Year Ended
Registration number:
Wright Brothers Oyster House Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Wright Brothers Oyster House Limited
Balance Sheet
30 December 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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......................................... |
Company Registration Number: 05542296
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Going concern
The financial statements have been prepared on a going concern basis.
The directors have concluded that there is no material uncertainty regarding the ability of the company to continue as a going concern for a period of at least 12 months from the date of approval of these accounts and that it remains appropriate to prepare the financial statements on the going concern basis.
These expectations are based on the following assessments and a review of risks and uncertainties which take into account the current economic climate.
Management have completed and sensitised a forecast to September 2026. Taking into consideration the improved performance we have seen as well as reviewing market uncertainties this performance shows continued liquidity.
Detailed cash flow forecasts based on the sensitised budget looking forward 12 months are maintained and reviewed weekly.
The company meets its day-to-day working capital requirements through its own resources and bank facilities as disclosed in notes 7 and 8.
As with any business placing reliance on future forecasts, the directors acknowledge that there can be no certainty that future forecasts will be achieved given the challenges the business has faced over the last 5 years since the start of the pandemic in the UK and the more general macro-economic uncertainties affecting discretionary consumer spend and the cost and availability of debt in the financial markets.
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Rent payable
The rent payable in respect of the Battersea restaurant is dependent on a number of factors including the level of turnover generated by the unit and the phase of development reached by the Battersea Power Station Estate. It is therefore necessary for the company's management to estimate the future rentals payable in aggregate and spread these over the remaining life of the lease.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold land and buildings |
Over the lease term |
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Plant and equipment |
20% reducing balance |
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Fixtures and fittings |
20% reducing balance |
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Motor vehicles |
20% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost basis.
At each reporting date, stocks are assessed for impairment. If stocks are 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Loans with group companies; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for loans with group companies, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans with group companies are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 31 December 2023 |
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Additions |
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At 30 December 2024 |
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Depreciation |
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At 31 December 2023 |
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Charge for the year |
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At 30 December 2024 |
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Carrying amount |
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At 30 December 2024 |
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At 30 December 2023 |
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Included within the net book value of land and buildings above is £696,466 (2023 - £885,326) in respect of leasehold land and buildings.
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Note |
2024 |
2023 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Less non-current portion |
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Details of non-current trade and other debtors
£2,527,220 (2023 -£1,504,417) of amounts owed to group undertakings is classified as non current. Amounts owed by group companies bear interest at bank base rate + 3% and are repayable within 5 years
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
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46 |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Finance lease liabilities |
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Other borrowings |
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Non-current loans and borrowings
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2024 |
2023 |
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Finance lease liabilities |
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Finance leases are secured over the related assets.
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
Other borrowings
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The other loan is denominated in £ with a nominal interest rate of 7.5%, and the final instalment is due on 23 August 2025. The carrying amount at year end is £216,438 (2023 - £Nil). |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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250,000 |
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250,000 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Financial commitments, guarantees and contingencies |
The company has guaranteed the borrowings of its parent company and fellow subsidiary companies as part of group banking and financing arrangements. This guarantee is secured by a fixed and floating charge over the assets of the companies involved. At 31 December 2024, the contingent liability in respect of this guarantee was £1,457,239 (2024 - £2,075,145).
The company is included in a group registration for VAT purposes with its parent and fellow subsidiary companies. All members of the VAT group are jointly and severally liable for the total amount of VAT due and at 31 December 2024, the contingent liability in respect of this group registration was £135,658 (2023: £nil).
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Related party transactions |
In accordance with FRS102 Section 33 "Related Party Disclosures" the company has taken advantage of the exemption not to disclose transactions with any other wholly owned member of the group.
Wright Brothers Oyster House Limited
Notes to the Financial Statements
Year Ended 30 December 2024
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Audit report |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified opinion.
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 56 Old Brompton Road, London, SW7 3DY
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Wright Bros. (Holdings) Limited is: