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Registered number: 13047176
UK VAP TCR LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 29 DECEMBER 2024
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UK VAP TCR LIMITED
REGISTERED NUMBER: 13047176
BALANCE SHEET
AS AT 29 DECEMBER 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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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 on 11 December 2025.
The notes on pages 2 to 10 form part of these financial statements.
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
UK VAP TCR Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 1-3 Portland Place, London, W1B 1PN.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The company's functional and presentational currency is GBP.
The following principal accounting policies have been applied:
The director has made enquiries into the adequacy of the company's financial resources through a review of the company's budget and financial projections, including capital expenditure plans and cash flow forecasts. The company has modelled a range of scenarios, with the base forecast being one in which, over the next 12-24 months, sales gradually recover. In addition, the directors have considered several 'downside' scenarios, including adjustment to the base forecast such as a period of lower like-for-like sales. The director is satisfied that the company has sufficient liquidity to withstand adjustments to the base forecasts, as well as downside scenarios.
Material uncertainty, which may cast significant doubt over the company's ability to trade as a going concern, has resulted from a net loss and net liability position in the year. However, the parent company received significant cash investments after the balance sheet date, which will provide additional funding going forwards.
Although a material uncertainty exists, the director is satisfied that the company will continue in operational existence for the forseeable future. For this reason, the company continues to adopt the going concern basis in preparing its financial statements.
The comparatives of the financial statements were prepared for the period from 1 January 2023 to 31 December 2023. Subsequently, the current period results were prepared for the period 1 January 2024 to 29 December 2024. Thus, the comparatives are not entirely comparable.
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
Revenue comprises sales of food and beverages from the restaurant, less discounts given. Sales are recognised at the fair value of the consideration received or receivable for the goods and services provided in the normal course of business, shown net of VAT and other sales related taxes.
Revenue from the sale of food and beverages is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
All revenue arose in the United Kingdom.
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, on the following basis.
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Leasehold land and buildings
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Over the term of the lease
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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 estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing their stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each balance sheet 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 recognized as an impairment loss in profit or loss, along with any reversals of impairment losses.
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
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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.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
2.Accounting policies (continued)
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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 Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of unused holiday entitlement is recognised in the period in which the employees services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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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.
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Foreign currency translation
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Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Recoverability of intercompany receivables
Intercompany receivables are assessed for impairment by taking into account the liquidity of the intercompany counterparty, as well as historical experience. An impairment is recognised if the cash flows that are expected to be received, discounted at the original effective interest rate where applicable, are lower than the cash flows that are due to the company.
Dilapidations and contingencies
Provisions are made for asset retirement obligations, dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rate used to establish net present value of the obligations require management's judgements.
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the period was 48 (2023 - 50).
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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Leasehold land and buildings
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Charge for the period on owned assets
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to related undertakings
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Other taxation and social security
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Accruals and deferred income
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10.Other financial commitments
The immediate parent company, UK VAP Limited, has granted an unlimited multilateral guarantee to HSBC in respect of the amounts due from the bank from the company and group, UK VAP Limited and its subsidiaries.
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Related party transactions
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The company has taken advantage of the exemption available in FRS 102 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any other wholly owned subsidiary undertakings of the group.
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UK VAP TCR Limited is controlled by the parent company UK VAP Limited. UK VAP Limited is controlled as part of a joint venture by Love & Food Restaurant Holdings S.R.O (L&F) and Savour Group Limited.
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UK VAP TCR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
The auditors' report on the financial statements for the period ended 29 December 2024 was unqualified.
The audit report was signed on 15 December 2025 by Ankit Shah (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.
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