Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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BOISDALE LIMITED
COMPANY INFORMATION
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BOISDALE LIMITED
CONTENTS
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BOISDALE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their Group Strategic report for the year ended 30 April 2024
The Directors are satisfied with the performance of Boisdale of Belgravia and Boisdale of Canary Wharf during the during the year with both sites achieving record turnover in the year.
Boisdale of Mayfair Property traded well for the year, but subsequently post year end the long term leasehold property has been sold. As a result of the strong trade the groups turnover grew to £11.2m (£10.6m 2023) and the group’s profit before taxation for the year was £320k (-£21k 2023). The EBITDA of the group also grew to £631k (£329k 2023). During the year the Group faced several shocks as a result of the cost of living crisis and war in Ukraine and the resulting impact on the global economy, resulting in inflationary cost increases, wage inflation and energy cost increases. The Group mitigated the effects of these with increased sales and the group remains in a strong financial position.
The groups principal risk and uncertainty arises from the low economic growth and consumer spending habits. The group faces inflationary pressures and the impact of the Autmn budget affecting all costs, particularly raw materials, and wages.
Given the current cash reserves, the Directors believe the group has enough headroom to see out these challenges should they occur, along with the possibility to raise finance if needed. As the groups principal activity is in London, changes in habits of customers and workers time in the vicinity has led to a change and adaptation on how the business trades. The general economy has suffered because of the pandemic, international conflict and tensions and the global cost of living crisis, posing a threat to any customer facing business. The operations have been adjusted to be more focussed on destination diners and high quality and well known live music acts. As a result, trading has been better than any year. The group will seek to positively manage these challenges and risks, and as the business grows and evolves the Directors develop and implement new risk identification and management processes. The Board regularly review the trading performance and financial position of the group and take decisive action where necessary and are confident in the long-term future for the group.
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BOISDALE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The Directors monitor the performance of the business using reports and Key Performance Indicators, of which the main ones are:
Daily sales, and daily music ticket sales and future bookings. Weekly flash Profit Report, which includes a comparison of the actual % gross margin with the budget and the wage cost as a % to turnover, actual versus budget. Monthly Profit report to the Board which show the following Key Performance Indicators: - Food Gross Margin % to sales - Liquor Gross Margin % to sales - Labour costs as a % to sales - Restaurant Profit as a % to sales - All the above KPIs compared to budget and previous years actual - Stock expressed as a number of days sales
The Directors also monitor the business through reports highlighting non-financial key performance indicators that include:
- Online customer feedback and reviews - Staff Morale and Staff Feedback - Mystery Guest Reports - Labour Productivity - Social Media Presence - Competitor analysis
This report was approved by the board on 29 April 2025 and signed on its behalf.
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BOISDALE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 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.
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 judgments 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.
The profit for the year, after taxation and non-controlling interests, amounted to £218,715 (2023 - £50,705).
The directors paid a diviend of £80,000 in the year (2023: £nil).
The directors who served during the year were:
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BOISDALE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The Boisdale group will continue to focus on its key areas of excellence in British Food, Fine Wine, Whisky, Cigars and Live Music and to remain agile and innovative.
The group plans to focus on the improvement in the contribution of its existing restaurants. Going concern The Directors have concluded that the group is a going concern based on the cashflow forecasts that have been prepared. Further details on this can be found in note 2.3.
Subsequent events have been outlined in Note 32.
On 18 November 2024 the company’s auditor changed its name from Haysmacintyre LLP to HaysMac LLP. The
auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BOISDALE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED
We have audited the financial statements of Boisdale Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 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.
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BOISDALE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)
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.
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 year 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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BOISDALE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)
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BOISDALE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations are food safety and hygiene laws, licensing and minimum wage regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • inspecting correspondence with regulators and tax authorities; • consideration of known or suspected instances of non-compliance with laws and regulations through discussion with management, review of board minutes, and review of the FSA website; • evaluating management’s controls designed to prevent and detect irregularities; • identifying and testing journals, in particular journal entries posted with unusual account combinations, • postings with high value transactions or rounded entries; and • challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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BOISDALE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)
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
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG
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BOISDALE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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BOISDALE LIMITED
REGISTERED NUMBER: 02703434
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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BOISDALE LIMITED
REGISTERED NUMBER: 02703434
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2025.
The notes on pages 19 to 44 form part of these financial statements.
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BOISDALE LIMITED
REGISTERED NUMBER: 02703434
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 44 form part of these financial statements.
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