ACCOUNTS - Final Accounts preparation

Operating profit/(loss)

The operating profit/(loss) is stated after charging:

BRAVESPIRIT LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-03-292020-03-29truetruetruetruetruefalse2482019-03-30197truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07815354 2019-03-30 2020-03-29 07815354 2018-03-30 2019-03-29 07815354 2020-03-29 07815354 2019-03-29 07815354 c:Exceptional 2019-03-30 2020-03-29 07815354 c:Exceptional 2018-03-30 2019-03-29 07815354 d:Director1 2019-03-30 2020-03-29 07815354 d:Director2 2019-03-30 2020-03-29 07815354 d:RegisteredOffice 2019-03-30 2020-03-29 07815354 c:Buildings c:LongLeaseholdAssets 2019-03-30 2020-03-29 07815354 c:Buildings c:LongLeaseholdAssets 2020-03-29 07815354 c:Buildings c:LongLeaseholdAssets 2019-03-29 07815354 c:LandBuildings 2020-03-29 07815354 c:LandBuildings 2019-03-29 07815354 c:PlantMachinery 2019-03-30 2020-03-29 07815354 c:PlantMachinery 2020-03-29 07815354 c:PlantMachinery 2019-03-29 07815354 c:PlantMachinery c:OwnedOrFreeholdAssets 2019-03-30 2020-03-29 07815354 c:FurnitureFittings 2019-03-30 2020-03-29 07815354 c:FurnitureFittings 2020-03-29 07815354 c:FurnitureFittings 2019-03-29 07815354 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-03-30 2020-03-29 07815354 c:OfficeEquipment 2019-03-30 2020-03-29 07815354 c:OfficeEquipment 2020-03-29 07815354 c:OfficeEquipment 2019-03-29 07815354 c:OfficeEquipment c:OwnedOrFreeholdAssets 2019-03-30 2020-03-29 07815354 c:ComputerEquipment 2019-03-30 2020-03-29 07815354 c:ComputerEquipment 2020-03-29 07815354 c:ComputerEquipment 2019-03-29 07815354 c:ComputerEquipment c:OwnedOrFreeholdAssets 2019-03-30 2020-03-29 07815354 c:OwnedOrFreeholdAssets 2019-03-30 2020-03-29 07815354 c:Goodwill 2019-03-30 2020-03-29 07815354 c:Goodwill 2020-03-29 07815354 c:Goodwill 2019-03-29 07815354 c:CurrentFinancialInstruments 2020-03-29 07815354 c:CurrentFinancialInstruments 2019-03-29 07815354 c:Non-currentFinancialInstruments 2020-03-29 07815354 c:Non-currentFinancialInstruments 2019-03-29 07815354 c:CurrentFinancialInstruments c:WithinOneYear 2020-03-29 07815354 c:CurrentFinancialInstruments c:WithinOneYear 2019-03-29 07815354 c:Non-currentFinancialInstruments c:AfterOneYear 2020-03-29 07815354 c:Non-currentFinancialInstruments c:AfterOneYear 2019-03-29 07815354 e:UnitedKingdom 2019-03-30 2020-03-29 07815354 e:UnitedKingdom 2018-03-30 2019-03-29 07815354 c:ShareCapital 2020-03-29 07815354 c:ShareCapital 2019-03-29 07815354 c:RetainedEarningsAccumulatedLosses 2019-03-30 2020-03-29 07815354 c:RetainedEarningsAccumulatedLosses 2020-03-29 07815354 c:RetainedEarningsAccumulatedLosses 2018-03-30 2019-03-29 07815354 c:RetainedEarningsAccumulatedLosses 2019-03-29 07815354 c:RetainedEarningsAccumulatedLosses 2018-03-30 07815354 d:OrdinaryShareClass1 2019-03-30 2020-03-29 07815354 d:OrdinaryShareClass1 2020-03-29 07815354 d:OrdinaryShareClass1 2019-03-29 07815354 d:FRS102 2019-03-30 2020-03-29 07815354 d:Audited 2019-03-30 2020-03-29 07815354 d:FullAccounts 2019-03-30 2020-03-29 07815354 d:PrivateLimitedCompanyLtd 2019-03-30 2020-03-29 07815354 c:Subsidiary1 2019-03-30 2020-03-29 07815354 c:Subsidiary1 1 2019-03-30 2020-03-29 07815354 c:WithinOneYear 2020-03-29 07815354 c:WithinOneYear 2019-03-29 07815354 c:BetweenOneFiveYears 2020-03-29 07815354 c:BetweenOneFiveYears 2019-03-29 07815354 c:MoreThanFiveYears 2020-03-29 07815354 c:MoreThanFiveYears 2019-03-29 07815354 2 2019-03-30 2020-03-29 07815354 4 2019-03-30 2020-03-29 07815354 6 2019-03-30 2020-03-29 07815354 c:Goodwill c:OwnedIntangibleAssets 2019-03-30 2020-03-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07815354

