Registered number:
05500765
BEDS & BARS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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BEDS & BARS LIMITED
COMPANY INFORMATION
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Xeinadin Audit Limited t/a Elman Wall
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Chartered Accountants
&
Statutory Auditor
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West End Corporate Centre
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BEDS & BARS LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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BEDS & BARS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 26 MARCH 2022
The directors present the strategic report for the year ended 26 March 2022.
The company’s principal activity is the provision of management services, being head office central support, to the wider Beds & Bars group.
Fair review of the business
The company continued to operate as a central service company and the directors continue to monitor its central costs and transfer pricing policy to ensure fair treatment.
Beds & Bars Limited acts as a service company for the wider group and therefore the main business risk relates to the continuing success of the wider Beds & Bars group.
The Beds & Bars group has operated in the hospitality industry for 60 years.
The Covid 19 pandemic forced us to close or curtail our business in all our units often for extended periods throughout the year ended March 2022. That risk has receded with the advent of reliable and effective vaccination programmes, but future risk cannot be discounted.
The invasion of Ukraine has had an immediate impact on energy and other input costs. The resultant inflationary pressures means that interest rates are rising in the UK, where the bulk of our borrowing is based.
The major risk within our control is liquidity risk. The group used all levers to manage the outflow of funds and increase our credit lines whilst maintaining our capacity to retain key personnel and systems within the group. We have continued with our training programmes and are proud of our IIP Platinum award for the third year in a row.
As an established player and with the strength of its branded presence and focus on the guest experience Beds and Bars is well placed to protect its unique market position.
Financial Risk
Beds and Bars has historically funded the development of its business through retained profits and bank facilities. Despite the best endeavours of the board, curtailed trading meant that combined losses of the last 2 years totalled £13m which were replaced with both bank and Government backed loans These loans have variable interest rates which track a mixture of UK base rate, SONIA and Euribor. Thus any increases in those rates will increase the cost of finance and therefore impact net profit and retentions. The group regularly reviews both its interest hedging and currency risk. Our relationship with HSBC as our sole UK banker remains excellent and they are regularly updated with financial performance, forecasts and KPI’s The Group has the benefit of a number of prime UK freehold properties.
The Group is exposed to short term cancellation of bookings. In mitigation management ensure that a non-refundable deposit is taken at the time of booking and encourages full payment in advance through, amongst other things, the fixing of exchange rates.
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BEDS & BARS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 26 MARCH 2022
Health and Safety is at the core of our business. The Health and Safety Strategy (H&S Strategy) supports the strategic and operational management of the group and looks to go beyond the traditional role of preventing harm. The H&S Strategy commits the group to continually improve the health and safety environment for its staff and customers. The H&S Strategy is not just about achieving compliance, but will assist in realising:
This report was approved by the board
and signed on its behalf.
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BEDS & BARS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 26 MARCH 2022
The directors present their report and the financial statements for the year ended 26 March 2022.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies for the Company's financial statements and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £
1,769,936
(2021 -
loss
£
370,684
)
.
The directors who served during the year were:
Qualifying third party indemnity provisions
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The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Matters covered in the Strategic Report
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The directors have chosen in accordance with section 414C(11) of the Companies Act 2006 to include in the Strategic Report matters otherwise required to be disclosure in the Directors' report as the directors consider these are of strategic importance to the company.
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BEDS & BARS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 26 MARCH 2022
Disclosure of information to auditors
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Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
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so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
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the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the company since the year end.
On 18 March 2022, Elman Wall Limited transferred its audit business to Xeinadin Audit Limited, which was appointed auditors in succession and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
21 December 2022
and signed on its behalf.
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Mr K C Knowles
Director
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BEDS & BARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDS & BARS LIMITED
We have audited the financial statements of Beds & Bars Limited (the 'Company') for the year ended 26 March 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Company's affairs as at 26 March 2022 and of its loss for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BEDS & BARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDS & BARS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors
' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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BEDS & BARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDS & BARS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
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Conclude on the appropriateness of the directors
' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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BEDS & BARS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDS & BARS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Karanjit Gill FCCA
(Senior Statutory Auditor)
for and on behalf of
Xeinadin Audit Limited t/a Elman Wall
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
21 December 2022
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BEDS & BARS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 26 MARCH 2022
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Exceptional administrative expenses
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Interest payable and similar expenses
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Loss for the financial year
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There was no other comprehensive income for 2022 (2021:£
NIL).
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The notes on pages 12 to 32 form part of these financial statements.
