Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-01falseThe principal activity of the company is the operation of the restaurant The Modern Pantry Street, London. The restaurant did not re open post covid, hence the financial statements have therefore been prepared on a basis other than going concern.11falsetruefalse 06362354 2023-10-01 2024-09-30 06362354 2022-10-01 2023-09-30 06362354 2024-09-30 06362354 2023-09-30 06362354 1 2023-10-01 2024-09-30 06362354 d:Director3 2023-10-01 2024-09-30 06362354 c:Buildings c:LongLeaseholdAssets 2024-09-30 06362354 c:Buildings c:LongLeaseholdAssets 2023-09-30 06362354 c:PlantMachinery 2024-09-30 06362354 c:PlantMachinery 2023-09-30 06362354 c:FurnitureFittings 2024-09-30 06362354 c:FurnitureFittings 2023-09-30 06362354 c:CurrentFinancialInstruments 2024-09-30 06362354 c:CurrentFinancialInstruments 2023-09-30 06362354 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 06362354 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 06362354 c:ShareCapital 2024-09-30 06362354 c:ShareCapital 2023-09-30 06362354 c:RetainedEarningsAccumulatedLosses 2024-09-30 06362354 c:RetainedEarningsAccumulatedLosses 2023-09-30 06362354 c:AcceleratedTaxDepreciationDeferredTax 2024-09-30 06362354 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 06362354 d:FRS102 2023-10-01 2024-09-30 06362354 d:Audited 2023-10-01 2024-09-30 06362354 d:FullAccounts 2023-10-01 2024-09-30 06362354 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06362354 d:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 06362354 4 2023-10-01 2024-09-30 06362354 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 06362354










THE MODERN PANTRY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024
Parent undertaking

On 17 October 2023 the former ultimate owner, Panther Partners Limited, was placed into administration. As a
result, the amounts owed to Panther Partners Limited totalling £880,324 were waived and have been recognised
as income within exceptional items.


 
THE MODERN PANTRY LIMITED
REGISTERED NUMBER: 06362354

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Tangible assets
 4 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 5 
58,600
85,336

Cash at bank and in hand
  
34,121
-

  
92,721
85,336

Creditors: amounts falling due within one year
 7 
(329,503)
(1,247,690)

Net current liabilities
  
 
 
(236,782)
 
 
(1,162,354)

Total assets less current liabilities
  
(236,782)
(1,162,354)

  

Net liabilities
  
(236,782)
(1,162,354)


Capital and reserves
  

Called up share capital 
  
150,000
150,000

Profit And Loss Account
  
(386,782)
(1,312,354)

  
(236,782)
(1,162,354)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M A Welden
Director
Date: 20 June 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is 16 Kirby Street, London, EC1N 8TS.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

In October 2023, the decision was taken by the Directors not to reopen the Company's only restaurant post Covid. As a result the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the Directors have prepared the financial statements on a basis other than going concern. No adjustments to the financial statements have been required as a result of preparing them on a basis other than that of a going concern.
The Company is dependent on the continuing provision of the financial support that it has received from its parent undertaking, Bresand Leisure Limited. The parent has committed to provide continuing support for at least the next 12 months from the date of the authorisation for issuance of these financial statements, through the provision of a formal support letter.

 
2.3

Revenue

Revenue represents sales to outside customers at invoiced amounts excluding discretionary service charge and Value Added Tax.
Revenue is recognised when the significant risks and benefits of ownership of the products have transferred to the buyer. This will occur through the provision of restaurant services and sale of goods, and will be upon the completion of a sale to customers.

 
2.4

Operating leases: the Company 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.

Page 2

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

The Company does not operate its own pension scheme. The Company makes contributions to certain senior employees’ personal pension schemes, which are charged to the profit and loss account as they fall due. The Group operates a defined contribution scheme. The assets of the plan attributable to individuals participating in the plan are independently administered and managed by a third party. The amounts charged against profit represent the contributions payable to the scheme in respect of the accounting period.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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.



 
2.7

Exceptional items

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

 
2.8

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.




Page 3

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 Balance sheet 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.

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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 4

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 payments 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
5,000
7,309
15,025
27,334



At 30 September 2024

5,000
7,309
15,025
27,334



Depreciation


At 1 October 2023
5,000
7,309
15,025
27,334



At 30 September 2024

5,000
7,309
15,025
27,334



Net book value



At 30 September 2024
-
-
-
-



At 30 September 2023
-
-
-
-

Page 6

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Other debtors
25,199
13,134

Prepayments and accrued income
27,500
65,524

Deferred tax asset
5,901
6,678

58,600
85,336



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
34,121
-



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,500
22,213

Amounts owed to group undertakings
47,739
919,116

Other taxation and social security
-
14,205

Other creditors
-
42

Accruals and deferred income
270,264
292,114

329,503
1,247,690


Page 7

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Deferred taxation




2024


£






At beginning of year
6,678


Charged to profit or loss
(777)



At end of year
5,901

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
5,901
6,678


9.


Contingent liabilities

The company, together with its fellow subsidiaries, were party to an intercompany guarantee dated 11 October 2016 in favour of Santander UK Plc (as security agent for HSBC Bank Plc and Santander UK Plc) given as security for debt facilities provided to the parent undertaking and its subsidiaries. As at the balance sheet date the net amount due under these facilities was £nil (2023: £42,304,000). This was repaid in the year through a refinance on 17 October 2023. The company, together with its fellow subsidairies, entered into a new facility agreement for a term of 5 years, bearing interest rates of between 8 and 18%. As at the balance sheet date the net amount due under these facilities was £48,098,000 (2023: £nil).


10.


Post balance sheet events

The company is part of the D&D Group of restaurants. In April 2025 the Group relaunched under a new brand and identity, The Evolv Collection, poised for future growth.


11.


Parent and Group Undertaking

On 17 October 2023 the former ultimate owner, Panther Partners Limited, was placed into administration. As a result, the amounts owed to Panther Partners Limited totalling £880,324 were waived and have been recognised within exceptional costs.
With effect from 17 October 2023 the immediate parent company was CGL Restaurant Holdings Limited, a company incorporated in England. The ultimate parent company during the year was Bresand Leisure Limited, a company incorporated in England.
The group for which consolidated financial statements are prepared which include the results of this company is that headed by Bresand Leisure Limited. Copies of the financial statements for Bresand Leisure Limited can be obtained from its registered office at 14th Floor, 33 Cavendish Square, London, W1G 0PW.

Page 8

 
THE MODERN PANTRY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the decision was taken by the Directors to cease trade within the Company. Therefore, the directors do not deem it appropriate to adopt the going concen basis of accounting in preparing the financial statements. Accordingly, the finacial statements have been prepared on a basis other than that of going concern as described in Note 2.2. Our opinion is not modified in respect of this matter. 

The audit report was signed on 20 June 2025 by Andrew G. Hill (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 9