BRAVESPIRIT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

BRAVESPIRIT LIMITED

COMPANY INFORMATION

Directors	H Nakkach
	B Zein


Registered number	07815354


Registered office	Aubaine, 7 Moxon Street
	London
	W1U 4EP


Independent auditors	Wellers
	Accountants & Statutory Auditors
	1 Vincent Square
	London
	SW1P 2PN

BRAVESPIRIT LIMITED

CONTENTS

	Page
Strategic report	1 - 3
Directors' report	4 - 6
Independent auditors' report	7 - 9
Statement of income and retained earnings	10
Balance sheet	11
Notes to the financial statements	12 - 26

BRAVESPIRIT LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 29 MARCH 2020

Introduction

In accordance with section 414c (11) of the Companies Act, included in the Strategic Report is the review
of the business, principal risks and uncertainties and key performance indicators. This information would
have been required by schedule 7 of the "Large and Medium sized Companies and Group (Accounts and
Reports) Regulation 2008" to be contained in the Directors' Report.

Business review

This business review covers the wider Aubaine group, of which Bravespirit is the main trading company. This period we had a steady performance despite the challenging market conditions in the UK. Our optimization plan started giving positive results, strengthening the business position within the wider market. In the past twelve months we continued our heavy investment in branding, Social Media, digital marketing, menu development, team training, tight operational controls, and out of restaurant sales have galvanized the business, with guest reviews scores increasing across the estate. Although challenging market conditions look likely to continue, the company remains committed to profitable growth.
Performance for the group this year had been "mixed", with good growth in few restaurants and less positive in others.
The group, headed by our parent entity Aubaine Limited, now operates seven restaurants and a deli in central London; including Brompton Road, Selfridges, Marylebone, Notting Hill, Kensington High Street, and Covent Garden.
The wider group continues to demonstrate that there is an increasing demand for All day modern French offering that deliver on quality food, drink and ambiance. With customers increasingly busy schedules and demand for convenience and customization, it’s no surprise that all-day dining is growing in popularity. Our restaurants are expanding their menu offerings beyond traditional dayparts to take advantage of new habits and trends.
We will continue to invest in our existing Restaurants and Bakery to ensure our offer remains relevant and differentiated in this competitive and fragmented market

Page 1

BRAVESPIRIT LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2020

Principal risks and uncertainties

Given the nature of the company's business, the principal business risks relate to the following:

∙Supply chain pressures

∙Current economic change

∙Qualified staff shortage

∙Digital & Social Media reach

∙Utilities price volatility

∙Covid 19 Restrictions

Various factors above are linked to Brexit and COVID19 Pandemic, the full impact of which is yet to be seen, although the initial indications are that it is not necessarily beneficial to the sector. For example trading decline, supplier pricing , recruitment and retention of workers and the influence of uncertainty depressing consumer spending are all increasing demands on resources across the casual dining industry.
The above risks are partly mitigated by the following key measures:

∙Continuous supply chain improvement through discerning sourcing and skilled negotiation with suppliers and the favourable effect if economies of scale across the group

∙Continuous focus on delivering an enjoyable experience to our customers at excellent value for money

∙Competitive reward structures alongside a comprehensive training and development programme

∙State of the art Digital and Social Media platforms

∙Implementing new technologies that improve both operational efficiencies and guests experience
Covid secured Environment (restaurant set up, staff training, PPE etc)

Key performance indicators

The directors consider the key indications of the performance of the company to be turnover, gross profit
percentage and EBITDA (earnings from restaurant operations before interest, tax, depreciation, amortisation
and new restaurant pre-opening costs).

