Silverfin false false 31/05/2024 01/06/2023 31/05/2024 D Anton 09/05/2014 Z Mahesh 25/11/2016 P Romain 12/12/2017 26 February 2025 The principal activity of the company continued to be that of operation of licensed restaurant. 09032294 2024-05-31 09032294 bus:Director1 2024-05-31 09032294 bus:Director2 2024-05-31 09032294 bus:Director3 2024-05-31 09032294 2023-05-31 09032294 core:CurrentFinancialInstruments 2024-05-31 09032294 core:CurrentFinancialInstruments 2023-05-31 09032294 core:ShareCapital 2024-05-31 09032294 core:ShareCapital 2023-05-31 09032294 core:SharePremium 2024-05-31 09032294 core:SharePremium 2023-05-31 09032294 core:RetainedEarningsAccumulatedLosses 2024-05-31 09032294 core:RetainedEarningsAccumulatedLosses 2023-05-31 09032294 core:Goodwill 2023-05-31 09032294 core:Goodwill 2024-05-31 09032294 core:LandBuildings 2023-05-31 09032294 core:LeaseholdImprovements 2023-05-31 09032294 core:PlantMachinery 2023-05-31 09032294 core:FurnitureFittings 2023-05-31 09032294 core:ComputerEquipment 2023-05-31 09032294 core:LandBuildings 2024-05-31 09032294 core:LeaseholdImprovements 2024-05-31 09032294 core:PlantMachinery 2024-05-31 09032294 core:FurnitureFittings 2024-05-31 09032294 core:ComputerEquipment 2024-05-31 09032294 core:ImmediateParent core:CurrentFinancialInstruments 2024-05-31 09032294 core:ImmediateParent core:CurrentFinancialInstruments 2023-05-31 09032294 bus:OrdinaryShareClass1 2024-05-31 09032294 bus:OrdinaryShareClass2 2024-05-31 09032294 2023-06-01 2024-05-31 09032294 bus:FilletedAccounts 2023-06-01 2024-05-31 09032294 bus:SmallEntities 2023-06-01 2024-05-31 09032294 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09032294 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09032294 bus:Director1 2023-06-01 2024-05-31 09032294 bus:Director2 2023-06-01 2024-05-31 09032294 bus:Director3 2023-06-01 2024-05-31 09032294 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 09032294 core:Goodwill 2023-06-01 2024-05-31 09032294 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 09032294 core:LeaseholdImprovements core:BottomRangeValue 2023-06-01 2024-05-31 09032294 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 09032294 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 09032294 core:FurnitureFittings core:TopRangeValue 2023-06-01 2024-05-31 09032294 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 09032294 2022-06-01 2023-05-31 09032294 core:LandBuildings 2023-06-01 2024-05-31 09032294 core:LeaseholdImprovements 2023-06-01 2024-05-31 09032294 core:PlantMachinery 2023-06-01 2024-05-31 09032294 core:FurnitureFittings 2023-06-01 2024-05-31 09032294 core:ComputerEquipment 2023-06-01 2024-05-31 09032294 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 09032294 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 09032294 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 09032294 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 09032294 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09032294 (England and Wales)

LAHPET LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

LAHPET LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

LAHPET LIMITED

BALANCE SHEET

As at 31 May 2024
LAHPET LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,000 4,000
Tangible assets 4 902,098 843,821
905,098 847,821
Current assets
Stocks 34,906 23,892
Debtors 5 293,770 279,865
Cash at bank and in hand 231,327 302,140
560,003 605,897
Creditors: amounts falling due within one year 6 ( 1,322,090) ( 1,320,507)
Net current liabilities (762,087) (714,610)
Total assets less current liabilities 143,011 133,211
Provision for liabilities ( 3,673) ( 3,673)
Net assets 139,338 129,538
Capital and reserves
Called-up share capital 7 149 149
Share premium account 449,951 449,951
Profit and loss account ( 310,762 ) ( 320,562 )
Total shareholder's funds 139,338 129,538

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Lahpet Limited (registered number: 09032294) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

D Anton
Director
LAHPET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
LAHPET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lahpet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, United Kingdom, E1W 9US.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 5 - 10 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 62 73

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 10,000 10,000
At 31 May 2024 10,000 10,000
Accumulated amortisation
At 01 June 2023 6,000 6,000
Charge for the financial year 1,000 1,000
At 31 May 2024 7,000 7,000
Net book value
At 31 May 2024 3,000 3,000
At 31 May 2023 4,000 4,000

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 210,000 684,077 112,402 315,641 6,726 1,328,846
Additions 0 99,626 1,780 13,329 1,654 116,389
At 31 May 2024 210,000 783,703 114,182 328,970 8,380 1,445,235
Accumulated depreciation
At 01 June 2023 0 308,882 32,884 140,127 3,132 485,025
Charge for the financial year 0 ( 21,498) 22,569 55,679 1,362 58,112
At 31 May 2024 0 287,384 55,453 195,806 4,494 543,137
Net book value
At 31 May 2024 210,000 496,319 58,729 133,164 3,886 902,098
At 31 May 2023 210,000 375,195 79,518 175,514 3,594 843,821

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 37,423 0
Amounts owed by Parent undertakings 0 2,758
Corporation tax 13,660 20,848
Other debtors 242,687 256,259
293,770 279,865

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 70,257 36,841
Trade creditors 135,512 108,001
Amounts owed to Parent undertakings 1,005,564 978,239
Accruals 25,902 122,269
Taxation and social security 79,151 72,306
Other creditors 5,704 2,851
1,322,090 1,320,507

The directors consider that the carrying amount of trades payable approximates to their fair value.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
8,000 A Ordinary shares of £ 0.01 each 80 80
6,886 B Ordinary shares of £ 0.01 each 69 69
149 149

8. Financial commitments

Commitments

Sblhf and Co. S.A.R.L. held a fixed and floating charge against all the assets of the company.
Date of creation - 29 April 2021
Charge code - 0903 2294 0002

Sblhf and Co S.A.R.L held a fixed and floating charge against all the assets of the company.
Date of creation - 19 February 2018
Charge code - 0903 2294 0001

9. Related party transactions

At the year end the company owed £295,582 to (2022 - £295,867) Lahpet Slingsby Limited, a subsidiary company, in respect of an interest free loan which is repayable on demand.

At the year end the company was owed £31,676 by (2023: £32,830) D Anton, the director of company, in respect of an interest free loan which is repayable on demand.

At the year end the company was owed £27,979 by (2023 - £27,363) Z Mahesh, the director of company, in respect of an interest free loan which is repayable on demand.

At the year end the company owed £709,982 to (2023 - £679,614) Lahpet Holdings limited, the parent company, in respect of an interest free loan which is repayable on demand.

At the year end the company owed £37,423 by (2022 - £NIl) Lahpet Bermondsey Limited, a subsidiary company, in respect of an interest free loan which is repayable on demand.