Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3002023-07-03false0falsefalsefalse 13526730 2023-07-03 2024-06-30 13526730 2022-07-03 2023-07-02 13526730 2024-06-30 13526730 2023-07-02 13526730 c:Director1 2023-07-03 2024-06-30 13526730 c:RegisteredOffice 2023-07-03 2024-06-30 13526730 d:Buildings d:LongLeaseholdAssets 2023-07-03 2024-06-30 13526730 d:Buildings d:LongLeaseholdAssets 2024-06-30 13526730 d:Buildings d:LongLeaseholdAssets 2023-07-02 13526730 d:PlantMachinery 2023-07-03 2024-06-30 13526730 d:PlantMachinery 2024-06-30 13526730 d:PlantMachinery 2023-07-02 13526730 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 13526730 d:FurnitureFittings 2023-07-03 2024-06-30 13526730 d:FurnitureFittings 2024-06-30 13526730 d:FurnitureFittings 2023-07-02 13526730 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 13526730 d:OwnedOrFreeholdAssets 2023-07-03 2024-06-30 13526730 d:CurrentFinancialInstruments 2024-06-30 13526730 d:CurrentFinancialInstruments 2023-07-02 13526730 d:Non-currentFinancialInstruments 2024-06-30 13526730 d:Non-currentFinancialInstruments 2023-07-02 13526730 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 13526730 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-02 13526730 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 13526730 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-02 13526730 d:ShareCapital 2024-06-30 13526730 d:ShareCapital 2023-07-02 13526730 d:RetainedEarningsAccumulatedLosses 2024-06-30 13526730 d:RetainedEarningsAccumulatedLosses 2023-07-02 13526730 c:FRS102 2023-07-03 2024-06-30 13526730 c:Audited 2023-07-03 2024-06-30 13526730 c:FullAccounts 2023-07-03 2024-06-30 13526730 c:PrivateLimitedCompanyLtd 2023-07-03 2024-06-30 13526730 d:WithinOneYear 2024-06-30 13526730 d:WithinOneYear 2023-07-02 13526730 d:BetweenOneFiveYears 2024-06-30 13526730 d:BetweenOneFiveYears 2023-07-02 13526730 d:MoreThanFiveYears 2024-06-30 13526730 d:MoreThanFiveYears 2023-07-02 13526730 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 13526730 d:HirePurchaseContracts d:WithinOneYear 2023-07-02 13526730 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 13526730 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-02 13526730 d:HirePurchaseContracts d:MoreThanFiveYears 2024-06-30 13526730 d:HirePurchaseContracts d:MoreThanFiveYears 2023-07-02 13526730 e:PoundSterling 2023-07-03 2024-06-30 13526730 d:PreviouslyStatedAmount 2023-07-02 13526730 d:Buildings d:LongLeaseholdAssets d:PreviouslyStatedAmount 2023-07-02 13526730 d:Buildings d:LongLeaseholdAssets d:PriorPeriodIncreaseDecrease 2023-07-02 13526730 d:PlantMachinery d:PriorPeriodIncreaseDecrease 2023-07-02 13526730 d:FurnitureFittings d:PriorPeriodIncreaseDecrease 2023-07-02 13526730 d:PriorPeriodIncreaseDecrease 2023-07-02 iso4217:GBP xbrli:pure

Registered number: 13526730










CARGO CANARY WHARF LTD










DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

 
CARGO CANARY WHARF LTD
 

CONTENTS



Page
Company Information
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9 - 10
Notes to the Financial Statements
11 - 18


 
CARGO CANARY WHARF LTD
 
 
COMPANY INFORMATION


Director
K Rose 




Registered number
13526730



Registered office
9 Holles Street

London

England

W1G 0BD




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG




Page 1

 
CARGO CANARY WHARF LTD
 
 
 
DIRECTOR'S REPORT
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

The director presents her report and the financial statements for the 52 week period ended 30 June 2024.

Principal activity

The principal activity of the Company during the period under review was operating the food hall Market Halls Canary Wharf.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


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

make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Director

The director who served during the 52 week period was:

K Rose 

Disclosure of information to auditors

The director at the time when this Director's 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

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.

Page 2

 
CARGO CANARY WHARF LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

Auditors

On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP.

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

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
K Rose
Director

Date: 28 March 2025

Page 3

 
CARGO CANARY WHARF LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD
 

Opinion


We have audited the financial statements of Cargo Canary Wharf Ltd (the 'Company') for the 52 week period ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position 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 30 June 2024 and of its profit for the 52 week 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.


Emphasis of matter


We draw attention to note 10, which outlines adjustments made in respect of the LLP's preceding accounting periods. Our opinion is not modified in respect of this matter.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
CARGO CANARY WHARF LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD (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 director is 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 Director's Report for the financial 52 week period for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has 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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
CARGO CANARY WHARF LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD (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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the hospitality business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax.
We evaluated management's incentives and opportunities or fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
inspecting correspondence with regulators and tax authorities;
discussions with management including consideration of known or suspected instances of non-compliance
with laws and regulation and fraud;
evaluating management's controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries posted with unusual account combinations,
postings by unusual users or with unusual descriptions; and
challenging assumptions and judgements made by management in their critical accounting estimates.


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.


Other matters 
 

In the previous accounting period, the directors of the company took advantage of the audit exemption under s477 of the Companies Act. Therefore, the prior period financial statements were not subject to audit.


Page 6

 
CARGO CANARY WHARF LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD (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.





Isabelle Shepherd (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

28 March 2025
Page 7

 
CARGO CANARY WHARF LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

Period ended
30 June
Period ended
2 July
2024
2023
£
£

Turnover
5,666,028
4,455,496

Cost of sales
(816,689)
(732,097)

Gross profit
4,849,339
3,723,399

Administrative expenses
(3,505,124)
(3,129,203)

Other operating income
19,126
-

Operating profit
1,363,341
594,196

Interest payable and similar expenses
(16,740)
(14,833)

Profit before tax
1,346,601
579,363

Tax on profit
(324,792)
(120,735)

Profit for the financial 52 week period
1,021,809
458,628

There was no other comprehensive income for the period ended 30 June 2024 (2023: £nil).

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
CARGO CANARY WHARF LTD
REGISTERED NUMBER: 13526730

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
As restated
2 July
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,438,078
2,591,629

  
2,438,078
2,591,629

Current assets
  

Stocks
  
78,365
84,722

Debtors: amounts falling due after more than one year
 5 
525,000
525,000

Debtors
 5 
772,837
442,844

Cash at bank and in hand
  
359,928
306,247

  
1,736,130
1,358,813

Creditors: amounts falling due within one year
 6 
(2,357,290)
(3,422,258)

Net current liabilities
  
 
 
(621,160)
 
 
(2,063,445)

Total assets less current liabilities
  
1,816,918
528,184

Creditors: amounts falling due after more than one year
 7 
(487,896)
(545,763)

Provisions for liabilities
  

Deferred tax
  
(338,335)
(13,543)

Net assets/(liabilities)
  
 
 
990,687
 
 
(31,122)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
990,686
(31,123)

  
990,687
(31,122)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

................................................
K Rose
Director
Date: 28 March 2025

The notes on pages 11 to 18 form part of these financial statements.
Page 9

 
CARGO CANARY WHARF LTD
REGISTERED NUMBER: 13526730
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024


Page 10

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

1.


General information

Cargo Canary Wharf Ltd is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 13526730 and registered office address is 9 Holles Street, London, England, W1G 0BD. Its trading address is 25 North Colonnade, London, England, E14 5HS.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover arises from the Company's principal activity, the operation of a food hall. Turnover recognised excludes sales taxes such as VAT and excludes discounts, tips and rebates. Turnover from bar sales is recognised at the point of sale. Turnover in relation to amounts charged to food traders is recognised at the point the trader generates the revenue, as this reflects provision of the service and the amount earned is closely linked to this. If any amounts are received in advance then they are held in deferred revenue until the point at which the revenue is considered earned. Listing fees are recognised over the period to which they relate, being held in deferred revenue when they are received upfront from the supplier.

 
2.3

Going concern

Cargo Canary Wharf Limited is a fully owned subsidiary of Cavendish Square Group Ltd and therefore the nature of Going Concern of Cargo Canary Wharf Limited should be considered as part of The Group (Cavendish Square Group Limited).

Group liquidity remains strong. The Directors and management of the business consider there to be strong cash reserves at year end and cash flow from operations will continue to fund Cargo Canary Wharf Limited’s cash requirements through FY25 and beyond.

The Directors and management of the business have reviewed the Group's detailed forecast cash flows for the forthcoming twelve months from the date of the approval of the financial statements and consider that the Cargo Canary Wharf Limited will have sufficient cash resources available to meet its liabilities as they fall due. These cash flow forecasts and re-forecasts are prepared regularly as part of the business planning process. The Director's have also confirmed that the intercompany creditor balance will not be demanded for repayment for at least the next 12 months.

Based on the above indications the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

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.

Page 11

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the 52 week period comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

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.

Depreciation is provided on the following bases:

Leasehold land and buildings
-
over the lease term
Plant and machinery
-
20% straight line
Fixtures, fittings and equipment
-
25% straight line

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.

Page 12

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Cash

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

 
2.10

Debtors

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

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

 
2.12

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 reporting 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.

 
2.13

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil).


4.


Tangible fixed assets







Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total

£
£
£
£



Cost


At 3 July 2023 (as previously stated)
1,280,529
268,017
712,341
2,260,887


Prior Year Adjustment
637,500
-
-
637,500


At 3 July 2023 (as restated)
1,918,029
268,017
712,341
2,898,387


Additions
105,472
28,276
49,984
183,732



At 30 June 2024

2,023,501
296,293
762,325
3,082,119



Depreciation


At 3 July 2023 (as previously stated)
63,392
49,826
158,496
271,714


Prior Year Adjustment
35,044
-
-
35,044


At 3 July 2023 (as restated)
98,436
49,826
158,496
306,758


Charge for the period
98,868
56,271
182,144
337,283



At 30 June 2024

197,304
106,097
340,640
644,041



Net book value



At 30 June 2024
1,826,197
190,196
421,685
2,438,078



At 2 July 2023 (as restated)
1,819,593
218,191
553,845
2,591,629

Page 14

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

5.


