077)
Depreciation and impairment of tangible fixed assets
178,720
162,987
Movements in working capital:
Increase in stocks
(51,226)
(37,866)
(Increase)/decrease in debtors
(238,457)
2,222,034
Increase/(decrease) in creditors
224,431
(1,321,821)
Cash generated from operations
2,525,297
2,273,105
ENTRECOTE HOLDINGS LIMITED
ENTRECOTE HOLDINGS LIMITED & SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
23
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit after taxation
1,011,347
790,455
Adjustments for:
Investment income
(1,013,000)
(800,500)
Movements in working capital:
Decrease in debtors
176
517,661
Increase in creditors
360
-
Cash (absorbed by)/generated from operations
(1,117)
507,616
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,690,846
766,097
2,456,943
Borrowings excluding overdrafts
(273,094)
273,094
-
1,417,752
1,039,191
2,456,943
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