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Registered number: 08372794


ALBION & EAST LIMITED








AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 25 JUNE 2024

 
ALBION & EAST LIMITED
 
 
COMPANY INFORMATION


Directors
John Charles Connell 
Simon Charles Wheeler 
Sarah Weir 
Calum Brazier 




Company secretary
Khepri Corporate Services Limited



Registered number
08372794



Registered office
4th Floor
95 Chancery Lane

London

WC2A 1DT




Independent auditors
Wellers
Accountants & Statutory Auditors

1 Vincent Square

London

SW1P 2PN





 
ALBION & EAST LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 28


 
ALBION & EAST LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 JUNE 2024

Introduction & business review
 
The principal activity of the business is the operation of a group of bars. Albion & East Limited operates 4 bars, Canova Hall, Serata Hall, Teatro Hall and Botanica Hall, all situated in London. In the year we were pleased to open Botanica Hall in Clapham Junction and it has traded, and continues to trade, well ahead of expectations. During the year we also took the difficult decision to close our site Pacifica, and post year end we have decided to sell Martello Hall.
As a result of the openings and closings above, turnover for the year was flat at £8.7m (2023: £8.7m) and gross margins, including labour costs, for the year were £4,097,894 compared to £4,106,622 in the prior year. This was a good result given the continuing inflationary pressures on the business of food, drink and labour. Company EBITDA for the period was £24,499 (2023: (67,316)) and site EBITDA was £886,508 (2023: £790,148).

Principal risks and uncertainties
 
Given the nature of the company’s business, the principal business risks relate to the following:
• Consumer confidence impacted by cost-of-living crisis;
• Rent reviews;
• Employee retention and the supply of skilled labour in the market along with continued increases in NLW and National Insurance contributions;
• Continuing supply of quality food and drink products;
• Re-emergence of the coronavirus pandemic or subsequent pandemics;
The above risks are partly mitigated by the following key measures:
• A continued focus on delivering excellent service and customer experiences through the design of the bars, management of bookings, and outstanding food and drinks at competitive prices;
• Regular and comprehensive training and development programmes as well as opportunities for employee progression from floor staff through to general managers, we also are open to sponsoring employees from abroad or if they are already based in the UK for a visa;
• Regular meetings with key suppliers and discussing upcoming price changes and supply issues;
• Negotiation of rent levels based on market conditions;
• Careful cash management with necessary headroom to deal with sudden mandatory closures.
 

Financial key performance indicators
 
The performance of the company is measured through the monitoring and reporting of a number of key “site KPI’s” - sales, gross margins, labour, controllable operating costs and EBITDA against weekly budgets and prior year figures. 
We also ensure that potential new sites have detailed appraisals in relation to their cash requirements and return on investment based on an estimate of expected EBITDA and our knowledge of the costs to open previous sites.


This report was approved by the board and signed on its behalf.



................................................
Calum Brazier
Director

Date: 25 March 2025

Page 1

 
ALBION & EAST LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 JUNE 2024

The directors present their report and the financial statements for the period ended 25 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

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

Results and dividends

The loss for the period, after taxation, amounted to £481,663 (2023 - loss £921,882).

The directors assess the performance of the business using the measure of “Site EBITDA” which is defined as the earnings from the bar operations before the deduction of interest, tax, depreciation and amortisation associated with those bar operations but also excluding pre-opening costs of new  sites, central overheads and any other exceptional costs that may have occurred. Site EBITDA for all bar operations including new openings during the year was £886,508 (2023: £790,148).
The directors do not propose the payment of a dividend (2023: £nil).

Directors

The directors who served during the period were:

John Charles Connell 
Simon Charles Wheeler 
Sarah Weir 
Calum Brazier 

Page 2

 
ALBION & EAST LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

As explained in the Business review section, the directors made the difficult decision to sell Martello Hall, for a premium, in January 2025. This was following the October Budget announcement and coupled with a rent increase.

