Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-282024-07-28Since the end of FY24 the Group in which the company forms a part 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 Company 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 Company has the appropriate level of support in place. The Company is currently in a net liability position and loss making however the Group in which the Company forms a part is expected to continue to generate positive cash flows for the foreseeable future. The Group has confirmed it will provide financial support to enable the Company to meet its financial obligations. The directors consider that the Company 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 in which the Company forms a part has ensured additional funding through a share issue and a loan, as such the Director has a reasonable expectation that the Company 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 Company's ability to continue as a going concern. Thus the Director has continued to adopt the going concern basis of accounting in preparing these financial statements.No description of principal activityfalse02023-07-31truetruetruetrue0truetrue 10325691 2023-07-31 2024-07-28 10325691 2022-08-01 2023-07-30 10325691 2024-07-28 10325691 2023-07-30 10325691 c:Director1 2023-07-31 2024-07-28 10325691 d:CurrentFinancialInstruments 2024-07-28 10325691 d:CurrentFinancialInstruments 2023-07-30 10325691 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-28 10325691 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-30 10325691 d:ShareCapital 2024-07-28 10325691 d:ShareCapital 2023-07-30 10325691 d:RetainedEarningsAccumulatedLosses 2023-07-31 2024-07-28 10325691 d:RetainedEarningsAccumulatedLosses 2024-07-28 10325691 d:RetainedEarningsAccumulatedLosses 2023-07-30 10325691 c:OrdinaryShareClass1 2023-07-31 2024-07-28 10325691 c:OrdinaryShareClass1 2024-07-28 10325691 c:OrdinaryShareClass1 2023-07-30 10325691 c:EntityHasNeverTraded 2023-07-31 2024-07-28 10325691 c:FRS102 2023-07-31 2024-07-28 10325691 c:Audited 2023-07-31 2024-07-28 10325691 c:FullAccounts 2023-07-31 2024-07-28 10325691 c:PrivateLimitedCompanyLtd 2023-07-31 2024-07-28 10325691 d:WithinOneYear 2024-07-28 10325691 d:WithinOneYear 2023-07-30 10325691 d:BetweenOneFiveYears 2024-07-28 10325691 d:BetweenOneFiveYears 2023-07-30 10325691 d:MoreThanFiveYears 2024-07-28 10325691 d:MoreThanFiveYears 2023-07-30 10325691 c:SmallCompaniesRegimeForAccounts 2023-07-31 2024-07-28 10325691 e:PoundSterling 2023-07-31 2024-07-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10325691
















CHAPEAU FETTER LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 JULY 2024


































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CHAPEAU FETTER LIMITED
REGISTERED NUMBER:10325691

STATEMENT OF FINANCIAL POSITION
AS AT 28 JULY 2024

28 July
30 July
2024
2023
Note
£
£

  

Current assets
  

Cash at bank and in hand
 4 
308
204

  
308
204

Creditors: amounts falling due within one year
 5 
(8,437)
(8,333)

Net current liabilities
  
 
 
(8,129)
 
 
(8,129)

Total assets less current liabilities
  
(8,129)
(8,129)

  

Net liabilities
  
(8,129)
(8,129)


Capital and reserves
  

Called up share capital 
 6 
1
1

Profit and loss account
 7 
(8,130)
(8,130)

  
(8,129)
(8,129)


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 income statement 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 by: 





R Marcelin-Horne
Director

Date: 25 April 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1


CHAPEAU FETTER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024

1.


GENERAL INFORMATION

Chapeau Fetter 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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of WatchHouse Coffee Holdings Limited as at 28 July 2024 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ..

Page 2


CHAPEAU FETTER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

Since the end of FY24 the Group in which the company forms a part 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 Company 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 Company has the appropriate level of support in place. The Company is currently in a net liability position and loss making however the Group in which the Company forms a part is expected to continue to generate positive cash flows for the foreseeable future. The Group has confirmed it will provide financial support to enable the Company to meet its financial obligations.

The directors consider that the Company 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 in which the Company forms a part has ensured additional funding through a share issue and a loan, as such the Director has a reasonable expectation that the Company 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 Company's ability to continue as a going concern. Thus the Director has continued to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The Company has no employees other than the director, who did not receive any remuneration (2023: £NIL).

Page 3


CHAPEAU FETTER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024

4.


CASH AND CASH EQUIVALENTS

28 July
30 July
2024
2023
£
£

Cash at bank and in hand
308
204

308
204



5.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28 July
30 July
2024
2023
£
£

Amounts owed to group undertakings
68
8,333

Other creditors
8,369
-

8,437
8,333



6.


SHARE CAPITAL

28 July
30 July
2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023: 1) Ordinary share of £1.00
1
1



7.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior periods profits and losses.

Page 4


CHAPEAU FETTER LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JULY 2024

8.


COMMITMENTS UNDER OPERATING LEASES

At 28 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 July
30 July
2024
2023
£
£


Not later than 1 year
24,000
24,000

Later than 1 year and not later than 5 years
96,000
96,000

Later than 5 years
60,000
84,000

180,000
204,000


9.


RELATED PARTY TRANSACTIONS

The Company has taken the exemption available under FRS 102 from disclosing the details of transactions between wholly owned members of the same group. There are no additional transactions and balances with other related parties.


10.


CONTROLLING PARTY

The immediate parent of the Company is Watchhouse Coffee Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party is Roland Marcelin-Horne.


11.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the period ended 28 July 2024 was unqualified.

The audit report was signed on 25 April 2025 by Ria Burridge FCCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 5