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Registered number: 01744312
Cavern City Tours Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Statement of Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash Flows 9
Notes to the Statement of Cash Flows 10
Notes to the Financial Statements 11—20
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 September 2024.
Principal Activity
The principal activity of the company  during the last financial year, continues to be that of tour operator, event organiser and licencee with a club and pub operation.
Review of the Business
Another stoic year for Cavern City Tours Ltd with increased turnover and profitability across all 5 elements of the company. The company goes from strength to strength and the nightmares of lockdown (although never forgotten) seem to be a long distant memory. We have a cash flow balance of circa £3m to ensure we will emerge from any future unforeseen catastrophes. 
The future for CCT is very positive and growth continues across the board. The annual net profit has increased from an outstanding £2.49 million in September 2023 to a remarkable £2.98 million in September 2024 and this is expected to rise again and indeed has done in the current six months of the current financial year. 
The Hilton Hotel project which was expected to open this month (May 2025) is still in the planning and development stage and it would be a huge boost to our turnover, but we are by no means dependent upon it. For a lot of a normal working week, income would not even go up as we cannot be any busier than we currently are! Our growth is entirely down to the company’s perpetual determination to improve across the board in every aspect of our business whether that be marketing, presentation, service or products. The restaurant has increased its turnover in the 12 months to September 2024 from £1.29 million to £1.46 million and an increased net profit. With the hotel still planned to open opposite the restaurant entrance, the future is bright and the reviews that are currently undertaken, re-staffing, purchases and wastage will increase the net profit in the current financial year. Turnover is expected to continue to rise exponentially especially with the recent announcement of the Diners’ Choice Open Table award for being one of the regions best restaurants. All five aspects of the company continue to show growth and receive global publicity and attention. 
Carrying numbers for The Magical Mystery Tour has improved once again with Turnover now £1.36 million from £1.09 million resulting in an increased profit.
The Cavern Pub continues to be a steady staple and once again we saw an increase in both turnover and profitability. 
Beatleweek continues to add to both turnover and profitability of the whole company despite an aging clientele; we have been able to attract a large number of younger people to the annual event and its future appears to be assured. 
The company continues to be nominated for some amazing national awards including The National ARIAS Award for Best Music Entertainment Award which is to be announced at the end of May 2025. On a global basis the company is also up for an award for its podcast with REUTERS in the business podcast section. 
The company reputation continues to grow since we acquired it 34 years ago. 
All of the above fully support the value of the brand that has been valued independently at over £40 million. A franchise is about to open in the next couple of months in Sao Paolo as all plans, contracts and finances have been jointly agreed with our Brazilian partners.
Our current workforce is 150 people and we have no outstanding debts. The global market finds us on a daily basis on any given day we will have visitors from over 30 countries which rises to over 50 countries in August. It truly is a melting pot. 
All of this positivity is against a backdrop of rising bills, taxes, global turmoil, multiple closures in hospitality sector in the UK, none of which has prevented Cavern City Tours from progressing even further. 
On behalf of the board
Mrs K Jardine
Director
11 June 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 September 2024.
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Directors
The directors who held office during the year were as follows:
Mr W Heckle
Mr P R Jones
Mr J M Keats
Mrs K Jardine
Mrs J Baird Appointed 01/10/2023
Mr G W Guinness Appointed 01/10/2023
Mr D Jones Appointed 01/10/2023
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, ERC Accountants & Business Advisors Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs K Jardine
Director
11 June 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Cavern City Tours Limited for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 entity's ability to continue as a going concern for a period of at least 12 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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. In connection with our audit of the financial statements, 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 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.
Opinions 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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.
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•reading the minutes of meetings of those charged with governance;
•enquiring of management as to actual and potential litigation and claims; and
•reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's 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.
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Richard Brown (Senior Statutory Auditor)
for and on behalf of ERC Accountants & Business Advisors Limited , Statutory Auditor
11 June 2025
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Page 6
Statement of Comprehensive Income
2024 2023
as restated
Notes £ £
TURNOVER 4 11,621,180 10,529,745
Cost of sales (6,991,257 ) (6,417,995 )
GROSS PROFIT 4,629,923 4,111,750
Administrative expenses (1,776,365 ) (1,664,024 )
Other operating income 50,954 48,347
OPERATING PROFIT 6 2,904,512 2,496,073
Loss on disposal of fixed assets (2,876 ) (7,322 )
Amounts written off investments - (100 )
Other interest receivable and similar income 11 73,960 17,211
Interest payable and similar charges 12 2,907 (13,400 )
PROFIT BEFORE TAXATION 2,978,503 2,492,462
Tax on Profit 13 (792,923 ) (537,796 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,185,580 1,954,666
OTHER COMPREHENSIVE INCOME:
Gain/(loss) on revaluation of property, plant and equipment 23,424 (219 )
Gain/(loss) on revaluation of other assets 2,545,416 (4,121,771 )
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,754,420 (2,167,324 )
The notes on pages 10 to 20 form part of these financial statements.