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Calum Brazier
Director

Date: 25 March 2025

Page 3

 
ALBION & EAST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST LIMITED
 

Opinion


We have audited the financial statements of ALBION & EAST LIMITED (the 'Company') for the period ended 25 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 25 June 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 4

 
ALBION & EAST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ALBION & EAST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST LIMITED (CONTINUED)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions  were  held  with,  and  enquiries  made  of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During  the  engagement  team  briefing,  the  outcomes  of  these  discussions  and  enquiries  were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial
reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and
non-compliance  with  laws  and  regulations)  comprised  of:  enquiries  of  management  and  those  charged  with governance  as  to  whether  the  entity  complies  with  such  laws  and  regulations;  enquiries  with  the  same concerning  any  actual  or  potential  litigation  or  claims;  inspection  of  relevant  legal  correspondence;  review  of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions  around  the  end  of  the  reporting  period;  and  the  performance  of  analytical  procedures  to  identify unexpected movements in account balances which may be indicative of fraud.
No  instances  of  material  non-compliance  were  identified.  However,  the  likelihood  of  detecting  irregularities, including  fraud,  is  limited  by  the  inherent  difficulty  in  detecting  irregularities,  the  effectiveness  of  the  entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases  the  more  that  compliance  with  a  law  or  regulation  is  removed  from  the  events  and  transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The  risk  is  also  greater  regarding  irregularities  occurring  due  to  fraud  rather  than  error,  as  fraud  involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
ALBION & EAST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Mr Matthew Wyatt (Senior statutory auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
1 Vincent Square
London
SW1P 2PN

25 March 2025
Page 7

 
ALBION & EAST LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 JUNE 2024

25 June
27 June
2024
2023
Note
£
£

  

Turnover
 4 
8,700,850
8,727,502

Cost of sales
  
(4,602,956)
(4,620,880)

Gross profit
  
4,097,894
4,106,622

Administrative expenses
  
(4,603,034)
(4,633,951)

Exceptional administrative expenses
  
-
(383,971)

Other operating income
 5 
100,000
-

Operating loss
 6 
(405,140)
(911,300)

Interest receivable and similar income
 11 
14,646
19,684

Interest payable and similar expenses
 12 
(91,169)
(30,266)

Loss before tax
  
(481,663)
(921,882)

Loss for the financial period
  
(481,663)
(921,882)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 8

 
ALBION & EAST LIMITED
REGISTERED NUMBER: 08372794

BALANCE SHEET
AS AT 25 JUNE 2024

25 June
27 June
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
3,656
4,246

Tangible assets
 16 
5,019,902
4,958,908

  
5,023,558
4,963,154

Current assets
  

Stocks
 17 
133,745
138,160

Debtors: amounts falling due after more than one year
 18 
402,300
333,300

Debtors: amounts falling due within one year
 18 
435,418
470,500

Cash at bank and in hand
 19 
1,267,926
1,135,693

  
2,239,389
2,077,653

Creditors: amounts falling due within one year
 20 
(2,437,320)
(1,908,640)

Net current (liabilities)/assets
  
 
 
(197,931)
 
 
169,013

Total assets less current liabilities
  
4,825,627
5,132,167

Creditors: amounts falling due after more than one year
 21 
(1,052,082)
(876,959)

  

Net assets
  
3,773,545
4,255,208


Capital and reserves
  

Called up share capital 
 25 
112,798
112,798

Share premium account
  
9,629,832
9,629,832

Profit and loss account
  
(5,969,085)
(5,487,422)

  
3,773,545
4,255,208


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Calum Brazier
Director

Date: 25 March 2025

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
ALBION & EAST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 29 June 2022
112,798
9,629,832
(4,565,540)
5,177,090



Loss for the period
-
-
(921,882)
(921,882)



At 28 June 2023
112,798
9,629,832
(5,487,422)
4,255,208



Loss for the period
-
-
(481,663)
(481,663)


At 25 June 2024
112,798
9,629,832
(5,969,085)
3,773,545


The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
ALBION & EAST LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 25 JUNE 2024

