IRIS Accounts Production v24.3.2.46 11408451 Board of Directors 1.4.23 31.3.24 31.3.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh114084512023-03-31114084512024-03-31114084512023-04-012024-03-31114084512022-03-31114084512022-04-012023-03-31114084512023-03-3111408451ns15:EnglandWales2023-04-012024-03-3111408451ns14:PoundSterling2023-04-012024-03-3111408451ns10:Director12023-04-012024-03-3111408451ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3111408451ns10:SmallEntities2023-04-012024-03-3111408451ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3111408451ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3111408451ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111408451ns10:FullAccounts2023-04-012024-03-3111408451ns10:Director22023-04-012024-03-3111408451ns10:RegisteredOffice2023-04-012024-03-3111408451ns5:CurrentFinancialInstruments2024-03-3111408451ns5:CurrentFinancialInstruments2023-03-3111408451ns5:Non-currentFinancialInstruments2024-03-3111408451ns5:Non-currentFinancialInstruments2023-03-3111408451ns5:ShareCapital2024-03-3111408451ns5:ShareCapital2023-03-3111408451ns5:RetainedEarningsAccumulatedLosses2024-03-3111408451ns5:RetainedEarningsAccumulatedLosses2023-03-3111408451ns5:CostValuation2023-03-3111408451ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-03-3111408451ns5:CostValuation2024-03-3111408451ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3111408451ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3111408451ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3111408451ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3111408451ns5:Secured2024-03-3111408451ns5:Secured2023-03-31
REGISTERED NUMBER: 11408451 (England and Wales)



















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: G Burman
B Weller





REGISTERED OFFICE: 1st Floor
Cromwell House
14 Fulwood Place
London
WC1V 6HZ





REGISTERED NUMBER: 11408451 (England and Wales)





ACCOUNTANTS: Gorrie Whitson Limited
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 3,620,965 3,873,840

CURRENT ASSETS
Debtors 5 18,091 117,004
Cash at bank - 92
18,091 117,096
CREDITORS
Amounts falling due within one year 6 2,835,676 2,661,304
NET CURRENT LIABILITIES (2,817,585 ) (2,544,208 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

803,380

1,329,632

CREDITORS
Amounts falling due after more than one
year

7

2,064,530

2,195,617
NET LIABILITIES (1,261,150 ) (865,985 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (1,261,350 ) (866,185 )
(1,261,150 ) (865,985 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





B Weller - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 3,873,840
Impairments (252,875 )
At 31 March 2024 3,620,965
NET BOOK VALUE
At 31 March 2024 3,620,965
At 31 March 2023 3,873,840

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 18,091 117,004

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 344,180 744,188
Amounts owed to group undertakings 1,135,338 482,293
Other creditors 1,356,158 1,434,823
2,835,676 2,661,304

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 286,980 589,505
Other creditors 1,777,550 1,606,112
2,064,530 2,195,617

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Financial instruments 1,777,550 1,606,112

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 631,160 1,333,693

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 G Burman.