Company registration number 05563170 (England and Wales)
COMPURANTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
COMPURANTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
COMPURANTS LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
5
61,203
77,524
Property, plant and equipment
4
1,084,296
1,299,651
1,145,499
1,377,175
Current assets
Inventories
33,138
39,210
Trade and other receivables
6
722,437
670,572
Cash and cash equivalents
14,155
181,242
769,730
891,024
Current liabilities
7
(6,179,213)
(876,393)
Net current (liabilities)/assets
(5,409,483)
14,631
Total assets less current liabilities
(4,263,984)
1,391,806
Non-current liabilities
8
(4,956,000)
Net liabilities
(4,263,984)
(3,564,194)
Equity
Called up share capital
9
7,950,000
7,950,000
Retained earnings
(12,213,984)
(11,514,194)
Total equity
(4,263,984)
(3,564,194)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
L D Skinner
Director
Company Registration No. 05563170
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Compurants Limited is a private company limited by shares incorporated in England and Wales. The registered office is 87 Arlington Road, London, NW1 7ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Potter Ventures Limited. These consolidated financial statements are available from its registered office 87 Arlington Road, London, NW1 7ES.
1.2
Going concern
At the year-end the company had liabilities in excess of assets, as a result of losses accumulated over the years. As such, the directors are aware of certain material uncertainties which may cause doubt on the company’s ability to continue as a going concern.
However, the company continued to have the support of the ultimate controlling party that the amounts owed at the balance sheet date will not be repaid to the detriment of the continued operations of the company for a period of not less than 12 months from the date of signing these financial statements.
On the basis of this assessment, at the date of approval of these financial statements the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Thus, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.
1.3
Revenue
Revenue arises from the company's principal activity, being the sale of goods in the operation of casual dining restaurants.
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the customer and the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue is therefore recognised, net of VAT and other sales related taxes, on receipt of the goods by the customer, subject to any incentive schemes that may be in place from time to time.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 - 5 years straight line
Development costs
3 years straight line
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long term leasehold property
Over the lease term
Plant and machinery
3 - 5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.
1.6
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.7
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the income statement.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company 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.
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Interest free loans from parent undertakings are recognised at their net present value using an appropriate effective interest rate and a corresponding capital contribution is recognised within equity.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the income statement on a straight line basis over the term of the relevant lease.
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
During both the current and prior year, the directors were required to make estimates or assumptions to calculate the accrued income which was recorded within the financial statements. The directors considered factors such as the recoverability of the income post year end, as well as third party information received to the point of making the estimate.
The key judgements considered were the carrying amounts of assets and liabilities, and whether there are any indicators of impairment of non-current assets, most notably its property, plant and equipment used in the running of the business.
Such assets are depreciated, or amortised in the case of intangible assets, over their estimated useful life and this is determined by the directors having regard to historical performance and projected usage of the assets. Consideration is also given by the directors for any potential residual value of the assets and this is reassessed each financial year for material changes that may arise from a change in circumstances.
Furthermore, as noted above, the directors review on an annual basis the carrying value of the non-current assets to determine whether there is any indication that the assets have suffered an impairment loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 104 (2023: 106), in respect of management and administrative personnel.
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
2,462,823
1,758,691
4,221,514
Additions
75,367
75,367
Disposals
(478,584)
(478,584)
At 30 June 2024
2,462,823
1,355,474
3,818,297
Depreciation and impairment
At 1 July 2023
1,719,833
1,202,030
2,921,863
Depreciation charged in the year
101,439
189,283
290,722
Eliminated in respect of disposals
(478,584)
(478,584)
At 30 June 2024
1,821,272
912,729
2,734,001
Carrying amount
At 30 June 2024
641,551
442,745
1,084,296
At 30 June 2023
742,990
556,661
1,299,651
5
Intangible fixed assets
Software and development
£
Cost
At 1 July 2023
178,191
Additions
570
At 30 June 2024
178,761
Amortisation and impairment
At 1 July 2023
100,667
Amortisation charged for the year
16,891
At 30 June 2024
117,558
Carrying amount
At 30 June 2024
61,203
At 30 June 2023
77,524
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
41,844
40,060
Other receivables
303,793
264,212
345,637
304,272
2024
2023
Amounts falling due after more than one year:
£
£
Other receivables (rent deposits)
376,800
366,300
Total debtors
722,437
670,572
7
Current liabilities
2024
2023
£
£
Trade payables
432,457
513,090
Amounts owed to group undertakings
5,356,000
Taxation and social security
290,459
229,571
Other payables
100,297
133,732
6,179,213
876,393
8
Non-current liabilities
2024
2023
£
£
Amounts owed to group undertakings
4,956,000
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
£
£
£
Issued and fully paid
Ordinary shares of £1 each
7,950,000
7,950,000
7,950,000
7,950,000
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
COMPURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Audit report information
(Continued)
- 8 -
Material uncertainty related to going concern
We draw your attention to note 1.2 in the financial statements, which highlights that the financial statements are prepared on a going concern basis despite the excess of liabilities over assets at 30 June 2024. This condition and the previous losses incurred indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern, but our opinion is not modified in respect of this matter.
The senior statutory auditor was David Marks FCA.
The auditor was TC Group.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
549,100
549,100
Between two and five years
2,291,400
2,291,400
In over five years
2,803,167
3,428,917
5,643,667
6,269,417
12
Related party transactions
The company has received interest free loans from its parent to support the company’s operational working capital needs and, at the year end, the amount outstanding was £5,356,000 (2023: £4,956,000).
13
Parent company
The company is a subsidiary of Potter Ventures Limited, a company incorporated in England & Wales with registration number of 09633343. The registered office address is 87 Arlington Road, Camden, London, NW1 7ES.