25 June
27 June
2024
2023
£
£

Cash flows from operating activities

Loss for the financial period
(481,663)
(921,882)

Adjustments for:

Amortisation of intangible assets
590
536

Depreciation of tangible assets
428,293
459,477

Loss on disposal of tangible assets
756
383,971

Interest paid
91,169
30,266

Interest received
(14,646)
(19,684)

Decrease in stocks
4,414
17,989

(Increase)/decrease in debtors
(33,919)
25,730

Increase/(decrease) in creditors
392,732
(483,565)

Net cash generated from operating activities

387,726
(507,162)


Cash flows from investing activities

Purchase of tangible fixed assets
(645,241)
(717,852)

Sale of tangible fixed assets
155,198
116,052

Interest received
14,646
19,684

HP interest paid
(59,805)
-

Net cash from investing activities

(535,202)
(582,116)

Cash flows from financing activities

Repayment of loans
(68,331)
(69,997)

Repayment of/new finance leases
379,404
-

Interest paid
(31,364)
(30,266)

Net cash used in financing activities
279,709
(100,263)

Net increase/(decrease) in cash and cash equivalents
132,233
(1,189,541)

Cash and cash equivalents at beginning of period
1,135,693
2,325,234

Cash and cash equivalents at the end of period
1,267,926
1,135,693


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,267,926
1,135,693

1,267,926
1,135,693


Page 11

 
ALBION & EAST LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 25 JUNE 2024





At 28 June 2023
Cash flows
New finance leases
At 25 June 2024
£

£

£

£

Cash at bank and in hand

1,135,693

132,233

-

1,267,926

Debt due after 1 year

(214,175)

68,331

-

(145,844)

Debt due within 1 year

(69,997)

-

-

(69,997)

Finance leases

-

-

(379,404)

(379,404)


851,521
200,564
(379,404)
672,681

The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

1.


General information

Albion & East Limited is a private company incorporated, domiciled and registered in England & Wales. The registered number is 08372794 and the registered office is 4th Floor 95 Chancery Lane, London, WC2A 1DT.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company made a loss of £481,663 (2023: £921,882) and has net current liabilities of £197,931 (2023: net current assets of £169,014). The company continues to experience strong levels of sales revenues at its current sites. The financial statements have been prepared under the going concern basis of preparation. The directors have carried out a review of the cash needs of the business for a period in excess of the next 12 months and are satisfied that there will be sufficient resources to meet any reasonably foreseeable requirements. Accordingly, it is appropriate to apply the going concern basis in preparing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 13

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company contributes into 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.

Page 14

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

2.Accounting policies (continued)

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

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.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

Page 15

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the period of the lease
Fixtures and fittings
-
10 years
Computer equipment / EPOS systems
-
5 years
Office equipment
-
5 years

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.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

2.Accounting policies (continued)

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.18

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 17

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates  and  judgments  are  continually  evaluated  and  are  based  on historical  experience  and  other factors,  including  expectations  of  future  events  that  are  believed  to  be  reasonable  under  the circumstances. The key judgments are as follows:-
Property, plant and equipment and intangible assets:
Property,  plant  and  equipment  and  intangible  assets  are  depreciated  over  their  useful  economic  life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are  performed  annually.  In assessing the residual  values, the remaining life of  the asset, its projected disposal value and future market conditions are taken into account.


4.


Turnover

An analysis of turnover by class of business is as follows:


25 June
27 June
2024
2023
£
£

Food sales
3,117,916
2,952,134

Drink sales
5,365,220
5,480,197

Other sales
217,714
295,171

8,700,850
8,727,502


All turnover arose within the United Kingdom.


5.


Other operating income

25 June
27 June
2024
2023
£
£

Insurance payout
100,000
-

100,000
-


Page 18

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

6.


Operating loss

The operating loss is stated after charging:

25 June
27 June
2024
2023
£
£

Other operating lease rentals
1,175,141
1,173,783


7.


