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Registration number: 05835180

Cherry Two Ltd
(formerly Hache Trading Ltd)

Filleted Financial Statements

for the Period from 26 December 2022 to 31 December 2023

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Company Information

Directors

E J F Standring

S Kedia

Registered office

82 St. John Street
London
EC1M 4JN

Auditors

Sterlings Ltd
Chartered Accountants and Registered Auditors
Lawford House
Albert Place
London
N3 1QA

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

(Registration number: 05835180)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

25 December
2022
£

Fixed assets

 

Tangible assets

4

139,077

146,727

Current assets

 

Stocks

24,605

25,127

Debtors

5

23,919

111,659

Cash at bank and in hand

 

148,068

143,822

 

196,592

280,608

Creditors: Amounts falling due within one year

6

(549,171)

(684,970)

Net current liabilities

 

(352,579)

(404,362)

Total assets less current liabilities

 

(213,502)

(257,635)

Creditors: Amounts falling due after more than one year

6

-

(3,679)

Net liabilities

 

(213,502)

(261,314)

Capital and reserves

 

Called up share capital

7

200

200

Share premium reserve

3,027

3,027

Profit and loss account

(216,729)

(264,541)

Shareholders' deficit

 

(213,502)

(261,314)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:

.........................................

E J F Standring
Director

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The company was formerly known as Hache Trading Ltd.

The address of its registered office is:
82 St. John Street
London
EC1M 4JN
England

These financial statements were authorised for issue by the Board on 9 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

Having considered the company’s forecasts, latest results and cash reserves, available support from the new parent company which has pledged financial assistance if required, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

Audit report

The Independent Auditor's Report was qualified as follows:

Qualified opinion
We have audited the financial statements of Cherry Two Ltd (formerly Hache Trading Ltd) (the 'company') for the period from 26 December 2022 to 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit 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 qualified opinion
We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of the physical stock at the reporting date. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the balance sheet at £24,605 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of the audit; and
• we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• 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
• the directors were 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 directors’ report and from the requirement to prepare a strategic report.


The name of the Senior Statutory Auditor who signed the audit report on 9 April 2025 was Stephen Fenton FCA, who signed for and on behalf of Sterlings Ltd.

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short-term leasehold property

Over the term of the lease

Fixtures and fittings

10-33% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 19 (2022 - 18).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 26 December 2022

83,089

108,795

191,884

Additions

10,830

7,485

18,315

At 31 December 2023

93,919

116,280

210,199

Depreciation

At 26 December 2022

26,100

19,057

45,157

Charge for the period

15,088

10,877

25,965

At 31 December 2023

41,188

29,934

71,122

Carrying amount

At 31 December 2023

52,731

86,346

139,077

At 25 December 2022

56,989

89,738

146,727

Included within the net book value of land and buildings above is £52,731 (2022 - £56.989) in respect of short leasehold land and buildings.
 

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

5

Debtors

Note

31 December
2023
£

25 December
2022
£

Trade debtors

 

7,595

10,142

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

-

7,022

Prepayments and accrued income

 

16,324

94,495

 

23,919

111,659

6

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

25 December
2022
£

Due within one year

 

Loans and borrowings

8

3,799

4,416

Trade creditors

 

107,678

219,836

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

300,000

266,370

Taxation and social security

 

61,654

44,599

Other creditors

 

2,916

2,700

Accruals and deferred income

 

73,124

147,049

 

549,171

684,970

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

25 December
2022
£

Due after one year

 

Loans and borrowings

8

-

3,679

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

31 December
2023

25 December
2022

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

8

Loans and borrowings

Non-current loans and borrowings

31 December
2023
£

25 December
2022
£

Hire purchase contracts

-

3,679

Current loans and borrowings

31 December
2023
£

25 December
2022
£

Hire purchase contracts

3,799

4,416

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

31 December 2023
 £

25 December
2022
£

Not later than 1 year

105,000

105,000

Later than 1 year and not later than 5 years

173,466

278,466

278,466

383,466

10

Pension commitments

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 £4,460 (2022: £4,886). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

 

Cherry Two Ltd
(formerly Hache Trading Ltd)

Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023

11

Other financial commitments

During the period, there were fixed and floating charges over the assets of the company in favour of HSBC Bank PLC and Yoginvest Ltd. These charges were satisfied in January and February 2025.

12

Controlling party

During the period, the immediate and ultimate parent company was Hush Brasseries Limited.

On 21 January 2025, the company was acquired by Cherry Equity Partners Limited which became the immediate parent company, with Navya Investment Ltd (a company incorporated in the British Virgin Islands) becoming the ultimate parent company.

13

Summary of transactions with other related parties

The company has taken advantage of the exemption contained in FRS 102 section 33 ‘Related Party Disclosures’ from disclosing transactions with entities which are a wholly owned part of the group.

14

Non adjusting events after the financial period

On 21 January 2025, the company was acquired by Cherry Equity Partners Limited, a company which has an initial £10m capital facility available from its parent Navya Investment Limited with which to invest in UK hospitality assets.

On 1 March 2025, the trade of the company’s Covent Garden restaurant was transferred to its sister company, Fired Up One Ltd. The lease for the restaurant remains in Cherry Two Ltd.

On 5 March 2025, the company changed its name to Cherry Two Ltd.

Subsequently, on 7 March 2025, Cherry Two Ltd acquired a substantial part of Bistrot Pierre, the French bistrot, bar and boutique rooms business, out of administration with plans to invest in and grow the business and provide a strong platform for future growth.