FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
COMPANY INFORMATION
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WATCHHOUSE COFFEE HOLDINGS LIMITED
CONTENTS
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WATCHHOUSE COFFEE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 28 JULY 2024
The directors present the strategic report for WatchHouse Coffee Holdings Limited (“the Group”) for the financial period ended 28 July 2024 (“FY24”).
The Group’s principal activity in the period under review was that of the operation of coffee shops (“Houses”).
The Group’s purpose is to create experiences that enrich and inspire, through Modern Coffee. Our Houses are design-led spaces that demonstrate exceptional attention to detail, with teams that deliver an elevated experience for our guests through hospitality, coffee, and food.
The Directors were extremely satisfied with the performance of the business during the year. In the UK, five new Houses were opened, ranging from brunch Houses in Hampstead Heath and Belsize Park, two City Houses on Fenchurch Street, and our first opening in Canary Wharf. In the US, we were exceptionally proud to open our first House in New York, on the iconic 5th Avenue. All new Houses are currently trading in line with or above expectations. At the end of the financial year, the Group operated 19 Houses, with 18 in the UK, and one in New York. In FY24, the Group reported Revenue of £15.4 million, an increase of £5.9 million (62%) compared to the financial year ended 30 July 2023 (2023: £9.5 million). Looking ahead, the Group’s strategy is to continue to driving expansion in London and New York, while engaging with franchise partners to enter new international markets. Post-year end the Group are in the process of completing a fundraise via a share issue.
Cash flow and liquidity
The Group continues to open new Houses, which requires investment in capital expenditure. The Group prepares regular short and medium cash flow forecasts, which are reviewed by the Board. These forecasts influence the speed and timing of new House openings. Coffee prices The Group's operations depend on a regular supply of coffee beans of a suitable quality. The benchmark index of global coffee prices, the C-price, has recently reached record highs. To address this risk, the Group has built and maintains long-term relationships with coffee producers and exporters around the world. The Group typically places coffee orders with suppliers at least six months ahead of the coffee landing. Market conditions Fluctuations in consumer spending can affect the Group's performance. The Group closely monitors economic indicators and adjusts its pricing and promotional strategies accordingly to remain competitive and attractive to customers.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2024
Food standards and safety
The Group is subject to various regulations, including food safety standards, employment laws, and environmental regulations. The Group ensures compliance through regular training, audits, and consultations with legal experts. Tax and regulatory regime The Group is exposed to changes in the tax and regulatory regime, particularly in relation to the National Living Wage, National Insurance, and Business Rates. The Group takes a prudent approach to Budgeting and Forecasting to provide a buffer for any potential tax regime or regulatory changes. Our team members are paid above the National Living Wage.
Management monitors various quantitative and qualitative KPIs on a regular basis to assess the Group’s performance. However, Management considers that Revenue and House EBITDA are the Group’s financial key performance indicators.
This report was approved by the board and signed on its behalf.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 JULY 2024
The directors present their report and the financial statements for the period ended 28 July 2024.
The loss for the period, after taxation, amounted to £4,241,535 (2023: loss £2,568,072).
The directors do not recommend the payment of a dividend (2023: £NIL).
The directors who served during the period were:
Future developments are set out in the Strategic Report on page 1.
The directors remain committed to creating a workplace culture that reflects the Group’s core values of passion, empathy, can do, and diligence. These values form the basis of our People Analyser tool, which we use to hire, appraise and manage our teams.
The Group is proud to pay above the National Living Wage, and the structured annual appraisal process provides regular opportunities for feedback, recognition and career development conversations. Following the launch of our first employee happiness survey, we now regularly track our employee net promoter score. This initiative helps us to identify areas for continuous improvement and will support our ambition to become the employer of choice for those in the hospitality industry. Employment decisions are made based on individual capabilities and merit. Applications from disabled candidates are welcomed and considered fairly, with appropriate adjustments made during the recruitment process to ensure accessibility and equal opportunity. We are passionate about ensuring that all colleagues are empowered to succeed. Our policies promote open communication, and we encourage disclosure in a supportive culture where individuals feel safe and respected. This commitment is underpinned by the application of best practices in inclusion, training, and ongoing policy review. The directors are proud of the inclusive culture that continues to evolve within the business and remain committed to ensuring that everyone, regardless of disability status, has the opportunity to thrive and contribute fully.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2024
On 25 February 2025, Chapeau Production Limited, a subsidiary of Watchhouse Coffee Holdings Limited, was dissolved.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 JULY 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group will continue in business.
The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATCHHOUSE COFFEE HOLDINGS LIMITED
We have audited the financial statements of Watchhouse Coffee Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 28 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group 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.
In auditing the financial statements, we have concluded that the directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATCHHOUSE COFFEE HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATCHHOUSE COFFEE HOLDINGS LIMITED (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 Group 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we have considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
∙any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In additions we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company's ability to operate or avoid a material penalty. These included food hygiene legislation, health and safety regulations, employment legislation and data protection laws. Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; Challenging assumptions and judgments made by management in their significant accounting estimates;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes; and
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements,recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk
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WATCHHOUSE COFFEE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WATCHHOUSE COFFEE HOLDINGS LIMITED (CONTINUED)
of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.
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
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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WATCHHOUSE COFFEE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
REGISTERED NUMBER:10135302
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
REGISTERED NUMBER:10135302
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
Watchhouse Coffee Holdings Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Since the end of FY24 the Group has continued to grow, with turnover for the first half of FY25 54% higher than the corresponding period in FY24 (Note: £10.2m in Q1 and Q2 FY25, compared to £6.6m in Q1 and Q2 FY24). The increase in turnover has been aided by strong like-for-like House sales and new openings during the year. Looking forward, the Group has three additional Houses currently under construction (Note: Chrysler, Battersea Power Station, Millennium Bridge). The increasing number of Houses continues to increase contribution to central overheads, resulting in improved EBITDA performance.
Based on this growth, forecasts prepared for the period to July 2027, and improving profitability metrics, the Group has the appropriate level of support in place.
The directors consider that the Group maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations.
Prior to the year-end the Group has ensured additional funding through a share issue and a loan, as such the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Group's ability to continue as a going concern. Thus the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
2.ACCOUNTING POLICIES (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Website development costs are being amortised evenly over their estimated useful life of three years.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 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, using the straight-line method.
Depreciation is provided on the following basis:
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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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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 Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
2.ACCOUNTING POLICIES (continued)
traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
2.ACCOUNTING POLICIES (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
The whole of the turnover is attributable to the sale of coffee, food and other coffee related products.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
10.INTANGIBLE ASSETS (CONTINUED)
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
11.TANGIBLE FIXED ASSETS (CONTINUED)
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
11.TANGIBLE FIXED ASSETS (CONTINUED)
Capital contributions are made by the landlords of the short-term leasehold properties when improvements are made. The amounts disclosed above as the Net Book Value of assets held under finance leases or hire purchase contracts are excluding these capital contributions.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
11.TANGIBLE FIXED ASSETS (CONTINUED)
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
11.TANGIBLE FIXED ASSETS (CONTINUED)
Capital contributions are made by the landlords of the short-term leasehold properties when improvements are made. The amounts disclosed above as the Net Book Value of assets held under finance leases or hire purchase contracts are excluding these capital contributions.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
Share premium account
Profit and loss account
An immaterial prior year adjustment has been processed to recognise a dilapidations provision for the property leases that are held by the parent entity. This has resulted in the opening profit and loss reserve at 27 July 2024 being decreased by £17,504 and the opening profit and loss reserve at 30 July 2023 being decreased by £9,481 to recognise the depreciation of the assets created from the dilapidations provision.
The dilapidations provision has been restated at 30 July 2023 at £138,234, resulting in a subsequent increase in fixed assets of £120,730, made up of £138,238 short-term leasehold property cost and £17,504 short-term leasehold property depreciation.
Defined contribution plans
The amount recognised in the profit or loss as an expense in relation to defined contribution plans was £120,590 (2023: £68,901). Contributions totalling £22,133 (2023: £15,369) were payable to the fund at the year end and are included in other creditors.
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WATCHHOUSE COFFEE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024
The ultimate controlling party is
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