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Registered number: 08891225
RAREBREED DINING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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RAREBREED DINING LIMITED
REGISTERED NUMBER: 08891225
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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:
................................................
B Rawson
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The notes on pages 3 to 12 form part of these financial statements.
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RAREBREED DINING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Loss for the year (as restated)
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At 1 October 2023 (as previously stated)
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Prior year adjustment (refer to note 10)
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At 1 October 2023 (as restated)
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The notes on pages 3 to 12 form part of these financial statements.
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Rarebreed Dining Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 08891225 and registered office address is 24 Heath Road, Weybridge, Surrey, United Kingdom, KT13 8TH.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for at least twelve months from the date of approval of these financial statements. The Company is reliant on the continued financial support of a shareholder of the ultimate parent company in order to continue as a going concern.
The Company has received a letter of support from a shareholder of the ultimate parent company to confirm that additional funding will be provided and letters of support from related company lenders to confirm that debts will not be called for repayment, all for a period of at least 12 months from the date of approval of these financial statements. The directors consider, whilst recognising this commitment is not legally binding, that it is the shareholder’s intention to continue to provide financial support to the Company as and when required.
The directors having reviewed the latest financial information and projected forecasts, and on the basis that the Company has the continued financial support for its operations, for which they have no reason to believe will not continue, consider that the Company will continue as a going concern for a period of at least twelve months from the date of signing these financial statements.
Accordingly, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, exclusive of discounts, value added tax and other sales taxes.
Revenue consists of sales of food and beverage. It is recognised at the point of sale as that is when the risks and rewards transfer to the customer.
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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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.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 10 years which has been determined by the directors.
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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Short-term leasehold property
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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.
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 reporting 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.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand, deposits and bank overdrafts. Deposit with financial institutions are repayable without penalty on notice of not more than 24 hours. Bank overdrafts are shown within borrowings in current liabilities.
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.
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the year was 87 (2023: 87).
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Short-term leasehold property
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Due after more than one year
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Amounts owed to group undertakings are unsecured, interest free and payable on demand.
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Creditors: amounts falling due after more than one year
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The bank loan relates to a facility held under the Coronavirus Business Interruption Loan Scheme with National Westminster Bank plc that is payable in annual instalments of £10,644 with a final bullet payment due for the remaining balance on 13 August 2026. It is secured by way of a fixed and floating charge over all of the Company's assets. Interest is payable on the loan at a rate of 2.5% per annum.
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During the current financial year, management identified that an intercompany write-off recognised against intercompany creditors in the prior year was posted in error.
As a result, a prior year adjustment has been made to reverse the intercompany write-off. The opening balance of retained earnings as at 1 October 2023 has been decreased by £1,072,238, with a corresponding increase in intercompany creditors.
The comparative figures for the prior year have been restated accordingly. The impact of this adjustment is as follows:
Impact on the financial statements for the year ended 30 September 2023:
As previously stated (£) Adjustment (£) As restated (£)
Statement of Comprehensive Income
Write off of intercompany balances (1,072,238) 1,072,238 £nil
Statement of Financial Position
Closing retained earnings 1,369,919 1,072,238 2,442,157
Amounts owed to group undertakings (365,000) (1,072,238) (1,437,238)
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Commitments under operating leases
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At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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At 30 September 2024, the Company had an outstanding directors' loan account debtor totalling £45,481 (2023: £45,481) which is included within other debtors. This overdrawn loan balance is unsecured, subject to s455 taxation and interest at HMRC statutory rates, and is repayable on demand.
At 30 September 2024, the Company had two loan facilities provided by Havisham Associates Limited, the ultimate parent undertaking of the Company, totalling £100,000 (2023: £100,000) and £265,000 (2023: £265,000) respectively. These amounts are included within amounts owed to group undertakings. Both loans are unsecured, payable on demand, and no interest is charged by the lenders on these balances.
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Post balance sheet events
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In February 2025, the Company's managing director, J Hallows, stepped down from his role for personal reasons. Following this departure, the Board identified suitable successors from within the existing senior management team. Two qualified internal candidates have stepped into the role as co-managing directors, ensuring a smooth and effective leadership transition. The Board is confident that these internal appointments provide continuity, stability, and strategic alignment for the Company moving forward.
Subsequent to the year-end, the Company completed the disposal of its Reading-based site, "The Corn Store," which had ceased trading in 2023. The disposal was finalised in June 2025 and the Board considers the transaction beneficial in streamlining the Company’s portfolio, optimising resources, and focusing operations on profitable sites and strategic growth areas.
The expected financial impact of the disposal of the Corn Store in future financial periods will be and reduced revenue, costs of sales and administrative expenditure.
The parent of the smallest group, of which the Company is a member and for which group accounts are prepared, is Rarebreed Holdings Limited, the Company's immediate parent undertaking. Its registered office address is Level 12 Thames Tower, Station Road, Reading, United Kingdom, RG1 1LX.
The Company's ultimate controlling party is Lord David Ellis Brownlow.
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RAREBREED DINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 15 September 2025 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.
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