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Registered number: 13348248
5 WHITE HORSE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024
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5 WHITE HORSE LIMITED
REGISTERED NUMBER: 13348248
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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5 WHITE HORSE LIMITED
REGISTERED NUMBER: 13348248
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
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 income and retained earnings 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:
The notes on pages 3 to 10 form part of these financial statements.
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The principal activity of 5 White Horse Limited ("the Company") is that of hospitality in the form of a pub situated in Piccadilly, London.
The Company is a private company limited by shares and is incorporated in England and Wales.
The address for the principal place of activity is 5 White Horse Street, London, England, W1J 7LQ.
2.Accounting policies
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Basis of preparation of financial statements
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The Company will cease trading within 12 months from the date of signing these financial statements. The financial statements have, therefore, been prepared on a basis other than going concern basis. These financial statements have been prepared on a basis other than going concern and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006, and do not include any provision for the future costs of terminating the business except to the extent that costs were committed at the balance sheet date.
The directors have concluded that the Company is no longer a going concern due to the company seizing to trade in December 2025 and the intention is to liquidate the Company. As a result, the financial statements have been prepared using a break-up basis of accounting. Assets have been stated at their recoverable amounts, which may be lower than historical cost, and liabilities include provisions for costs expected to arise from the winding down of operations. This approach reflects the directors’ assessment that the Company will not continue in operational existence for the foreseeable future.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises both income arising from the sale of food and drink net of value added tax and income arising as a result of service charges relating to the sale of this food and drink.
Revenue is recognised when food and drink is provided to the customer.
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.
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Tangible fixed assets are stated at their recoverable amount under the break-up basis of accounting, which may be lower than historical cost. The recoverable amount is determined based on the expected net realisable value from the sale or disposal of the asset, less any costs of disposal.
Depreciation is not charged on tangible fixed assets where the expected realisable value is equal to or exceeds the carrying amount, or where the asset is expected to be disposed of imminently. Where assets are expected to be used for a limited period prior to disposal, depreciation is charged over the remaining useful life.
Impairment reviews have been conducted, and any impairment losses have been recognised where the carrying amount exceeds the recoverable amount.
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 basis:
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Long-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.
Stock is stated at the lower of cost and net realisable value. Under the break-up basis of accounting, net realisable value is determined based on the estimated selling price in the ordinary course of disposal, less estimated costs of completion and the costs necessary to make the sale.
Where the entity is no longer a going concern, stock is not valued based on its utility in continuing operations but rather on its recoverable amount through sale or liquidation. Any obsolete or slow-moving items have been written down to their expected disposal value. No provision has been made for future production or resale activities.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Under the break-up basis of accounting, provisions are made for all known liabilities and obligations arising from any decision undertaken prior to the year end to cease operations, including costs associated with winding down the business, employee termination benefits, contract settlements, and other restructuring activities.
As the decision to cease trading was undertaken post year-end, no specific provisions have been recognised in this regard.
Under the break-up basis of accounting, financial instruments are measured at their recoverable or settlement amounts, reflecting the entity’s intention to cease operations and dispose of assets or settle liabilities.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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(iii) Offsetting
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.
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The average monthly number of employees, including directors, during the year was 8 (2023 - 13).
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Long-term leasehold property
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Reclassified to held for sale
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Charge for the year on owned assets
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Reclassified to held for sale
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Finished goods and goods for resale
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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 interest free and repayable on demand.
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Charged to profit or loss
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
8.Deferred taxation (continued)
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary Shares share of £1.00
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The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £4,162 (2023: £4,276) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the reporting date.
The lease for the premises is held in the name of the parent entity and therefore the lease commitment is included in the consolidated group accounts. The rent is recharged through the intercompany and included in the administration costs of the Company.
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5 WHITE HORSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Post balance sheet events
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Subsequent to the year end, the directors made the decision to cease trading and to wind down the operations of the Company. As a result, the financial statements for the year ending 31 July 2024 will be prepared on a break-up basis rather than a going concern basis.
The wind-down of operations is expected to give rise to various closure costs, including redundancy payments, contract termination costs, and professional and administrative expenses associated with the cessation of trade. Redundancy costs are expected to represent the most material component of these expenses. Expenses relating to the Company’s lease will be settled in the normal course and will lapse on expiry.
The directors are assessing the financial implications of this event; however, it is not possible to quantify the financial effect at this stage.
These costs have not been recognised in the financial statements for the year ended 31 July 2024, as the decision to cease operations was made after the balance sheet date, and therefore represents a non-adjusting event under FRS 102.
The immediate parent in which these financial statements are consolidated is Hedonism Drinks Limited, a Company registered in England and Wales. The consolidated financial statements are available from Companies House using the company's registration number 07306044.
The registered office address for Hedonism Drinks Limited is Connaught House, 1-3 Mount Street, London, England, W1K 3NB.
The ultimate controlling party is E Chichvarkin.
The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.1 to the financial statements which explains that the Company will cease trading and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.1.
Our opinion is not modified in this respect of this matter.
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The audit report was signed on 29 October 2025 by Myfanwy Neville FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
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