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Registered number: 02703434










BOISDALE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BOISDALE LIMITED
 
 
COMPANY INFORMATION


Directors
R O A Macdonald 
D A R Palmer 
A D Rose 
V Khimasia 
M Hadsley - Chaplin 




Company secretary
Breams Secretaries Limited



Registered number
02703434



Registered office
15 Eccleston Street

London

SW1W 9LX




Independent auditors
HaysMac LLP

10 Queen Street Place

LondonLondon

EC4R 1AG





 
BOISDALE LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11 - 12
Company Statement of Financial Position
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 44


 
BOISDALE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their Group Strategic report for the year ended 30 April 2024

Business review
 
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.

Principal risks and uncertainties
 
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.

Page 1

 
BOISDALE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
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

Other key performance indicators
 
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.



R O A Macdonald
Director

Page 2

 
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.


Directors' responsibilities statement

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 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

R O A Macdonald 
D A R Palmer 
A D Rose 
V Khimasia 
M Hadsley - Chaplin 

Page 3

 
BOISDALE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future developments

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Subsequent events have been outlined in Note 32.

Auditors

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 29 April 2025 and signed on its behalf.
 





R O A Macdonald
Director

Page 4

 
BOISDALE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
BOISDALE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
BOISDALE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
BOISDALE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 8

 
BOISDALE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOISDALE LIMITED (CONTINUED)


Use of our 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 2006Our 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.





Isabelle Shepherd (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

29 April 2025
Page 9

 
BOISDALE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,208,993
10,591,027

Cost of sales
  
(7,591,872)
(7,474,781)

Gross profit
  
3,617,121
3,116,246

Administrative expenses
  
(3,162,735)
(3,070,788)

Exceptional administrative expenses
  
-
(207,518)

Other operating income
 5 
-
318,482

Operating profit
 6 
454,386
156,422

Interest receivable and similar income
 10 
15,514
1,747

Interest payable and similar expenses
 11 
(149,851)
(179,095)

Profit/(loss) before taxation
  
320,049
(20,926)

Tax on profit/(loss)
 12 
(68,380)
14,538

Profit/(loss) for the year
  
251,669
(6,388)

  

Total comprehensive income for the year
  
-
-

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
32,954
(57,093)

Owners of the parent Company
  
218,715
50,705

  
251,669
(6,388)

The notes on pages 19 to 44 form part of these financial statements.

Page 10

 
BOISDALE LIMITED
REGISTERED NUMBER: 02703434

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
3,037
3,450

Tangible assets
 15 
1,447,734
1,605,471

Investment property
 17 
1,692,482
1,692,482

  
3,143,253
3,301,403

Current assets
  

Stocks
 18 
616,011
584,010

Debtors
 19 
534,167
682,848

Cash at bank and in hand
 20 
1,814,080
1,858,543

  
2,964,258
3,125,401

Creditors: amounts falling due within one year
 21 
(2,101,265)
(3,337,824)

Net current assets/(liabilities)
  
 
 
862,993
 
 
(212,423)

Total assets less current liabilities
  
4,006,246
3,088,980

Creditors: amounts falling due after more than one year
 22 
(1,925,957)
(1,190,835)

Provisions for liabilities
  

Deferred taxation
 24 
(173,201)
(162,726)

  
 
 
(173,201)
 
 
(162,726)

Net assets
  
1,907,088
1,735,419


Capital and reserves
  

Called up share capital 
 25 
111,672
111,672

Share premium account
 26 
612,849
612,849

Capital redemption reserve
 26 
17,083
17,083

Profit and loss account
 26 
1,087,446
948,731

Equity attributable to owners of the parent Company
  
1,829,050
1,690,335

Non-controlling interests
  
78,038
45,084

  
1,907,088
1,735,419


Page 11

 
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.



R O A Macdonald
Director

The notes on pages 19 to 44 form part of these financial statements.

Page 12

 
BOISDALE LIMITED
REGISTERED NUMBER: 02703434

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
3,037
3,450

Tangible assets
 15 
182,569
227,103

Investments
 16 
297,156
304,705

  
482,762
535,258

Current assets
  

Stocks
 18 
295,529
299,560

Debtors
 19 
865,166
1,065,896

Cash at bank and in hand
 20 
895,895
762,381

  
2,056,590
2,127,837

Creditors: amounts falling due within one year
 21 
(1,220,982)
(1,347,645)

Net current assets
  
 
 
835,608
 
 
780,192

Total assets less current liabilities
  
1,318,370
1,315,450

  

Creditors: amounts falling due after more than one year
 22 
(217,579)
(239,017)

Provisions for liabilities
  

Deferred taxation
 24 
(36,741)
(47,872)

  
 
 
(36,741)
 
 
(47,872)

Net assets
  
1,064,050
1,028,561


Capital and reserves
  

Called up share capital 
 25 
111,672
111,672

Share premium account
 26 
612,849
612,849

Capital redemption reserve
 26 
16,049
16,049

Profit and loss account
 26 
323,480
287,991

  
1,064,050
1,028,561


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2025.



R O A Macdonald
Director

The notes on pages 19 to 44 form part of these financial statements.

Page 13
 

 
BOISDALE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 May 2022
111,672
612,849
17,083
898,026
1,639,630
102,177
1,741,807



Comprehensive income for the year


Loss for the year
-
-
-
50,705
50,705
(57,093)
(6,388)





At 1 May 2023
111,672
612,849
17,083
948,731
1,690,335
45,084
1,735,419



Comprehensive income for the year


Profit for the year
-
-
-
218,715
218,715
32,954
251,669



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(80,000)
(80,000)
-
(80,000)



At 30 April 2024
111,672
612,849
17,083
1,087,446
1,829,050
78,038
1,907,088



The notes on pages 19 to 44 form part of these financial statements.

Page 14

 

 
BOISDALE LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 May 2022
111,672
612,849
16,049
345,246
1,085,816



Comprehensive income for the year


Loss for the year
-
-
-
(57,255)
(57,255)



Total transactions with owners
-
-
-
-
-





At 1 May 2023
111,672
612,849
16,049
287,991
1,028,561



Comprehensive income for the year


Profit for the year
-
-
-
115,489
115,489



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(80,000)
(80,000)



Total transactions with owners
-
-
-
(80,000)
(80,000)



At 30 April 2024
111,672
612,849
16,049
323,480
1,064,050



The notes on pages 19 to 44 form part of these financial statements.

Page 15
 
BOISDALE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
251,669
(6,388)

Adjustments for:

Amortisation of intangible assets
413
414

Depreciation of tangible assets
176,602
172,069

Impairment of investment property
-
207,518

(Profit)/Loss on disposal of tangible assets
55,870
(223,449)

Interest payable
149,851
179,095

Interest receivable
(15,514)
(1,747)

Taxation charge
68,380
(14,538)

(Increase) in stocks
(32,001)
(18,301)

Decrease in debtors
134,947
257,400

(Decrease) in creditors
(226,985)
(188,236)

Net cash generated from operating activities

563,232
363,837


Cash flows from investing activities

Purchase of tangible fixed assets
(74,736)
(124,811)

Sale of tangible fixed assets
-
520,000

Interest received
15,514
1,747

Net cash from investing activities

(59,222)
396,936
Page 16

 
BOISDALE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
949,560
-

Repayment of bank loans
(1,075,000)
(323,011)

Repayment of other loans
(193,182)
(93,182)

Dividends paid
(80,000)
-

Interest paid
(149,851)
(179,095)

Net cash used in financing activities
(548,473)
(595,288)

Net (decrease)/increase in cash and cash equivalents
(44,463)
165,485

Cash and cash equivalents at beginning of year
1,858,543
1,693,058

Cash and cash equivalents at the end of year
1,814,080
1,858,543


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,814,080
1,858,543


The notes on pages 19 to 44 form part of these financial statements.

In the 30 April 2023 financial statements there was a misclassification in the cashflows from operating activities.Profit and loss on disposal of fixed assets was understated by £446,898 and decrease in creditors was understated by the same amount. This has been corrected in the comparative amounts. There has been no impact on the net cash generated from operating activities or net increase in cash and cash equivalents.

Page 17

 
BOISDALE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
Other non-cash changes
At 30 April 2024
£

£

£

£

Cash at bank and in hand

1,858,543

(44,463)

-

1,814,080

Debt due after 1 year

(1,190,835)

(756,378)

21,256

(1,925,957)

Debt due within 1 year

(1,111,435)

1,096,256

(21,256)

(36,435)


(443,727)
295,415
-
(148,312)

The notes on pages 19 to 44 form part of these financial statements.

Page 18

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Boisdale Limited is a private limited company (registered number: 02703434) incorporated and domiciled in England and Wales. The address of the registered office is 15 Eccleston Street, London.
Its principal activity is the provision of restaurant and bar services.

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 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 judgment 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:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed 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 Balance Sheet, 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.

Page 19

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

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 at the trading sites. 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 group 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 group, 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 group'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.

  
2.4

Revenue

Revenue is measured at the fair value of consideration received and is mainly derived from bar and kitchen sales, after deducting discounts and value added tax. Revenue is also derived from the provision of entertainment services. It is recognised in the period the service is provided, net of discounts and value added tax. 
Rental revenue is measured at the fair value of consideration received or recievable, and is dervived from the provision of accommodation through the short-term rental of the investment property. Revenue recognised is in the period to which it relates, excluding discounts and value added tax.
Sponsorship revenue relates to the sponsorship of events or the promotion of drinks products by the sites 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.

Page 20

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Trademark
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Trademarks are amortised over 10 years on a straight line basis. 

 
2.6

Tangible fixed assets

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.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the remaining period of the lease
Fixtures and fittings
-
Reducing balance at 15%
Office equipment
-
Straight line at 25%



 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.8

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 21

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. 
Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

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 stocks are held at cost which is determined by reference to the quantity used in the business. Smallware stocks relate 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.    

 
2.12

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.

 
2.13

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 22

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables 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 traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Page 23

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

The Group only enters into basic financial instrument transactions that result 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.

Derecognition of financial instruments

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.

Page 24

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Finance costs

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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.18

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 25

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.21

Current and deferred taxation

The tax expense for the year 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 and the Group operate and generate 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.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 26

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments 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 fixed assets
Depreciation and amortisation are 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. If the actual useful economic life were to differ from the estimate, there could be a material impact to the carrying value of fixed assets given there cost. 
Impairment of tangible fixed 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.
Impairment of investment in subsidiaries 
Investments are held at historic cost less impairment. In assessing on whether the investment has been impaired, the carrying value of the investment is compared with the subsidiaries net assets and the future trading potential is considered where appropriate. If the value of the subsidiary was to differ from these estimates then there could be a material impact on the carrying value of investments in subsdiaries.
Fair value of investment property 
Investment property is measured at fair value at the relevant reporting date. An independent valuation of the Company's freehold property was not undertaken during the year and the fair value was based on offer for purchase received of £1.77m. The carrying amount as at 30 April 2024 reflects the recoverable amount of the investment property, being the fair value less costs to sell. Given the investment property sold post year end, this removes the material element of judgement. See note 32.
Recoverability of intercompany debtors
Judgement is required in assessing the recoverability of the intercompany debtors. When considering this, forecast trading results are used. These forecasts are based on estimates which include assumptions and estimates on net assets and future performance. If the actual results differ from the forecasts then material impairment to the intercompany debtors may be required.