Earnings before interest, taxation, depreciation and amortisation (EBITDA)

25 June
27 June
2024
2023
£
£



Operating profit/(loss)
(405,140)
(911,300)

Depreciation and amortisation
428,883
460,013

Loss on disposal
756
-

Loss on disposal of lease
-
383,971

Earnings before interest, taxation, depreciation and amortisation
24,499
(67,316)



Pre-opening costs
94,994
14,319

Central overheads
767,015
843,145

Costs whilst closed
-
-

Site EBITDA
886,508
790,148


8.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


25 June
27 June
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,400
14,360
Page 19

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

9.


Employees

Staff costs, including directors' remuneration, were as follows:


25 June
27 June
2024
2023
£
£

Wages and salaries
3,237,826
3,233,923

Social security costs
253,810
247,993

Cost of defined contribution scheme
44,531
42,152

3,536,167
3,524,068


The average monthly number of employees, including the directors, during the period was as follows:


        25 June
         27 June
        2024
        2023
            No.
            No.







Employees
178
194


10.


Directors' remuneration

25 June
27 June
2024
2023
£
£

Directors' emoluments
259,583
250,833

Company contributions to defined contribution pension schemes
2,642
2,642

262,225
253,475


During the period retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £146,250 (2023 - £145,417).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

Page 20

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

11.


Interest receivable

25 June
27 June
2024
2023
£
£


Other interest receivable
14,646
19,684

14,646
19,684


12.


Interest payable and similar expenses

25 June
27 June
2024
2023
£
£


Bank interest payable
31,364
21,061

Finance leases and hire purchase contracts
59,805
-

Other interest payable
-
9,205

91,169
30,266


13.


Taxation



Factors affecting tax charge for the period

No corporation tax was charged in the period as a result of performance and tax adjustments such as capital allowances. 


Factors that may affect future tax charges

The Company has £8,016,123 (2023: £7,781,471) of tax losses that are available to carry forward against future trading profits.

Page 21

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

14.


Exceptional items

25 June
27 June
2024
2023
£
£


Loss on disposal of lease and associated assets
-
383,971

-
383,971


15.


Intangible assets






Dev'ment expenditure

£



Cost


At 28 June 2023
5,904



At 25 June 2024

5,904



Amortisation


At 28 June 2023
1,658


Charge for the period on owned assets
590



At 25 June 2024

2,248



Net book value



At 25 June 2024
3,656



At 27 June 2023
4,246



Page 22

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

16.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment / EPOS systems
Total

£
£
£
£
£



Cost or valuation


At 28 June 2023
4,759,425
1,771,007
86,403
111,368
6,728,203


Additions
48,482
518,432
70,696
7,631
645,241


Disposals
(140,775)
(15,620)
-
-
(156,395)



At 25 June 2024

4,667,132
2,273,819
157,099
118,999
7,217,049



Depreciation


At 28 June 2023
943,996
676,332
52,266
96,701
1,769,295


Charge for the period on owned assets
208,391
178,720
12,835
4,942
404,888


Charge for the period on financed assets
-
23,405
-
-
23,405


Disposals
-
(441)
-
-
(441)



At 25 June 2024

1,152,387
878,016
65,101
101,643
2,197,147



Net book value



At 25 June 2024
3,514,745
1,395,803
91,998
17,356
5,019,902



At 27 June 2023
3,815,429
1,094,675
34,137
14,667
4,958,908

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


25 June
27 June
2024
2023
£
£



Furniture, fittings and equipment
451,581
-

451,581
-

Page 23

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

17.


Stocks

25 June
27 June
2024
2023
£
£

Drink
109,757
113,000

Food
23,988
25,160

133,745
138,160



18.


Debtors

25 June
27 June
2024
2023
£
£

Due after more than one year

Other debtors
402,300
333,300

402,300
333,300


25 June
27 June
2024
2023
£
£

Due within one year

Trade debtors
-
16,273

Other debtors
57,938
114,364

Prepayments and accrued income
377,480
339,863

435,418
470,500



19.