Financial Risk Management
The financial requirements and associates risks of the business are regularly reviewed by the directors. The group does not use complicated financial instruments or trade in financial instruments. The operations of the group are mainly financed through shareholder equity, shareholder loans and bank facilities

Liquidity Risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet forseeable needs. Primarily this is achieved through close management control of working capital and utilisation of
a bank overdraft facility of £450,000.

Page 2

BRAVESPIRIT LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2020

This report was approved by the board and signed on its behalf.

................................................

H Nakkach

Director

Date: 30 March 2021

Page 3

BRAVESPIRIT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 29 MARCH 2020

The directors present their report and the financial statements for the year ended 29 March 2020.

Directors' responsibilities statement

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:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙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.

Principal activity

The principal activity of the business is the operating of licensed restaurants under the "Aubaine" brand.

Results and dividends

The profit for the year, after taxation, amounted to £2,161,284 (2019 - loss £3,440,913).

The Directors are unable to recommend the payment of a dividend (2019: NIL).

Directors

The directors who served during the year were:

H Nakkach

B Zein

Page 4

BRAVESPIRIT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2020

Future developments

Our strategy builds on Aubaine's core strengths, strategic affluent locations and its proven brand and business model. We are looking to invest in new elements to enhance our capability, focusing on seasonality, innovation, and technology.
We will continue pushing our Marketing activities mainly Digital and Social to reach bigger London audience and enhance brand awareness among millennials and A/B professionals. Aubaine continues to trade positively despite the sector challenges and uncertainties.
We started testing our website online booking, sponsored ads, plus booking through our social media channels. We are looking to create a new client segment interested in healthier and specific dietary options (Vegan, gluten free, vegetarian, healthy, organic, dairy-free etc.)
We will keep investing in our people and property portfolio to capture any growth opportunities available and build an organic growth through some delivery business during down period. We will continue to innovate and improve our customer offer in terms of value and quality. Furthermore, we have started building on our brand core strengths to grow internationally, exploring franchise opportunities in Middle East, Europe, Hotel environment and transport hubs.
Furthermore we will be looking at rationalizing our estate and grab any opportunity.

Engagement with employees

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙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.

Page 5

BRAVESPIRIT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2020

Post balance sheet events

The Company continues to monitor the effects of COVID-19 outbreak which has been declared as a pandemic by the World Health Organization. The outbreak has not only prompted widespread health concerns, but has caused recent deteriorations in global market conditions. The eventual outcome is highly uncertain and is largely dependent on how successful authorities are at containing and managing the outbreak.

The Board of Directors considers the emergence of the COVID-19 coronavirus pandemic to be a non-adjusting post balance sheet event and hence any future impact is likely to be in connection with the assessment of the fair value of assets and liabilities affected, in future periods investments at future valuation dates.

There are no other significant subsequent events that need to be disclosed or reflected in the annual accounts.

Auditors

The auditors, Wellers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

H Nakkach

Director

Date: 30 March 2021

Page 6

BRAVESPIRIT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAVESPIRIT LIMITED

Opinion

We have audited the financial statements of Bravespirit Limited (the 'Company') for the year ended 29 March 2020, which comprise the Statement of income and retained earnings, the Balance sheet 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:

∙give a true and fair view of the state of the Company's affairs as at 29 March 2020 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 7

BRAVESPIRIT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAVESPIRIT LIMITED (CONTINUED)

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

In our opinion, based on the work undertaken in the course of the audit:

∙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

∙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

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:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 8

BRAVESPIRIT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRAVESPIRIT LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.

