Company registration number 03859834 (England and Wales)
EVER 1209 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
EVER 1209 LIMITED
COMPANY INFORMATION
Directors
B Ladhar
M Ladhar
Company number
03859834
Registered office
Earl Grey Properties
2nd Floor
Adelphi Chambers
20 Shakespeare Street
Newcastle Upon Tyne
Tyne and Wear
NE1 6AQ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
EVER 1209 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 24
EVER 1209 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the business
Ever 1209 Limited is a family owned operator of licenced premises based in the North East of England.
Turnover fell to £13.6m from £14.56m in 2023. Overall the business recorded a profit before tax of £1.5m against a profit of £0.673m in the previous year.
Future Outlook
The directors are satisfied with the performance of the company for the year ended 31 October 2024 and expect growth in revenue and profitability in future years.
Principal risks and uncertainties
Financial Risk Management
The company is subject to a number of financial risks, in particular liquidity, interest rate, and credit risk.
Liquidity risk
During the year the management took steps to substantially reduce the company's exposure to external debt, and entered into a new term loan facility to provide sufficient funds for ongoing operations.
Interest rate risk
The company has used interest rate swaps in the past to minimise the risk of part of the term debt. Following repayment of a large part of the term debt during the prior year, management no longer consider interest rate risk to be significant enough to warrant entering into swap agreements.
Credit risk
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are shown net of provisions for impairment where it is considered the company will not be able to collect all amounts due. Management consider that the company has no significant concentration on credit risk as the majority of its turnover is generated from cash sales.
M Ladhar
Director
15 July 2025
EVER 1209 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company and group continued to be the operating of restaurants and licensed premises, primarily licensed bars and nightclubs.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B Ladhar
M Ladhar
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards 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 group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
EVER 1209 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
On behalf of the board
M Ladhar
Director
15 July 2025
EVER 1209 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVER 1209 LIMITED
- 4 -
Opinion
We have audited the financial statements of Ever 1209 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
EVER 1209 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVER 1209 LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.
The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework, in which the company operates and how the company complies with that legal and regulatory framework
inquired with management and those charged with governance about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud
discussed with management and those charged with governance any non-compliance with laws and regulations and how fraud might occur including assessments of how and where the financial statements may be susceptible to fraud.
The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
EVER 1209 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVER 1209 LIMITED
- 6 -
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 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.
Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
15 July 2025
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
EVER 1209 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
13,632,850
14,560,643
Cost of sales
(3,836,233)
(4,436,612)
Gross profit
9,796,617
10,124,031
Administrative expenses
(8,023,976)
(9,115,918)
Other operating income
236,628
100,000
Operating profit
3
2,009,269
1,108,113
Interest payable and similar expenses
6
(469,105)
(435,366)
Profit before taxation
1,540,164
672,747
Tax on profit
7
(486,081)
(444,387)
Profit for the financial year
1,054,083
228,360
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EVER 1209 LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
8
241,694
261,157
Tangible assets
9
20,756,716
19,967,267
20,998,410
20,228,424
Current assets
Stocks
12
310,519
305,915
Debtors
13
3,764,391
4,094,456
Cash at bank and in hand
590,485
889,832
4,665,395
5,290,203
Creditors: amounts falling due within one year
14
(13,203,504)
(13,016,387)
Net current liabilities
(8,538,109)
(7,726,184)
Total assets less current liabilities
12,460,301
12,502,240
Creditors: amounts falling due after more than one year
15
(4,466,513)
(5,688,512)
Provisions for liabilities
Deferred tax liability
17
1,887,861
1,761,884
(1,887,861)
(1,761,884)
Net assets
6,105,927
5,051,844
Capital and reserves
Called up share capital
19
70,000
70,000
Revaluation reserve
4,416,298
4,491,986
Capital redemption reserve
5,000
5,000
Profit and loss reserves
1,614,629
484,858
Total equity
6,105,927
5,051,844
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
15 July 2025
M Ladhar
Director
Company registration number 03859834 (England and Wales)
EVER 1209 LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
1,300,000
1,300,000
Current assets
Debtors
13
189,580
189,580
Cash at bank and in hand
130
130
189,710
189,710
Creditors: amounts falling due within one year
14
(1,000)
(1,000)
Net current assets
188,710
188,710
Net assets
1,488,710
1,488,710
Capital and reserves
Called up share capital
19
70,000
70,000
Profit and loss reserves
1,418,710
1,418,710
Total equity
1,488,710
1,488,710
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
15 July 2025
M Ladhar
Director
Company registration number 03859834 (England and Wales)
EVER 1209 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2022
70,000
4,567,674
5,000
180,810
4,823,484
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
