REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Elephant Taverns Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Elephant Taverns Limited |
Elephant Taverns Limited (Registered number: 11408451) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Elephant Taverns Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1st Floor, Cromwell House |
14 Fulwood Place |
London |
WC1V 6HZ |
Elephant Taverns Limited (Registered number: 11408451) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Elephant Taverns Limited (Registered number: 11408451) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Elephant Taverns Limited (Registered number: 11408451) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Elephant Taverns Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Elephant Taverns Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
At 31st March 2024 the company was reliant on the cash resources of other group companies and a related party to meet its liabilities. The directors of those other group companies and related party confirm that this financial support will continue and the going concern basis of preparation is therefore appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Elephant Taverns Limited (Registered number: 11408451) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Impairments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company holds direct investments in 100% of the ordinary share capital of the following companies: |
Noble Inns Limited - 1st Floor, Cromwell House, 14 Fullwood Place, London, WC1V 6HZ |
Noble Inns Shoreditch Limited - 1st Floor, Cromwell House, 14 Fullwood Place, London, WC1V 6HZ |
Noble Inns Smokehouse Limited - 1st Floor, Cromwell House, 14 Fullwood Place, London, WC1V 6HZ |
Pig & Butcher Islington Limited - 1st Floor, Cromwell House, 14 Fullwood Place, London, WC1V 6HZ |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Financial instruments |
Elephant Taverns Limited (Registered number: 11408451) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
The bank loan is secured on the assets of the company, the assets including leasehold properties held by subsidiary companies, and guarantees from a director for £2,990,000 and from the subsidiary companies. |
9. | FINANCIAL INSTRUMENTS |
New 1,563 non-convertible loan notes were issued and subscribed for on 29th November 2022. The loan notes have a nominal value of £1,000 and are repayable after 10 years. After 3 years, and at each anniversary thereafter,the subscribers may exercise an early redemption option and, if doing so, will be entitled to a premium. This premium is being currently accrued over the loan note term in the sum of £171,438 this financial year. After 4 years if the loan notes are not redeemed the premium accrual will be increased based on the agreement. |
10. | RELATED PARTY DISCLOSURES |
Included in other creditors due within one year is an interest-bearing loan of £373,766 from another company controlled by Mr. G Burman. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |