Registered number:
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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CARGO CANARY WHARF LTD
CONTENTS
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CARGO CANARY WHARF LTD
COMPANY INFORMATION
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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.
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
The director who served during the 52 week period was:
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CARGO CANARY WHARF LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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.
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CARGO CANARY WHARF LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD
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 policies. The 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).
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.
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.
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.
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CARGO CANARY WHARF LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD (CONTINUED)
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 Report. Our 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.
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.
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.
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CARGO CANARY WHARF LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD (CONTINUED)
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.
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.
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CARGO CANARY WHARF LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARGO CANARY WHARF LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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CARGO CANARY WHARF LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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CARGO CANARY WHARF LTD
REGISTERED NUMBER: 13526730
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
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CARGO CANARY WHARF LTD
REGISTERED NUMBER: 13526730
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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
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:
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.
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.
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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:
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.
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil).
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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.
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CARGO CANARY WHARF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 30 JUNE 2024
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.
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.
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