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BEDS & BARS LIMITED
REGISTERED NUMBER:
05500765
STATEMENT OF FINANCIAL POSITION
AS AT
26 MARCH 2022
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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 were approved and authorised for issue by the board and were signed on its behalf on
21 December 2022
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The notes on pages 12 to 32 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
26 MARCH 2022
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Comprehensive income for the period
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Other comprehensive income for the period
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Total comprehensive income for the period
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
Beds & Bars Limited is a private company limited by shares and is registered and incorporated in England and Wales. The address of the registered office is Overlord House, 1D Colet Gardens, Hammersmith, London, England, W14 9DH.
The company's principal activities and nature of its operations are disclosed in the Directors' Report.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
Beds & Bars Limited have taken advantage of the following disclosure exemptions:
- The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).
- The requirements of Section 7 Statement of Cash Flows and Section 3 Financial statements presentation paragraph 3.17(d).
- The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A providing the equivalent disclosures required by this FRS are included in the consolidated financial statements of the group in which the entity is consolidated.
- The requirement of Section 33 Related Party Disclosures paragraph 33.7.
The company has taken advantage of the exemption under section 400 of Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Beds & Bars Limited is a wholly owned subsidiary of Beds & Bars Group Limited and the results of Beds & Bars Limited are included in the consolidated financial statements of Beds & Bars Group Limited which are available from 1D Colet Gardens, Hammersmith, London, United Kingdom, W14 9DH.
The following principal accounting policies have been applied:
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
2.
Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
The directors have prepared a detailed business plan including cash flow projections which indicate
that the group will meet the revised measurement requirements of HSBC.
Having considered potential risks and the current economic environment, the directors have a
reasonable expectation that the group and company will achieve the forecasted performance and has
adequate resources to continue in operational existence for the foreseeable future.
The current and future financial position of the Company, its cash flows and liquidity position have
been reviewed by the directors. These have been prepared with a very prudent view on the likely
gradual recovery in each of the Company's operating locations and have been stress tested to
ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade
during this period.
Having considered potential risks and the current economic environment, the Directors have a
reasonable expectation that the group and company will have adequate resources to continue in
operational existence for the foreseeable future.
Based on the foregoing, the directors believe that it remains appropriate to adopt the going concern
basis of accounting in preparing the financial statements.
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
2.
Accounting policies (continued)
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
The company recognises revenue in respect of management charges receivable from its subsidiary undertakings. Turnover is recognised when the company becomes entitled to receive the revenue under the intercompany arrangement.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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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:
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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
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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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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
2.
Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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 basis:
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Over 5 or 10 years depending on the useful life of the assets
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
2.
Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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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.
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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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
2.
Accounting policies (continued)
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic finanacial assets
Basic financial assets, which include trade and other debtors, loans to fellow group companies, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement consistutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Other financial assets
Other financial assets, including trade investments, are intially measured at fair value, which is normally the transactions price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairments at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impariment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
2.
Accounting policies (continued)
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement consistutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Decrecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligaions are discharged, cancelled, or they expire.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs.
The cost 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 any unused holiday entitlement is recognised in the period in which the employee's 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 provide termination benefits.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 etimates 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.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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The operating loss is stated after charging:
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Depreciation of owned tangible fixed assets
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Amortisation of intangible assets
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During the current and prior years the fee for the company's audit was incurred by Interpub Limited, a subsidiary company.
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Staff costs were as follows:
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During the current and previous accounting period the company had no employees. Employee costs are being recharged to the Company from Group entities. The directors were employed by other entities in the group and did not receive remuneration directly in respect of their services as directors of the company.
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The average monthly number of employees, including the directors, during the year was as follows:
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Interest payable and similar expenses
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Other loan interest payable
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Interest payable to group undertakings
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Origination and reversal of timing differences
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Taxation on loss on ordinary activities
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
8.
Taxation (continued)
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Factors affecting tax charge for the year/period
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The tax assessed for the year/period is the same as
(2021 - the same as)
the standard rate of corporation tax in the UK of
19
%
(2021 -
19
%)
as set out below:
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Loss on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
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Origination and reveral of timing differences
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Reneasurement of deferred tax for changes in tax rates
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Expenses not deductible for tax purposes
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Total tax charge for the year/period
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
8.
Taxation (continued)
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Factors that may affect future tax charges
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The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. This change will affect the company's future tax charge accordingly.
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Exceptional items represents write off of non- recoverable balances- £309,520 (2021: Nil) and loss of disposal of investment in participating interest -£Nil (2021: £67,328).
