Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity55truetrue 12686737 2023-01-01 2023-12-31 12686737 2022-01-01 2022-12-31 12686737 2023-12-31 12686737 2022-12-31 12686737 c:Director1 2023-01-01 2023-12-31 12686737 d:FurnitureFittings 2023-01-01 2023-12-31 12686737 d:FurnitureFittings 2023-12-31 12686737 d:FurnitureFittings 2022-12-31 12686737 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12686737 d:ComputerEquipment 2023-01-01 2023-12-31 12686737 d:ComputerEquipment 2023-12-31 12686737 d:ComputerEquipment 2022-12-31 12686737 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12686737 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12686737 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12686737 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12686737 d:CurrentFinancialInstruments 2023-12-31 12686737 d:CurrentFinancialInstruments 2022-12-31 12686737 d:Non-currentFinancialInstruments 2023-12-31 12686737 d:Non-currentFinancialInstruments 2022-12-31 12686737 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12686737 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12686737 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12686737 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12686737 d:ShareCapital 2023-12-31 12686737 d:ShareCapital 2022-12-31 12686737 d:RetainedEarningsAccumulatedLosses 2023-12-31 12686737 d:RetainedEarningsAccumulatedLosses 2022-12-31 12686737 c:FRS102 2023-01-01 2023-12-31 12686737 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12686737 c:FullAccounts 2023-01-01 2023-12-31 12686737 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12686737 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 12686737









VAP NORTH 1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VAP NORTH 1 LIMITED
REGISTERED NUMBER: 12686737

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
11,783
12,554

Tangible assets
 6 
69,051
45,426

  
80,834
57,980

Current assets
  

Stocks
 7 
13,101
10,292

Debtors: amounts falling due within one year
 8 
522,793
731,151

Cash at bank and in hand
 9 
136,718
79,674

  
672,612
821,117

Creditors: amounts falling due within one year
 10 
(426,590)
(739,616)

Net current assets
  
 
 
246,022
 
 
81,501

Total assets less current liabilities
  
326,856
139,481

Creditors: amounts falling due after more than one year
 11 
(1,954)
(838)

  

Net assets
  
324,902
138,643


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
324,802
138,543

  
324,902
138,643


Page 1

 
VAP NORTH 1 LIMITED
REGISTERED NUMBER: 12686737
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2025.




N Handa
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

VAP North 1 Limited is a private compay limited by shares incorporated in England and Wales. The registered office is 4th Floor, 1 Portland Place, London, United Kingdom, W1B 1PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has made enquiries into the adequacy of the company's financial resources through a review of the company's budgets and financial projections, including capital expenditure plans and cash flow forecasts. The company has been profitable throughout the year and is in a net asset position as at the balance sheet date. The director is satisfied that the company has sufficient liquidity to be able to pay the creditors as they fall due. 
The director considers that there are no material uncertainties about the company's ability to continue trading as a going concern. 

 
2.3

Revenue

Revenue comprises sales of food and beverages from the restaurant, less discounts given. Sales are  recognised at the fair value of the consideration received or receivable for the goods and services provided in the normal course of business, shown net of VAT and other sales related taxes. 
Revenue from the sale of food and beverages is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
All revenue arose in the United Kingdom. 

 
2.4

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortization and accumulated impairment losses. 
Amortisation 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:
Acquisition costs  -  amortised over the length of the lease.

Page 3

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

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 their 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 balance sheet 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 recognized as an impairment loss in profit or loss, along with any reversals of impairment losses. 

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

Page 4

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.12

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

  
2.13

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 unused holiday entitlement is recognised in the period in which the employees 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. 

 
2.14

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting 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. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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. 
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Recoverability of intercompany receivables
Intercompany receivables are assessed for impairment by taking into account the liquidity of the intercompany counterparty, as well as historical experience. An impairment is recognised if the cash flows that are expected to be received, discounted at the original effective interest rate where applicable, are lower than the cash flows that are due to the company. 
Dilapidations and contingencies
Provisions are made for asset retirement obligations, dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rate used to establish net present value of the obligations require management's judgements. 


4.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
5
5

Page 6

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Acquisition costs

£



Cost


At 1 January 2023
15,000



At 31 December 2023

15,000



Amortisation


At 1 January 2023
2,446


Charge for the year on owned assets
771



At 31 December 2023

3,217



Net book value



At 31 December 2023
11,783



At 31 December 2022
12,554



Page 7

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
49,928
10,393
60,321


Additions
39,492
2,500
41,992



At 31 December 2023

89,420
12,893
102,313



Depreciation


At 1 January 2023
11,683
3,212
14,895


Charge for the year on owned assets
14,625
3,742
18,367



At 31 December 2023

26,308
6,954
33,262



Net book value



At 31 December 2023
63,112
5,939
69,051



At 31 December 2022
38,245
7,181
45,426

Page 8

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
£

Raw materials and consumables
13,101

13,101



8.


Debtors

2023
2022
£
£


Trade debtors
53,560
37,949

Amounts owed by group undertakings
267,146
394,972

Amounts owed by related undertakings
153,652
251,004

Other debtors
12,358
14,475

Prepayments and accrued income
16,968
-

Tax recoverable
19,109
32,751

522,793
731,151



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
136,718
79,674



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
117,024
397,161

Other taxation and social security
115,363
326,491

Other creditors
30,077
15,964

Accruals and deferred income
164,126
-

426,590
739,616


Page 9

 
VAP NORTH 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to related undertakings
1,954
838

1,954
838



12.


Related party transactions

As at 31 December 2023, there were amounts due from UK VAP Limited of £4,839 (2022: £95,942), UK VAP Tower Bridge Limited of £147,913 (2022: £147,913) and VAP Scot 1 Limited of £Nil (2022: £7,149), included in short term debtors. 
As at 31 December 2023, there were amounts due from UK VAP TCR Limited of £900 (2022: £60 due to) included in short term debtors (2022: included in long term creditors). 
As at 31 December 2023, there were amounts due to UK VAP GPS Limited of £1,954 (2022: £778) included in long term creditors.
The balances were provided interest free and are repayable on demand. 
Included within administrative expenses are amounts written off of £7,002 (2022: £Nil) in relation to the balance with VAP Scot 1 Limited. 
The company has taken advantage of the exemption available in FRS 102 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any other wholly owned subsidiary undertakings of the group. 


13.


Controlling party

As at the reporting date, VAP North 1 Limited was controlled by parent company Savour Group Limited. There is no ultimate controlling party.
After the reporting period, 100% of the shares of VAP North 1 Limited were transferred to UK VAP Limited. UK VAP Limited is controlled as part of a joint venture by Love and Food Restaurant Holdings S.R.O (L&F) and Savour Group Limited. 

 
Page 10