Page 27

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Food, beverage and entertainment
10,634,939
10,178,612

Rent receivable
107,358
146,659

Other income
83,724
-

Sponsorship
382,972
265,756

11,208,993
10,591,027


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
-
95,033

Profit on disposal of tangible assets
-
223,449

-
318,482



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
304,185
277,793


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the group's financial statements
37,625
39,800

Page 28

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,069,530
2,961,887
1,459,545
1,454,379

Social security costs
240,651
222,842
144,505
137,917

Cost of defined contribution scheme
77,289
71,153
57,817
53,419

3,387,470
3,255,882
1,661,867
1,645,715


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
120
129
60
58


9.


Directors' remuneration

2024
2023
£
£
Directors' emoluments

281,329

353,464
 
Company contributions to defined contribution pension schemes

29,341

33,560
 
310,670

387,024
 

During the year retirement benefits were accruing to one director (2023 - 1) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £123,843 (2023 - £166,010).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,835 (2023 - £22,381).
The number of share options outstanding at the end of the year was 45,000 with exercise prices ranging from £1.80 to £3.50. All of the options are held by three directors of the company.

Page 29

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
15,514
1,747

15,514
1,747


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
62,362
102,987

Other loan interest payable
87,489
76,108

149,851
179,095


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
57,905
-


57,905
-


Total current tax
57,905
-

Deferred tax


Origination and reversal of timing differences
10,475
(14,538)

Total deferred tax
10,475
(14,538)


Taxation on profit/(loss) on ordinary activities
68,380
(14,538)
Page 30

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
320,049
(20,927)


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
80,012
28,186

Effects of:


Fixed asset differences
7,491
(71,923)

Expenses not deductible for tax purposes
406,077
36,317

Adjustments to tax charge in respect of prior periods
8,110
-

Non-taxable income
(374,815)
-

Remeasurement of deferred tax for changes in tax
rates
-
(2,095)

Other movements
(24,901)
-

Deferred tax not recognised
(33,594)
(5,023)

Total tax charge for the year
68,380
(14,538)


13.


Exceptional items

2024
2023
£
£


Impairment of investment property
-
207,518

-
207,518

Page 31

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group





Trademarks

£



Cost


At 1 May 2023
21,339



At 30 April 2024

21,339



Amortisation


At 1 May 2023
17,889


Charge for the year 
413



At 30 April 2024

18,302



Net book value



At 30 April 2024
3,037



At 30 April 2023
3,450



Page 32

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
           14.Intangible assets (continued)

Company




Trademarks

£



Cost


At 1 May 2023
21,339



At 30 April 2024

21,339



Amortisation


At 1 May 2023
17,889


Charge for the year
413



At 30 April 2024

18,302



Net book value



At 30 April 2024
3,037



At 30 April 2023
3,450

Page 33

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
2,911,067
1,949,416
237,294
5,097,777


Additions
-
29,300
45,436
74,736


Disposals
-
(484,792)
-
(484,792)



At 30 April 2024

2,911,067
1,493,924
282,730
4,687,721



Depreciation


At 1 May 2023
1,769,256
1,583,249
139,802
3,492,307


Charge for the year on owned assets
248,989
(114,483)
42,096
176,602


Disposals
-
(428,922)
-
(428,922)



At 30 April 2024

2,018,245
1,039,844
181,898
3,239,987



Net book value



At 30 April 2024
892,822
454,080
100,832
1,447,734



At 30 April 2023
1,141,811
366,168
97,492
1,605,471

Page 34

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)


Company






Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 May 2023
687,657
1,003,705
76,459
1,767,821


Additions
-
6,476
23,132
29,608


Disposals
-
(206,282)
-
(206,282)



At 30 April 2024

687,657
803,899
99,591
1,591,147



Depreciation


At 1 May 2023
674,351
824,674
41,693
1,540,718


Charge for the year on owned assets
1,404
18,832
16,858
37,094


Disposals
-
(169,234)
-
(169,234)



At 30 April 2024

675,755
674,272
58,551
1,408,578



Net book value



At 30 April 2024
11,902
129,627
41,040
182,569



At 30 April 2023
13,306
179,032
34,765
227,103





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
11,902
13,306

11,902
13,306


Page 35

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies
Loans to subsidiaries
Total

£
£
£



Cost


At 1 May 2023
264,250
40,455
304,705


Loan repayment
-
(4,546)
(4,546)



At 30 April 2024

264,250
35,909
300,159



Impairment


Charge for the period
3,004
-
3,004



At 30 April 2024

3,004
-
3,004


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Boisdale of Bishopsgate Limited
Restaurant
Ordinary
100%
Boisdale of Canary Wharf Limited
Restaurant
Ordinary
51%
Boisdale of Mayfair Limited
Restaurant
Ordinary
75%
Boisdale of Mayfair Property Limited
Non-trading
Ordinary
75%
Boisdale International Limited
Restaurant franchising
Ordinary
75%
Eastdrink Radio Ltd
Dormant
Ordinary
100%
Boisdale Entertainment Ltd
Dormant
Ordinary
100%

The company owns 685,944 Ordinary Shares in Boisdale of Canary Wharf Limited out of total of 1,344,988 shares.
The company owns 4,875 Ordinary shares in Boisdale of Mayfair Limited out of a total of 6,500 shares. On 17 September 2024 the company was formally dissolved.
The company owns 3 ordinary shares in Boisdale of Mayfair Property Limited out of a total of 4 shares.
The company owns 750 Ordinary shares in Boisdale International Limited out of a total 1,000 shares
On 19 November 2024, Boisdale of Bishopsgate Limited was formally dissolved.
Unlisted investments
The company and group have unlisted investments (less than 5% holding) in HRCI Limited and HE Legacy Limited, held on their behalf by Louvre Nominees Limited. 

Page 36

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Investment property

Group


Long term leasehold investment property

£



Valuation


At 1 May 2023
1,692,482



At 30 April 2024
1,692,482

An independent valuation of the Company's freehold property was not undertaken during the year and the fair value was identified based on offer for purchase received of £1.77m. The carrying amount as at 30 April 2024 reflects the recoverable amount of the investment property, being the fair value less costs to sell. On 8th July 2024, the sale of the property completed and the company ceased trading. 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,093,966
2,093,966

2,093,966
2,093,966

The 2024 valuations were made by directors, on an open market value for existing use basis.



18.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
616,011
584,010
295,529
299,560

616,011
584,010
295,529
299,560


Page 37

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
44,426
198,527
22,040
162,008

Amounts owed by group undertakings
-
-
705,517
767,210

Other debtors
41,133
197,704
41,133
78,610

Prepayments and accrued income
448,608
286,617
96,476
58,068

534,167
682,848
865,166
1,065,896



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,814,080
1,858,543
895,895
762,381

1,814,080
1,858,543
895,895
762,381



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
36,435
1,111,435
36,435
36,435

Trade creditors
659,578
609,221
284,812
259,715

Amounts owed to group undertakings
-
-
187,020
297,796

Corporation tax
44,170
-
33,509
-

Other taxation and social security
408,661
388,331
220,925
212,120

Other creditors
196,514
463,953
101,848
68,635

Accruals and deferred income
755,907
764,884
356,433
472,944

2,101,265
3,337,824
1,220,982
1,347,645


Page 38

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
217,761
239,017
217,579
239,017

Other loans
1,708,196
951,818
-
-

1,925,957
1,190,835
217,579
239,017




Page 39

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
36,435
1,111,435
36,435
36,435