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Charge for the year on owned assets
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Charge for the year on owned assets
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Investments in subsidiary companies
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Investments in associates
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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The following were subsidiary undertakings of the Company:
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Licence public house with ancillary budget accomodation
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St Christopher's Holdings Limited
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St Christopher's (Amsterdam) BV)
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Licence public house with ancillary budget accomodation
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St Christopher's Bruges BV
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Licence public house with ancillary budget accomodation
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St Christopher's Inns Limited
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Licence public houses with ancillary budget
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Licence public houses with ancillary budget
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St Christopher's (Paris) SAS
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Licence public houses with ancillary budget
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Licence public houses with ancillary budget
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Beds and Bars Franchise Limited
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Licence public houses with ancillary budget accomodation
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Licence public houses with ancillary budget accomodation
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Licence public houses with ancillary budget accomodation
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Licence public houses with ancillary budget accomodation
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St. Christopher Inns Vienna GmbH
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Licence public houses with ancillary budget accomodation
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
.
Subsidiary undertakings (continued)
Subsidiary undertakings (continued)
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Registered office addresses:
a. 1D Colet gardens, Hammersmith, London, England, W14 9DH
b. Warmoesstraat 129, 1012JA Amsterdam, Netherlands
c. 133-137 Langestrat, Bruges, 8000, Belgium
d. Rosa-Luxemburg Strasse 39-41, 10178 Berlin, Germany
e. Warmoesstraat 131, 1012JB Amsterdam, Netherlands
f. 159 Rue de Crimee, 75019 Paris, France
g. Avda. Insitulo Obrero 20, zip code/CP: 46013, Valencia, Spain
h. Nieuwendijk 100, 1012 MR Amterdam, Netherlands
i. Columbusgasse 16, 1100 Wien, Sitz in politischer Gemeinde Wien
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Beds & Bars Limited is a wholly owned subsidiary of Beds & Bars Group Limited and the results of Beds & Bars Limited are included in the consolidated financial statements of Beds & Bars Group Limited which are available from 1D Colet Gardens, Hammersmith, London, W14 9DH.
Flying Pig UK Limited and its three wholly owned subsidiaries, Flying Pig Headoffice BV, Flying Pig Downtown BV and Flying Pig Uptown BV, have been determined by the directors to be companies under common control and are managed on a unified basis with that of Beds & Bars Limited and its subsidiaries.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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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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Accruals and deferred income
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Amounts due to group undertakings are repayable on demand and are non-interest bearing.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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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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Other loans
During FY20 the company entered into an agreement for the purchase of 50% of the issued share capital of Literas Y Bares S.L. €0.5m of the purchase price was due to the seller within one year of the purchase, with a further €0.5m due after two years and the final instalment of €0.5m due after three years.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Losses and other deductions
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
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Allotted, called up and fully paid
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339,342
(2021 -
339,342
)
A Ordinary
shares of £
1.00
each
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1
(2021 -
1
)
B Ordinary
share of £
0.01
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The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.
The company's preference 5% shares carry the right to a fixed dividend of 5% of the par value per annum. These shares do not carry any rights in respect of voting or capital. The preference shares have been classified as liabilities on the basis that they have a fixed income.
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Share premium account
The share premium account represents consideration received for shares above their nominal value net of transaction costs.
Profit and loss account
The profit and loss account represents cumulative profit and loss net distributions to owners.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
|
Related party transactions
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During the year the company entered into the following transactions with related parties, these all related to management charges:
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Entities over which the entity has control, joint control or significant influence
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The above disclosure relates to income receivable by Beds & Bars Limited from non-wholly owned group undertakings.
The following amounts were outstanding at the reporting end date:
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Amounts owed to non-wholly owned group undertakings
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Entities over which the entity has control, joint control or significant influence
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The group has taken advantage of the exemption available under FRS 102 'Related Party Transactions'
from disclosing related party transactions with other Group entities that are wholly owned.
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Amounts owed by non-wholly owned group undertakings
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Entities over which the entity has control, joint control or significant influence
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Post balance sheet events
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The directors have concluded that no material events have occurred since the date of approval of these
financial statements that would affect the financial statements of the Company.
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BEDS & BARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 MARCH 2022
The parent of the smallest and largest group for which consolidated accounts are drawn up of which the company is a member is Beds & Bars Group Limited, a company with a registered office of Overlord House, 1D Colet Gardens, Hammersmith, London, England, W14 9DH.
Beds & Bars Group Limited is the ultimate parent company.
The ultimate controlling party is Mr K C Knowles.
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