Financial Statements

for the Year Ended 31 December 2024

for

Sucre London Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G S Y Sanzey

REGISTERED OFFICE:

8/10 South St

Epsom

Surrey

KT18 7PF

REGISTERED NUMBER:

12069046 (England and Wales)

AUDITORS:

Williams & Co Epsom LLP

Statutory Auditors

8-10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Tangible assets

4

5,785,990

2,210,279

CURRENT ASSETS

Stocks

61,070

61,239

Debtors: amounts falling due within one year

5

271,110

460,267

Debtors: amounts falling due after more than one year

5

225,000

225,000

Cash at bank and in hand

76,577

33,345

633,757

779,851

CREDITORS

Amounts falling due within one year

6

1,841,244

2,046,402

NET CURRENT LIABILITIES

(1,207,487

)

(1,266,551

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,578,503

943,728

CREDITORS

Amounts falling due after more than one year

7

6,439,963

2,322,321

NET LIABILITIES

(1,861,460

)

(1,378,593

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(1,861,461

)

(1,378,594

)

SHAREHOLDERS' FUNDS

(1,861,460

)

(1,378,593

)

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 July 2025 and were signed by:

G S Y Sanzey - Director

1.	STATUTORY INFORMATION

Sucre London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the sale of food and drinks within the restaurant operated by the company. Revenues are recognised at the point of sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

over the term of the lease

Plant and machinery etc

-

at varying rates on cost

Short leasehold - 4.17% - straight line method

Improvements to property - 10% - straight line method

Plant and machinery - 12.5% and 10% - straight line method

Fixtures and fittings - 12.5% - straight line method

Computer equipment - 12.5% and 10% - straight line method

Stocks

Stocks are mainly comprised of wine and other beverages used in the operation of the restaurant.

Stock also includes food which is valued in the same way.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The basis of valuation used is the actual cost paid to the supplier.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has made a loss in the year to the 31st December 2024 and has net current liabilities at that date. These losses have been funded by loans from its parent company and other shareholders who have no immediate rights to repayment under the shareholders and subscribers agreement.

The director has prepared forecasts for the company that show trading is expected to improve and so provide a means to repay the loans outstanding. The parent company is also committed to providing financial support going forward.

As a result, the accounts have been drawn up on a going concern basis which will continue to support it as required.

Right of use of assets

The company has chosen to adopt the practice set out in IFRS 16 within these accounts so as to recognise the use of the property lease together with the corresponding lease commitments for these rental payments in the future. The values included in the accounts are based on net present value calculations which are then adjusted by discount factors set by the directors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 67 ).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

347,850

2,408,167

2,756,017

Additions

3,998,715

92,441

4,091,156

At 31 December 2024

4,346,565

2,500,608

6,847,173

DEPRECIATION

At 1 January 2024

34,374

511,364

545,738

Charge for year

251,433

264,012

515,445

At 31 December 2024

285,807

775,376

1,061,183

NET BOOK VALUE

At 31 December 2024

4,060,758

1,725,232

5,785,990

At 31 December 2023

313,476

1,896,803

2,210,279

The company has early adopted IFRS16 accounting treatment on its property lease recorded within the

short leasehold additions above and note 13 of these accounts

Fixed assets, included in the above, which are held under finance leases are as follows:

Land and

buildings

£

COST

Additions

3,998,715

At 31 December 2024

3,998,715

DEPRECIATION

Charge for year

235,219

At 31 December 2024

235,219

NET BOOK VALUE

At 31 December 2024

3,763,496

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

35,071

124,233

Other debtors

236,039

336,034

271,110

460,267

Amounts falling due after more than one year:

Other debtors

225,000

225,000

Aggregate amounts

496,110

685,267

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

669

99

Finance leases (see note 8)

122,564

-

Advances from customers

1,930

705

Trade creditors

108,311

254,466

Taxation and social security

159,002

201,814

Other creditors

1,448,768

1,589,318

1,841,244

2,046,402

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Finance leases (see note 8)

3,761,067

-

Other creditors

2,678,896

2,322,321

6,439,963

2,322,321

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

3,075,616

-

8.	LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases

2024

2023

£

£

Gross obligations repayable:

Within one year

375,000

-

Between one and five years

1,600,000

-

In more than five years

4,400,000

-

6,375,000

-

Finance charges repayable:

Within one year

252,436

-

Between one and five years

914,549

-

In more than five years

1,324,384

-

2,491,369

-

Net obligations repayable:

Within one year

122,564

-

Between one and five years

685,451

-

In more than five years

3,075,616

-

3,883,631

-

During the year, the company recognised the use of the lease on its restaurant premises by calculating the net present value of the rents under this lease and also recognising the finance lease commitments of these rents as required bt IFRS 16.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul M Smith BSc (hons) FCA (Senior Statutory Auditor)

for and on behalf of Williams & Co Epsom LLP

11.	ULTIMATE CONTROLLING PARTY

The controlling party is BA Restaurants Limited.