Cash and cash equivalents

25 June
27 June
2024
2023
£
£

Cash at bank and in hand
1,267,926
1,135,693

1,267,926
1,135,693


Page 24

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

20.


Creditors: Amounts falling due within one year

25 June
27 June
2024
2023
£
£

Bank loans
69,997
69,997

Trade creditors
907,863
556,885

Other taxation and social security
495,379
561,602

Obligations under finance lease and hire purchase contracts
149,601
-

Other creditors
444,461
454,567

Accruals and deferred income
370,019
265,589

2,437,320
1,908,640


On 29 September 2020, Santander UK PLC placed a fixed charge over all the properties and undertakings of the company.  


21.


Creditors: Amounts falling due after more than one year

25 June
27 June
2024
2023
£
£

Bank loans
145,844
214,175

Net obligations under finance leases and hire purchase contracts
229,803
-

Trade creditors
35,000
140,000

Other taxation and social security
22,248
-

Accruals and deferred income
619,187
522,784

1,052,082
876,959


On 29 September 2020, Santander UK PLC placed a fixed charge over all the properties and undertakings of the company. 

Page 25

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

22.


Loans


Analysis of the maturity of loans is given below:


25 June
27 June
2024
2023
£
£

Amounts falling due within one year

Bank loans
69,997
69,997


69,997
69,997

Amounts falling due 1-2 years

Bank loans
69,997
69,997


69,997
69,997

Amounts falling due 2-5 years

Bank loans
75,847
144,177


75,847
144,177


215,841
284,171



23.


Hire purchase and finance leases


Minimum lease payments under finance leases fall due as follows:

25 June
27 June
2024
2023
£
£


Within one year
207,183
-

Between 1-5 years
258,979
-

466,162
-

Page 26

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

24.


Financial instruments

25 June
27 June
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,267,926
1,135,693




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


25.


Share capital

25 June
27 June
2024
2023
£
£
Allotted, called up and fully paid



10,680,653 (2023 - 10,680,653) Ordinary shares of £0.01 each
106,807
106,807
599,076 (2023 - 599,076) Ordinary B shares of £0.01 each
5,991
5,991

112,798

112,798



26.


Contingent liabilities

A contingent  liability  with  regards  to  the  lease  dilapidation  provisions have  been considered  in detail,  however  a  reliable  estimate  has  not  been  arrived  at  nor  adjusted  in  the  accounts.  Due to the nature of the lease works the Directors do not expect these to represent significant costs to the company.


27.


Capital commitments


At 25 June 2024 the Company had capital commitments as follows:

25 June
27 June
2024
2023
£
£


Contracted for but not provided in these financial statements
-
961,602

-
961,602

Page 27

 
ALBION & EAST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024

28.


Pension commitments

The Company contributes into a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £44,531 (2023: £42,152). Contributions totalling £10,884 (2023: £10,202) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 25 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

25 June
27 June
2024
2023
£
£


Not later than 1 year
1,107,945
890,397

Later than 1 year and not later than 5 years
4,420,986
3,560,397

Later than 5 years
13,024,359
10,853,702

18,553,290
15,304,496


30.


Related party transactions

During the period ended 25 June 2024, the Company incurred costs of £98,273 (2023: £58,500) and recharged costs of  £74,645 (2023: £115,332) from entities which the directors have an interest. At the balance sheet date, the Company owes £1,820 (2023: £1,600) and was owed £10,000 (2023: £26,273). The outstanding balances are held in trade creditors, trade debtors and other debtors. No guarantees on those balances were given or received, nor are the balances secured.  


31.


Coronavirus government support

During the period under review, the company has taken advantage of the following government support
available as a result of the Coronavirus pandemic:
- A Coronavirus Business Interruption Loan from Santander of £400,000 was received in YE 2021 and is included within bank loans. This loan carries a government backed guarantee.


32.


Controlling party

During this and the prior period, there was no one controlling party.
 
Page 28