Registered number: 07108659
BOISDALE OF CANARY WHARF LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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BOISDALE OF CANARY WHARF LIMITED
REGISTERED NUMBER: 07108659
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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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 statement of comprehensive income 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:
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BOISDALE OF CANARY WHARF LIMITED
REGISTERED NUMBER: 07108659
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
................................................
R Macdonald
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The notes on pages 3 to 9 form part of these financial statements.
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Boisdale of Canary Wharf Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 07108659 and registered office address is 15 Eccleston Street, London SW1W 9LX.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The Directors have chosen the going concern basis for the preparation of these accounts, following an evaluation of the primary risks and an examination of forecasts for both likely and extreme downside scenarios over the next 12 months.
Sales have exhibited robust performance, achieving the highest turnover ever recorded. Key considerations and risks revolve around inflationary pressures affecting all costs, particularly raw materials, wages, and consumer spending habits influenced by wider economic pressures and the cost of living crisis and the impact of the Autmn budget on wage costs through higher National Insurance and the reduction in business rates relief.
Current trading aligns with the year's positive trend, and the group boasts substantial reserves. Accordingly, the Directors have assessed a probable forecast based on the ongoing sales increase trend, accounting for potential suppressed demand and increased costs. This forecast indicates that the company is well-positioned to meet its liabilities for at least the next 12 months from the approval of the financial statements.
Additionally, the Directors have prepared a downside forecast, assuming a 10% reduction in sales YOY and increased costs as outlined above. The Directors acknowledge these risks and uncertainties, which are beyond their control and, the company, fortified by its strong reserves and further cost-cutting potential, is projected to be able to meet its liabilities as they fall due. Should trade decline more than anticipated, the Directors commit to implementing additional mitigating measures. Throughout these scenarios, the Directors express confidence in the company's ample resources and substantial liquidity headroom.
Therefore the Directors find it appropriate to adopt the going concern basis of accounting in the preparation of the financial statements at the date of approval.
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Revenue is generated from bar, kitchen and cigar sales, as well as music charges for those dining with entertainment, after deducting discounts and value added tax. Revenue is measured at the fair value of consideration received and is recognised at the point of sale. Sponsorship revenue relates to the sponsorship of events or general sponsorship over a period of time. It is accounted for over the period it relates to, net of value added tax. Miscellaneous revenue relates to income generated which does not relate to the aforementioned income streams, such as profit made on trips taken by members. The income generated would be recognised over the period in which it relates to, net of value added tax.
Events revenue is generated from the sale of tickets for events or hire of space for private events. This is recognised at the fair value of consideration recevied less deductions for discounts and value added tax. This is recognised on an accruals basis in the period the event takes place.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is provided on the following bases:
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Short-term leasehold property
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Over the period of the lease
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Fixtures, fittings and equipment
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each reporting date, stocks are assessed for impairment. If stock is 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.
Crockery and utensils (smallwares)
Smallware inventories are held at cost which is determined by reference to the quantity in issue to each restaurant. Smallware inventory relates to small value items which have short life spans relating to kitchen and bar equipment. These items are recorded under inventory as they are utilised in providing food and beverage to customers.
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments, resulting in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. The following are key sources of estimation uncertainty:
Useful lives of tangible assets
Depreciation is provided in order to write down to estimated residual values the cost of each asset over its estimated useful economic life. These useful economic lives require the use of management judgement. These estimates are regularly reviewed.
Impairment of tangible assets
Each cash generating unit (CGU) is reviewed annually for indicators of impairment. Where there are indicators of impairment, an impairment review is carried out by looking at the carrying value of the CGU versus its recoverable amount. The recoverable amount is the higher of its fair value less costs to sell, and its value in use. Where value in use is estimated, this is calculated using a discounted cash flow model, which includes assumptions around future performance and the use of an appropriate discount rate. Further projections are compared to actual performance on a regular basis to assess the accuracy of such projections. If actual results differ from those estimated, there could be a material impact on the impairment review. In 2024 in management's judgement no indictors of impairment were identified, therefore no discounted cash flow model was prepared and no charge recognised.
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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The average monthly number of employees, including directors, during the period was 74 (2023: 71).
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Short-term leasehold property
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Fixtures, fittings and equipment
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Amounts owed by group undertakings
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
6.Debtors (continued)
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Amounts owed by group undertakings are interest free and repayable on demand.
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Creditors: amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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The other loans are loan notes with a fixed interest rate of 7% p.a, 4% of which is payable quarterly, and 3% is payable at the directors discretion or on sale / surrender of lease.
The loan notes are secured against the short leasehold property being Unit 14, Cabot Place, London, E14 4QT.
Repayment is due based on available earnings assessed at each period end, allowing for certain liabilities and capital spend. £nil (2023: £nil) was identified as the current loan note at the period end date, but post period end it was agreed with loan note holders that £100,000 (2023: £nil) would be repaid.
Included in the other loans balance is £35,909 (2023: £40,455) due to Boisdale Limited, the ultimate parent undertaking.
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The Company operated 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 £19,473 (2023: £16,910) contributions totalling £6,463 (2023: £4,568) were payable to the fund at the Statement of Financial Position date and are included in creditors.
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BOISDALE OF CANARY WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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Commitments under operating leases
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At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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Post balance sheet events
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In June 2024, the Board of the Company made a loan note repayment of £50,000. In December 2024 a further £50,000 repayment was made.
The immediate parent undertaking and ultimate controlling party is Boisdale Limited, a company registered in England and Wales. The consolidated accounts of Boisdale Limited are available to the public and may be obtained from its registered address: 15 Eccleston Street, London, SW1W 9LX.
The auditors' report on the financial statements for the period ended 30 April 2024 was unqualified.
The audit report was signed on 29 April 2025 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of HaysMac LLP.
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