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Registration number: 12148890

Fired Up One Ltd

Filleted Financial Statements

for the Period from 26 December 2022 to 31 December 2023

 

Fired Up One Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Fired Up One 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

 

Fired Up One Ltd

(Registration number: 12148890)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

25 December
2022
£

Fixed assets

 

Tangible assets

4

426,318

568,738

Current assets

 

Stocks

59,737

86,734

Debtors

5

247,727

203,734

Cash at bank and in hand

 

128,583

243,883

 

436,047

534,351

Creditors: Amounts falling due within one year

6

(1,370,471)

(1,598,236)

Net current liabilities

 

(934,424)

(1,063,885)

Total assets less current liabilities

 

(508,106)

(495,147)

Creditors: Amounts falling due after more than one year

6

-

(39,863)

Net liabilities

 

(508,106)

(535,010)

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(508,107)

(535,011)

Shareholders' deficit

 

(508,106)

(535,010)

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 23 April 2025 and signed on its behalf by:
 

.........................................
E J F Standring
Director

 

Fired Up One 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 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 23 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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 April 2025 was Stephen Fenton FCA, who signed for and on behalf of Sterlings Ltd.

The following other matter was included:

Other matter
The comparative figures are unaudited.
 

 

Fired Up One 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.

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

Leasehold land and buildings

Over the term of the lease

Fixtures and fittings

10-20% 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.

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.

 

Fired Up One Ltd

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

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.

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 73 (2022 - 80).

 

Fired Up One Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 26 December 2022

426,054

265,358

691,412

Additions

14,218

19,608

33,826

Disposals

(93,967)

(56,987)

(150,954)

At 31 December 2023

346,305

227,979

574,284

Depreciation

At 26 December 2022

74,921

47,753

122,674

Charge for the period

31,611

25,779

57,390

Eliminated on disposal

(21,610)

(10,488)

(32,098)

At 31 December 2023

84,922

63,044

147,966

Carrying amount

At 31 December 2023

261,383

164,935

426,318

At 25 December 2022

351,133

217,605

568,738

Included within the net book value of land and buildings above is £261,383 (2022 - £351,133) in respect of short leasehold land and buildings.
 

 

Fired Up One Ltd

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

5

Debtors

Current

Note

31 December
2023
£

25 December
2022
£

Trade debtors

 

34,283

26,453

Amounts owed by related parties

11

93,610

1

Prepayments

 

119,833

177,279

Other debtors

 

1

1

   

247,727

203,734

6

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

25 December
2022
£

Due within one year

 

Loans and borrowings

8

41,165

47,835

Trade creditors

 

331,686

491,889

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

11

489,634

500,201

Taxation and social security

 

228,018

327,751

Other creditors

 

142,812

147,560

Accruals and deferred income

 

137,156

83,000

 

1,370,471

1,598,236

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

25 December
2022
£

Due after one year

 

Loans and borrowings

8

-

39,863

 

Fired Up One 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 share of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

31 December
2023
£

25 December
2022
£

Hire purchase contracts

-

39,863

Current loans and borrowings

31 December
2023
£

25 December
2022
£

Hire purchase contracts

41,165

47,835

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Note

31 December 2023
 £

26 December
2022
£

Not later than 1 year

 

469,750

644,750

Later than 1 year and not later than 5 years

 

1,879,000

1,879,000

Later than 5 years

 

1,155,975

1,625,725

 

3,504,725

4,149,475

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 £16,070 (2022: £17,013). Contributions totalling £3,067 (2022: £3,885) were payable to the fund at the balance sheet date and are included in creditors.

 

Fired Up One Ltd

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

11

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.

12

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.

13

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 group’s Covent Garden restaurant was transferred from its sister company, Cherry Two Ltd. The lease for the restaurant remains in Cherry Two Ltd.