228,360
228,360
Transfers
-
(75,688)
-
75,688
-
Balance at 31 October 2023
70,000
4,491,986
5,000
484,858
5,051,844
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
1,054,083
1,054,083
Transfers
-
(75,688)
-
75,688
-
Balance at 31 October 2024
70,000
4,416,298
5,000
1,614,629
6,105,927
EVER 1209 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
70,000
1,418,710
1,488,710
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
Balance at 31 October 2023
70,000
1,418,710
1,488,710
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
Balance at 31 October 2024
70,000
1,418,710
1,488,710
EVER 1209 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,425,573
1,200,195
Interest paid
(469,105)
(435,366)
Income taxes paid
(640,913)
(509,649)
Net cash inflow from operating activities
2,315,555
255,180
Investing activities
Purchase of tangible fixed assets
(2,266,989)
(492,580)
Proceeds from disposal of tangible fixed assets
400,000
-
Net cash used in investing activities
(1,866,989)
(492,580)
Financing activities
Repayment of bank loans
(747,913)
(220,105)
Net cash used in financing activities
(747,913)
(220,105)
Net decrease in cash and cash equivalents
(299,347)
(457,505)
Cash and cash equivalents at beginning of year
889,832
1,347,337
Cash and cash equivalents at end of year
590,485
889,832
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
1
Accounting policies
Company information
Ever 1209 Limited (the parent company) is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Earl Grey Properties Limited, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle Upon Tyne, Tyne and Wear, NE1 6AQ,
The group consists of Ever 1209 Limited and all of its subsidiaries.
The company's and the group's principal activities and nature of its operations are disclosed in the Directors' Report.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Ever 1209 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on the sale of goods), 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.
1.5
Intangible fixed assets - goodwill
Amortisation is calculated so as to write off the cost of an intangible fixed asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill between 3 and 20 years
1.6
Tangible fixed assets
Tangible fixed assets 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:
Freehold land and buildings
over 50 years straight line
Leasehold land and buildings
over the life of the lease or 50 years if shorter
Fixtures and fittings
20% reducing balance
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 statement of comprehensive income.
1.7
Fixed asset investments
In the separate accounts of the company, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group 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).
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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 profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 debtors 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 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. 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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.
1.12
Equity instruments
Equity instruments issued by the group 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 group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Retirement benefits
For defined contribution schemes the amount charged to the profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Turnover
2024
2023
£
£
Turnover analysed by class of business
Hospitality and leisure
13,632,850
14,560,643
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,476,407
1,492,015
Profit on disposal of tangible fixed assets
(398,867)
-
Amortisation of intangible assets
19,463
21,085
Operating lease charges
475,537
438,177
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,830
2,700
Audit of the financial statements of the company's subsidiaries
13,860
13,300
16,690
16,000
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
231
248
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,330,877
3,594,383
Social security costs
196,099
248,974
-
-
Pension costs
37,956
48,132
3,564,932
3,891,489
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
469,105
435,366
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
360,104
457,777
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
125,977
(13,390)
Total tax charge
486,081
444,387
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,540,164
672,747
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
385,041
151,503
Tax effect of expenses that are not deductible in determining taxable profit
4,866
2,599
Adjustments in respect of prior years
60
Effect of change in corporation tax rate
-
1,949
Permanent capital allowances in excess of depreciation
351,383
576,744
(255,209)
(288,468)
Taxation charge
486,081
444,387
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
2,102,759
Amortisation and impairment
At 1 November 2023
1,841,602
Amortisation charged for the year
19,463
At 31 October 2024
1,861,065
Carrying amount
At 31 October 2024
241,694
At 31 October 2023
261,157
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 November 2023
14,431,734
3,790,456
14,280,590
32,502,780
Additions
2,266,989
2,266,989
Disposals
(2,601)
(2,601)
At 31 October 2024
14,431,734
3,790,456
16,544,978
34,767,168
Depreciation and impairment
At 1 November 2023
1,461,560
2,056,947
9,017,006
12,535,513
Depreciation charged in the year
247,765
55,898
1,172,744
1,476,407
Eliminated in respect of disposals
(1,468)
(1,468)
At 31 October 2024
1,709,325
2,112,845
10,188,282
14,010,452
Carrying amount
At 31 October 2024
12,722,409
1,677,611
6,356,696
20,756,716
At 31 October 2023
12,970,174
1,733,509
5,263,584
19,967,267
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
The freehold properties were valued on 31 October 2020 on the basis of an open market valuation carried out by Lambert Smith Hampton. The directors believe that these valuations, together with any additions reflect the current value of the freehold establishments as at the balance sheet date.
The groups leasehold arrangements were valued by external valuers, Sanderson Weatherall, between 21 January 2009 and 3 March 2009 on an open market basis. In the directors opinion there has been no material change in value in the year and as such they are stated at their current value as at the balance sheet date.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Group
Cost
4,831,748
4,831,748
Accumulated depreciation
(1,728,543)
(1,652,855)
Carrying value
3,103,205
3,178,893
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
1,300,000
1,300,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
1,300,000
Carrying amount
At 31 October 2024
1,300,000
At 31 October 2023
1,300,000
11
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Crafted Projects Ltd
1
Development and operation of restuarants and licenced premises.
Ordinary
0
100.00
Easteye Limited
1
Operation of licenced bars and restaurants
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
C/O Earl Grey Properties Ltd, 2nd Floor Adelphi Chambers, 20 Shakespeare Street, Newcastle upon Tyne, NE1 6AQ
12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
310,519
305,915
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
68,947
350,215
Amounts owed by group undertakings
-
-
189,580
189,580
Other debtors
3,426,489
3,460,618
Prepayments and accrued income
268,955
283,623
3,764,391
4,094,456
189,580
189,580
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
16
1,210,738
736,652
Trade creditors
1,356,918
1,538,850
Corporation tax payable
176,968
457,777
Other taxation and social security
341,118
309,819
-
-
Other creditors
9,495,902
9,295,194
Accruals and deferred income
621,860
678,095
1,000
1,000
13,203,504
13,016,387
1,000
1,000
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
4,466,513
5,688,512
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
118,767
-
-
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
5,677,251
6,425,164
Payable within one year
1,210,738
736,652
Payable after one year
4,466,513
5,688,512
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
16
Loans and overdrafts
(Continued)
- 22 -
Bank loans are secured by first legal charges over the company's freehold and leasehold property interests and directors' loan accounts, assignment of a reducing life assurance policy in the directors names and an unlimited inter-company bank guarantee and mortgage debenture between Easteye Limited, Ever 1209 Limited, Crafted Projects Ltd, Dean Venture Limited, Movesun Limited, Ladhar Betting & Gambling Ltd and Ladhar Leisure LLP.
The group has two loans that were taken out under the bounce back scheme. These loans attracted no interest during the first twelve months but now incur interest over the remaining term. They are repayable by monthly instalments.
All other bank loans are repayable in quarterly instalments with interest payable, linked to the Bank of England's base rate.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
637,657
510,976
Revaluations
1,251,777
1,251,777
Short term timing differences
(1,573)
(869)
1,887,861
1,761,884
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
1,761,884
-
Charge to profit or loss
125,977
-
Liability at 31 October 2024
1,887,861
-
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,956
48,132
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
18
Retirement benefit schemes
(Continued)
- 23 -
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
70,000
70,000
70,000
70,000
20
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
405,200
469,700
-
-
Between two and five years
1,175,100
1,280,300
-
-
In over five years
2,070,000
2,310,000
-
-
3,650,300
4,060,000
-
-
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
250,000
100,000
-
-
The operating leases where the company is a lessor represent leases of one property to a related party.
21
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Other related parties
7,492,241
7,295,682
EVER 1209 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Related party transactions
(Continued)
- 24 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
3,235,942
3,309,611
22
Controlling party
The directors consider that the ultimate controlling parties are B S Ladhar and M S Ladhar by virtue of their ownership of 100% of the share capital.
23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,054,083
228,360
Adjustments for:
Taxation charged
486,081
444,387
Finance costs
469,105
435,366
Gain on disposal of tangible fixed assets
(398,867)
-
Amortisation and impairment of intangible assets
19,463
21,085
Depreciation and impairment of tangible fixed assets
1,476,407
1,492,015
Movements in working capital:
Increase in stocks
(4,604)
(39,597)
Decrease in debtors
330,065
690,879
Decrease in creditors
(6,160)
(2,072,300)
Cash generated from operations
3,425,573
1,200,195
24
Analysis of changes in net debt - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
889,832
(299,347)
590,485
Borrowings excluding overdrafts
(6,425,164)
747,913
(5,677,251)
(5,535,332)
448,566
(5,086,766)
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