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Statement of Financial Position
Registered number: 01744312
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 15 21,465,903 18,072,015
Tangible Assets 16 2,471,985 2,451,762
23,937,888 20,523,777
CURRENT ASSETS
Stocks 17 243,566 239,518
Debtors 18 459,674 337,547
Cash at bank and in hand 3,660,279 3,330,354
4,363,519 3,907,419
Creditors: Amounts Falling Due Within One Year 19 (2,007,176 ) (2,254,408 )
NET CURRENT ASSETS (LIABILITIES) 2,356,343 1,653,011
TOTAL ASSETS LESS CURRENT LIABILITIES 26,294,231 22,176,788
Creditors: Amounts Falling Due After More Than One Year 20 - (54,518 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 22 (5,464,116 ) (4,546,576 )
NET ASSETS 20,830,115 17,575,694
CAPITAL AND RESERVES
Called up share capital 23 22,856 22,856
Revaluation reserve 28 16,314,648 13,745,808
Income Statement 4,492,611 3,807,030
SHAREHOLDERS' FUNDS 20,830,115 17,575,694
On behalf of the board
Mrs K Jardine
Director
11 June 2025
The notes on pages 10 to 20 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Revaluation reserve Income Statement Total
£ £ £ £
As at 1 October 2022 22,856 17,867,798 3,102,363 20,993,017
Profit for year - - 1,954,666 1,954,666
Surplus on revaluation - 356,414 - 356,414
Deficit on revaluation - (219) - (219)
Deferred tax provision on revalued assets - (4,478,185 ) - (4,478,185)
Other comprehensive income for the year - (4,121,990 ) - (4,121,990 )
Total comprehensive income for the year - (4,121,990) 1,954,666 (2,167,324)
Dividends paid - - (1,249,999) (1,249,999)
As at 30 September 2023 and 1 October 2023 as restated 22,856 13,745,808 3,807,030 17,575,694
Profit for year - - 2,185,580 2,185,580
Surplus on revaluation - 3,481,456 - 3,481,456
Deferred tax provision on revalued assets - (912,616 ) - (912,616)
Other comprehensive income for the year - 2,568,840 - 2,568,840
Total comprehensive income for the year - 2,568,840 2,185,580 4,754,420
Dividends paid - - (1,499,999) (1,499,999)
As at 30 September 2024 22,856 16,314,648 4,492,611 20,830,115
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Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,839,095 3,002,997
Interest refunded/(paid) 2,907 (13,400 )
Tax paid (891,924 ) (360,046 )
Net cash generated from operating activities 1,950,078 2,629,551
Cash flows from investing activities
Purchase of tangible assets (38,612 ) (92,510 )
Proceeds from disposal of tangible assets 1 -
Proceeds from disposal of investment in subsidiary undertaking - 100
Proceeds from disposal of other fixed asset investments - (199 )
Grants received - 8,347
Interest received 73,960 17,211
Net cash generated from/(used in) investing activities 35,349 (67,051 )
Cash flows from financing activities
Equity dividends paid (1,499,999 ) (1,249,999 )
Repayment of bank borrowings (115,535 ) (261,629 )
Repayment of finance leases (24,778 ) (71,532 )
Amount introduced by directors - 125,628
Amount withdrawn by directors (15,190) -
Net cash used in financing activities (1,655,502 ) (1,457,532 )
Increase in cash and cash equivalents 329,925 1,104,968
Cash and cash equivalents at beginning of year 2 3,330,354 2,225,386
Cash and cash equivalents at end of year 2 3,660,279 3,330,354
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
as restated
£ £
Profit for the financial year 2,185,580 1,954,666
Adjustments for:
Tax on profit 792,923 537,796
Interest expense (2,907 ) 13,400
Interest income (73,960 ) (17,211 )
Income from shares in group undertakings - 100
Depreciation of tangible assets 103,080 111,667
Provisions of fixed asset investments - 100
Loss on disposal of tangible assets 2,876 7,322
Grant income - (8,347)
Movements in working capital:
(Increase)/decrease in stocks (4,048 ) 6,285
Increase in trade and other debtors (122,127 ) (109,873 )
(Decrease)/increase in trade and other creditors (42,322 ) 507,092
Net cash generated from operations 2,839,095 3,002,997
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
as restated
£ £
Cash at bank and in hand 3,660,279 3,330,354
3. Analysis of changes in net funds
As at 1 October 2023 Cash flows As at 30 September 2024
£ £ £
Cash at bank and in hand 3,330,354 329,925 3,660,279
Finance leases (24,778) 24,778 -
Debts falling due within one year (61,017 ) 61,017 -
Debts falling due after more than one year (54,518) 54,518 -
3,190,041 470,238 3,660,279
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Notes to the Financial Statements
1. General Information
Cavern City Tours Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01744312 . The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.
2. Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
3.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Wet and dry sales from the licensed premises are recognised at the point of sale.
Tour operating income is recognised when the tours take place, and is accounted for on the accruals basis.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
3.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
3.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured either at cost less accumulated depreciation and impairment losses, or at fair value under the revaluation model, depending on the asset class. 
Memorabilia and motor vehicles are measured using the revaluation model in accordance with FRS 102, with revaluations performed at intervals not exceeding five years or when there is evidence of a material change in fair value. Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve unless reversing a previous loss recognised in profit or loss. 
All other tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost or revalued amount of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 50 years
Leasehold Straight line over the life of the lease
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Fixtures and fittings 20% reducing balance
No depreciation is charged against memorabilia on the grounds that the assets are not expected to lose value over time. Memorabilia is reviewed for impairment on an annual basis.
The Cavern Club brand was independently valued as at 30 September 2024 and concluded to have a useful economic life of 100 years from this date.
3.6. Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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3.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
3.8. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
3.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.10. Financial Instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. 
Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument.
3.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3.12. Provisions and Contingencies
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
3.13. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3.14. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
4. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
as restated
£ £
Rendering of services 1,960,710 1,796,308
Sale of goods 9,660,470 8,733,437
11,621,180 10,529,745
5. Other Operating Income
2024 2023
as restated
£ £
Grant income - 8,347
Other operating income 50,954 40,000
50,954 48,347
6. Operating Profit
The operating profit is stated after charging:
2024 2023
as restated
£ £
Depreciation of tangible fixed assets 103,080 111,667
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7. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the company's financial statements 16,015 15,540
Other Services
Taxation compliance service 1,240 1,125
8. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 2,898,181 2,678,726
Social security costs 256,981 236,707
Other pension costs 199,718 45,583
3,354,880 2,961,016
9. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 10 10
Sales, marketing and distribution 120 120
130 130
10. Directors' remuneration
2024 2023
as restated
£ £
Emoluments 233,583 247,194
Amounts paid to third parties in respect of directors' services 14,227 11,276
247,810 258,470
Information regarding the highest paid director was as follows:
2024 2023
as restated
£ £
Emoluments 97,833 96,458
Company contributions to defined benefit pension schemes 2 2
97,835 96,460
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11. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Bank interest receivable 73,960 17,211
12. Interest Payable and Similar Charges
2024 2023
as restated
£ £
Bank loans and overdrafts (3,964 ) 7,459
Interest payable on hire purchase and finance lease contracts 1,057 5,941
(2,907) 13,400
13. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 22.0% 760,660 564,832
Prior period adjustment 27,339 (241 )
787,999 564,591
Deferred Tax
Deferred taxation 4,924 (26,795 )
Total tax charge for the period 792,923 537,796
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,978,503 2,492,462
Tax on profit at 25% (UK standard rate) 743,730 548,342
Goodwill/depreciation not allowed for tax 28,674 24,567
Expenses not deductible for tax purposes - 1,610
Capital allowances (11,744 ) (9,898 )
Short term timing differences 4,924 (26,795 )
Prior period adjustment 27,339 (241 )
Difference in tax rates - 211
Total tax charge for the period 792,923 537,796
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14. Prior Period Adjustment
A prior period adjustment has been made in respect of the recognition of a deferred tax liability concerning the temporary timing difference with regards to the revaluation surplus of the brand asset. The revaluation reserve has been decreased and the deferred tax liability increased by £4,478,185. The comparatives have been restated accordingly with no impact on the profit and loss.