Auditors' responsibilities for the audit of the financial statements

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

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.

Mr Matthew Wyatt (Senior statutory auditor)

for and on behalf of

Wellers

Accountants

Statutory Auditors

1 Vincent Square

London

SW1P 2PN

30 March 2021

Page 9

BRAVESPIRIT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 29 MARCH 2020

	2020	2019
	£	£


Turnover	7,872,164	11,556,988
Cost of sales	(5,086,488)	(7,182,190)
Gross profit	2,785,676	4,374,798
Administrative expenses	(4,583,488)	(5,897,934)
Exceptional items	3,970,889	(1,111,572)
Operating profit/(loss)	2,173,077	(2,634,708)
Interest receivable and similar income	-	1,286
Interest payable and expenses	(11,793)	(807,491)
Profit/(loss) before tax	2,161,284	(3,440,913)
Profit/(loss) after tax	2,161,284	(3,440,913)



Retained earnings at the beginning of the year	(14,223,344)	(10,782,429)
	(14,223,344)	(10,782,429)
Profit/(loss) for the year	2,161,284	(3,440,913)
Retained earnings at the end of the year	(12,062,060)	(14,223,342)

The notes on pages 12 to 26 form part of these financial statements.

Page 10

BRAVESPIRIT LIMITED

REGISTERED NUMBER: 07815354

BALANCE SHEET

AS AT 29 MARCH 2020

		2020		2019
Note		£		£

Fixed assets
Intangible assets	13		2,519,365		2,787,239
Tangible assets	14		1,817,975		2,075,849
Investments	15		337,052		337,052
			4,674,392		5,200,140
Current assets
Stocks	16	49,623		69,964
Debtors: amounts falling due after more than one year	17	485,851		586,892
Debtors: amounts falling due within one year	17	396,460		1,083,892
Cash at bank and in hand	18	-		18,847
		931,934		1,759,595
Creditors: amounts falling due within one year	19	(3,323,633)		(3,810,494)
Net current liabilities			(2,391,699)		(2,050,899)
Total assets less current liabilities			2,282,693		3,149,241
Creditors: amounts falling due after more than one year	20		(14,344,751)		(17,372,582)

Net liabilities			(12,062,058)		(14,223,341)

Capital and reserves
Called up share capital	21	1	1
Profit and loss account	22	(12,062,059)	(14,223,342)
		(12,062,058)	(14,223,341)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

H Nakkach

Director

Date: 30 March 2021

The notes on pages 12 to 26 form part of these financial statements.

Page 11

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

1.	General information

Bravespirit Limited is a private limited company which is incorporated and domiciled in the UK. The registered office address is 7 Moxon St, London, United Kingdom, W1U 4EP.

2.Accounting policies

2.1

Basis of preparation of financial statements

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.

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 following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Aubaine as at 29 March 2020 and these financial statements may be obtained from Companies House.

Page 12

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

2.Accounting policies (continued)

2.3

Going concern

The company made a profit for the year of £2,161,284 (2019: loss of £3,440,913) and has net liabilities of £12,062,058 (2019: £14,223,342) as at the period end. The company relies on a loan from its immediate parent company, Aubaine Limited, to fund its permanent capital requirements. The directors have received an undertaking from Aubaine Limited that it will not call for repayment of this loan made at the balance sheet date and will provide any financial assistance to support the business and its plans for future growth for a period of a least 12 months from the date of approval of the financial statements.

Aubaine Limited is reliant on its shareholders loans for its permanent capital requirements. The directors have received an undertaking from the shareholders of Aubaine that they will not call for repayment of loans made at the balance sheet date and will provide any necessary financial assistance to support the business and its plans for the future for a period of at least 12 months from the date of approval of these financial statements.

On the basis of the above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

2.4

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Company as lessee

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.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

2.Accounting policies (continued)

2.7

Finance costs

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.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Company contributes into 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.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

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.

