Registration number:
Cherry Two Ltd
(formerly
for the Period from 26 December 2022 to 31 December 2023
Cherry Two Ltd
(formerly
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Cherry Two Ltd
(formerly
Company Information
Directors |
E J F Standring S Kedia |
Registered office |
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Auditors |
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Cherry Two Ltd
(formerly
(Registration number: 05835180)
Balance Sheet as at 31 December 2023
Note |
31 December |
25 December |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Share premium reserve |
3,027 |
3,027 |
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Profit and loss account |
(216,729) |
(264,541) |
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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
.........................................
Director
Cherry Two Ltd
(formerly
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
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:
England
These financial statements were authorised for issue by the
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
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Audit report
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
Cherry Two Ltd
(formerly
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 26 December 2022 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 26 December 2022 |
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Charge for the period |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 25 December 2022 |
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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
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Debtors |
Note |
31 December |
25 December |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Prepayments and accrued income |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
25 December |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
31 December |
25 December |
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Due after one year |
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Loans and borrowings |
- |
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Cherry Two Ltd
(formerly
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
Share capital |
Allotted, called up and fully paid shares
31 December |
25 December |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
200 |
200 |
200 |
200 |
Loans and borrowings |
Non-current loans and borrowings
31 December |
25 December |
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Hire purchase contracts |
- |
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Current loans and borrowings
31 December |
25 December |
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Hire purchase contracts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
31 December 2023 |
25 December |
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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 |
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
Notes to the Financial Statements for the Period from 26 December 2022 to 31 December 2023
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.
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.
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.
Non adjusting events after the financial period |
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