Registered number: 13290908
BBB EALING LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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BBB EALING LIMITED
REGISTERED NUMBER: 13290908
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BBB EALING LIMITED
REGISTERED NUMBER: 13290908
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 April 2025.
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Graham Bird
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The notes on pages 3 to 12 form part of these financial statements.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company was incorporated and registered in England and Wales on 25 March 2021 as a private company limited by shares with registered number 13290908. The Company’s registered office is Boom Battle Bar Oxford Street Ground Floor and Basement Level, 70 - 88 Oxford Street, London, W1D 1BS. Its principal activity is that of operating the Boom Battle Bar site located in Ealing. The venue comprises a bar surrounded by competitive socialising games such as axe throwing and crazy golf. The Company is a wholly owned subsidiary of XP Factory plc.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest £.
The following principal accounting policies have been applied:
The financial statements have been prepared on a basis other than going concern which the members consider to be appropriate for the following reasons.
In the year ended 31 March 2024, the Company generated a gross profit of £574,479 (2023: £320,114) and a loss for the financial year of £161,792 (2023: £363,109). As at 31 March 2024, the Company had net current liabilities of £906,286 (2023: £867,375) and net liabilities of £586,388 (2023: £424,596).
On 1 January 2025, the trade of the Company was transferred to BBB UK Property Ltd. The Company will remain open without trading until such a time that appropriate steps can be taken for the Company to enter into voluntary liquidation. As at the date of approving the financial statements, the directors are uncertain of the timeframe on this matter.
As such, the financial statements have been prepared on a basis other than going concern. Notwithstanding this, there are no material changes in the presentation or carrying values of the assets and liabilities, and no further liabilities need to be provided for as a result of the decision to liquidate the Company.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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 amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction.
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Operating leases: the Company as lessee
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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.
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.
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.
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.
Franchise fees
Franchise fees are recognised at cost and amortised to the profit and loss account over their estimated economic life of 10 years, commencing in the second year.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
During the current reporting period, the management of the company conducted a review of the useful lives of its assets. As a result of this review, the useful lives of leasehold improvements has been revised from 5 years to 10 years, and the useful lives of games has been revised from 2 years to 5 years. This change in estimate has been applied prospectively from the beginning of the current reporting period.
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, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold acquisition
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Short-term leasehold improvements
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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.
Stocks relate to consumables such as food and beverages and merchandise, and are stated at lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial assets
Basic financial assets, which include receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including payables and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees during the year was 6 (2023 - 25).
During the year, staff were transferred to BBB UK Trading Ltd, a fellow subsidiary Company, who legally employ the staff. Staff costs are now recharged from BBB UK Trading Ltd to BBB Ealing Limited.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charge for the year on owned assets
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As a result of BBB Franchise Ltd's acquisition of the entity from its franchisees on 8 June 2023, the related intangible asset has been disposed of.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Short-term leasehold acquisition
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Short-term leasehold improvements
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At 1 April 2023 (as restated)
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Transfers between classes
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At 1 April 2023 (as restated)
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Charge for the year on owned assets
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At 31 March 2023 (as restated)
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Raw materials and consumables
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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The amounts due from group undertakings are unsecured, interest-free and repayable on demand. The
amounts owing are to be settled in cash.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The amounts owing to group undertakings are unsecured, interest-free and repayable on demand. The amounts owing are to be settled in cash. The directors consider that the carrying amounts approximate to their fair values.
Obligations under finance lease and hire purchase contracts of £7,130 (2023 - £nil) are secured over the assets financed.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Accruals and deferred income
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Obligations under finance lease and hire purchase contracts of £641 (2023 - £nil) are secured over the assets financed.
The prior year restatement relates to the inclusion of capital contributions of £303,333.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The prior year restatement relates to the following:
a) The correction of depreciation previously not charged on short-term leasehold acquisition of £6,563 and short-term leasehold improvements of £139,806.
b) In the financial statements for the year ended 31 March 2023, the capital contributions received from landlords, amounting to £350,000, were included in short-term leasehold improvements as a reduction to this asset. The prior year adjustment has been made to correct the treatment of the lease incentive. The effect of this being an increase in short-term leasehold improvements and deferred income. The adjustment to deferred income split £23,333 short term and £303,333. In addition to a release of the apportionment of the lease incentive against rent charge to the value of £23,333.
c) The correction of the prior year rent accrual. The effect of this being an increase in accruals of £217,390, a decrease in the brought forward profit and loss account of £31,056 increase in expenditure of £186,334.
The Company operates 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 £1,716 (2023 - £1,374). Contributions totalling £nil (2023 - £450) were payable to the fund at the balance sheet date and are included in creditors.
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BBB EALING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Commitments under operating leases
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At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Post balance sheet events
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On 6 December 2024, the lease was assigned to fellow group company, BBB UK Property Ltd. Following this, on 1 January 2025, the trade and assets of the Company were transferred to the same entity.
The immediate parent company is BBB Franchise Ltd, a company incorporated in England. The ultimate parent company is XP Factory plc, a company incorporated in England. The results of the Company are shown within the Consolidated Financial Statements of XP Factory plc. Copies of the Group accounts are available from the Chief Financial Officer, Graham Bird, Boom Battle Bar Oxford Street Ground Floor And Basement Level, 70-88 Oxford Street, London, W1D 1BS.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditors' report was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 to the financial statements, which describes the directors’ intention to wind up the Company. Therefore, the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.2.
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The audit report was signed on 1 April 2025.
The senior statutory auditor was Tanya Craft.
The auditor was HW Fisher Audit (a trading name of Sumer Auditco Limited).
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