2.12

Tangible fixed assets

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.

Page 14

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

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:

Long-term leasehold property	-	Straight line over the unexpired lease term
Plant and machinery	-	20 - 33
Fixtures and fittings	-	20 - 33
Office equipment	-	20 - 33
Computer equipment	-	20 - 33

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.

2.13

Valuation of investments

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 balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.15

Debtors

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.

Page 15

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

2.Accounting policies (continued)

2.16

Cash and cash equivalents

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.

Creditors

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.

Corporate voluntary arrangement

The company entered a company voluntary arrangement on the 18th November 2020 to enable the company to continue trading.

2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial
Position date and the amounts reported for revenues and expenses during the year. However, the nature
of estimation means that actual outcomes could differ from those estimates. On this background, the
directors consider there to be judgments applied only on depreciation policy of the fixed assets and the
depreciation rates are based upon the expected useful life of the assets. There are no other judgments in
any other accounting policies that might have a material effect on the balances held at the Statement of
Financial Position date.

Turnover

The whole of the turnover is attributable to the sale of food, beverages and sundry items which fall within the company's ordinary activities.

					2020	2019
					£	£

United Kingdom	7,872,164	11,556,988
	7,872,164	11,556,988

Page 16

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

Other operating lease rentals

1,222,829

1,459,926

6.	Auditors' remuneration
		2020	2019
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

25,000

30,000

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Wages and salaries	3,384,788	4,432,640
Social security costs	231,114	304,439
Cost of defined contribution scheme	53,721	45,208
	3,669,623	4,782,287

The average monthly number of employees, including the directors, during the year was as follows:

	2020	2019
	No.	No.

Employees	197	248

Page 17

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

8.	Directors' remuneration
		2020	2019
		£	£

Directors' emoluments	335,000	335,000
	335,000	335,000

	The highest paid director received remuneration of £260,000 (2019 - £260,000).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2019 - £NIL).
	The value of the company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2019 - £NIL).
	The total accrued pension provision of the highest paid director at 29 March 2020 amounted to £NIL (2019 - £NIL).
	The amount of the accrued lump sum in respect of the highest paid director at 29 March 2020 amounted to £NIL (2019 - £NIL).

9.	Interest receivable
		2020	2019
		£	£

	Other interest receivable	-	1,286
		-	1,286

10.	Interest payable and similar expenses
		2020	2019
		£	£

Bank interest payable	11,793	11,280
Other loan interest payable	-	796,211
	11,793	807,491

Page 18

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

11.	Taxation

Profit/(loss) on ordinary activities before tax

2,161,284

(3,440,913)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	410,644	(653,773)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(39,743)	66,617
Losses eliminated	(5,758)	289,063
Fixed asset differences on non-qualifying assets	41,872	214,636
Deferred tax not recognised	-	(256,390)
Impact of change in deferred tax rates	-	(30,164)
Group relief	(407,015)	370,011
Total tax charge for the year	-	-

Factors that may affect future tax charges

The company has trading losses of £5,791,672 (2019: £6,192,593) available to carry forward and offset against future profits of the same trades.

12.	Exceptional items
		2020	2019
		£	£

Write-off of historic loans	96,791	248,274
Loss on disposal of fixed assets at exited premises	-	863,298
Shareholder loan interest	(3,592,416)	-
Liabilities in respect of CVA	(475,264)	-
	(3,970,889)	1,111,572

During the period it was agreed by the shareholders that interest accrued on the loans would be wirtten off.