36,435
1,111,435
36,435
36,435

Amounts falling due 1-2 years

Bank loans
36,435
36,435
36,435
36,435

Amounts falling due 2-5 years

Bank loans
181,326
202,582
181,144
202,582

Amounts falling due after more than 5 years

Other loans
1,708,196
951,818
-
-

1,962,392
2,302,270
254,014
275,452


Included in bank loans is a Metro bank facility with a balance of £254,014 that incurs interest at 3.50% plus the base rate. The facility has a term of 5 years from the drawdown date in March 2022, with monthly capital repayments, and is secured by a first legal charge over the leasehold property known as 13-15 Eccleston Street, London, SW1W 9LX. Post year end the bank loan was repaid in full.
Included within bank loans is a mortgage with West One with a balance of £949,560. This is repayable in one repayment after 20 years in 2053, and interest is charged at between 6.49% p.a. and 4.99% plus base rate p.a. over the term. The loan is secured on the investment property. Post year end the investment property was sold and the mortgage was repaid in full. 
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 year end, allowing for certain liabilities and capital spend. NIL (2023: NIL) was identified as the current loan note at the year end date, but post year end it was agreed with loan note holders that £100,000 (2023: £100,000) would be repaid.

Page 40

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(162,726)
(129,619)


Charged to profit or loss
(10,475)
(33,107)



At end of year
(173,201)
(162,726)

Company


2024
2023


£

£






At beginning of year
(47,872)
(39,991)


Charged to profit or loss
11,131
(7,881)



At end of year
(36,741)
(47,872)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
(190,603)
(165,010)
(38,506)
(49,246)

Short term timing differences
17,402
2,284
1,765
1,374

(173,201)
(162,726)
(36,741)
(47,872)


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,116,720 (2023 - 1,116,720) Ordinary shares of £0.10 each
111,672
111,672


Page 41

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Reserves

Share premium account

Includes any premiums received by the company on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Includes value of the shares bought back by the group.

Profit and loss account

Includes all current and prior period retained profits and losses.


27.


Non - controlling interests

2024
2023
£
£
Equity
Boisdale of Canary Wharf Limited -49% x £1,083,818 (2023: £(67,617)

531,071

(33,132)
 
Boisdale of Mayfair Limited - 25% x £(1,430,608) (2023: £47,012)

(357,652)

11,753
 
Boisdale of Mayfair Property Limited - 25% x £(359,102) (2023: £(9,147))

(89,776)

(2,287)
 
Boisdale International Limited - 25% x £(22,419) (2023: £(270))

(5,605)

(68)
 
78,038

(23,734)
 


28.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those contributions of the group in an independently administered fund. Contributions totalling £13,523 (2023: £71,153) were payable to the fund at the balance sheet date and are included in creditors.

Page 42

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Not later than 1 year
696,250
696,250
161,250
161,250

Later than 1 year and not later than 5 years
2,785,000
2,785,000
645,000
645,000

Later than 5 years
6,745,938
7,443,188
306,596
467,846

10,227,188
10,924,438
1,112,846
1,274,096







30.


Directors' guarantee

The group has received a personal guarantee from R O A Macdonald, a director of the group in respect of the Metro bank facilitiy. The guarantee is limited to £750,000 under the Boisdale Limited facility. 


31.


Related party transactions

The directors of the company are considered to be key management personnel.
As at 30 April 2024, included within other debtors for the company and the group is a balance of £NIL (2023: £54,780) due from a director of the Group. This is subject to annual interest of 2.0% per annum.
As at 30 April 2024, included within accruals is NIL (2023: £76,536) is unpaid Directors fees net of spending in sites for a Director. Also included within accruals is a balance of £60,000 owed on behalf of a director relating to unpaid and accrued tax on benefits in kind. 
As at 30 April 2023, included within the other loans for the group is a balance of £35,909 (2023: £40,000) owed to a director of the Group.

Page 43

 
BOISDALE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

32.


Post balance sheet events

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.
On 8 July 2024 the group completed on the sale of the investment property for £1,730,000. The Directors plan to strike off the company once final balances and creditors are paid. Post year end the loan of £949,560 secured against the investment property was repaid.
On 1 August 2024 Boisdale Limited repaid the Metro loan of £254,014 in full.
On 17 September 2024 Boisdale of Mayfair Limited, a 75% owned subsidiary, was formally dissolved.
On 19 November 2024, Boisdale of Bishopsgate Limited, a 100% owned subsidiary, was formally
dissolved.


33.


Controlling party

The ultimate controlling party are the directors. 

Page 44