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Registered number: 02385711










PLACE RESTAURANTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024




 
PLACE RESTAURANTS LIMITED
REGISTERED NUMBER: 02385711

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
190,295

Current assets
  

Stocks
 5 
72,390
82,512

Debtors: amounts falling due within one year
 6 
814,004
642,370

Cash at bank and in hand
 7 
32,017
185,810

  
918,411
910,692

Creditors: amounts falling due within one year
 8 
(617,008)
(1,128,000)

Net current assets/(liabilities)
  
 
 
301,403
 
 
(217,308)

Total assets less current liabilities
  
301,403
(27,013)

Provisions for liabilities
  

Deferred tax
 9 
(20,851)
(701)

  
 
 
(20,851)
 
 
(701)

Net assets/(liabilities)
  
280,552
(27,714)


Capital and reserves
  

Called up share capital 
  
1,579
1,579

Profit and loss account
  
278,973
(29,293)

  
280,552
(27,714)


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 3 to 11 form part of these financial statements.
Page 1

 
PLACE RESTAURANTS LIMITED
REGISTERED NUMBER: 02385711
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024


Page 2

 
PLACE RESTAURANTS 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

On 31 October 2024 the Group ceased trading at Launceston Place, however retained the lease. 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. 

 
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.

 
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
accounts 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.

Page 3

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

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 balance sheet date.


 
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 4

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the shorter of the lease period and 25 years, having consideration to provisions contained in the lease for future potential lease renewals.
Plant and machinery
-
Over 4 years
Fixtures, fittings, and equipment
-
Over 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss.

 
2.9

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet 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 balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Stocks

Stocks consist of raw materials and consumables, crockery and linen. 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 first in, first out basis.

At each balance sheet 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.

 
2.11

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.

 
2.12

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. 

Page 5

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial
Page 6

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 25).

Page 7

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures, fittings, and equipment
Total

£
£
£
£



Cost 


At 1 October 2023
415,693
206,112
244,578
866,383


Additions
3,396
5,071
-
8,467



At 30 September 2024

419,089
211,183
244,578
874,850



Depreciation


At 1 October 2023
347,580
174,130
154,378
676,088


Charge for the year on owned assets
4,366
12,185
24,639
41,190


Impairment charge
67,143
24,868
65,561
157,572



At 30 September 2024

419,089
211,183
244,578
874,850



Net book value



At 30 September 2024
-
-
-
-



At 30 September 2023
68,113
31,982
90,200
190,295


5.


Stocks

2024
2023
£
£

Raw materials and consumables
28,103
38,225

Crockery and linen
44,287
44,287

72,390
82,512


Page 8

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
24,078
14,547

Amounts owed by group undertakings
745,295
566,836

Other debtors
13,736
34,057

Prepayments and accrued income
30,895
26,930

814,004
642,370



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
32,017
185,810



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
105,137
87,525

Amounts owed to group undertakings
385,249
766,674

Other taxation and social security
31,829
47,409

Other creditors
85,936
140,806

Accruals and deferred income
8,857
85,586

617,008
1,128,000


Page 9

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Deferred taxation




2024


£






At beginning of year
(701)


Charged to profit or loss
(20,150)



At end of year
(20,851)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
20,851
701

20,851
701


10.


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).


11.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
91,250
91,250

Later than 1 year and not later than 5 years
365,000
365,000

Later than 5 years
1,369,750
1,461,000

1,826,000
1,917,250

Page 10

 
PLACE RESTAURANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Post balance sheet events

On 31 October 2024 the Group ceased trading at Launceston Place, however retained the lease.
 


13.


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 £547,922 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.


14.


Auditors' information

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

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

 
Page 11