Page 19

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

13.	Intangible assets

		Goodwill
		£
	Cost
	At 30 March 2019	5,569,452
	At 29 March 2020	5,569,452
	Amortisation
	At 30 March 2019	2,782,213
	Charge for the year on owned assets	267,874
	At 29 March 2020	3,050,087
	Net book value
	At 29 March 2020	2,519,365
	At 29 March 2019	2,787,239

Page 20

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

13.Intangible assets (continued)

14.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Fixtures and fittings	Office equipment	Computer equipment
	£	£	£	£	£
Cost or valuation
At 30 March 2019	2,507,858	583,172	555,079	146,881	239,291
Additions	37,568	13,115	32,713	3,176	4,288
At 29 March 2020	2,545,426	596,287	587,792	150,057	243,579
Depreciation
At 30 March 2019	794,602	482,996	428,266	128,687	121,882
Charge for the year on owned assets	187,587	53,016	58,800	8,398	40,932
At 29 March 2020	982,189	536,012	487,066	137,085	162,814
Net book value
At 29 March 2020	1,563,237	60,275	100,726	12,972	80,765
At 29 March 2019	1,713,256	100,177	126,813	18,193	117,410

Page 21

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

14.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 30 March 2019	4,032,281
	Additions	90,860
	At 29 March 2020	4,123,141
	Depreciation
	At 30 March 2019	1,956,433
	Charge for the year on owned assets	348,733
	At 29 March 2020	2,305,166
	Net book value
	At 29 March 2020	1,817,975
	At 29 March 2019	2,075,849

The net book value of land and buildings may be further analysed as follows:
	2020	2019
	£	£

Long leasehold	1,563,237	1,713,256
	1,563,237	1,713,256

Page 22

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

15.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 30 March 2019	337,052
	At 29 March 2020	337,052

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Tragara Restaurant Co Limited

7 Moxon Street, London, W1U 4EP

Ordinary

100%

	The aggregate of the share capital and reserves as at 29 March 2020 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
	Name	Aggregate of share capital and reserves

Tragara Restaurant Co Limited

337,051

16.	Stocks
		2020	2019
		£	£

Finished goods and goods for resale	49,623	69,964
	49,623	69,964

Page 23

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

17.	Debtors
		2020	2019
		£	£

Due after more than one year
Other debtors	485,851	586,892
	485,851	586,892

					2020	2019
					£	£

Due within one year
Trade debtors	32,505	201,324
Other debtors	45,219	45,219
Prepayments and accrued income	318,736	837,349
	396,460	1,083,892

18.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	-	18,847
Less: bank overdrafts	(239,390)	(433,803)
	(239,390)	(414,956)

Page 24

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

19.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank overdrafts	239,390	433,803
Trade creditors	709,879	1,475,571
Amounts owed to group undertakings	1,486,570	1,142,791
Other taxation and social security	216,361	322,380
Other creditors	292,503	74,995
Accruals and deferred income	378,930	360,954
	3,323,633	3,810,494

The bank overdraft is secured by a fixed and floating charge over the companies assets.

20.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Trade creditors	152,441	-
Amounts owed to group undertakings	14,110,166	13,780,166
Other creditors	82,144	3,592,416
	14,344,751	17,372,582

Amounts owed to the parent company are secure by way of a fixed and floating charge over the undertaking and all property and assets present and future.

21.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

1 (2019 - 1) Ordinary share of £1.00	1	1

22.

Reserves

Profit and loss account

Cumulative profit and loss net of distributions to owners.

Page 25

BRAVESPIRIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2020

23.	Contingent liabilities

A contingent liability with regards to the lease dilapidation provisions have been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the directors do not expect these to represent significant costs to the company.

24.	Pension commitments

The Company contributes into a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,721 (2019 - £45,208). Contributions totalling £8,934 (2019 - £7,166) were payable to the fund at the balance sheet date.

Not later than 1 year	158,500	158,500
Later than 1 year and not later than 5 years	634,000	634,000
Later than 5 years	1,336,177	1,494,242
	2,128,677	2,286,742

26.	Related party transactions
	The company have taken advantage of the exemption under FRS102 section 33 paragraph 1a and therefore have not reported the related party transactions or balances of companies within the group.

27.	Controlling party

Aubaine Limited is the immediate parent, and is the smallest and largest group for which consolidated
accounts including Nobleheart Limited are prepared. The consolidated accounts of Aubaine Limited are
available from its registered office, 2nd Floor, 243 Knightsbridge, London, SW7 1DN.

Page 26