15. Intangible Assets
Other
£
Cost or Valuation
As at 1 October 2023 18,072,015
Revaluations 3,393,888
As at 30 September 2024 21,465,903
Net Book Value
As at 30 September 2024 21,465,903
As at 1 October 2023 18,072,015
The Cavern Club brand was revalued to the fair value by external valuer, "Intangible Business Ltd" as at 30th September 2024. The valuation is based on the growth of the business, the continuing interest in the Cavern Club brand and the expectation of future growth that will be derived from the protection of the company's existing trademarks and the acquisition of trademarks in additional countries. The brand is deemed to have a useful economic life of 100 years from 30th September 2024.
16. Tangible Assets
Land & Property
Freehold Leasehold Plant and machinery Motor vehicles
£ £ £ £
Cost or Valuation
As at 1 October 2023 158,518 2,569,283 241,935 482,625
Additions - 15,696 22,241 -
Disposals - - (11,146 ) -
Revaluation - - - 52,502
As at 30 September 2024 158,518 2,584,979 253,030 535,127
Depreciation
As at 1 October 2023 50,141 737,432 141,342 392,626
Provided during the period 3,170 53,007 23,997 22,500
Disposals - - (8,278 ) -
As at 30 September 2024 53,311 790,439 157,061 415,126
Net Book Value
As at 30 September 2024 105,207 1,794,540 95,969 120,001
As at 1 October 2023 108,377 1,831,851 100,593 89,999
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Fixtures and fittings Memorabilia Total
£ £ £
Cost or Valuation
As at 1 October 2023 12,217 318,907 3,783,485
Additions - 675 38,612
Disposals (92 ) - (11,238 )
Revaluation - 35,066 87,568
As at 30 September 2024 12,125 354,648 3,898,427
Depreciation
As at 1 October 2023 10,182 - 1,331,723
Provided during the period 406 - 103,080
Disposals (83 ) - (8,361 )
As at 30 September 2024 10,505 - 1,426,442
Net Book Value
As at 30 September 2024 1,620 354,648 2,471,985
As at 1 October 2023 2,035 318,907 2,451,762
Cost or valuation as at 30 September 2024 represented by:
Land & Property
Freehold Leasehold Plant and machinery Motor vehicles
£ £ £ £
At cost 130,619 2,521,320 253,030 364,442
At valuation 27,899 63,659 - 170,685
158,518 2,584,979 253,030 535,127
Fixtures and fittings Memorabilia Total
£ £ £
At cost 12,125 218,072 3,499,608
At valuation - 136,576 398,819
12,125 354,648 3,898,427
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The memorabilia was revalued at £354,648 by Mr D Jones, director, as at the financial year end date. The directors consider the valuation to accurately reflect the fair value of the memorabilia.
The motor vehicles were revalued at £120,000 by an independent third party as at the financial year end date.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land & Property
Freehold Leasehold Motor vehicles Memorabilia Total
£ £ £ £ £
Cost 130,619 2,521,320 364,442 218,072 3,234,453
Accumulated depreciation and impairment 53,311 790,439 364,442 - 1,208,192
Carrying amount 77,308 1,730,881 - 218,072 2,026,261
17. Stocks
2024 2023
as restated
£ £
Stock 243,566 239,518
18. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 266,350 75,309
Prepayments and accrued income 178,509 157,646
Other debtors 14,815 104,592
459,674 337,547
19. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts - 24,778
Trade creditors 277,984 283,590
Bank loans and overdrafts - 61,017
Other creditors 736,190 779,028
Corporation tax 460,660 564,585
Taxation and social security 445,983 435,381
Accruals and deferred income 86,359 106,029
2,007,176 2,254,408
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20. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans - 54,518
21. Obligations Under Finance Leases and Hire Purchase
2024 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 24,778
22. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 5,464,116 4,546,576
23. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
11,428 Ordinary Shares of £ 1.00 each 11,428 11,428
11,428 Ordinary B shares of £ 1.00 each 11,428 11,428
22,856 22,856
24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 242,564 242,564
Later than one year and not later than five years 821,000 865,064
Later than five years 6,544,000 6,742,500
7,607,564 7,850,128
25. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £199,718 (2023: £45,583).
At the statement of financial position date contributions of £5,265 (2023: £6,082) were due to the fund and are included in creditors.
26. Directors Advances, Credits and Guarantees
No directors received advances, credits or guarantees during the financial year.
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27. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid 1,499,999 1,249,999
28. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
Profit and loss account - This reserve records retained earnings and accumulated losses.
29. Related Party Disclosures
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
30. Controlling Parties
The company is controlled by the directors by virtue of their interest in the share capital of the company.
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