Debtors

30 June
2 July
2024
2023
£
£

Due after more than one year

Other debtors
525,000
525,000

525,000
525,000


30 June
As restated
2 July
2024
2023
£
£

Trade debtors
73,496
55,940

Amounts owed by group undertakings
244,393
149,296

Other debtors
240,580
70,911

Prepayments and accrued income
214,368
166,697

772,837
442,844



6.


Creditors: amounts falling due within one year

30 June
As restated
2 July
2024
2023
£
£

Obligations under finance lease and hire purchase contracts
39,370
35,557

Trade creditors
363,106
458,495

Amounts owed to group undertakings
817,618
1,562,666

Other creditors
735,430
929,902

Accruals and deferred income
401,766
435,638

2,357,290
3,422,258


Page 15

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

7.


Creditors: amounts falling due after more than one year

30 June
2 July
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
104,712
144,083

Other creditors
16,500
13,000

Accruals and deferred income
366,684
388,680

487,896
545,763



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 June
2 July
2024
2023
£
£


Within one year
39,370
35,557

Between 1-5 years
104,712
144,083

Over 5 years
-
-

144,082
179,640


9.


Operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
2 July
2024
2023
£
£


Not later than 1 year
875,000
875,000

Later than 1 year and not later than 5 years
2,625,000
2,625,000

Later than 5 years
11,609,932
12,484,932

15,109,932
15,984,932

Page 16

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

10.

Prior year adjustments

1.Reclassification of capital contribution and related amortisation
A capital contribution of £637,500 was incorrectly shown net against tangible fixed as at 2 July 2023. It should have been recognised with other creditors. 

The misclassification meant a credit to depreciation was recognised of £35,044, rather than a credit to administrative expenses for the lease incentive. 

An adjustment has been posted to reclassify the net capital contribution as at 3 July 2022 of £602,456 from tangible fixed assets to other creditors. No adjustment is required to the Statement of Comprehensive Income as the £35,044 was correctly disclosed as administrative expenses.

2.Correction of outstanding merchant receipts
An error was identified where sales receipts outstanding at year-end were incorrectly recorded within cash rather than intercompany debtors, as the amounts were received by a group company. This resulted in cash at bank and intercompany creditors to be overstated by £90,467. 

The adjustment has had no impact on the profit for the period ended 2 July 2023.

3.Correction of amounts owed to traders
An error was identified whereby amounts owed to traders that operate the food offerings within the site, that had been received by the company pre 30 June 2024, were not recorded in other creditors. This resulted in an understatement of both other creditors and intercompany debtors of £146,841. 

The adjustment has had no impact on the profit for the period ended 2 July 2023.

4.Correction of VAT on group recharges
An error was identified whereby VAT had not been charged on intergroup transactions between companies that were not part of the same VAT group. This VAT should have been recognised and will be owed from HMRC. This resulted in an understatement of other debtors (owed from HMRC) of £52,296, an overstatement of creditors - taxes and social security of £120,030 and an overstatement of amounts owed to group undertakings of £172,330. 

The adjustment has had no impact on the profit for the period ended 2 July 2023.



















Page 17

 
CARGO CANARY WHARF LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024

2023 (As previously stated)
Adj1
Adj 2
Adj 3
Adj 4
2023 (As restated)

£
£
£
£
£
£

Tangible Fixed Assets
1,989,173
602,456
2,591,629


Debtors

Amounts owed by group undertakings
50,918
98,378
-
149,296

Other debtors
18,615
-
-
-
52,296
70,911


Cash at bank and in hand
396,714
(90,467)
-
306,247


Creditors: amounts falling due within one year

Amounts owed to group undertakings
(1,529,266)
-
90,467
48,463
(172,330)
(1,562,666)

Taxes and social security
(120,034)
-
-
-
120,034
-

Other creditors
(180,605)
(602,456)
-
(146,841)
-
(929,902)

The adjustments above have had no impact on the profit for the period ended 2 July 2023, nor on the brought forward reserves at 2 July 2022 and 3 July 2023.



11.


Controlling party

The immediate parent undertaking is Cavendish Square Group Limited, a private company incorporated in England and Wales. Cavendish Square Group Limited's registered address is 9 Holles Street, London, United Kingdom, W1G 0BD. The smallest and largest group of which the Company is a member and for which group accounts are prepared is Cavendish Square Group Limited. Copies of these accounts are available from Companies House.

The ultimate controlling party is Gees Court Partners Ltd, a company incorporated in England and Wales. Its registered office address is 8 Gees Court, London, England, W1U 1JQ.

Page 18